Mortgage Approval Tips Category
Understanding the definition of Loan-to-Value (LTV), and how it impacts a mortgage approval, will help you determine what type of loan amount and [city] mortgage program you may qualify for.
Since the LTV Ratio is a major component of getting approved for a new mortgage, it’s a good idea to learn the simple math of calculating the amount of equity you may need, or down payment to budget for in order to qualify for a particular loan program.
Simply put, LTV is... Continue Reading >
Income Requirements For a [city] Mortgage
Debt-to-Income (DTI) is one of the many new mortgage related terms many First-Time Home Buyers will get used to hearing.
DTI is a component of the mortgage approval process that measures a borrower’s gross monthly income compared to their credit payments and other monthly liabilities.
Basically, mortgage lenders use a DTI Ratio to determine whether or not a borrower can afford to pay the home loan back and are designed to give guidance on acceptable levels of... Continue Reading >
What [city] Mortgage Can I afford?
Buying a home versus renting is a big decision that takes careful consideration to ensure you can meet your monthly mortgage obligations over the term of your home loan.
While there are several biased sources that can make arguments for or against owning a home, most home buyers may base their ultimate decision about whether or not to buy real estate [incity] based on their financial security. Cost, qualifying, freedom, maintenance and security... Continue Reading >
Buying a home [incity] is literally a team sport since there are so many tasks, important timelines, documents and responsibilities that all need special care and attention. Besides working with a professional [city] real estate team that you trust, it’s important that the individual players have the ability to effectively communicate and execute on important decisions together as well.
Either way, you’ll definitely want to have the list of approval documents ready once you’ve decided on the right loan officer that... Continue Reading >
