RIS Media

JANUARY 29, 2021

A lender may require a down payment for a borrower with a low credit score or lack of documented income, but may be more flexible on a down payment for a borrower with good credit and documented earnings. Lenders have limits regarding debt-to-income ratio, or the percentage of a borrower’s monthly income that can go toward debt payments.

Debt-to-income ratio 98

Debt-to-income ratio Mortgages Bankruptcy Loans 98

HomeLight

AUGUST 31, 2020

HELOC: With a home equity line of credit , you borrow money from a lender using the equity in your house as collateral. Typically, you’ll need at least 10% equity in your primary home (20% in an investment property or second home) to qualify. Consider refinancing your home once construction is completed.

Debt-to-income ratio 97

Debt-to-income ratio Construction Loans Equity 97

HomeLight

SEPTEMBER 30, 2021

A mortgage is more likely to become underwater if a seller falls behind on mortgage payments, sells before they’ve gained much equity, or sells during a market downturn. It’s always going to be a good first check to call the bank and ask for a payoff statement,” shares Richie Helali , Mortgage Sales Leader at HomeLight. “It

Mortgages 101

Mortgages Debt-to-income ratio Equity Closing costs 101

The Close

DECEMBER 29, 2022

It generally results in a higher interest rate or additional points, but it’s a way for homeowners to leverage their equity in a property. Debt-to-income ratio (DTI). You can help your clients calculate their DTI by adding together all of their monthly payments and dividing the total by their gross monthly income.

Purchase and sale agreement 97

Purchase and sale agreement Title Proof of funds Pre-approval 97