Marco Santarelli

JULY 2, 2025

Understanding Your Financial Position : Your credit score, income levels, and debt-to-income ratio significantly affect the rates you may be offered. Refinancing allows homeowners to adjust their loan terms, either lowering their monthly payments or accessing equity for renovations or other expenses.

Mortgages

Norada Real Estate

JULY 2, 2025

Understanding Your Financial Position : Your credit score, income levels, and debt-to-income ratio significantly affect the rates you may be offered. Refinancing allows homeowners to adjust their loan terms, either lowering their monthly payments or accessing equity for renovations or other expenses.

Mortgages

Redfin

AUGUST 5, 2025

Benefits of buying a house alone Here are some of the biggest benefits of buying a house alone: You get to call the shots: Ever watched those couples arguing on HGTV about how to renovate their home? Consider your DTI Another factor your mortgage lender will consider is your debt-to-income ratio (DTI).

Debt-to-income ratio

Realtor.com

FEBRUARY 11, 2021

They can also tell you how much of a mortgage you qualify for, which is determined in part by your debt-to-income ratio. Can you afford the closing costs? But beware: If you want to buy, there are more upfront costs involved. Remember, there is a cost to buy and sell a home,” Ross says.

Closing costs

HomeLight

DECEMBER 5, 2023

It hands you the cash needed for a down payment and covers those pesky closing costs on your new purchase. It’s like unlocking the treasure chest that holds your down payment and covers those essential closing costs for your fresh start. Now, let’s talk numbers.

Equity

HomeLight

JUNE 30, 2024

Hard money lenders determine loan amounts based on the after-repair value (ARV) — the estimated value of the property after renovations. Borrowers also incur costs like origination fees, closing costs, and points. Typically, they lend a percentage of the ARV to ensure their investment is secure.

Hard money loan

HomeLight

MARCH 11, 2022

What about closing costs? But as Kevin Vitali , who has 14 years of experience selling Massachusetts real estate, explained, “Many first-time buyers don’t account for their closing costs.”. It’s important to remember closing costs when you purchase your first home. and 4% of your total loan amount.

Closing costs

HomeLight

NOVEMBER 29, 2023

This type of loan leverages the equity in your existing home, providing you with the necessary funds to make a down payment and handle closing costs on your new property. It uses the equity from your existing home to cover the down payment and closing costs for your new home, bridging the financial gap between buying and selling.

Equity

HomeLight

NOVEMBER 29, 2023

By leveraging the equity in your existing home, a bridge loan provides the necessary funds for a down payment and covers closing costs on your new property. In this scenario, the equity from your existing New York home is used to cover your new property’s down payment and closing costs.

Equity

HomeLight

DECEMBER 6, 2023

This type of loan leverages the equity in your existing home, providing you with the necessary funds for a down payment and covering closing costs on your new property. In this situation, the equity from your previous home comes to the rescue, helping to cover the down payment and closing costs for your new Chicago property.

Equity

HomeLight

NOVEMBER 29, 2023

Think of it as a short-term loan that taps into your existing home’s equity, providing the necessary funds to make a down payment and handle closing costs on your new property. It allows you to use the equity from your existing home to cover the down payment and closing costs for your new Hawaiian abode.

Equity

HomeLight

NOVEMBER 29, 2023

It leverages the equity in your current home, providing you with the necessary funds to make a down payment and handle closing costs on your new purchase. This financial tool taps into your existing home’s equity, providing the funds needed for your new Idaho residence’s down payment and closing costs.

Equity

Realty Biz

JANUARY 19, 2024

Many first-time home buyers have low credit scores and need help with high debt-to-income ratios. Consider your monthly income, expenses, and debt-to-income ratio when setting a budget for your new home. Get estimates of closing costs from multiple lenders to plan your budget better.

Debt-to-income ratio

HomeLight

SEPTEMBER 27, 2023

In this case, they will use the equity from their previous home to cover the down payment and closing costs for their new purchase. Depending on your unique situation, the lender on the new home might need to calculate your debt-to-income ratio (DTI).

Equity

HomeLight

NOVEMBER 17, 2023

It uses the equity in your existing home to provide immediate funds for a down payment and closing costs on your new property. Here’s how it typically unfolds: You use the equity from your existing home to cover the down payment and closing costs of your new property.

Equity

HomeLight

NOVEMBER 6, 2023

Essentially, the bridge loan uses the equity from your existing home to finance the down payment and closing costs of your new property. Your financial picture during this time, especially your debt-to-income ratio (DTI), becomes important.

