Mortgage Pre-Approval and the Debt-To-Income Ratio

Mortgage Reapproval and Debt to Income Ratios

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

How to Calculate Debt to Income Ratio for Mortgage Loans

Debt-to-Income Ratios

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

Tips to Remember for First Time Home Buyers

First Time Home Buyer Tips

Buying your first home can be a daunting task. It’s a big financial decision, and there are lots of small decisions to make. There are also lots of resources available to help first time home buyers along the way. You’ll need to do your homework, though, as there are plenty of programs out there to suit your needs. Read More

Loan Options for First Time Home Buyers

First Time Home Buyer Loan Options

 

Buying your first home is a big deal, and the process can be overwhelming. The good news is that there are many resources available for first time buyers. Some are designed to make the process a little easier, while others are specifically aimed at buyers in particular areas. For instance, down payment assistance programs can help you buy your dream house without breaking the bank. Read More

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