BlogTalkRadio.com - Real Estate Talk with Scott Nelson - Mortgages - This weeks episode notes


Another great show this week, special thanks to Elisa Balboni of Mid-Island Mortgage for the great discussion on mortgages. Amazing how fast 1 hour flies by. We'll be having part 2 of the show soon to continue on about mortgages. It's such a detailed subject that 1 hour isn't enough. Here's the link to part 1 of the show:

http://www.blogtalkradio.com/medfordhouse/2010/03/07/real-estate-talk-with-scott-nelson--mortgages

Here's the show notes on topics we discussed.

Elisa can be contacted for further info and details at:
Elisa Balboni
508-317-2198 Mobile
elisa.balboni@yahoo.com
Mid-Island Mortgage Corporation

http://www.mortgagecorp.com/
400 East Cummings Park
Woburn, MA 01801
(781) 722-1700



First Consideration in applying for a mortgage are the Income Requirements:


• W2'd Employee

• Overtime/Commisions/Bonuses

• Self-employed

• Owning your own business/partner of a business

• Another income source is Social Security, disability or pension income

• Can Second job income be used to qualify?

• How will changing jobs effect an ability to qualify?

The Second Consideration in applying for a mortgage are your Assets, money reserves:

• Acceptible sources of assets

• Is a gift an acceptable source of my downpayment?



The Third Consideration in applying for a mortgage is your credit:

• Ways to improve your credit

• Charge Offs/Collections

• Credit inquiries

• Bankruptcy

• Bad Credit


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