Lay your trust tiles out on the table.
Happy February,
The secret to any productive relationship is trust—trust that your partner wants what’s best for you and wants you to be happy. For example, I got my wife an amazing (-ly expensive) mahjong table even though that game is—how can I put this—mind-boggling. But if it makes her happy, I’m in.* What does this have to do with mortgages? It means that as your mortgage partner, I want what’s best for you and I want you to be happy. So trust me. I need to see all of your financial information—good, bad, or somewhere in between. And the sooner I know it, the better. Otherwise, the loan may not be suitable—like a mahjong table without any bams, cracks, or dots (see, honey. I’m trying to learn the game).
Here are two major things to keep in mind if you plan on buying this year. Trust me.
Shuffling is for tiles, not taxable income.
The larger the loan you want, the larger the income you must have. It’s a pretty simple exchange. So when you are doing your taxes, be sure to account for all of your income. This is particularly true if you are self-employed. Yes, it will mean you will owe more income tax. But I can give you a bigger loan. Save your accountant’s advice on how to shuffle around your income to save on taxes for next year.
Show me what you’ve got.
If you have gotten any kind of notice from a collection agency, no matter what you owe, tell me! I will find out either way. But the sooner I know, the sooner I can help. (No judgment). A last-minute glitch on your credit report will automatically kill a loan. If you have an outstanding debt, you can talk to the collection agency about a “pay-to-delete”. It is just what it sounds like: you pay the debt and a fee to delete it from your credit record and raise your score. That way we can keep your loan on track and have you saying “Mahjong!”** to your dream home.
Give me a call when you’re ready to get your tiles on the table!
Mark
*To be fair, she, in turn, gave me K-Pop Demon Hunter PJ’s. So, yeah, it’s love.
**That’s what you say when you win. See, honey? I’m really, really trying.