Have Mortgage questions or want to plan to buy a 🏡. Hop on the calendar here calendly.com/jennifer-beeston/preapproval-q-a

I'm a new subscriber, I ran across your page today and have been binge watching your videos on my Friday evening. I'm in the process of purchasing my first new home, with a closing date of 7/2. Your content has eased my mind, and I now know that I don't have anything to worry about, I just need to trust the process. You're thorough, professional, and to the point. Keeping doing what you're doing for us, we appreciate your years of knowledge. Blessings to you and your team.

@JenniferBeeston

2 ай бұрын

:) I am so glad the channel is helping.

Great content! Can you do a video showing how making a loan amort schedule principal chunk early (if a person can afford it) vs in recurring monthly amounts, can make a big impact, and especially vs later. Essentially, the 'cost' for shortening the loan is much cheaper because the massive amount of interest saved. Looking at a potential one time 4 year principal chunk payment. Have fun with this one!

@MinhTucson

7 ай бұрын

Great ideas ❤

I am so glad I came across your channel! I am tired of renting and want to purchase my first home using a VA loan. This video was extremely helpful to understand the debt to income!!!

The fact that you called out Dave Ramsey for his BS is mint! I like you already

@JenniferBeeston

Ай бұрын

Thank you:)

Besides Credit Karma how else do I go about checking my credit ??

@JenniferBeeston

3 ай бұрын

free credit report annually and most credit cards have a credit monitoring feature. Credit karma is good for monitoring though

I pay off my credit cards every month. Does the minimum amount payment still go towards the DTI

@michaelleahy6848

7 ай бұрын

If you have a balance showing on your most recent statement when applying, the minimum payment will be used in the DTI. This is an instance where funneling modest balance from multiple cards onto one card (bal trfr) will help, because each card has a minimum payment which all get added to impact DTI. A lender like Jennifer may be able to help before it gets to underwriting, but if you are reporting a balance, it likely is included.

@ZER0_G

7 ай бұрын

The answer to your question starts at 10:53

@TMKJG24

7 ай бұрын

​@@ZER0_Gthx just didn't want to get confused

The commission breakdown is perfect. Unfortunately i took a decline since i work in tech so it makes sense on talking to the lender.

When i had a loan what pissed the bank off was how i got paid. It was made up of a base rate plus additions which were a constant and both increasing every year. 25 years. They didn't like the additions as it doubled my base rate.

@JenniferBeeston

7 ай бұрын

That’s super odd. If you had a two year of bonuses, we could use the bonuses especially if they are increasing. You could’ve just been working with a lame Lender. Sadly, there’s a lot of them.

@chuckmaddison2924

7 ай бұрын

@JenniferBeeston it was called composite pay. Due to the strange hours to prevent big fluctuations in people's pay. The penalties were averaged over the year and so paid continuously. Even paid on vacation. But we didn't get the 17% extra loading, which is normal for vacation pay.

Thanks for the information. Would you mind doing a video on how PMI is calculated?

@JenniferBeeston

7 ай бұрын

It is funny that you ask, I actually have a video coming out next week about how you really need a lender to calculate it and why all the mortgage calculators are wrong on mortgage insurance

Can lender fee be waved through employer

If my credit is 650 ... What is americas credit? The people that pay taxes and they have been spent! And all the money we accumulated is gone? What is Americas account?

front end 36D back end 38W

Hi Jen, Are you able to do a DTI breakdown and important info to know for someone wanting to buying a second home and plans to rent their first home? Thanks.

@JenniferBeeston

7 ай бұрын

Let me think about how I would do that video as it’s gonna very based on the loan program.

Will they only use stuff that’s on my credit report? Or will they count groceries, gas etc? I don’t have any debt but the mortgage payment alone would probably put me at 36-40 percent DTI. If they would count anything besides my mortgage I’d probably be in trouble.

@JenniferBeeston

6 ай бұрын

We don’t count groceries or gas, but we count what’s on your credit report so if your groceries and gas are all on credit cards, we’re going to be looking at the minimum monthly payments. Also, if you pay child support that comes into play but if you’re buying groceries and gas with cash that does not play into the picture.

Is there a max front end DTI for VA loans? I have no debt except my mortgage. I save $7000/month after all living expenses and current mortgage payment. Im wanting to buy a house that will make my DTI 38%. Can my back end DTI be the same as my front in? With the new mortgage payment I'll still be able to save around $5000/ month.

