Are you in the market for a new home? If you plan on using mortgage financing to buy your next home you've likely heard the phrase "loan-to-value" or the acronym "LTV" before. Let's take a quick look at the loan-to-value ratio including why it's important, how to calculate it, and how it can affect your mortgage. What is the Loan-to-Value or LTV Ratio? In short, the LTV ratio is a number that compares how much money you owe against your home with its resale value in the marketplace. A low LTV … [Read more...]
What Makes Up A PITI Mortgage Payment?
Many mortgage payments are made up of four parts, called PITI. PITI is an acronym that stands for principal, interest, tax, and insurance. It's important to understand PITI because it is the real number you need to use in order to find out how much mortgage you can afford to pay each month. One of the biggest mistakes first-time homebuyers make is using only the principal plus interest figure to calculate how much they'll be paying every month for their mortgage. Then, when the lender comes … [Read more...]
Worried about Your FICO Score? 4 Easy Strategies to Fix It Up
If you're worried about your bad credit, you'll want to do everything in your power to improve your rating as quickly as possible - especially if you have a major purchase coming up. Improving your credit rating can give you access to better interest rates on mortgages or even help you get that job you're after. IMPORTANT! If you are currently involved in a home loan transaction, speak with your trusted mortgage lender before taking any action regarding your credit! So how can you boost your … [Read more...]
Why You Should Compare Different Mortgages
Comparing mortgages is a crucial step in the process of buying a home or refinancing an existing mortgage. Here are some reasons why: Save Money: Comparing mortgages can help you save money by finding the best interest rates and terms available. A lower interest rate can mean thousands of dollars in savings over the life of a mortgage. Avoid Pitfalls: By comparing mortgages, you can avoid pitfalls such as hidden fees, penalties, or other unfavorable terms that can cost you money and cause … [Read more...]
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