Buying your first home can be one of the most thrilling and most nerve-wracking experiences of your life. You don’t know what you need, what to expect, or sometimes even what the process is. But home ownership is a smart long term investment, but you don’t want to dive in headfirst without knowing what you’re doing. It may seem complicated at first, but all you need to do is a little bit...
One of the first steps to purchasing a new home is making sure you can finance the deal. Shopping around for a mortgage is a must-do for any homeowner-to-be, yet most people are prone to making mistakes that result in getting the wrong mortgage for their needs. Here are eight mortgage secrets to keep in mind while shopping for a loan. The lowest interest rate mortgage is not always the best...
Finding the best home loan is not a job to be taken lightly. Here are 10 very important tips to consider before, during, and after the loan. 1. Looking For The Right Home Loan For YouMortgages are not commodities. If you think "it's all about the rate", you are going to be disappointed from the start. It's really about finding a trusted partner help you navigate a complex transaction by offering honest...
When you decide you’re ready to buy a home, you’ll (hopefully) examine your own finances closer than you ever have before – because your mortgage underwriter will be looking at your finances even more closely. It’s the underwriter’s job to evaluate your income, credit score and assets to make sure you’re a solid loan candidate. Because of this, it’s important that nothing you do makes your...
DTI stands for debt-to-income ratio, and it is used by mortgage lenders to determine how capable you are of paying your mortgage every month. DTI compares an individual’s monthly debt to their gross monthly income. To calculate your DTI, your lender will divide your gross recurring monthly debt to your total monthly income, and it is calculated as a percentage. Ideally lenders want a low DTI, around...
One of the biggest benefits of owning a home is the number or tax benefits that you can receive. As a homeowner, you can deduct your mortgage interest and property tax payments from your taxable income, even though the increase of home value can be as much as of that of a return on investment or stock dividends. Homeowners can also exclude the capital gains they receive from selling their...
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