Equity

HomeLight

SEPTEMBER 25, 2023

Also called a swing loan or bridging loan, it allows a homeowner to leverage the equity in the home they’re selling to provide the funds for a down payment and closing costs on their new house. That lender may calculate your debt-to-income ratio (DTI) to qualify you for a bridge loan.

Equity

Realtor.com

NOVEMBER 28, 2022

They can be used to purchase townhouses as well as single-family homes, fund new construction , or renovate an existing home. Repair/renovation loans and grants. They may also be available to low-income senior citizens who need to upgrade for health or safety reasons. .” What are the costs associated with a USDA loan?

Loans

HomeLight

MARCH 30, 2021

You’ll also need to pay closing costs , which can be up to 5% of your home’s loan amount. You can do a rough calculation to estimate how much you should add to your savings to cover the closing costs. Minimize your debt. On a related note, now’s a good time to reduce your existing debt, as much as you can.

Debt-to-income ratio

Redfin

SEPTEMBER 27, 2021

Many lenders work with standard debt-to-income ratio calculations which don’t take into account other costs of home ownership. Keep in mind that you’ll need to account for taxes, insurance, repairs and renovations, along with increased utility expenses. Determine your debt to income ratio (DTI).

Debt-to-income ratio

HomeLight

JULY 31, 2020

These payments are usually 22% to 26% of an applicant’s total income. An applicant’s debt-to-income ratio cannot exceed 41% , including mortgage payments. A Section 502 direct loan helps low-income families and individuals purchase a home. The funds can be used to build, repair, or renovate an existing dwelling.

Debt-to-income ratio

HomeLight

DECEMBER 30, 2021

A debt-to-income ratio under 43%. Reliable income with proof of employment. Your debt-to-income ratio cannot exceed 50%. Are there renovation loans for first-time home buyers? These loans combine funding to buy the property and cover (at least a portion of) the cost of repairs.

Loans

HomeLight

MARCH 31, 2023

In this case, they will use the equity from their previous home to cover the down payment and closing costs for their new purchase. Depending on your unique situation, the lender on the new home might need to calculate your debt-to-income ratio (DTI). What’s required to get a bridge loan in California?

Equity

HomeLight

JUNE 30, 2022

Be sure to also compare closing costs such as application fees, appraisal fees , and origination fees. Once you choose a lender and start the preapproval process , your lender will request documentation for all of your debts (liabilities), income, and assets to get your full financial picture.

Purchase and sale agreement

HomeLight

JUNE 13, 2022

You need to save up money for a down payment and closing costs (which are calculated as a portion of your purchase price), but home prices just keep going up — so when you finally reach your goal, you realize that the goalposts have moved, and the hill is even taller than you thought. You’re trying to pay off debt.

Purchase and sale agreement

HomeLight

NOVEMBER 17, 2021

Have a debt-to-income ratio of less than 43% (though it can be higher in some cases). Have proof of employment and reliable income. Closing costs are limited. Eligibility is determined by duty status and length of service, income, and credit history. No mortgage insurance is required.

FHA loan

Redfin

JUNE 14, 2023

Through pre-approval, a lender thoroughly assesses your financial situation, including income, credit history , and debt-to-income ratio, to determine the maximum loan amount they are willing to lend you. This includes paying closing costs, signing the mortgage documents, and obtaining homeowner’s insurance.

Pre-approval

Redfin

AUGUST 3, 2023

Buyers typically can review and sign various closing documents, including the mortgage agreement, title deed, and other necessary paperwork. Any outstanding fees, such as closing costs and property taxes, are settled during the closing, and the final purchase price is paid.

Purchase and sale agreement

Redfin

MAY 5, 2023

Close on the house The closing is a crucial step in the homebuying process in Texas, where the final transfer of ownership occurs, and you become the legal owner of the property. During the closing, you will sign all the necessary paperwork, pay the closing costs, and receive the keys to your new home.

Purchase and sale agreement

HomeLight

JUNE 30, 2021

“You can walk in without [taking] any money out of your pocket,” says Richard Helali, mortgage sales leader at HomeLight Home Loans (though note that you may be responsible for some closing costs, depending on your situation). Closing costs usually equal between 2% and 5% of the loan amount. Sellers can pay closing costs.

VA loan

HomeLight

MAY 26, 2021

If you plan to make any renovations to your unit. On top of that, there might be more strict requirements on your debt-to-income ratio. On top of that, you’ll save money on closing costs. Are there renovation restrictions? What your employment history is and if your job is secure.

Purchase and sale agreement