Scarily Good Home FInancing Solutions

Scarily Good Home Financing Solutions

I’m working with a client who found herself in a sticky situation: she works for a non-profit, and her spouse is currently unemployed. They reached out to see if they could tap into their home equity to help bridge the next few months—but qualifying for a mortgage with just one income can be tricky.

Fortunately, I had atreatup my sleeve:Asset Utilization. By using their retirement savings to help boost their qualifying income, we were able to make the numbers work and get them approved for a Home Equity Loan.

What if You Couldn’t Pay Your Mortgage?

Would you dip into your savings to stay in your home? Chances are you would. And, that is what Asset Utilization takes into account.

Lenders know that if times get tough, most homeowners would dip into savings to stay afloat. Asset Utilization takes that logic and turns it into a qualification tool—using a formula to convert certain assets (like retirement or investment accounts) into a monthly “income” figure. This added income can make all the difference when it comes to getting approved.

In my client’s case, that creative approach turned “no way” into “you’re approved.”

If you’ve been told you don’t qualify for a loan, don’t give up just yet—there may be more options than you think. Give me a call, and let’s see whattrickswe can use to help you meet your financial goals.