If you decide to go through the refinancing process, there are several options available. One of the most popular options is a cash-out refinance. Essentially, you capitalize on the difference between current interest rates and the interest rate on your home loan to keep your payments the same while also drawing equity out of your home in the form of cash. You can use this money to fund your retirement, complete home repairs, or do a renovation project. Even though you can do just about … [Read more...]
Understanding Your Debt To Income Ratio: What It Means
If you are looking for a home, you might need to finance it using a lender, such as a bank or a credit union. There are a number of factors that will influence whether your mortgage application is approved. Then, these same factors will play a role in the terms the lender might offer you. One of the most important factors is called the debt to income ratio, or DTI. It is important to understand how this will impact your mortgage application. What Is A Debt To Income Ratio? Your DTI is important … [Read more...]
What’s Ahead For Mortgage Rates This Week – April 11, 2022
Last week’s economic news included remarks given by Federal Reserve Board Governor Lael Brainard and the release of the minutes of the most recent meeting of the Fed’s Federal Open Market Committee. Weekly readings on mortgage rates and jobless claims were also released. Federal Reserve Leaders Prepared to Address Inflation Lael Brainard, a Governor of the Federal Reserve Board, addressed the central bank’s concerns over rapidly rising inflation in her remarks made at a … [Read more...]
Exploring Multigenerational Homes: They Are Becoming More Common
Purchasing a house is expensive. Not everyone has the money to put down 20 percent. One of the ways to make it easier to afford a house is to live in a home with multiple generations. Some people decide to move back in with their parents because they might have a difficult time affording a mortgage and student loans. Some parents move in with their children because they have health-related issues that need to be addressed. Now, multi-generational homes are becoming more common. An Overview Of … [Read more...]
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