Spokane, WA

Spokane, Washington Home Buyer asks “What is DTI?”

In Spokane, Washington and across the nation, first time home buyers sit anxiously across the desk from a mortgage specialist who tells them whether or not they qualify for a home loan. Do I qualify? How much do I qualify for? Knowing the lingo about home loans isn’t intuitive and it isn’t totally about credit scores.

There is another issue – it is DTI which is Debt- to- Income- Ratio. The calculation is based on your numbers – income and obligations.

What is DTI? It is the comparison of your monthly take-home income and your monthly obligations to creditors. Which creditors? Your major creditors like automobile payments, student loans, credit cards, rent, alimony, etc. Day-to-day living expenses are not included.

Here’s an example but use your numbers to get an idea of your debt-to-income ratio:

$1850 mo/expenses divided by $4000 mo/income = 46%

46% is the DTI

Anything above a 44% makes it harder (but not impossible) to qualify for a mortgage. So, before you shop for a new home, you need to know if you can afford a mortgage and how much of a mortgage.

Owning a home is not the same as renting. The landlord pretty much takes care of the repairs and maintenance on a rental but when you assume home ownership, you assume the upkeep including painting, landscaping, and repairs which become additional out of pocket expenses and impact your cash flow. And….those pesky monthly expenses continue. Only you—and your underwriter—know how much you can comfortably afford to pay each month.

Every lender determines its own guidelines regarding allowable DTI ratios for new loans and refinances. The type of loan also determines the allowable DTI. This is why a good mortgage broker will explore several opportunities and assist you in determining whether an FHA (government) loan or conventional loan is right for you. Lenders want to know if you will be able to meet your monthly payments as well as have the ability to repay the loan. The counsel of an experienced loan officer can make all the difference.

So now you know the definition of DTI in Spokane or anywhere. But to learn more call a reputable mortgage broker WHO WILL PRE-QUALIFY you based on several criteria. Visit www.bills.com/debt-to-income-article/ for even more information.

Queen Latifah comes to the INB Performing Arts Center in Spokane March 22nd ~~ proceeds benefit the YWCA.

Tickets available through all TicketsWest outlets and the prices range from $50 to $200. “All proceeds will support the YWCA’s critical programs that empower thousands of women each year …….”

Spokane - a city that supports its own.

"YWCA of Spokane is dedicated to eliminating racism, empowering women and promoting peace, justice, freedom and dignity for all."

Thank you Queen Latifah for answering the call to benefit Spokane's YWCA.

Support for the YWCA through donations of all types are always welcome.

Spokane in March is hardly inspirational. Oh, sure, I do get excited when I see the first sprouts pop out of the ground, but I am not quite so naive that I take that as a sure sign that Spring will follow close behind. Sometimes it happens . . . more often it doesn’t!

So when I saw a recent challenge from Paula McDonald entitled “What is Springing Up in Your Area?” I must admit I grumbled a little. I just knew other AR members would have posts with great pictures of blossoming trees and a population in flip-flops, while mine would be showing the first little tips of some brave but foolish perennials that I would have to dig out of the snow before I could even photograph them. They were there last week . . .I swear!

While driving down Bernard today I saw a sign.

Plant sale?! In March? Did the Friends of Manito get a little carried away with last week’s balmy weather? Now I must say I am rather drawn in by crazy behavior . . .if nothing else the absurd is good fodder for a blog post, so I decided to go find out more.

A flyer on the door of the Gaiser Conservatory in Manito Park told me what I needed to know . . .it is a TROPICAL PLANT SALE which is happening on March 3 in the Manito Meeting Room. I have long ago given up torturing house plants, so it is probably not an event I will attend, but since I was already at the door of the conservatory there is no way I wasn’t going inside!

Opening just two glass doors transports me from a dreary Spokane day to a tropical forest filled with exotic flowers . . . moist warmth . . .sweet floral smells . . .the soft babbling of a brook . . . PURE BLISS!

Of course, I had to take lots of pictures . . .some to show you how great Spokane is even if our Spring is not yet springing! The rest are to hold me over till Spokane’s glorious outdoor gardens boast their finery!

Looking for a place to call home with four true seasons and affordable housing? Spokane may just be the perfect place for you!

Contact me today for more information on homes for sale in our wonderful city!

Valerie Baker

Realtor®

Exit Real Estate Professionals

(509) 496-6938

simply real estate

Spokane Real Estate Statistics for January 2012

In January 2012 there were 2894 homes listed for sale and 205 of those homes closed in January. The odds of selling were 7%.

The median sales price for the month was $147,000 and the average price was $156,121.

I am looking forward to Spring !

Do you call yours co-workers, cohorts or could they be "Co-hearts!

On the airplane returning from Boise to Spokane last night, I picked up the in-flight magazine, Spirit, and on page ten I met Eric Greer a “change and learning facilitator” out of Houston. He is Southwest’s Star of the Month.

A couple of things caught my attention. He calls his co-workers “co-hearts”….now isn’t that a fun concept especially on the eve of Valentine’s Day? And the other, his favorite quote that sums up his philosophy:

“The past is behind; learn from it.

The future is ahead; prepare for it.

The present is here, live it.”

Eric is a guy with a big heart who undoubtedly enjoys life and wants to make the most out of his own life and brighten the day of his “co-hearts”.

That’s it for now. I just wanted to share.

Enjoy the rest of your day.