Marco Santarelli

APRIL 4, 2025

Personal Financial Profile : Individual borrowers can influence their rates based on their credit scores, debt-to-income ratios, and the size of their down payments. Current Refinance Rates Refinancing can be a strategic move, especially when interest rates fall.

Mortgages

Redfin

JUNE 27, 2025

Don’t skip critical steps like the home inspection or negotiating closing costs. Take note of closing costs, loan terms, and any additional fees. Missing out on first-time homebuyer programs Between saving for a down payment and covering closing costs, buying a home can feel financially overwhelming.

Pre-approval

HomeLight

APRIL 18, 2025

In this case, a bridge loan allows you to use the equity in your existing home to cover the down payment and closing costs on your new property. Your lender will also evaluate your debt-to-income ratio , or DTI. A bridge loan could be the piece that helps everything come together.

Equity

HomeLight

APRIL 10, 2025

With a bridge loan, you can tap into your homes value to cover a down payment, closing costs, or other expenses tied to your new home. In this case, you would use the equity from your existing home to help cover your down payment and closing costs on the new property. But theres another way.

Equity

HomeLight

JULY 28, 2025

It lets you tap into your existing home’s equity to cover a down payment and closing costs, giving you more flexibility in a tight timeframe. Rather than miss out, you can use your home’s equity to fund the down payment and closing costs for your new property. Buy Before You Sell What is a bridge loan, in simple words?

Equity

Redfin

JULY 30, 2025

Conventional loans: You have a credit score of 620+, stable income, and can put at least 3% down. FHA loans: You have a credit score of 580+ (or 500+ with 10% down) and a higher DTI ratio. USDA loans: You’re purchasing in a qualified rural or suburban area with low-to-moderate income. Which loan is right for you?

Loans

Redfin

MARCH 14, 2025

But before the deal is final, your lender needs to issue a mortgage commitment letter – a crucial step that signals your financing is solid and closing is within reach. Expiration date: Mortgage commitment letters typically have an expiration date, meaning you must close on the home before the letter becomes invalid.

Debt-to-income ratio

HomeLight

JULY 24, 2025

It’s often used by homeowners who need access to their equity to make a down payment or cover closing costs on a new place — without having to wait for the sale of their old home. Rather than miss out on your new purchase, you can tap into your existing home’s equity to cover the down payment and closing costs for your next property.

Equity

Marco Santarelli

JANUARY 2, 2025

They charge you interest , which is basically the cost of borrowing money. This interest is what really inflates the total cost of your loan over time. The Formula Revealed: How To Calculate Total Mortgage Cost Alright, let's get a little technical for those of you who want to crunch the numbers yourself. The APR always is.

Mortgages

The Mortgage Report

JULY 11, 2025

Ralph DiBugnara , president at Home Qualified : What’s most unique for first-time buyers is the competitive nature of today’s markets combined with higher rates and costs. Ralph DiBugnara , president at Home Qualified : What’s most unique for first-time buyers is the competitive nature of today’s markets combined with higher rates and costs.

FHA 203k rehab loan

The Mortgage Report

JULY 24, 2025

Saving from their main income is still the foundation, but that alone is often not enough anymore. This tells you how expensive housing has become compared to income. Most of these programs come at a cost, either in the form of a higher interest rate on your first mortgage and/or a second mortgage. How Soon Can I Refinance?

FHA 203k rehab loan

Redfin

JULY 31, 2025

Look into first-time homebuyer benefits Many programs are designed to make homeownership more accessible for first-time buyers by reducing upfront costs, lowering monthly payments, and helping with mortgage qualification. State and local programs: Cities and states may offer down payment assistance, forgivable loans, or closing cost help.

