Finding the right home and the right mortgage can take a lot of time and energy, so it's important to consider whether you'll be prepared for approval before diving into the process. Whether you've had some financial setbacks or you just want to have an idea ahead of time, here are some ways to quickly determine if you'll be pre-approved for a mortgage. Do You Have A Down Payment? You may have heard that the ideal down payment amount is 20% of the cost of the home, but this doesn't mean you have … [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...]
Buying a Home With a Mortgage? Here’s What You Can Expect at Your Closing Meeting
If you've decided to invest and have finally found your ideal home, it's probably an exciting time for you and your family. But before the deal is sealed, there will be a closing meeting so that all of the loose ends can be tied up. If you want to be ready for closing and are curious what the final meeting will entail, here are a few things to be prepared for. The Last Walk Through The initial home inspection may have already occurred prior to your closing meeting, but a final walk through … [Read more...]
Trim Your Mortgage Closing Costs by Following This Easy 3 Step Guide
You may be so busy with determining your debt-to-income ratio and deciding what kind of offer to make that closing costs have gotten lost in the mix, but it's important to remember that finalizing your mortgage will cost you extra. While there's no way to get around paying money to solidify your mortgage, there are a few steps you can take in order to make it more economical for you. Shop Around For A Lender Many people go with the lender that is offered to them, but it's a good idea to do the … [Read more...]
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