Last week's economic reports included NAHB Housing Market Index, Commerce Department readings on housing starts and building permits issued. The National Association of Realtors® released data on existing home sales; Freddie Mac released average mortgage rates and new jobless claims were also released. Builder Sentiment Dips in April, but Remains Strong The National Association of Home Builders reported that home builder sentiment dipped three points in April to an index reading of 78. Any … [Read more...]
Your Debt-To-Income Ratio and How It Affects Your Mortgage
When you're delving into the market in the hopes of finding your dream home, it's likely you'll come across the term debt-to-income ratio. This may not seem important at first, but your DTI is the key to determining the amount of money you can put into your home and just how much you should spend on a monthly basis. If you're curious about what this means for you, here's how to calculate it and how it can impact your mortgage. What's Your DTI Ratio? One of the best ways to determine whether or … [Read more...]
How Young Is ‘Too Young’ to Buy Your First Home? Getting Started Early Has Its Ups and Downs
Many millennials are expected to enter the housing market in the next year with the interest rates still low. However, while it may be a good time, it does not necessarily mean that it's the right time for you to make the investment. If you're currently weighing your options when it comes to home ownership, here are some things to consider before you decide put the money down. Are You Struggling With Student Debt? It's possible to invest in a home when you're still paying down student debt, … [Read more...]
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