Marco Santarelli

FEBRUARY 26, 2025

That's just principal and interest; it doesnt include property taxes, homeowners insurance, or potentially private mortgage insurance (PMI) if you don't have a 20% down payment. Think of this current dip more like a temporary sale at your favorite store it's good while it lasts, but it might not be around forever. A: Great question!

Mortgages 93

Mortgages VA loan Debt-to-income ratio Fixed-rate mortgage 93

Marco Santarelli

MARCH 4, 2025

drop in pending home sales just in January. Pending home sales are actually at an all-time low since they started tracking this data way back in 2001! So, when you're calculating that 30%, you need to factor in all of these elements, not just your principal and interest payment. We saw this reflected in the numbers.

Mortgages 83

Mortgages Debt-to-income ratio Principal As-is 83

Marco Santarelli

APRIL 7, 2025

Spring Home-Buying Season : The current market conditions could favor buyers as more homes are listed for sale. These tools take factors like property taxes and homeowners insurance into account, which provides a more realistic estimation of your total monthly payment compared to just focusing on the principal and interest.

Mortgages 59

Mortgages Debt-to-income ratio Fixed-rate mortgage Loans 59

Marco Santarelli

MARCH 6, 2025

At a 7% mortgage rate , your estimated monthly payment (principal and interest) would be around $5,322. They anticipate an increase in housing starts (new home construction) and new home sales in the coming years. Do you have a solid down payment, good credit, and comfortable debt-to-income ratio?

Mortgages 97

Mortgages Debt-to-income ratio Banks Principal 97

Calculated Risk Real Estate

APRIL 1, 2024

That said, you’d be hard-pressed to find a more vivid illustration of the lock-in effect that’s kept for sale inventory in a hole for the last few years. The ICE HPI is a repeat sales index. Black Knight reports the median price change of the repeat sales. The index was up 5.7% YoY in January.

VA loan 117

VA loan Mortgages Debt-to-income ratio Loans 117

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. The 28/36 rule is a common mortgage budgeting guideline.

Debt-to-income ratio 43

Debt-to-income ratio Backup offer Finance Pre-approval 43

Redfin

SEPTEMBER 6, 2024

Check out spots in these markets: Apartments for rent in Las Vegas, NV | Houses for rent in Jacksonville, FL | Homes for sale in Huntsville, AL How to calculate your monthly percentage? According to this rule, your mortgage payment should not exceed 28% of your gross monthly income. Interested in making a move?

Debt-to-income ratio 69

Debt-to-income ratio Mortgages VA loan Principal 69

Redfin

JULY 11, 2024

As you repay the principal, the interest portion of your payments will decrease. Housing market conditions: An increasing number of homes for sale can increase rates. Debt-to-income ratio: Lower ratios typically result in better rates. Interest rate: Higher rates increase borrowing costs.

Mortgages 71

Mortgages Fixed-rate mortgage Debt-to-income ratio Principal 71

Windemere Buying

DECEMBER 14, 2020

The down payment—often 20% of the home’s sale price—can sometimes be the deciding factor between competing offers for a particular home. Stabilize Your Debt to Increase Buying Power When assessing what you can afford, banks will examine your debt-to-income ratio. The higher the ratio, the higher risk of default.

Debt-to-income ratio 52

Debt-to-income ratio Principal Loans Mortgages 52

Redfin

SEPTEMBER 4, 2024

Personal factors include the loan terms, credit score, debt-to-income ratio, and employment history. Financial and non-personal factors are the number of homes for sale, the state of the economy, unemployment rates, and inflation. Both personal and financial factors. Learn more about today’s mortgage rates.

Mortgages 69

Mortgages Debt-to-income ratio Closing costs Principal 69

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. The 28/36 rule is a common mortgage budgeting guideline.

Debt-to-income ratio 38

Debt-to-income ratio Backup offer Finance Pre-approval 38

Redfin

FEBRUARY 10, 2021

Later in the year, the worst of the pandemic will hopefully be behind us, and as businesses reopen and daily activities become safer, a new batch of homebuyers and sellers will enter the housing market, making for the strongest year of home sales since 2006. ”. There is a shortage of homes for sale. We’re in a seller’s market.

Debt-to-income ratio 76

Debt-to-income ratio Pre-approval Inspection Purchase and sale agreement 76

Redfin

FEBRUARY 11, 2021

When you apply for a mortgage , your lender may ask if you’re going to put up 20% of the home’s sale price as a down payment. The good news is that you can discontinue this payment when you have paid off 20% of the loan’s principal amount – the equivalent of that 20% down payment. But what is PMI and how does it work? .

Debt-to-income ratio 66

Debt-to-income ratio VA loan Fixed-rate mortgage Loans 66

HomeLight

AUGUST 28, 2020

This $250,000 is called the loan principal. It’s a percentage you pay on top of the loan principal. So, let’s say you’ll pay 5% interest on top of the $250,000 principal. When you make your mortgage payment each month, your principal and interest are rolled into one mortgage payment. Your debt-to-income ratio.

Mortgages 104

Mortgages Loans Fixed-rate mortgage Principal 104

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. Determine your debt to income ratio (DTI). If the seller has unpaid debts (outside his or her mortgage) attached to the house, these liabilities could hold up the sale of the home.

Debt-to-income ratio 71

Debt-to-income ratio Closing costs Loans Title 71

Windemere Selling

JUNE 13, 2022

If your finances have improved since you initially secured your mortgage—for example, your debt-to-income ratio has improved, or you’ve bumped up your credit score—you may be able to lock in a better rate with your lender. Refinancing your home could also put cash in your pocket.