@JenniferBeeston

7 ай бұрын

A 38% debt to income would not scare me even slightly as long as you pass residual. Where I start to see VA fussy on front end debt to income is if you push over 50. On the backend I see over 50 all the time but I can see the computer get a little bit fussy if the front end is over 50. So depending on the situation we can do a manual underwrite but in reality it’s not like you want your debt to income to be 60% on the front and back as your life would suck For lack of a better term

Our lease is up Aug 31st of 2024, when should we look to be starting the application process as we don't plan to re-up the lease?

@JenniferBeeston

7 ай бұрын

May is when you should get fully underwritten and preapproved:)

Would refinancing my car loan to lower the monthly payment amount be helpful in lowering my DTI?

Just cut to the chase and tell me in plain english on how I can get up to my eyeballs in debt Jen. I was waiting for you to say “marry the mortgage not the rate durrrr”

@JenniferBeeston

Ай бұрын

lol not a fan of marry the house date the rate as often those dates become marriage 😱

If the credit cards are paid off every month, then what do I use to calculate by back-end? what amount? $0? Confused about that....

@MrMagnasco

6 ай бұрын

Nevermind... just answered my question at 11:55

@JenniferBeeston

6 ай бұрын

:)

Why do loan officers be dishonest with people?

@JenniferBeeston

Ай бұрын

As with any profession you have honest and dishonest people.

5:44 why can't you just get approved based off of what you make working 40hrs if you always work more than that? Wouldn't that be easier?

How do you calculate DTI if someone has been a 1099 full time employee for two years and is going to W2 in January?

@JenniferBeeston

7 ай бұрын

We would go off of the new W-2 income because the 1099 is no longer relevant

Thank you for this video! Can you make a video with you doing the calculations for “John Doe’s” DTI ratio? I’m a visual person :)

I might not make a lot of money but for me my DTI is 0 Whatever I have I have paid outright for, same for my wife, and even though she is stubborn we have gone through our finances and cut the things we don't "need"

Jennifer I don't care about what you're talking about. I just wanted to say you're absolutely gorgeous 😍

@JenniferBeeston

7 ай бұрын

Thank you!

What type of debt do lenders look at ?

I need help with all of it plz

@JenniferBeeston

7 ай бұрын

Grab a spot on the calendar and Sandy and Alyssa or myself will answer all your questions and help you figure it out so that we can put together a game. Plan to get you home ❤️🏡 calendly.com/jennifer-beeston/preapproval-q-a

Great info! ❤

@JenniferBeeston

7 ай бұрын

Thank you!

@darklordofyocommunitah4781

7 ай бұрын

@@JenniferBeeston You're welcome 😁 I'm definitely taking notes. Just did a Wells Fargo online DTI calculator. I scored around 24%! Fingers crossed for the real thing in a few months!🤞

DTI limit for FTHB is 50% right?

@JenniferBeeston

7 ай бұрын

Depends on loan program. If you were looking at a conventional loan sometimes we can get the backend up to right below 50 but for conventional you need to be below 50% whether your first time homebuyer or not. VA and FHA you can go higher on the back end ratio.

I would like to apply for a new credit card next month; I plan to apply for a mortgage in September, should I wait?

@JenniferBeeston

7 ай бұрын

Do you need the new credit card. If you don’t need it then skip.

Jennifer isn’t a Dave Ramsey fan girl 😂

@JenniferBeeston

7 ай бұрын

Yeah his math isn’t mathing these days

Do you work with real estate investors?

@JenniferBeeston

7 ай бұрын

People who want to buy rental properties? Yes but not commercial.

I don’t know what you’re talking about but you’re so beautiful 🌹 😘

Working on my credit...👍Thank You for all your videos. "Pops"#truschoolsports🥊🥊

Would a student loan I’ve co signed on be factored into my dti, I have no financial connection to the payments

@janejones2439

7 ай бұрын

A cosigner works as though you applied for the student loan. So that balance will be calculated into your debt.

@michaelleahy6848

7 ай бұрын

If you can get the loan terms refied even while remaining the cosigner, at least it could lower the payment and help the DTI. Just be mindful of doing a new loan close to applying for a home

@JenniferBeeston

7 ай бұрын

Michael and Jane gave really solid advice and are accurate . People are always shocked when they realize that we hit them with the debt of a cosigned loan. If you can show the person you cosigned for has been making payments for over 12 months then sometimes we can exclude it but they have to have been making it for at least 12 months from an account that you are not on.