Last week's economic reporting included readings on construction spending and labor sector readings on employment and the national unemployment rate for March. Weekly readings on mortgage rates and jobless claims were also released. Commerce Department: February Construction Spending Falls The U.S. Commerce Department reported less construction spending in February than in January as construction spending fell by 0.10 percent to a year-over-year reading of $1.844 trillion for all types of … [Read more...]
A Home Equity Loan Versus A HELOC
If you are looking for a quick source of cash, you may have been told that you can tap into the equity in your home. If you have at least 20 percent equity in your home, you can borrow against that equity at a relatively low interest rate for a quick source of funding. You might be deciding whether to apply for a home equity loan or a home equity line of credit, which is usually shortened to HELOC. Home Equity Loan A home equity loan is a loan that you will receive based on the equity you … [Read more...]
Why Your ‘Debt-to-Income Ratio’ Number Matters When Obtaining a Mortgage
If you are looking to buy a home, you may want to consider shopping for a loan first. Having your financing squared away ahead of time can make it easier to be taken seriously by buyers and help move along the closing process. For those who are looking to get a mortgage soon, keep in mind that the Debt-to-Income ratio of the borrower plays a huge role in the approval of your mortgage application. What is a Debt-to-Income Ratio? A debt-to-income ratio is the percentage of monthly debt payments … [Read more...]
How To Successfully Use Your Down Payment to Achieve Your Home Buying Goals
When you are considering purchasing a home, understanding the lending guidelines regarding a down payment is important. Here are a few key tips to consider: Gifting of a Down Payment There are some programs that will allow you to use a gift for your home down payment. However, before you assume this, make sure you talk to your loan officer. Generally speaking, the lender will require the person making the gift to provide a letter stating the money was a gift and does not require repayment. … [Read more...]
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