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Mann Mortgage wins a Top Workplace award from The Oregonian

For the tenth year, The Oregonian/OregonLive has partnered with Philadelphia-based Energage to rank the Top Workplaces in Oregon and Southwest Washington. The process involves an extensive survey of employees who rate their corporate culture. Only companies with the most positive employee responses on their corporate alignment, engagement, leadership, performance, coaching, and connection are considered a Top Workplace.

Mann Mortgage is proud to have been named the #7 small employer in Oregon and SW Washington

“This is our first year competing for Top Workplace,” says Tara Tucker, Human Resources Manager. “To achieve that recognition for Oregon and Southwest Washington is a huge achievement for us.”

Mann Mortgage was ranked 7th among the 55 small employers (35 to 99 employees in Oregon and/or SW Washington) that earned a spot as a top workplace. Employees in the Oregon and Southwestern Washington offices reported that Mann Mortgage’s family environment, relaxed workplace, work/life balance, and teamwork make it a great place to work.

“I’m proud of the team’s ability to work together and act like team members – nobody has a role more important than another,” says Valerie Smith, loan officer/branch manager at Allied Mortgage in La Grande, OR (a division of Mann Mortgage).

Mann Mortgage’s offices across Oregon and Southwestern Washington provide home financing to people in their communities. Their ties with the communities they’re in run deep.

“Our whole team is very passionate about making sure other people in our community are taken care of,” says Liz Olheiser, office manager at Mann Mortgage in Redmond, OR. Our branch manager made an awesome program where once a quarter we donate to two different nonprofits in the three counties we have branches in. So it’s six nonprofits each quarter. What truly makes Mann Mortgage the best place to work is the team and family atmosphere.”

Mann Mortgage was recently named a national Top Workplace of 2021 by Energage, one of the 10 Best Financial Lenders of 2021 by Industry Era, a Top Workplace by Mortgage Professionals America, and the #12 Best Place to Work by Outside Magazine.

“This award is really meaningful because it’s our employees in Oregon and Washington that helped us earn it. They’re working with thousands of people in our communities buy, build, and refinance homes – and they’re having fun doing it!” says Jason Mann, CEO of Mann Mortgage. “Our culture is all about working together to help more Americans own homes. Everyone at Mann is valued for their contribution towards our goal. And it’s really rewarding to keep being recognized for how well we’re doing it.”

Mann Mortgage is hiring

Join Mann’s award-winning team. We’re hiring in Oregon, Washington, and all across the U.S. Visit our career page to learn more.

A good debt-to-income ratio

It’s the amount of debt you have compared to your income. Lenders use your debt-to-income ratio to decide whether you’ll be likely to repay your debts to them.

To figure out what your debt-to-income ratio is, add up your ongoing monthly bills. Minimum credit card payments, rent, auto loans, and student loans. Only consider your minimum payments, not the total amount you owe. Add them all up and divide it by your gross monthly income (before taxes and other deductions). This is your debt-to-income ratio and it’s written as a percentage.

As example, if you had a $1,100 monthly car payment, $300 minimum card payment, and $300 minimum student debt payment, your total monthly bills would be $1,700. If your monthly income is $5,000, your DTI ratio would be 1,700/5,000 = 0.34. 0.34 x 100 = 34. Your DTI would be a very healthy 34%.

DTI scores
Your lender’s biggest concern is whether you can pay back the loan. Your DTI score is just one of the calculations they use to help decide. They’ll also look at your FICO score, employment history, income, assets, and more.

At a minimum, they want to see your ratio under 50%. It’s ideal to have yours closer to 35%, but ranges between the two are acceptable.

Average debt per American
It’s difficult to tell what an average DTI ratio is, but we can say what the average amount of debt is. A 2021 CNBC report calculated the average American has $90,460 in debt. That includes their credit cards, personal loans, mortgages, and student debt. The higher an individual’s income, the higher their debt (and the easier it is for them to pay off).

Age 18 to 23: $9,593
Age 24 to 39: $78,396
Age 40 to 55: $135,841
Age 56 to 74: $96,984
Age 75+: $40,925

>> What do home lenders do when you have student loan debt?

Reducing your DTI
There are just two ways to do it. Reduce your monthly expenditures or increase your monthly income. Both options will take time and effort but pay off in the long run.

Rather than deciding on your own if your DTI is too high, consider talking to your home lender to go over it together. Local home lenders, like Mann Mortgage, will review your DTI and work with you and your unique financial decision to find the right loan.

6 things you shouldn’t do when you’re pre-approved for a mortgage

Just because you’re pre-approved for a loan doesn’t mean you’re guaranteed to get final approval on your loan. When your offer has been accepted and it’s time to begin closing on your loan, your mortgage lender is going to take another detailed look at your credit history, assets, income, and FICO score. You want to make sure you look just as good as you did the day you got pre-approved. How can you do that? 

Don’t miss payments
They’re going to see whether you’ve been late or missed any payments on your credit cards or loans since you were pre-approved. Just one 30-day late payment can negatively impact your credit report by many points. Make sure you have all your medical bills, parking tickets, and utility bills up-to-date and paid too! 

Don’t apply for new credit
Applying for new credit will lower your credit score and, if you’re approved, increase your debt-to-income ratio – a key factor lenders consider when you apply for a mortgage. These changes could affect the terms of your loan or get it denied altogether.

Don’t change jobs
This might be out of your control, but it’s best to stay with the job you had when you had your loan pre-approval. Switching jobs could signal a change in income, which may impact the amount you’re approved to borrow.

Don’t make any large purchases
You might be tempted to start shopping for furniture or appliances for your new home, but you shouldn’t do it. If you put the charges on your credit card, your debt-to-income ratio will change. And if you pay cash, you’ll have less money for a down payment or as an asset. Hold off on any large purchases until you’ve closed on your new home!

Don’t make big deposits
Any big cash deposits into one of your accounts prior to your mortgage closing looks fishy to an underwriter. They’re trained to spot evidence of borrowers needing to be gifted money for their mortgage – a clear sign the borrower may default. If it’s inevitable that you’ll have a deposit over $1,000, expect to be able to show the origin of the funds to your mortgage company. Transferring money between your accounts is generally fine.

Don’t refinance your loans
Don’t refinance your loans for a lower rate until after your home loan has closed. Refinancing is considered taking out a new line of credit, which isn’t good for someone looking for a mortgage. An established loan you’ve been making regular payments on looks better to mortgage underwriters than a new lower-interest loan you haven’t made many payments on yet.

What SHOULD you do?
Talk to your mortgage expert if you have any question on your current credit score or how your actions will affect your pre-approval. Your local Mann Mortgage branch is dedicated to making your experience both personalized and hassle-free.

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