Realty Biz

DECEMBER 8, 2022

Your debt-to-income ratio is an important consideration when lenders look at your finances. DTI is all of your debts divided by your gross income each month. Typically lenders won't accept a DTI ratio over 45%, but it is better to reduce your ratio to around 36%.

Loans 132

Loans Debt-to-income ratio Due diligence Title search 132

Realty Biz

SEPTEMBER 23, 2021

And renting out a room in a newly purchased home can help owners recoup some of their closing costs such as realtor fees and mortgage fees. The Federal Fair Housing Act lays out these rules, and was designed to prevent discrimination in the housing market. Verify income. Do a background check.

Debt-to-income ratio 125

Debt-to-income ratio Due diligence Closing costs Equity 125

Realty Biz

MARCH 16, 2023

The FHA limits the amount lenders can charge in closing costs, which can be paid by sellers or added to the loan amount. Like any other mortgage program, ensure you take the time on due diligence vetting the lender. There are many significant benefits to an FHA loan that should be considered.

FHA loan 89

FHA loan Loans Debt-to-income ratio Due diligence 89

The Close

DECEMBER 29, 2022

After all, great communication leads to closed deals. Furthermore, in today’s market, understanding our complex mortgage industry could actually help you close more deals and maybe even save clients money. There is always a chance a sale might not go through, especially in today’s wild interest rate market. Assignment.

Purchase and sale agreement 98

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

HomeLight

JULY 29, 2022

“One big thing that could delay closing is if, say, someone goes out two weeks before they close and they buy a car — or they buy all new furniture,” explains Pete Veres , a top-selling agent with 19 years of experience in Albuquerque, New Mexico. This can radically alter their debt-to-income ratio and jeopardize the whole deal.

Closing 102

Closing Purchase and sale agreement Title Home sale contingency 102

Redfin

MARCH 3, 2022

“A seasoned mortgage broker will fully analyze your situation and application, anticipate any issues, and guide you through the process to a smooth closing,” says Trey Bolen at Lendid Home Loans. It’s also important that buyers come to closing prepared with all necessary closing documents and payment for closing costs.

Closing 63

Closing Title search Purchase and sale agreement Title 63