About Joe Montgomery Expertise I can answer most any question in this area, unless they are seeking legal advice.
Experience I have worked in the lending industry for over 15 years, and worked in consumer lending, (Personal loans, and small collateral loans) as well as mortgage lending during the first 6 years of my career
Publications Currently an all experts expert for mortgage loans.
Question Hello, I am in desperate need of a bill consolidation loan to pay off about $30k worth of credit card debt. Last I checked, my credit score was around 660. I have no late payments, been on my job for 9+years. my problem is my DTI. Currently, depending on how you calculate it could range from 55-65%. I have lived in my current home for 7 months and I have about $40k worth of equity in it. Any suggestions?
Answer You will most likely have to wait an additional 4 or 5 months to use the equity in your home as most lenders require you to use the purchase price of your home as a value until you've lived there a year.
In addition to that-- most people's DTI is actually 50-65% in reality because of their Net income. In your case, a No ratio, or No Income Verified loan sounds like the best option. The lender uses your equity and your assets to make you a loan, and either does not calculate your DTI, or you state an income amount that would give you the DTI you need to qualify. This will obviously mean a higher interest rate, but you would most likely qualify for the bill consolidation you are looking to get. I hope this information helps you.
