Housing Wire

APRIL 7, 2021

A monthly mortgage, on the other hand, doesn’t usually increase for homeowners with fixed-rate mortgages. Your Income Is Stable. How are your finances? A stable income means you’re more likely to be approved for a loan , than someone with an unstable income. You’re Actively Paying Down Debt.

Debt-to-income ratio 442

Debt-to-income ratio Fixed-rate mortgage Finance Loans 442

Redfin

SEPTEMBER 27, 2021

Shopping for a mortgage, you might encounter lenders who pre-qualify you for a higher loan amount than you expected. Many lenders work with standard debt-to-income ratio calculations which don’t take into account other costs of home ownership. Determine your debt to income ratio (DTI).

Debt-to-income ratio 70

Debt-to-income ratio Closing costs Loans Title 70

Redfin

FEBRUARY 11, 2021

For example, a fixed-rate mortgage carries less risk than an adjustable-rate mortgage and usually has a lower PMI premium. . Qualified veterans can finance 100% of their home purchase with no PMI requirement. These borrowers often carry large student debts, which skew their debt-to-income ratio.

Debt-to-income ratio 65

Debt-to-income ratio VA loan Fixed-rate mortgage Loans 65

HomeLight

JUNE 22, 2023

Everyone’s finances and circumstances are different. To figure out how much house you can afford , you’re going to have to take a close look at a few different variables. Monthly income The very first thing you need to consider is your income. That’s because lenders will also look at your debt-to-income ratio, or DTI.

Debt-to-income ratio 86

Debt-to-income ratio Mortgages FHA loan Loans 86

HomeLight

JANUARY 27, 2021

Home financing. Getting a mortgage can be a stressful and frustrating process. Here are a few tips to get ahead of the game and mortgage like a champ! Don’t forget to budget for closing costs. Closing costs are one-time costs that go along with your home purchase, and you pay them on — you guessed it — closing day.

Closing costs 117

Closing costs Loans Inspection Earnest money deposit 117

HomeLight

JUNE 16, 2023

If you’re a homeowner with consumer or student debt, it’s tempting to tap into your home’s equity with a cash-out refinance to pay down these balances. In some instances, prioritizing paying off your high-interest debt over your fixed-rate mortgage can expedite your journey to financial freedom.

Fixed-rate mortgage 60

Fixed-rate mortgage Equity Debt-to-income ratio Loans 60

Point2Homes

NOVEMBER 8, 2020

As tempting as the current low rates are, it’s best to start off by asking yourself how refinancing your mortgage will benefit you. Are you trying to switch from an adjustable-rate to a fixed-rate mortgage? Perhaps you’re looking for a lower interest rate, or to turn your 30-year loan into a 15-year one.

Debt-to-income ratio 75

Debt-to-income ratio Mortgages Fixed-rate mortgage Closing costs 75