Marco Santarelli

MAY 27, 2025

States With Lowest Mortgage Rates Today May, 27 2025 Why Do Mortgage Rates Vary So Much by State? It's a fair question. Why does where you live impact how much you pay for your mortgage? The truth is, several factors are at play. It's not just about the overall economic climate; localized conditions matter, too.

Mortgages

Redfin

JULY 15, 2025

The income needed for a $250k mortgage depends on several financial factors, including your debt-to-income ratio, credit health, and property taxes in your area. Your exact income needs will vary depending on your debt, credit score, and where you’re buying. What is the income needed for a $250k house?

Debt-to-income ratio

The Mortgage Report

JULY 11, 2025

Getting Pre-Approved Down Payment Assistance Buying With Low Credit Buying With Low Income Buying With A Disability Who Has The Best Mortgage Rates? How Much Home Can I Afford? How Soon Can I Refinance? How Often Can I Refinance? It Is Worth Refinancing For 0.5%? Verify your home buying eligibility.

FHA 203k rehab loan

The Mortgage Report

JULY 14, 2025

Getting Pre-Approved Down Payment Assistance Buying With Low Credit Buying With Low Income Buying With A Disability Who Has The Best Mortgage Rates? To qualify, the borrower will need to meet the lender’s credit, income, and debt-to-income ratio (DTI) requirements. How Much Home Can I Afford?

FHA 203k rehab loan

Marco Santarelli

FEBRUARY 7, 2025

Let's delve into the critical factors that set the 2025 housing market apart from the pre-crash era. Let's delve into the critical factors that set the 2025 housing market apart from the pre-crash era. The question on everyone's mind: Is the 2025 housing market poised to repeat the disastrous events of the 2008 crash ?

Pre-approval

Rochester Real Estate

NOVEMBER 5, 2015

Before taking the time to grant a mortgage pre-approval , lenders evaluate this information. Whether you work with a mortgage broker or a bank , they will also consider your PITI when evaluating your ability to repay the loan, using metrics such as housing expense and debt-to-income ratios. What is PITI?

Debt-to-income ratio

Redfin

JULY 2, 2025

Ideally, they like to see consistent income over the past two years – typically with the same employer or within the same industry.Changing jobs doesn’t automatically hurt your chances, but lenders will want reassurance that your new income is stable and ongoing. the good news is that it’s possible.

Pre-approval

The Mortgage Report

JULY 24, 2025

Getting Pre-Approved Down Payment Assistance Buying With Low Credit Buying With Low Income Buying With A Disability Who Has The Best Mortgage Rates? 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.

FHA 203k rehab loan

Marco Santarelli

DECEMBER 22, 2024

Mortgage rates are a critical consideration for anyone looking to borrow money for a home. As of December 22, 2024, the average 30-year fixed mortgage rate has increased to 6.67% , marking its highest point since June 2024. The Feds stance on inflation, which remains a concern, dictates its approach to adjusting interest rates.

Mortgages

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

MARCH 5, 2025

Review your savings for your down payment , monthly income, and potential loan options to set a realistic price range. Maintaining a low debt-to-income ratio and a strong credit score can also enhance your eligibility for favorable mortgage terms. The 28/36 rule is a common mortgage budgeting guideline.

Debt-to-income ratio

Redfin

JULY 8, 2025

This means the lender is taking one final peek to ensure that: You haven’t taken on any new debts , such as opening a new credit card or financing a car, which could affect your debt-to-income ratio. Your job status hasn’t changed , as a sudden loss of income or job switch could affect your ability to repay the loan.

Debt-to-income ratio

Marco Santarelli

APRIL 24, 2025

Income: Lenders want to see that you have a stable income and can comfortably afford your mortgage payments. Debt-to-Income Ratio (DTI): This compares your monthly debt payments to your gross monthly income. Are you dreaming of owning a home but worried about sky-high mortgage rates? You're not alone!

Mortgages

Redfin

JULY 30, 2025

You can estimate affordability with your current income and down payment. You can estimate affordability with your current income and down payment. You’ll also want to consider your debt-to-income (DTI) ratio , which is a primary concern for lenders. If you’re wondering what to expect, you’re not alone.

Pre-approval

Redfin

JULY 14, 2025

What is the income needed for a $200k house? A good rule of thumb is that your total monthly housing costs should not exceed 28% to 31% of your gross monthly income. And if property taxes are higher in your area, you’ll need an even higher income to qualify. That extra cost means you’ll need a higher qualifying income.

Debt-to-income ratio

Rochester Real Estate

NOVEMBER 5, 2015

A pre-approval letter must be included, and proof of funds can also help in a seller’s market. Final Loan Approval Before you close on the home, avoid making any changes to your finances that could undermine your approval. Buying a house is exciting, especially when doing it for the first time.

Purchase and sale agreement

Rochester Real Estate

NOVEMBER 5, 2015

For example, if you use a bank for your loan you may already have a pre-existing relationship with them and they sometimes offer very competitive interest rates. 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!

Finance

Marco Santarelli

JULY 11, 2025

This includes credit score, income, debt-to-income ratio, down payment, and the type of loan you choose. They serve as a good starting point. However, it's vital to remember that these are averages, and your individual rate will differ. Why the Rate Discrepancy Between States? It depends on their appetite for risk.

