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Your credit score plays a major role in your financial health. It affects your ability to get approved for loans, secure favorable interest rates, and even rent an apartment. If your credit isn’t where you’d like it to be, don’t worry—there are practical steps you can take to repair it. With time, consistency, and smart financial habits, you can rebuild your credit and open the door to more opportunities.
At a very basic level, your debt to-income (DTI) ratio is simply your long term, semi-permanent debt compared to your current income. Usually, your mortgage lender will do this as a monthly comparison to make it easy, but the ratio’s the same whether you compare month to month or year to year. Your DTI ratio compares your monthly debt payments to your monthly gross income (before taxes or deductions). It’s a critical factor that lenders use to assess your ability to manage a mortgage alongside other debts.
Hey there, homeowners! Are you feeling the heat of the real estate market? Well, you're not alone! With rising prices and fierce competition, it's vital to take proactive steps to prepare and protect your home investment. In this blog post, I'll explore some practical tips that can help you navigate this challenging real estate landscape. So, let's dive right in!
Before you move into the home of your dreams, you'll need to decide what type of mortgage will work best for your financial needs. One type is an adjustable-rate mortgage, also called an ARM. What is an ARM? We’ll explore this kind of loan so that you can decide if it’s right for you. An adjustable-rate mortgage or ARM is a home loan with an interest rate that adjusts over time. These rates are governed by benchmarks such as the U.S. Treasury and are influenced by economic conditions and your credit score. These are unlike a fixed-rate mortgage which keeps the same interest rate and payment for the life of the loan.
When you’re shopping for a mortgage, it can be tempting to just talk to the first person you meet, sign the loan documents, and be on your way. But before you do that, it’s actually pretty important that you ask what type of financial institution you’re dealing with, because they’re not all the same. Here’s a quick rundown of the main differences.
Your home, as they say, is where your heart is, and for so many homeowners, it’s a lot more than a saying. Their home is a place where they made so many memories with family and friends, and considering selling it can be extremely painful. But what do you do if your home is no longer meeting your needs? Can you simply remodel your home into the house you need? It’s a hard decision to make, to be sure, but there are some major considerations that can help you decide which is the right choice for you and your family.
With home values having risen dramatically in the last few years, many homeowners are looking for ways to tap their equity without selling their home or refinancing their primary mortgage. If your home has gained significant value since you purchased it, or you’ve just paid so much of the mortgage down that you’ve got ample equity to work with, a second mortgage on your home might make sense.
Shopping for a home in today’s market can be a daunting task. Not only must you find a place that’s a great fit for your family, you also have to do it under budget and with a limited selection. Some homeowners are choosing to forego many of their wish list “want to haves,” but others are going a different route: they’re using an FHA 203k loan to finance a less-than-perfect dream home.
Finding the right loan to meet your needs can be one of the hardest parts of buying a new home. There are a number of mortgage options out there, and if you choose one that isn’t really ideal for your situation, then you might end up paying a lot more for it in the long run. With so many options, though, how do you know that you’re getting the best loan to match your situation?