Interest Only Mortgage And How They Work
Consumers looking to finance a home will be pleased to learn that interest rates are now at historic lows. In today's low-rate interest market, you may be considering mortgage options in a new light, such as having a mortgage that allows you to pay the least amount of interest. While ...
Credit Score Requirements to Get a Home Mortgage
Credit Score Requirement to Get a Home Mortgage The lending institution determines the minimal credit score required for mortgage approval. However, the credit score requirement can also depend on the type of mortgage you are seeking. Mortgage loans backed by government programs have strict eligibility standards, including credit history obligations. ...
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 ...
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 ...
Four Ways to Save Money on Your Home Mortgage
When you analyze your finances, your housing expenses are likely the highest cost in your budget plan. According to the United States Census Bureau, the average monthly mortgage payment in the United States is $ 1,200. Nevertheless, it does not cover additional charges related to homeowner insurance and real estate ...
Eight mortgage terms you need to know before applying for a mortgage
Eight mortgage terms you need to know before applying for a mortgage Getting a home mortgage can be challenging for new home buyers as it includes multiple documentation, bank statements, tax returns, phone calls, credit scores, etc. So, it is crucial to understand the mortgage process and related terminologies that ...
