When you are filling out a mortgage application, the lender will be asking you for specific financial information. One of the reasons they ask for this information is to enable the underwriter to calculate your debt to income ratio. The debt to income ratio is what most mortgage lenders use to determine the level of risk they are taking when they agree to provide you a mortgage. Most mortgage lenders will use your debt to income ratio to determine your interest rate, down payment requirements, … [Read more...]
What You Need To Know About Your Home Appraisal And Your Mortgage
When buying a home, there are certain steps a buyer should go through before the home sale is official. First the buyer makes the offer, then the offer is accepted. Next the buyer schedules the inspection and home appraisal. Finally, everyone is ready for closing. It’s easy to overlook the impact of some of these steps, but when it comes to a mortgage, the home appraisal is actually quite important. Banks want to see that they are lending money for an investment that is worthwhile, so that … [Read more...]
Important Reasons A Renter Should Not Pay Your Mortgage Payment
When it comes to a property that's been financed with a mortgage, homeowners can experience the need or desire to live elsewhere from time to time. Renting may be considered as a way to recover some of their costs when they are not using their home. In some cases, homeowners - when acting as landlords - may also consider that it's more efficient to have the tenant pay their monthly mortgage payment directly to a lender. After all, the money is just being received and turned over in another check … [Read more...]
Selling Your Home FHA? Learn These Tips To Ensure A Smooth Closing
Before an owner can market a property to buyers that want to use a FHA loan, he will want to familiarize himself with the FHA's standards. FHA won't insure loans on just any property. While their standards aren't as stringent as they used to be, a home needs to be in relatively good condition to qualify for FHA financing. Location and Lot To qualify for FHA financing, the property has to be located on a road or easement that lets the owner freely enter and exit. The access also has to be paved … [Read more...]
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