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Erika Giesecke NMLS #2074741

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Erika Giesecke NMLS #2074741

Contact information, map and directions, contact form, opening hours, services, ratings, photos, videos and announcements from Erika Giesecke NMLS #2074741, Mortgage brokers, 8985 S Eastern Avenue, Unit 235, Las Vegas, NV.

12/02/2022

Debt-to-income ratio is the percentage of your monthly gross income that goes toward paying debts.

Why is this important for you to know? 🤔 It’s one of the ways that lenders determine your borrowing risk, for things like a home loan. If you have a low DTI, your chances of loan approval are higher than if you have a high DTI.

🔸So how exactly do you calculate your debt-to-income ratio?
✔️Take all your monthly expenses, including monthly rent or house payment; monthly alimony or child support payments; student, auto, and other monthly loan payments; credit card monthly payments (use the minimum payment); and other debts, then divide that total by your pre-tax income, that’s your DTI.

Simply put, debt-to-income ratio = monthly expenses / gross income!

Are you familiar with your DTI? Still not quite sure how to calculate it, or what should be included? Send me a DM with all your questions!

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11/12/2022

Today’s vocab word: Equity

Equity is ownership. When it comes to homeownership, equity refers to what proportion of your home you really own—meaning what proportion of the principal you’ve paid off. The more equity you’ve got, the more financial flexibility you’ve got, as you’ll refinance against whatever equity you’ve built.

So, for example… If you’ve got a $200,000 home, and you continue to owe $150,000 on it, you’ve got $50,000 in equity.

11/10/2022

Today, I’m breaking down the barriers to homeownership once and for all! 👏👏

🔸Not being able to qualify for a mortgage
✔️Solution: Figure out why and fix it. Most often than not, it’s a bad credit score that drags us back to square 1. So start rebuilding, baby!💪💪

🔸You can’t afford the downpayment
✔️Solution: The usual rule of thumb is putting 20% down but some lenders allow you to put as little as 3% down depending on your credit and type of home. If that’s not an option, look to see if you can qualify for any down payment grants or interest-free loans. 💰💰

🔸Home values are through the roof
✔️Solution: Buying a home is about stability, so it shouldn’t be treated as an investment in the stock market. Don’t risk buying an overpriced property you can’t truly afford.🕧🕧

11/08/2022

What is the debt-to-income ratio and why does it matter when you’re planning to buy a house?

Your debt-to-income (DTI) ratio is a percentage that’s calculated by dividing your total monthly debts by your total monthly gross income and is a metric used by lenders when considering your mortgage. It shows them whether or not you have a good balance between what’s coming in versus what’s going out. The magic number is 36% or below for most lenders, otherwise, you may end up paying higher interest on your loan or be denied completely.

If you’re in the market for a new home, but know that your DTI ratio is too high, here are a few steps you can take to actively improve it and increase your chances of getting approved for a loan.

✔️ Find an additional stream of income to supplement your current income
✔️ Lower the interest on some of your existing or recurring debts
✔️Consider applying for a loan forgiveness program
✔️Lower your monthly payment on an existing debt
✔️Cut back on your non-essential spending

For more mortgage tips, hit like, save, and follow!

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11/06/2022

I can’t change your clock…. But I can change your housing situation. Let’s chat if you’re shopping around for the best mortgage rate!

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11/05/2022

We’ve heard it all before: the market is shifting. With that being said, does this lead to more challenges or opportunities for homebuyers?

Here’s what you need to know:

🔸 The market is becoming more buyer-friendly

🔸 Homebuyers can afford to be pickier in their search

🔸 There’s more inventory to choose from

Despite a few challenges, the market is moving in the right direction for homebuyers. Take advantage of the opportunities as they come!

11/03/2022

Getting a mortgage pre-approval letter is typically a quick process, but it can be lengthier in some instances.

Depending on the mortgage lender you work with, and whether you qualify, you could obtain your pre-approval in as little as one day, but it usually takes a few days, and in some cases, a week or longer. If you’re required to undergo an income audit or other verifications, be prepared to wait even longer.

The sooner you start the process, the better, don’t hold off otherwise it may cost you your dream home.

11/02/2022

If you owe a lot of student debt there is no way you can get mortgage

False, you may still qualify!

You don’t need to be 100% debt-free to buy a home or qualify for a mortgage. There are certain things that lenders will look at though, one of the most important being your current debt and how it compares to your income.

When calculating your debt-to-income ratio based on your recurring monthly payments, your student loans will be included as part of your monthly expenses, however, you only need to include your minimum required monthly payment.

Lenders like to see a debt-to-income ratio of 50% or less, so if your student loans or other monthly expenses are contributing too much, focus on paying them down before you consider buying a home. If you’re still set on buying a home, there are other steps you can take to improve your chances of qualifying for a mortgage.

✔️ Consider loan types other than a conventional loan if your DTI ratio is too high
✔️Pay off another debt to eliminate recurring expenses and free up cash flow
✔️ Increase your income with a side hustle to help lower your DTI ratio

Have questions? Let’s chat!

11/01/2022

November is the last month of Autumn, but the beginning of a new adventure. Time to take risks and do the unexpected. Remember, never let the things you want make you forget the things you have!

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10/31/2022

Looking for a Boo-tiful New Home? When it comes to buying your dream home, the Trick is to secure the right mortgage loan that works best for you!
Get treated with the exceptional client service you deserve. Call me today to carve out some time to discuss your options!

10/30/2022

What’s more appealing to you when it comes to financing your home — paying more upfront and less every month for the duration of your loan OR paying less upfront and, instead, having a higher monthly payment? Share below!

10/27/2022

A referral to your friends and family is the highest compliment you can give me! Please feel free to send a referral my way if you think anyone including people you care about would benefit from my services.

Address

8985 S Eastern Avenue, Unit 235
Las Vegas, NV
89123

Telephone

+17025805652

Website

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