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Tips from KW McKinney Realtor Jane Clark on financing that Perfect Home. (Part II)

Written by Jane Clark Posted in Financial Articles

Chuck Miller of First Bank on getting great Interest rates

Tips from KW McKinney Realtor Jane Clark on financing that Perfect Home. (Part II)

Part of a  four part series featuring Chuck Miller Vice president of Wichita Falls based  First Bank on getting the best interest rates available

After fourteen years as one of McKinney’s best Realtors®, Kw McKinney Realtor Jane Clark knows that one of the most important aspects of negotiating a purchase contract on that ideal McKinney Home for sale is the financing  package a buyer can bring to the table.  A Buyer with great financing is a low risk buyer and sellers find that very attractive.

The natural next question is: What makes for a low-risk mortgage applicant? Well, we spoke to Chuck Miller from First Bank our local McKinney Mortgage expert to give you some insight. The result is this series of articles you will see over the next few weeks.  So read on to see what it takes to qualify for those super-low mortgage interest rates.

Criteria #2: Debt-to-Income Ratio of 40 Percent or Less

You've heard the saying, "the more you make the more you spend," right? Well, that could be a problem for your interest rate if your spending is driving your debt-to-income ratio up. You're not sure what that is, you say? You might want to become familiar with it, because it's important to your potential lender.

Your debt-to-income ratio is basically the amount of your gross monthly income that goes toward paying debt, says First Bank’s Chuck Miller. So, say you and your spouse make a gross income of $6,000 per month and your debt is a total of $1,800 per month. Your debt-to-income ratio is 30 percent ($1,800/$6,000=.3). Miller says that your debt-to-income ratio typically needs to be 40 percent or lower to qualify for a mortgage, and lower percentages could mean lower rates.

Why? "Because lenders want to see that it's easy for you to pay off the loan," Miller says. "They want to know that you can suffer a setback, or get a pay cut, or take on more debt and still make your payments, versus somebody who's spending 50 percent of their monthly income just to pay off debt."

And if you're wondering what lenders consider as debt, a general rule is that it's anything that ends up on your credit report. Common things include credit card, auto loan, and personal loan debt. Your future mortgage payments (should you qualify for the loan), will also get factored in, he adds.

About McKinney Realtor® Jane Clark,

Jane Clark Realty is associated with Keller Williams McKinney. Your Listing deserves the Jane Clark touch. Jane is a nationally recognized TOP 5 elite producer for Keller Williams. Jane Clark has been featured in national media as a Real estate technology expert. She is a perennial winner of D Magazine’s Best Realtor award and has been voted the BEST McKinney Realtor.  Jane specializes in homes for sale in McKinney and is a successful Allen TX Realtor as well. Jane Clark has been a fixture in McKinney real estate for 14 years and her office is located at

Jane Clark

Jane Clark Realty

6951 Virginia Parkway suite 100

McKinney, Texas 75071

Direct 214-802-4680

This email address is being protected from spambots. You need JavaScript enabled to view it.

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About the Author

Jane Clark

Jane Clark is TREC Licensed (License # 479854) Real Estate Agent associated with the Keller Williams in McKinney Texas. She has been a fixture in McKinney Real Estate for 14 years. She has had some spectacular accomplishments over her long and productive career. Jane is most proud of the fact that she received national recognition as a top 5 elite producer in her five state region. In fact she was number 4 out of over 4000 agents. KW McKinney Realtor Jane Clark is well known  because of her avid pursuit of excellence in customer relations.  However it belies the fact that she is a popular Allen TX Realtor as well. Jane Clark is a perennial winner of D Magazines Best Realtor award and she has been named in McKinney Living Magazines BEST McKinney Realtor poll as well. Here are a few of her other accomplishments. Keller Williams Top Producer of the Year (2001-2012), Named one of the most Successful Real Estate Agents by Inside Collin County Business, 2002-2012) ;member of Agent Leadership Council; Keller Williams North Collin County Top Individual Outstanding Achievement in 2009-2012; Keller Williams North Collin County, Gold Outstanding Team Achievement in 2009 and Double Gold Outstanding Achievement 2010 - 2012.  If You have a house for sale in McKinney or you are looking for an Allen TX Home for sale. You ought to be talking with Jane.  I think you will find that KW McKinney Realtor Jane Clark is the right Real Estate Agent for you!

CBS Marketwatch and Yahoo Finance Called Jane Clark a Top 5 Elite ProducerTop 5 Elite Producer for Keller Williams

CBS Market watch -  On the Best Qualities of McKinney RealtorBest Qualities of McKinney Realtor Shannon Patterson 

To learn more about the Jane Clark Realty Group You can connect with Jane Clark at Google+

mckinney_realtor_blue ribbon1 Voted Best Realtor  "D" Magazine 2006-2012
mckinney_realtor_blueribbon2Top Producer   Keller Williams   North Collin County
mckinney_realtor_blue ribbon3 20+ Years raising a family in Collin County
mckinney_realtor_blueribbon414 years experience  Full-Time Realtor  KW Agent Leadership Council