Many potential homebuyers worry that carrying credit card debt will prevent them from qualifying for a mortgage. While it is true that lenders carefully evaluate your financial profile, having credit card balances does not automatically disqualify you. By understanding how lenders view debt, taking strategic steps to improve your application, and choosing the right mortgage program, you can still achieve your goal of homeownership. Understand Your Debt-to-Income Ratio (DTI)One of the most … [Read more...]
Is a Cash-Out Refinance the Answer to High Credit Card Bills?
If your credit card debt is piling up, a cash-out refinance could be the solution you need to manage your financial situation. By leveraging the equity in your home, you can consolidate your high-interest debts into a lower-interest mortgage, potentially giving you relief from hefty monthly payments. How a Cash-Out Refinance Works A cash-out refinance allows you to replace your existing mortgage with a new one that’s higher than what you currently owe. The difference is then provided to … [Read more...]
