Debt-to-income ratio, taxes, and insurance: How your DTI is calculated

The Mortgage Report

DTI, your 'debt-to-income ratio,' includes taxes and insurance as part of your mortgage payment. Here's how to find your DTI with taxes and insurance. About Mortgages Buying a home

5 tips for finding the right mortgage lender for you

Housing Wire

And not just research on the best down payment or neighborhood to live in – you should also search the right mortgage lender. . The good news, it’s easy to find a mortgage lender. Due to the current boom in housing, lenders have ramped up their advertising, to stay competitive.


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Mortgage industry provides commentary on CFPB’s proposed changes to QM loan definition

Housing Wire

Prior to the deadline for public commentary on Tuesday, housing industry trade groups, companies and organizations responded to the Consumer Financial Protection Bureau’s proposed rulemaking for the general qualified mortgage definition and the expiration of the QM patch in January 2021.

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Canadian Household Debt To Income Temporarily Plummets Due To Government Support

Better Dwelling

Statistics Canada (Stat Can) data shows the household debt to income ratio dropped in Q2 2020. The ratio had grown to notoriously high levels in the past decade, which were wiped out overnight.

Ballard Spahr’s Andreano: CFPB is open to “other approaches” to QM

Housing Wire

and co-leader of the law firm’s mortgage practice group, to talk about regulatory proposals being considered by the Consumer Financial Protection Bureau. A: Probably among them is the Ability to Repay, Qualified Mortgage proposals.

CFPB proposes a new category of qualified mortgages: Seasoned QM

Housing Wire

The Consumer Financial Protection Bureau is proposing a new category of qualified mortgages called Seasoned QM, which would require loans to meet certain performance requirements over a 36-month seasoning period.

Think these credit problems are stopping you from buying a house? Think again

Housing Wire

Your credit plays a huge part in your ability to get a mortgage. Still, it’s not the end-all, be-all—and many borrowers believe they need picture-perfect credit to buy a home. Myth 2: You can’t buy a house if you have lots of student loan debt. Just having debt isn’t the problem.

Here’s the salary you need to buy a home in five of the largest U.S. cities

Housing Wire

One being, how much do you need to earn in a year to afford a mortgage in the U.S.? . Since home prices vary state-by-state, the salary you need to qualify for a mortgage in the U.S. and how much a potential homeowner would need to earn to live comfortably.

The Do’s and Don’ts after Applying for a Mortgage

Keeping Current Matters

Once you’ve found the right home and applied for a mortgage, there are some key things to keep in mind before you close. They’re all important to know – or simply just good reminders – for the process. Lenders need to source your money, and cash is not easily traceable.

Understanding the seasonal patterns of mortgage rates

Housing Wire

Much like the changing of the calendar, buying and selling homes follows a seasonality that that those in mortgage and real estate have grown accustomed to. So, what do lenders have to do to be competitive? from December 2020 to March 2021, and by 10.5%

Buying a home? Boost your FICO score first

Housing Wire

If you’re thinking about buying a home, then boosting your FICO score should be at the top of your to-do list. Thanks to the pandemic, the three main credit bureaus — TransUnion, Equifax and Experian — are all offering free weekly credit reports until April 2021. Avoid new debt.

Is the FHFA about to delay the refi fee?

Housing Wire

According to reporting by the Wall Street Journal on Saturday, the Federal Housing Finance Agency has been communicating with mortgage industry groups about delaying the implementation of a fee which would add a 0.5% The post Is the FHFA about to delay the refi fee?

Making Fannie Mae and Freddie Mac a single utility

Housing Wire

The clock has effectively run out for FHFA Director Calabria to release Fannie Mae and Freddie Mac from their 12-year captivity under conservatorship following the great financial crisis. The next stage in their evolution is within reach to ensure that legacy while protecting taxpayers.

Make Sure You’ll Have Mortgage Reserves Left After Closing

RIS Media

You may think that cleaning out your bank account to make a large down payment on a house would be a smart move, but that’s inaccurate. You may or may not be required to have mortgage reserves. Sources of funds that can be quickly converted to cash are considered liquid reserves.

Forbearance Numbers Are Lower than Expected

Keeping Current Matters

Originally, some housing industry analysts were concerned that the mortgage forbearance program (which allows families to delay payments to a later date) could lead to an increase in foreclosures when forbearances end.

MBA asks CFPB to extend GSE patch

Housing Wire

The Mortgage Bankers Association sent a letter on Monday to the Consumer Financial Protection Bureau asking for a six-month extension to the so-called “GSE patch” that allows Fannie Mae and Freddie Mac home loans to borrowers with high debt levels to be considered Qualified Mortgages.

Cash Deposits When Buying a Home: What to Know


Cash offers have traditionally been a great way to get a discount or encourage a reluctant seller. However, when it comes to mortgages, cash can suddenly lose its appeal. Nowadays, lenders want to know exactly where all your funds are coming from.

