HomeLight

OCTOBER 28, 2024

The software will automatically load listings marked as “Closed” and indicate the selling price. It suggests that you should live in a home for at least five years before selling to build enough equity and offset transaction costs, such as closing fees and real estate commissions. Will your debt-to-income ratio permit a new loan?

Pre-approval

Marco Santarelli

DECEMBER 21, 2024

As someone who's gone through the mortgage process a few times and kept a close watch on the market, I can tell you it's rarely a simple yes or no. Can you afford the closing costs? Refinancing comes with closing costs. A good credit score and low debt-to-income ratio (DTI) can help you qualify for a better rate.

Debt-to-income ratio

HomeLight

APRIL 10, 2025

It uses the equity youve built in your existing home to give you quick access to cash for a down payment or to cover closing costs on your next purchase. In this case, you would use the equity from your existing home to cover the down payment and closing costs on your new purchase.

Equity

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. In competitive markets, it strengthens your offer by proving you’re financially ready to close, giving you an edge with sellers.

Debt-to-income ratio

Redfin

JUNE 13, 2025

Communicate closely with your real estate agent to align timelines and contingencies. Even as a seasoned buyer, lenders will still closely evaluate your: Credit score: This number reflects your credit history and impacts the interest rate you qualify for. Try to avoid overlapping mortgage payments or being stuck without a home.

Debt-to-income ratio

HomeLight

APRIL 9, 2025

It gives you access to the equity in your existing home so you can cover a down payment and closing costs on your new purchase without waiting for your old house to sell. The buyer would then use the equity from their old home to help cover the down payment and closing costs of the new purchase.

Equity

HomeLight

APRIL 18, 2025

With a bridge loan, you can use those funds to cover your down payment, moving costs, or closing expenseswithout rushing to sell first. 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. What are the drawbacks of a bridge loan?

Equity

Marco Santarelli

MAY 3, 2025

Here are some of the key pieces: Inflation Expectations: Mortgage rates are closely tied to inflation. Closing Costs: Factor in the closing costs associated with refinancing. This is the amount of time it will take for your savings to offset the closing costs. Break-Even Point: Calculate your break-even point.

Debt-to-income ratio

Redfin

JULY 30, 2025

An FHA loan may be ideal for those with a lower credit score or a higher debt-to-income ratio. Strict appraisal standards require homes to be safe, and repairs from appraisal must be completed before closing (costs can be covered by either party). Requirements Down payment: 3.5% Requirements Down payment: 3.5%

Loans

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. Homeowners should calculate the closing costs and divide that by the monthly savings to understand how many months it will take to break even.

Mortgages

Redfin

JULY 30, 2025

They require higher credit, lower debt-to-income ratios, and more assets. Stricter qualifications: Because these loans carry greater risk, lenders require higher credit scores, bigger down payments, and lower debt-to-income ratios. Loan limits vary by state and county. What is a jumbo loan?

Loans

Marco Santarelli

MARCH 4, 2025

Debt-to-Income Ratio (DTI): Lenders want to see that you have a handle on your debt. A lower DTI (the percentage of your gross monthly income that goes towards debt payments) signals that you're a less risky borrower. Credit Score: A higher credit score (typically 740 or above) will get you the best rates.

Mortgages

Redfin

JULY 8, 2025

One of the most common surprises for homebuyers is a last-minute credit check before closing. So, when is the last credit check before closing and what does it mean for your loan? Lenders usually perform a final soft credit check 1 to 3 days before closing to confirm your financial status hasn’t changed.

Debt-to-income ratio

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.

Equity

Rochester Real Estate

NOVEMBER 5, 2015

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. chat_bubble close How Can I Help? Call us at (585) 704-7095 close Thinking About Making A Move In 2025? Contact Me!

Debt-to-income ratio

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. During the homebuying process, you should also avoid applying for new credit cards or loans and taking on additional debt as these can impact your credit score and mortgage approval.

Pre-approval

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. Your debt-to-income ratio (DTI) will also factor into approval.

Equity

Marco Santarelli

MAY 27, 2025

The rate you ultimately secure will depend on factors like your credit score, income, debt-to-income ratio, and the size of your down payment. Here are the key drivers: The Bond Market: Mortgage rates are closely tied to the bond market, particularly the 10-year Treasury yield.

Mortgages

Marco Santarelli

JANUARY 2, 2025

Debt-to-Income Ratio: A good DTI (the ratio between your monthly debt and monthly income) might get you a better rate. But also calculate closing costs to make sure that youll be saving enough to make it worth your while. The Sneaky Power of Amortization Remember when I mentioned amortization?

