The Residential Specialist

AUGUST 31, 2023

HELOC— By using the equity in the current home for a home equity line of credit, the client may be able to apply this to the down payment on the new home. But this will affect their debt-to-income ratio for the new mortgage, so look at this option carefully.

Earnest money deposit 98

Earnest money deposit Debt-to-income ratio New Construction Equity 98

The Close

DECEMBER 29, 2022

It generally results in a higher interest rate or additional points, but it’s a way for homeowners to leverage their equity in a property. Debt-to-income ratio (DTI). You can help your clients calculate their DTI by adding together all of their monthly payments and dividing the total by their gross monthly income.

Purchase and sale agreement 98

Purchase and sale agreement Title Proof of funds Pre-approval 98

HomeLight

JANUARY 27, 2021

Mortgage insurance is extremely common for first-time buyers, and it’s often the fastest way to achieve homeownership and start building equity today, rather than waiting until you’ve saved up 20% — an unrealistic feat for many buyers. And with most loans, you can drop mortgage insurance when you reach 20% equity.

Closing costs 114

Closing costs Loans Inspection Earnest money deposit 114