Purchase and sale agreement

Marco Santarelli

MAY 24, 2025

While seemingly small, these incremental increases can significantly impact your monthly payments and the total cost of your homeownership journey. However, for those looking to buy now, the increased cost of borrowing is a real factor to consider. FHA 30-Year Fixed 7.37% No Change 15-Year Fixed 6.13% +0.02 5/6 ARM 7.54% +0.01

Mortgages

Redfin

JULY 24, 2025

Similarly, HomeReady and Home Possible programs, backed by Fannie Mae and Freddie Mac, respectively, are designed for low-to-moderate-income borrowers and typically require a minimum 3% down payment. It’s natural to have a lot of questions, and one of the most common is, “What exactly is a down payment ? What is a down payment?

FHA loan

Redfin

JULY 30, 2025

Key takeaways: First-time homebuyer: Anyone who hasn’t owned a primary residence in the past three years Common first-time homebuyer qualifications: Credit score, debt-to-income ratio, down payment, income limits, employment history, purchase limits, homebuyer education Buying your first home? Let’s get started.

Debt-to-income ratio

Redfin

JULY 24, 2025

Refinancing your mortgage is a significant financial decision, and understanding the costs involved is crucial. However, you will almost certainly have to cover closing costs. We’ll explain how it’s possible to roll closing costs into your new loan, potentially eliminating the need for upfront cash.

Mortgages

Norada Real Estate

JUNE 8, 2025

However, potential refinancers must weigh the benefits of lower rates against closing costs and any potential changes in loan terms. As of today, June 8, 2025, mortgage rates for various home loan types show varying trends. The refinance rates have softened overall but still remain higher than many borrowers would prefer.

Debt-to-income ratio

Marco Santarelli

MAY 20, 2025

While the details can be complex, the basic idea is this: tariffs can increase the cost of imported goods. Increased costs: Tariffs can lead to higher prices for consumers. They can fluctuate daily, even hourly, reacting to a complex interplay of economic forces. as per Bankrate data. as per Bankrate data. and 7% for the near future.

Mortgages

Redfin

FEBRUARY 24, 2025

Purchasing an existing home often proves more cost-effective than constructing a new one, though total expenses vary based on factors like home size, materials, market conditions, and location. The cost of building a house vs buying: Which is cheaper? Is it cheaper to build a house or buy one? reached $390,000. it depends. it depends.

Debt-to-income ratio

Marco Santarelli

FEBRUARY 26, 2025

Let's see how refinance rates by Zillow are shaping up: Refinance Type Rate 30-Year Fixed 6.36% 20-Year Fixed 6.01% 15-Year Fixed 5.68% 5/1 ARM 6.78% 7/1 ARM 6.74% 30-Year VA 5.82% 15-Year VA 5.47% Interestingly, the refinance rates are pretty close to the purchase rates, and in some cases, even slightly higher.

Mortgages

Redfin

MARCH 4, 2025

A 401(k) withdrawal is subject to a 10% penalty and income tax. A 401(k) is a type of retirement savings account, where you elect a certain portion of your income to go into the account. Saving for a down payment is one of the biggest challenges of homeownership. What is a 401(k)? Can I use my 401(k) to buy a house?

Debt-to-income ratio

Redfin

JULY 30, 2025

If you’re wondering if you’re ready to buy a house , consider these three factors: Financial stability: If you have a low credit score, lots of debt, and not enough funds to cover a down payment and closing costs, you may want to wait to buy a home. Closing costs: Typically 2-5% of the home’s purchase price.

Pre-approval

Redfin

JULY 31, 2025

The core reason is simple: Taking on more debt just for your down payment can directly impact your eligibility for the primary mortgage. DTI = (Gross Monthly Income /Total Monthly Debt Payments)​×100% Let’s say your total monthly debt payments are $1,500 and your gross monthly income is $4,000.

Loans

AAOA

MARCH 24, 2025

Investing in multifamily properties is an excellent way to grow your portfolio and generate steady passive income. With consistent effort and smart choices, multifamily investments can offer significant returns and long-term financial stability, making them rewarding for investors looking to scale their income and build wealth.

Property Management

Redfin

AUGUST 5, 2025

In high-cost areas, such as Alaska or Hawaii, the limit is $1,209,750 for one-unit properties. A jumbo construction loan works like this: Application process: You, the borrower, apply for a loan through a lender and can get prequalified based on your credit history, income, cash reserves and liquid assets, and debt-to-income ratio (DTI).