Are You Ready to Buy a Home?

Realty Biz

Having a low debt to income ratio and a solid credit score allows you to qualify for a mortgage with the best possible interest rate. There are several steps to take before you start shopping for a mortgage. The post Are You Ready to Buy a Home?

The CFPB missed a chance to fix the QM rule

Housing Wire

The Consumer Financial Protection Bureau appears to have lost an opportunity to correct a nagging issue in its definition of a qualified mortgage. At the heart of the issue is a borrower’s ability to repay their mortgage.

What Can Be Done With Student Loans to Help Homebuyers?

Realty Biz

A study by American Student Assistance found that 55% of student loan holders said their debt is causing them to put off homeownership. It’s About Your Debt-to-Income Ratio. There are positive steps you can take to improve how lenders view both.

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Mortgage rates fall again but credit availability gets tighter

Realty Biz

Mortgage rates are at an all-time low, but that’s just too bad for the thousands of potential home buyers who’re missing out on the action due to tighter lending standards. According to Bloomberg News , housing credit availability has reached its lowest level since February 2014.

Ok, Boomer: Generational Trends in the Real Estate Industry

RIS Media

Real estate teams are seeing that they need to adapt to the new trend of being digital and making the process easier than ever before. What is different from years past is that buyers and sellers have access to similar data that agents do, making them more informed clients.

Tips for Buying a Foreclosure Property


If your ability to afford the mortgage payments on the home you want to buy is causing you concern, buying a foreclosure home may make a lot of sense. Plus, it will also allow you to get more for your money — which could enable you to get to live in the neighborhood you really want.

Self-Employed and Applying for a Mortgage? Here’s What’s Changed Since COVID-19

valentinrussanov/Getty Images The gig economy has blown up in the past few years, with more and more people choosing to work as freelancers, either by starting their own businesses, or by picking up nonsalaried jobs from bigger companies. How to increase your chances of getting approved.

Should You List Your House Before or After You Buy a New One?

RIS Media

If you currently own a house and you want to purchase a new home, you need to figure out when and how to handle both transactions. If the timing isn’t right, you may find yourself struggling to cover two mortgages at once. How to Handle a Home Sale and Purchase.

Consumer Financial Protection Bureau Issues Analysis of HMDA Data Points

RIS Media

The data are used to assist in determining whether financial institutions are serving the housing needs of their local communities; facilitate public entities’ distribution of funds to local communities to attract private investment; and help identify possible discriminatory lending patterns.

Tips for Saving for Your First House

RIS Media

Saving for your home may feel like a big undertaking, but there are a few tricks you can use to make it easier. Check with a financial planner to help you make the most of your budget long-term. Address Your Debt. Address your debt selectively.

Reducing the racial wealth gap by expanding down payment assistance

Housing Wire

The incoming Biden administration has made improving racial equity a pillar of its domestic policy agenda, and appropriately so. Extending sustainable homeownership opportunities to more people of color would not only improve racial equity, it would also be good for economic growth.

Am I A First-Time Homebuyer? Who’s Qualified … And Who Isn’t


If you don’t know how to qualify as a first-time home buyer, then the first thing you should know is: Being a first-time homebuyer includes some exclusive perks that make it easier to purchase a home. From how much you need for down payments to credit scores , let’s break it down.

Our Home Buyer Wasn’t Approved for a Loan—What Now?

Here’s what the experts say is likely to happen, and what you can do if you want to salvage the deal. The buyer’s debt-to-income ratio (a figure that sums up how much money the buyer owes creditors vs. how much money the buyer makes) may not be sufficient.

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Non-QM lenders are back. But will brokers pick up the phone?

Housing Wire

Mark Dodson was having a promising start to the year. But by March there were whispers that the non-QM space was going to vanish soon. Some firms quickly pivoted to conventional products to serve remaining customers. It’s about getting word out to them.

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How to Figure Out if You’re Ready to Buy Your First Home

RIS Media

Here are some things you should do to prepare. Your debt-to-income ratio can affect your ability to qualify for a mortgage. Credit card debt and auto or student loans can also make it difficult to afford monthly mortgage payments.

What Are the Biggest Differences Between FHA and Conventional Loans?


If you’re a first-time homebuyer , you have a lot of decisions to make, including what type of loan to choose. However, conventional loans come with their own set of benefits, like the ability to eliminate private mortgage insurance if you have a low down payment. Business debt.

Should You Choose a National Mortgage Lender or a Local Bank or Credit Union?

RIS Media

If you’re looking to buy a house, there are a wide range of companies that would likely be happy to give you a mortgage. They are often less strict than banks when it comes to loan approval requirements and down payments.

What is a Credit Score? Credit Scoring Ranges Explained


Credit bureaus gather information on you and use a formula to create your credit score , which can range from 300 to 850. Lenders and other businesses use this credit score to assess you because it shows them how likely you are to repay the money you borrowed.