What Is Debt-To-Income Ratio?
Debt-To-Income Ratio (DTI) Understanding your debt-to-income ratio is a critical piece of the mortgage loan approval process. It is the number one way for lenders to determine your ability to manage your monthly payments and repay your new loan. Your DTI ratio is all of your monthly debt payments divided by your gross monthly income. […]
2020 Mortgage Loan Limits
2020 Loan limits are up from 2019. In fact, they are way up! This doesn’t come as much surprise, with housing prices continually rising throughout the nation over the past year. With the increase in house prices, it’s important for loan limits to follow suit. This is big news for potential home buyers and homeowners […]
Private Mortgage Insurance (PMI)
What is Private Mortgage Insurance? Private mortgage insurance(PMI) is a type of insurance that mortgage lenders require when borrowers put less than 20% down on their home. If you’re purchasing a home with little money down, you’ve probably heard of it already. PMI was put into place to protect lenders in case the homebuyer defaults […]
Should You Rent Or Should You Buy?
Should you rent or should you buy? The rent vs buy debate has and always will be a topic of discussion for first time homebuyers when considering their next move. As simple as the question may be, there are a ton of factors involved in answering that question. How long are you going to be […]
Common Mortgage Mistakes & How to Avoid Them
You need to ensure that your lender becomes your personal mortgage planning specialist, who works with you to make sure your needs are met and your dream of homeownership is realized.