Construction

Marco Santarelli

JULY 2, 2025

Recent market reactions to governmental policies hint that any significant adjustments in the short term might still correlate closely with ongoing fiscal discussions, particularly the outcomes of budget deliberations in Congress. As of July 2, 2025, mortgage rates have shown signs of slight fluctuations.

Mortgages

Norada Real Estate

JULY 2, 2025

Recent market reactions to governmental policies hint that any significant adjustments in the short term might still correlate closely with ongoing fiscal discussions, particularly the outcomes of budget deliberations in Congress. As of July 2, 2025, mortgage rates have shown signs of slight fluctuations.

Mortgages

Redfin

JULY 3, 2025

Some lenders may require a finalized divorce decree before approving a mortgage, as this document outlines debt and asset division, alimony, and more. These details directly impact your debt-to-income ratio , how much you afford and borrow. If you’re the one making those payments, they count as debt.

Debt-to-income ratio

Rochester Real Estate

NOVEMBER 5, 2015

Top Mortgage Blogs From 2017 Best Mortgage & Home Financing Blogs From 2017 We’re back! This week we’re highlighting the best mortgage blogs from this year! Last week we published the best home selling blogs from this year and the week before that, we published the top home buying blogs from 2017!

Finance

Marco Santarelli

MARCH 20, 2025

Therefore, it's essential to carefully evaluate your potential savings and closing costs before making a decision. Are you keeping an eye on mortgage rates? As of March 20, 2025, the mortgage market is showing a slight upward tick , with rates inching up for the second consecutive week. 15-year fixed mortgage rate: Averaging 5.98%.

Mortgages

Rochester Real Estate

NOVEMBER 5, 2015

Increasing Your Debt Part of the lender’s calculation is your debt-to-income ratio. Your income compared to your debts shows the lender how much you can afford. If you take on more debt, you will reduce the loan amount you qualify for. Understanding how to go about getting a mortgage is essential.

Debt-to-income ratio

Redfin

JUNE 27, 2025

Key takeaways: Your first-time home buyer benefits include down payment and closing cost assistance, grants, tax benefits, and low-interest or forgivable loans. Eligibility depends on factors like income, location, home price, and use of an approved lender. Let’s get started. Are you considered a first-time home buyer?

Debt-to-income ratio

Marco Santarelli

MAY 22, 2025

On May 22, 2025, mortgage rates are sharply higher as concerns over national debt impact the bond market. Debt Concerns: National debt concerns are affecting bond yields and influencing higher mortgage rates. Debt Concerns: National debt concerns are affecting bond yields and influencing higher mortgage rates.

Mortgages

The Close

JULY 1, 2025

As a real estate agent, understanding FHA loan requirements can allow you to guide your clients towards homeownership, close more deals, and earn the trust of first-time homebuyers. FHA mortgage loan Conventional mortgage loan Credit score 500 620 Income required (debt-to-income ratio) 50% 36% to 45% Minimum down payment 3.5%

FHA loan

Redfin

AUGUST 5, 2025

But there’s also no denying that it’s easier to qualify for a mortgage with two incomes. It may be more challenging to purchase a home on a single income, but it’s definitely doable. The higher the income, the more you’ll qualify for. Of course, there’s nothing wrong with a single person buying a house.

Debt-to-income ratio

Norada Real Estate

MAY 22, 2025

On May 22, 2025, mortgage rates are sharply higher as concerns over national debt impact the bond market. Debt Concerns: National debt concerns are affecting bond yields and influencing higher mortgage rates. Debt Concerns: National debt concerns are affecting bond yields and influencing higher mortgage rates.

Mortgages

Redfin

JULY 28, 2025

Buying a home can seem out of reach for many people, but even with a low income, homeownership is possible. There are many loan options and assistance programs made specifically for low-income buyers. In this article, we’ll breakdown some of the options as well as help you strategize with tips for how to buy a house with low income.

VA loan