Five things you need to get pre-approval for a mortgage
Five things You Need to be Pre-approved for a Mortgage Shopping for a house may be exciting and fun, but serious homebuyers need to start the procedure in a lender's office, not at an open place. Most sellers expect buyers to receive pre-approval letters and are more willing to negotiate with ...
What Constitutes a Good Debt-to-Income (DTI) Ratio?
Your debt-to-income ratio (DTI) is an essential personal finance measure that compares the amount of liability you have with your total income. Creditors, including mortgage issuers, use it as a way to determine your ability to manage monthly payments and borrowed funds. Understanding of DTI Ratio A low debt-to-income ratio ...
Cash-out Refinancing Vs. Home Equity Loans: All You Need To Know
Cash-out Refinancing Vs. Home Equity Loans - It lets you use your property as collateral to borrow cash. Finding out which option is suitable—may depend on your current mortgage, home value, lender's offer, and creditworthiness. What is Cash-out Refinancing, and How Does it Work? Cash-out refinancing is a home loan ...
What Are Mortgage Overlays?
You work hard to settle your financial debts, improve your credit score, and save a substantial down payment for your new home. Consequently, you applied for a mortgage and thought it would be approved, but you were denied. Despite meeting the general financing guidelines, specific lender requirements called mortgage overlays ...
How To Build Equity When You Can’t Afford A House
Everyone around you is buying a house and talking about building wealth; this can get really overwhelming when you can’t afford a house. Yes, owning a home is a sure way to build equity, but not everyone can afford this. Due to inflation and the ever-growing price of houses, more ...
No-Closing Cost Refinance Explained
Mortgage refinancing is succeeding over other loans due to multiple reasons. Homeowners typically save money by refinancing when the interest rate is lower than they are currently paying. Cash-out refinancing may allow borrowers to use their home equity to spend on house renovations or debt consolidation. Furthermore, they provide options ...
