There’s a lot of mystery wrapped up in how you get pre-approved for a mortgage. Part of that lies in the debt-to-income ratio, which is part of the alchemy mortgage companies use to see how much you can borrow for your home. But how do they calculate it, and what’s behind the numbers?

In this week’s BobMortgage Zone episode, our most-trusted mortgage expert peels back the layers of mortgage mystery and shows the math. Educating buyers is one reason Bob Johnson (AKA BobMortgage) has become the senior mortgage adviser at the nation’s oldest private lender, Wallick & Volk

Get a lesson on debt-to-income ratios and how they affect your mortgage now!

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Credit scores are these mythical rankings that, depending on where your credit score lands, can make or break your ability to get a home loan. Right? 

Well, yes and no, as our most-trusted mortgage adviser explains in the latest episode of BobMortgage Zone. Are you putting off purchasing a home until your credit score improves? Bob Johnson (AKA BobMortgage) the senior mortgage adviser at the nation’s oldest private lender, Wallick & Volk, explains why this strategy may be misguided in some cases. Find out more about what credit scores are acceptable and why buying a home now may be your best bet.

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When you buy a home, there are quite a few situations where buyers will need to pay cash to during the length of the transaction. But what are they, and how much will it cost? Our most-trusted mortgage expert, Bob Johnson (AKA BobMortgage) pulls back the curtain on how much cash you’ll need to buy a home and the four situations where you’ll need it. 

For first-time buyers, the process of buying a home can be fraught with complications. Thank goodness for BobMortgage, the senior mortgage adviser with the nation’s oldest private lender, Wallick & Volk. Educate yourself and your buyer clients with this week’s BobMortgage Zone!

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Sometimes roles are reversed, and parents end up needing a hand financially. But what’s the best way to help a parent buy a home when they don’t have the financial means to do it themselves? It’s an interesting situation that Bob Johnson (AKA Bob Mortgage) came across recently. In today’s 15th BobMortgage Zone episode, the senior mortgage adviser at the nation’s oldest private lender, Wallick & Volk, Bob walks us through a situation that may sound familiar to some people, and how to save money when roles of child and parent are reversed. 

Want to learn more? 

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By Lydia Blair
Special Contributor

When signing documents for a home sale or purchase, the numbers are figured to the penny and the signatures are scrutinized to the letter. Quite a volume and variety of paperwork is involved. Signatures and initials are required on deeds, disclosures, waivers, affidavits, notes, supplementary lender and title company documents, and other miscellaneous papers.

Real Estate closings involve getting “wet signatures.” That means papers are physically signed in ink, in person, by hand. Remember something called cursive writing? That’s what we’re talking about. Documents must be witnessed and signed by a notary as well.

Both buyers and sellers must sign in a very specific way. The seller’s signature must exactly match the legal name that the property is vested in. Buyer signatures must comply with their lender’s instructions.  Most signatures must match either the lender documents, the driver’s license, the recorded documents, or however the title company wants it.

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With the Abstract of Judgment, the skeletons of a property’s title may come out of the closet.

By Lydia Blair
Special Contributor

Judgment Day in the title business is when the title search comes in and the skeletons in the closet come out. These types of skeletons often come in the form of an Abstract of Judgment. Most law abiding folks aren’t familiar with an abstract of judgment or how it affects real estate. But we see it in the title business regularly.

In Texas, an Abstract of Judgement (AJ) is basically a lien that is filed on a property for an unpaid debt. First a judgment for debt is rendered and then the creditor may file an Abstract of Judgment on the debtor’s property. It is designed to prevent the transfer of that property until the judgment has been paid.

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Plenty of data has shown that Millennials have been eschewing homeownership more than previous generations. That trend may now be reversing according to data from HomeLight, a company that utilizes complex data analysis to better understand real estate markets across the country.

“Millennial is a broad term, but when we look at our data, we are seeing more homebuyers in their thirties,” HomeLight spokesperson Matthew Proctor said. “That’s a lag compared with Baby Boomers and other generations who were buying closer to age 26 or 27.”

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By Lydia Blair
Special Contributor

After the paperwork has been signed and you’ve been handed the keys, there are plenty more expenses involved in moving into your new home — packing supplies, connecting utilities, hiring movers, new appliances or furnishings, etc. However, there are certain costs after buying a home that new homeowners should not incur despite a barrage of letters telling them differently.

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