The debt-to-income ratio (DTI) is one of the most important elements in obtaining a mortgage. It tells lenders how much income a borrower can afford to spend on monthly debt payments, including housing expenses, car loans, credit card bills, and more. If the DTI is too high, your mortgage application may be rejected or the lender may not offer you the best possible interest rate. Read More
Debt to income ratio (DTI) is a financial tool that helps lenders assess your ability to make payments on a new loan. It helps them determine whether you’re a risky borrower who might not be able to make timely payments. The higher your DTI, the more likely you are to face a higher interest rate, or to be declined for a loan. When you know your DTI, you can make sure you’re prepared to handle any challenges that may arise. You’ll also have a good idea of whether it’s a good idea to take on new debt or to refinance an existing loan. Read More
Chances are that your house payment makes up a big chunk of your monthly expenses. If you find yourself looking for a little extra cash flow each month, one of the solutions is to refinance your home. You could save anywhere between $100 and $500 per month, depending on your current interest rate, your new interest rate, and other factors. Read More
When you are buying a home and getting a mortgage for the first time, the entire process can be overwhelming. And your checklist for must-haves and must-dos is often very long. Read More
Have you wondered how much financial value is embedded in your home? Calculating your home equity is a simple process in theory. Read More
