When you apply for a new mortgage, the lender will evaluate your creditworthiness to determine whether to approve your application and what terms and interest rate to offer you. Your existing debt can affect your creditworthiness in several ways: Debt-to-income ratio (DTI): Your DTI ratio is the percentage of your monthly income that goes towards paying off debt. Lenders typically want to see a DTI ratio of 43% or less, meaning your debt payments don't exceed 43% of your gross monthly income. If … [Read more...]
What Does Contingent Mean on a House Sale
In the context of a house sale, "contingent" typically means that the sale of the house is dependent on certain conditions being met. These conditions could include things like the buyer securing financing, the completion of a home inspection, or the sale of the buyer's current home. For example, if a buyer makes an offer on a house and the offer is accepted by the seller, the sale may be contingent on the buyer obtaining financing within a specified period of time. If the buyer is unable to … [Read more...]
3 Ways To Avoid Mortgage Insurance
When you are buying a home, you may run into a number of hurdles to complete the purchase. One of the items that you may be asked to purchase is called private mortgage insurance, often shortened to PMI. This is a unique insurance policy that your lender, such as the credit union or bank, may ask you to buy in order to protect themselves. In this insurance policy, the bank protects themselves against losing money if you end up defaulting on your loan. Unfortunately, if you are asked to purchase … [Read more...]
Vacation Home or First Mortgage Payoff?
Imagine having some extra cash on hand, enough to make a significant financial decision that could potentially shape your future. You've worked hard to build equity in your home, and now you find yourself at a crossroads. Should you invest in a vacation home or use the money to pay off your first mortgage? Vacation Home-Pros A Place to Escape: Owning a vacation home provides you with a tranquil getaway, a place to unwind and recharge. It offers the potential for making lasting memories with … [Read more...]
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