How to manage your debt ratio to obtain bank statement loans

DEBT RATIO

TO OBTA IN BANKSTATEMENT LOANS

HOW TO MANAGE YOUR

BANKSTATEMENT.LOAN LENDER HOTLINE: 888-581-5008

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DEBTRATIO

The dreaded debt ratio holds many borrowers back from

obtaining a mortgage, especially those that are self-

employed. Because your income is not as

straightforward as someone with a consistent salary

and W-2 to prove it, you have to be more creative with

your monthly debts in order to get your debt ratio down.



REFINANCEYOUR DEBT

Student Loans – Rather than paying several loans

per month, try to refinance them into one loan with

one low payment. This might extend the length of

time it takes to get the loans paid off, but with the

lower payment, you have more income available for

a mortgage payment.



Credit Cards – Minimum credit card payments can add

up when you have many of them going on at once. If

you are able to apply for one card or even one personal

loan that can pay off all outstanding credit cards,

leaving you with one payment, you will likely free up

some of your money for your mortgage payment.



PAY DEBTSOFF

The quicker you pay the debts off, the higher your credit

score will rise and the lower your debt ratio will become.

The more bank statements you are able to provide the

lender with for a bank statement loan, the better your

rate will be.



Along with the ability tohave fewer debts, being ableto show at least 24 monthsof bank statements will helpyou be able to have a higherqualifying income. When youjust start your business,income can fluctuate quite abit during that first year.

Wait Until you are inBusiness for a While



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T O L E A R N M O R E

BS



Just in McHood is Americas MortgageCommentator and has been providingMortgage commentary for over 10 years .

INFORMATION PROVIDED BY:Justin McHood

Mortgage Commentator


http://mortgagecommentator.com/

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How to manage your debt ratio to obtain bank statement loans