81 episodes

From Phoenix Arizona, Eddie and Tom Knoell answer the mortgage questions that buyers, sellers, and real estate agents have when it comes to the process of getting a home loan in Arizona. Eddie and Tom's family has been living in Phoenix for 4 generations and they have a 30 years combined experience in the mortgage and real estate industry.

The Mortgage Brothers Show Eddie and Tom Knoell

    • Business
    • 5.0 • 7 Ratings

From Phoenix Arizona, Eddie and Tom Knoell answer the mortgage questions that buyers, sellers, and real estate agents have when it comes to the process of getting a home loan in Arizona. Eddie and Tom's family has been living in Phoenix for 4 generations and they have a 30 years combined experience in the mortgage and real estate industry.

    If I have 1 mortgage late in the past 12 months can I get approved for a mortgage?

    If I have 1 mortgage late in the past 12 months can I get approved for a mortgage?

    FHA
    -        If the loan is a purchase or a rate and term refinance, the client cannot have more than 2 X 30 lates in the past 12 months from the application date.
      
    Fannie & Freddie
    -        The client cannot have any 60 day lates in the last 12 months prior to the date the credit report was pulled through closing.
    -        Borrower can have 30 day lates within the last 12 months but we need Approve/Eligible
      
    VA
    -        The client cannot more than 1x30 day late payment in the past 12 months from the credit report date but we need Approve/Eligible
     
     
     

    • 8 min
    Can I Relocate and Get a Mortgage While Working Remotely Out of State?

    Can I Relocate and Get a Mortgage While Working Remotely Out of State?

    • 10 min
    Interest Rates are Going Up for 2nd Homes and Investment Properties

    Interest Rates are Going Up for 2nd Homes and Investment Properties

    • 7 min
    What Are Closing Costs on a Home Purchase?

    What Are Closing Costs on a Home Purchase?

    • 19 min
    How Much Home Can You Afford VS How Much Home Should You Buy?

    How Much Home Can You Afford VS How Much Home Should You Buy?

    How Much Home Can You Afford VS How Much Home Should You Buy?
    A lot of people ask us “how much can we qualify for” or “how much should we qualify for?” when it comes to applying for a mortgage. In other words: What prices of home should I be looking at?
     
    No matter where you are in the market, the prices are what matter. There are so many variables that go into this, but really the questions are:
     
    How much should I be willing to spend?What do you need to keep your mortgage payment below? How does this translate to a home price?” 
    If you’re already budgeting (how much you spend on your car, eating out, insurance, etc.) you’re going to want to add in your potential mortgage and see how that would fit in with your current expenses. 
     
    Let’s take a look at an example. 
     
    Let’s say your income is $100,000 a year, and you have $750 dollars of credit debt. This doesn’t include your bills and the like. It’s just what shows up on your credit report. We’re also basing these estimations off a 4% interest rate. We know this isn’t where things are right now, but we want these calculations to err on the conservative side.
     
    So, with these numbers you’d likely get approved for a loan amount up to $475,000, which translates to a 30-year fixed mortgage with a monthly payment of ~$3,000.
     
    Could vs. Should
    On a percentage basis, a loan of $475,000 with a monthly payment of $3,000 a month would account for ~35% of your income. Now this is what you could afford. But that’s not the same things as what you should afford, or budget for. 
     
    What’s the responsible amount of your income put toward a mortgage payment?
    As a general rule of thumb, we recommend that you keep your mortgage payment making up no more than 25% of your annual gross income. So, if you’re making $100,000 a year and you have $750 a month in debt, we wouldn’t suggest you get a loan above $342,000, which would translate to ~$2,080 as a monthly payment.
     
    What amount of my income should go toward my mortgage payment if I’m getting a second home?
    If you’re getting a second home or a vacation home or that cabin in the woods, we still think that your combined mortgages shouldn’t require up more than 25% of your gross annual income.
     
    Budgeting Is Important
    Everyone’s financial circumstances are different, but regardless of where you live and how much you make it can never hurt to be conscientious with how you spend your money and how much you are able to put toward housing or a mortgage. This is where good loan officer comes in. They’ll help you figure out what the bank can do for you and they’ll help you identify what sort of mortgage you should get. We do this all the time and we’d be happy to help. 
     
    •••
     
    Let us know if you have any questions you’d like us to answer on our podcast. You can email your questions to team@azmortgagebrothers.com or give us a call at (602) 535-2171.Be sure to ask us for a free quote on your next mortgage. We’ll personally work with you and help you through the whole process.
     
    Signature Home Loans LLC does not provide tax, legal, or accounting advice. This material has been prepared for informational purposes only. You should consult your own tax, legal, and accounting advisors before engaging in any transaction. Signature Home Loans NMLS 1007154, NMLS #210917 and 1618695. Equal housing lender.

    • 8 min
    What are Closing Costs When You Refinance Your home?

    What are Closing Costs When You Refinance Your home?

    • 16 min

Customer Reviews

5.0 out of 5
7 Ratings

7 Ratings

Captain Ponytails ,

Finally!

Guys who don’t waste time or use jargon. Easy to understand and about 10 minutes. All I need. Thanks guys for helping me become a better MLO!

MOK4029 ,

Great Podcast!

The Mortgage Brothers offer helpful, easy-to-understand mortgage advice!

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