About the Author: Maxine Dupont
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 ...
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 ...
What Is a Conforming Loan?
What Is a Conforming Loan? When you're looking for a home mortgage, you might encounter something called a conforming loan. The conforming loans are mortgages that conform to rules set by Fannie Mae and Freddie Mac lending companies. The government agencies insured both these firms that own many of the ...
What Is the Right of Rescission on Mortgage Home Loans?
The right of rescission is a legal claim that allows homeowners to cancel certain types of mortgage, such as refinancing, home equity line of credit (HELOC), home equity loans, and even reverse mortgages. It provides three days to terminate an agreement and get your funds back. Recognizing how the right ...
Credit Utilization Ratio: The Best One To Go
The credit utilization ratio, also known as utilization rate, is a number that indicates the percentage of the available balance that borrowers use on their revolving credit accounts, i.e., credit or debit cards. In reality, the lower credit utilization rate is better for your credit rating, but a little utilization ...
