Qualifying for a Mortgage
To qualify for a mortgage - or to get the best mortgage - you need to get your ducks in a row. Make sure that your credit is in good shape and that your income supports the loan you want. This page helps you qualify for the best mortgage you can get.
Bigger Down Payment vs Paying Points
Home buyers sometimes ask about the difference between discount points and a down payment. Each of these items is a cost that comes out of your pocket up front, so they seem quite similar. To your current budget, they’re identical. However, over the long term you’ll find that they do very different things.
Home buyers sometimes ask about the difference between discount points and a down payment. Each of these items is a cost that comes out of your pocket up front, so they seem quite similar. To your current budget, they’re identical. However, over the long term you’ll find that they do very different things.
Debt to Income Ratios
Debt to income ratios give lenders a quick rule of thumb to determine how much you can borrow. They try to keep loans affordable by keeping payments to a modest percentage of your total income. With debt to income ratios, they can quickly figure out a reasonable monthly payment – and use that number to calculate your total loan amount.
Debt to income ratios give lenders a quick rule of thumb to determine how much you can borrow. They try to keep loans affordable by keeping payments to a modest percentage of your total income. With debt to income ratios, they can quickly figure out a reasonable monthly payment – and use that number to calculate your total loan amount.