Mortgages

HomeLight

JULY 24, 2025

It taps into the equity you’ve built in your existing property, giving you fast access to cash for a down payment or closing costs on your next purchase. With a bridge loan, you can use your existing home’s equity to help fund the down payment and closing costs for your new property.

Equity

The Mortgage Report

JULY 24, 2025

These help home buyers better afford the down payment costs and/or closing expenses. The good news is that you are allowed to receive financial gifts from close family members to help with your down payment. Use cash gifts Everybody loves getting presents, especially when the gift is money to help buy a home. Authored By: Erik J.

FHA 203k rehab loan

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.

Debt-to-income ratio

Redfin

JULY 21, 2025

Using Redfin’s mortgage calculator , on an $80k salary with zero current debts, 20% down payment, and a 36% debt-to-income ratio, you’ll be looking at homes valued at $325,000 and below. What’s your debt-to-income ratio? What’s your debt-to-income ratio?

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

Redfin

JULY 25, 2025

Debt-to-income ratio (DTI) Lenders look closely at how much of your income is already committed to other debts. A lower debt-to-income ratio (DTI) means more borrowing power.

Debt-to-income ratio

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?

Debt-to-income ratio

Marco Santarelli

DECEMBER 22, 2024

Debt-to-Income Ratio: Lenders prefer lower debt-to-income (DTI) ratios. This ratio compares your monthly debt payments to your gross monthly income. Down Payment: Larger down payments often lead to lower interest rates. The lower your DTI, the more favorable your application will look.

Mortgages

The Mortgage Report

JULY 11, 2025

To lower a rate, they can 1) pay off debt or grow income to improve their debt-to-income ratio , 2) reduce their loan-to-value ratio by putting more money down or considering lower priced homes, 3) improve their credit score by reviewing their history and paying bills on time, and 4) shop around among lenders.

FHA 203k rehab loan

The Mortgage Report

JULY 14, 2025

Once closed, the co-borrower’s name is no longer tied to the loan, and the remaining borrower is fully responsible. To qualify, the borrower will need to meet the lender’s credit, income, and debt-to-income ratio (DTI) requirements. Selling eliminates the shared debt entirely.

FHA 203k rehab loan

HomeLight

JULY 24, 2025

It taps into the equity you’ve built in your existing property, giving you fast access to cash for a down payment or closing costs on your next purchase. With a bridge loan, you can use your existing home’s equity to help fund the down payment and closing costs for your new property.

Equity

Redfin

JULY 18, 2025

Using Redfin’s mortgage calculator , on a $90,000 a year salary with zero current debts, 20% down payment, and a 36% debt-to-income ratio, you’ll be looking at homes valued at $370,000 and below. What’s your debt-to-income ratio? What’s your debt-to-income ratio?

Debt-to-income ratio

Redfin

JULY 23, 2025

Final thoughts Interest rates, loan type, and down payment size are the main factors that will determine your mortgage payment on a $500,000 house. Getting familiar with the numbers will put you in a position to win. The post How Much is a Mortgage on a $500K House?

Mortgages

Redfin

JULY 22, 2025

Using Redfin’s mortgage calculator , on a $200k salary with zero current debts, 20% down payment, and a 36% debt-to-income ratio, you’ll be looking at homes valued at $820,000 and below. What’s your debt-to-income ratio? What’s your debt-to-income ratio?

Debt-to-income ratio

Redfin

JULY 24, 2025

2025 Loan Lending Standards for First-Time Home Buyers Loan Type Credit Score Debt-to-Income Ratio Income Employment Occupancy Mortgage Insurance Loan Limits FHA 580 or higher 43% or less Borrowers need to show steady income and proof of employment, typically with at least two years of history.

FHA loan

Marco Santarelli

MAY 24, 2025

It's not as simple as just one factor; rather, it's a complex interplay of several economic forces: The Bond Market, Particularly 10-Year Treasury Yields: Mortgage rates tend to closely follow the yield on 10-year Treasury bonds. When Treasury yields rise, mortgage rates typically follow suit.

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. Personal Financial Factors : A borrower’s credit score, debt-to-income ratio, and even employment stability can greatly influence the mortgage rates they are offered.

Debt-to-income ratio

Redfin

JULY 1, 2025

This type of arrangement allows co-borrowers to combine their income and credit profiles, which can help with loan approval or boost purchasing power. Lenders assess each applicant’s income , credit score, debt-to-income ratio, and employment history. How do you apply for a mortgage with multiple borrowers?

Debt-to-income ratio