Why Is 20% Ideal for a Down Payment?
When purchasing a new home, having a 20% down payment has significant financial benefits. Here’s a look at all the ways a 20% down payment can benefit you.
Sourcing Down Payment Funding: Gift Funds, Etc.
When you purchase a house, you will likely have to put a large sum of money down as your down payment. Most loan programs require you to put down 3.5 percent or more of the value of your house in cash.
What is Loan-to-Value Ratio?
Your LTV ratio is a comparison between the value of your loan and the value of your home. Learn more about why this matters when you’re applying for a mortgage.
What is a PITI?
PITI is an acronym for Principal, Interest, Taxes and Insurance, pronounced “pity.” It is the collective amount a borrower pays when buying a home with a mortgage loan.
What is a Good Faith Estimate?
The Good-Faith Estimate is a document that includes the breakdown of approximate payments due upon the closing of a mortgage loan. Here’s what you need to know about the GFE.
New Construction: How Much Does It Cost to Build a House?
See the average sales price of a newly constructed house and see if building a home makes more financial sense for you than buying an existing home.
Homeowners Insurance: Complete Consumer Guide & Overview
Homeowners insurance provides financial compensation for any losses related to your home. Every homeowner needs it, and here’s what you need to know about it.
What is a Debt-to-Income Ratio?
When you apply for a mortgage, your lender will analyze your debt ratios or DTI. Lenders calculate DTIs to ensure you have enough income to pay both a new mortgage and other monthly debts.
Understanding Mortgage Credit Scores
Your credit score plays an important role in the interest rate you pay, and whether you can qualify for a mortgage. Here’s what you need to know about your credit score.
Fixing Bad Credit: How to Improve your Credit Score
Many Americans struggle with bad credit. The good news is, you can take steps to improve your credit-worthiness. Let’s take a look at the common sense strategies that can help you turn your credit report around.