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Debt to Income Ratio Basics: The Importance of Your DTI
Fundamentally, your debt to income ratio (DTI) is the percentage of your income that is used to pay your debts, and is often abbreviated to the ‘debt ratio.’ Your ‘income‘ is your total gross income...
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Why Pay Points on a Mortgage: Are Points a Benefit or Not?
Why pay points on a mortgage, and how do they benefit you? Points are a typically American arrangement, and refer to payments made in order to receive a lower interest rate. They have certain...
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Mortgage Lock Basics: Should You Lock-In Your Mortgage Rate?
A mortgage lock can work for you or against you depending upon the terms of the mortgage rate lock in period and upon the current behavior of the economy as seen in the equities and bond markets (stock...
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Private Mortgage Insurance Basics: The Fundamentals of PMI
Private mortgage insurance (PMI) is a form of protection for mortgage lenders in the event of borrowers defaulting on their payments. If a borrow takes a mortgage that is more than 80% of the purchase...
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Buy Vs Rent Basics: Should You Buy or Rent A Home
The question of whether to rent or buy is no longer a clear cut economic one. Many people who can afford to buy their home are choosing to rent instead because they no longer have confidence in home...
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The Mortgage Application Process: First Steps in Buying a Home
The mortgage application process is the first step required if you need a loan to purchase residential real estate. The correct name for this is the Uniform Residential Loan Application, and takes the...
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FICO Credit Score Basics
FICO credit scores are use by lenders to assess how likely you are to be able to repay a loan. If you intend applying for a mortgage, knowing how FICO credit scores work could be of advantage to you....
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Fixed Mortgage Basics: Fundamentals of Fixed Interest Rates
A fixed mortgage is one whose interest rate remains the same over the full term of the mortgage loan. This contrasts with an adjustable rate mortgage, where the interest rate can fluctuate with market...
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Mortgage Prepayment Penalty Basics: Early Settlement Costs
Fundamentally, a mortgage prepayment penalty is applied by lenders to recover some of the profit they would have made were the loan to have run its full term. Interest rates and other aspects of loans,...
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Adjustable Rate vs Fixed Rate Mortgage Basics
Adjustable Rate Mortgage Basics: ARM or Fixed Rate? With an adjustable rate mortgage (ARM) you pay a fixed rate of interest on your mortgage for a specified period, after which the rate adjusts until...
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What To Expect When You Take on a Mortgage?
The mortgage application process can be daunting for first-time home buyers. Knowing what to expect can help them to prepare for it. The mortgage process should begin as soon as you start looking for a...
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Lenders Can Give You Leverage As A Buyer In These Ways
If you are independently wealthy or a lottery winner you probably buy a house with cash. For the rest of us, you can still buy a home to enjoy for the rest of your life. The most common way to do this...
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Before You Apply For A Mortgage Be Careful With Your Credit
Consumers In The Eyes Of Lenders Your credit history may seem like a vague and abstract stack of file entries to you. But to banks, the numbers and ledger entries are all they need or want to know...
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13 Hacks To Lift Your Credit Score Before You Buy A Home
Buying your first home is an excellent decision. But you may want to improve your credit score now that you are putting the plan into action. When you apply for a loan, you will want to be in the best...
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Here Are The Seller Financing Good And Bad Points
Very occasionally, the party that sells a home to you will lend you some of the money to make the purchase. Seller financing rarely happens because there are usually other alternatives. However, for...
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5 Tips For Homebuyers Seeking The Perfect Mortgage Solution
Becoming a homebuyer is of the most trying consumer activities that you will ever experience. One of the things that make purchasing a home rewarding is finding the right loan to make it happen. A...
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Don’t Depend On Your Last Pay Statement To Get That Mortgage
The Sixty-Day Seasoning Rule When you are waiting for approval on your home loan, you need to prepare for this one important detail. Your lender is unlikely to regard your most recent pay deposit as...
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Even More Homebuyer Mortgage Tips To Make It Happen
More Home Loan Hacks For First Time Homebuyers Homebuyers should shop around for mortgage bargains; not all terms and conditions are the same, but chances are, there’s a mortgage out there that’s right...
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Back To Basics – What Goes Into A Mortgage Anyway?
Owning your home quite and accomplishment and one to which many people aspire. Most consumers have to do this by taking out a mortgage against the home they purchase. So let’s go back to basics to...
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Income Stability Gets The Mortgage Done Better Here Is Why
Income stability is the key attribute that mortgage underwriters wish to see in a home loan applicant. When you begin the process of buying a home and applying for a mortgage, your lenders review your...
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