Mortgages

Marco Santarelli

JUNE 17, 2025

These rates often come with catches like: Paying points upfront Requiring an exceptionally high credit score Being limited to very small loan amounts Remember, the rate you actually qualify for will depend on your individual circumstances, including your credit score, income, debt-to-income ratio, and the size of your down payment.

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. The difference between these two accounts is that traditional 401(k) contributions are pre-tax, so youll be taxed once taking them out.

Debt-to-income ratio

Redfin

JUNE 23, 2025

Your actual income needs may vary based on your debt, credit score, and monthly expenses. What is the income needed for a $400k house? The general guideline is that your total monthly housing costs should not exceed 28% to 31% of your gross monthly income. A higher score typically results in better terms.

Debt-to-income ratio

Redfin

JULY 31, 2025

If you’re unsure where to start, check with HUD-approved counseling agencies, non-profit organizations, and local housing authorities to find available courses. They cover topics like budgeting, building credit, mortgage options, house hunting, and closing. It’s generally recommended to apply to several lenders before deciding.

Purchase and sale agreement

Redfin

JULY 16, 2025

Your actual income needs may vary based on your debt, credit score, down payment, and local taxes. What is the income needed for a $300k house? Most lenders follow a guideline that your monthly housing expenses should fall between 28% and 31% of your gross monthly income. What if my DTI is 43%?

Debt-to-income ratio

Marco Santarelli

MARCH 20, 2025

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. Despite this recent bump, it's important to remember that rates are still more favorable compared to where they stood this time last year.

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

Redfin

JULY 7, 2025

In equitable distribution states like New York and Florida , assets are divided fairly (but not always equally) based on factors like each spouse’s income, contributions, and needs. Whether you’re in Dallas or Orlando , laws and market conditions can affect how, and if, you can purchase a home before your divorce is finalized.

Debt-to-income ratio

Redfin

MARCH 5, 2025

Review your savings for your down payment , monthly income, and potential loan options to set a realistic price range. Maintaining a low debt-to-income ratio and a strong credit score can also enhance your eligibility for favorable mortgage terms. The 28/36 rule is a common mortgage budgeting guideline.

Debt-to-income ratio

Marco Santarelli

JUNE 5, 2025

Remember, your actual mortgage rate will depend on your individual factors like: Credit score Income Debt-to-income ratio Down payment amount Factor in All the Costs: Playing With the Numbers Getting a low interest rate is great, but it's only one piece of the puzzle. Inflation: Is inflation on the rise, or going down.

Mortgages

The Mortgage Report

JULY 16, 2025

Getting Pre-Approved Down Payment Assistance Buying With Low Credit Buying With Low Income Buying With A Disability Who Has The Best Mortgage Rates? Lender approval is required, and qualifying alone can be tough without solid income and credit. How Much Home Can I Afford? How Soon Can I Refinance?

FHA 203k rehab loan

Marco Santarelli

MAY 9, 2025

Personal Financial Profile : Your credit score, debt-to-income ratio, and the size of your down payment also influence your individual mortgage rate. As of May 9, 2025, mortgage rates have increased slightly, with the average rate for a 30-year fixed mortgage sitting at approximately 6.80%.

Mortgages

Marco Santarelli

MAY 9, 2025

Personal Financial Profile : Your credit score, debt-to-income ratio, and the size of your down payment also influence your individual mortgage rate. As of May 9, 2025, mortgage rates have increased slightly, with the average rate for a 30-year fixed mortgage sitting at approximately 6.80%.

Mortgages

Housing Wire

DECEMBER 11, 2024

Pre-screened credit card offers to consumers fall under this definition, CHLA explained, but the application and relevance to the mortgage business is more limited, it argues. But that element, known as the Homebuyers Privacy Protection Act of 2024, was stripped from the fiscal year 2025 NDAA earlier this month. 20, 2025.

Debt-to-income ratio

Housing Wire

MAY 7, 2025

They don’t have the option to simply default on their student loan debt to make their mortgage payment if they’re in that situation, he said. McKay says above all, the student debt crisis is a systemic issue. You’re letting 17-year-olds make decisions to borrow hundreds of thousands of dollars in debt, he said.

Loans

Housing Wire

JANUARY 20, 2021

To find a qualified lender, you need a good credit score and a good debt-to-income ratio, which is the percentage of a consumer’s monthly gross income that goes to paying down debt. Before you start searching for a lender, check your credit score and debt-to-income ratio. Buying a home?

Debt-to-income ratio

Housing Wire

MAY 24, 2024

Most Americans still view homeownership as a key to building wealth, but for many, that piece of the American dream is on hold or out of reach thanks to the heavy burden of student debt. In fact, according to a recent study, millennials currently struggle with so much debt that 25% worry they won’t qualify for a mortgage.

Debt-to-income ratio

Housing Wire

APRIL 4, 2022

As interest rates rise, so do the monthly mortgage payments, which could be problematic for low-to-moderate income borrowers, said Alex Naumovych, loan officer at Draper & Kramer Mortgage. Interest rates typically impact FHA borrowers more directly because these borrowers likely have a maximum debt-to-income ratio,” said Naumovych.

FHA loan

Housing Wire

MAY 4, 2022

Mortgage credit availability remains tighter than it was pre-pandemic. Additionally, the median credit score of borrowers approved for mortgages reached 778 in the fourth quarter of 2021, which is higher than during the previous housing boom. This article is part of our housing market economic update series.

Debt-to-income ratio