Debt-to-income ratio 52

Debt-to-income ratio Fixed-rate mortgage Loans Principal 52

HomeLight

OCTOBER 15, 2020

is for sale. If a candidate has any unusual income factors, such as commission or court orders, they may need a mortgage professional to work with the lender to document the income in more detail.”. Candidates for USDA must adhere strictly to the housing-to-income and total debt-to- income ratios as well.

Loans 85

Loans Purchase and sale agreement Loan Officer Debt-to-income ratio 85

Marco Santarelli

FEBRUARY 20, 2025

Borrower Characteristics : Personal factors such as your credit score, debt-to-income ratio, and down payment amount can impact the mortgage rate you qualify for. Many borrowers find it insightful to look at how their payments will shift over time: Initial Years : Higher interest payments, lower contributions to principal.

Mortgages 52

Mortgages Debt-to-income ratio Principal Fixed-rate mortgage 52

Redfin

AUGUST 29, 2024

Debt-to-income ratio (DTI) Another major factor that a lender will consider when approving your mortgage loan is your debt-to-income ratio (DTI). DTI is calculated by dividing total monthly debts by gross monthly income. The number is then multiplied by 100 to get the final percentage.

Earnest money deposit 63

Earnest money deposit Purchase and sale agreement Pre-approval Debt-to-income ratio 63

Redfin

AUGUST 3, 2022

Here are the steps to determine how much house you can afford: First, determine your debt to income ratio (DTI). This is your monthly expenses versus your cash intake or the bills you pay divided by your gross monthly income. Debts include recurring bills, such as car payments, daycare payments, and student loans.

Pre-approval 76

Pre-approval Purchase and sale agreement Title Debt-to-income ratio 76

HomeLight

NOVEMBER 29, 2021

William Hagan , a New Jersey agent who typically sells homes more than 40% faster than the average agent in his area, warns that even a 20% down payment may not be enough to win a bidding war in the 2021 sales market. “In You’ll find up-to-date information on new listings, days on market, median sales prices, housing inventory, and more.

Land 110

Land Closing costs Purchase and sale agreement Loans 110

Redfin

MAY 3, 2023

One reason to choose split-premium mortgage insurance is if you have a high debt-to-income ratio. The first loan will cover 80% of the purchase price, and the second loan will cover between 10-17% of the home sale but at a higher interest rate. PMI does eventually end in most cases.

Mortgages 66

Mortgages FHA loan Debt-to-income ratio Pre-approval 66

Marco Santarelli

AUGUST 22, 2024

Debt-to-Income Ratios : Lenders assess this ratio to judge a borrower's ability to repay a loan, influencing requirements for down payment amounts. Higher Down Payments Pros: Lower Monthly Payments : A significant down payment reduces the principal and, consequently, the monthly mortgage payment.

Debt-to-income ratio 52

Debt-to-income ratio FHA loan Loans VA loan 52

HomeLight

JUNE 30, 2022

Mortgage calculators can be a helpful tool, but not all are created equal, and some may not include all of the components of your monthly housing payment — such as your principal, interest, property taxes, HOA dues, and homeowners insurance. Consider what other houses are selling for by looking at the comparable sales in your area.

Purchase and sale agreement 96

Purchase and sale agreement Inspection Earnest money deposit Closing costs 96

Lab Coat Agents

JANUARY 10, 2022

You can still borrow the rest if you have good credit and a low debt-to-income ratio, allowing you to leverage your investment far more than any other. You negotiate the sale price, seal the deal, and list the house for rent. You’ll receive a fixed interest rate and a deadline for repaying your principal.

Debt-to-income ratio 59

Debt-to-income ratio Investor Renovation Equity 59

HomeLight

JANUARY 27, 2021

Your mortgage payment is more than just the cost of the principal and interest on your loan. Make sure you budget for the entirety of your monthly mortgage payment, not just your principal and interest! Your agent, on the other hand, will be well-versed in the homes for sale in your area. This can spell trouble. government.

Closing costs 119

Closing costs Inspection Loans Earnest money deposit 119

Housing Wire

DECEMBER 15, 2022

The repurchase-request volume, which includes both depository lenders and nonbanks, is being driven up this year by the huge volume of lower-rate loans made in 2020 and 2021 that Fannie and Freddie are continuing to vet for loan-sale representations and warranties violations. And it just might push some smaller lenders over the cliff.

Loans 370

Loans Debt-to-income ratio Purchase and sale agreement Banks 370

Housing Wire

DECEMBER 4, 2024

Certain borrower groups are especially vulnerable, including those with lower credit scores , higher debt-to-income ratios and those who opted for more affordable loan products. million mortgage holders, with a combined $1 trillion in unpaid principal balances, were in the path of hurricanes Helene and Milton.

VA loan 305

VA loan Mortgages Debt-to-income ratio FHA loan 305

HomeLight

MARCH 28, 2022

In Payne’s part of Texas, near Fort Hood, the median price of a house for sale was $273,130 in the fourth quarter of 2021. The less you owe on the principal loan, the smaller your monthly mortgage payment. What’s your income, debt, and credit score? Can you afford the closing costs when it’s time to sell?

VA loan 104

VA loan Loans Debt-to-income ratio Closing costs 104

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). A low interest rate means you’ll pay less interest on your principal over the life of the loan.

VA loan 94

VA loan FHA loan Mortgages Closing costs 94

The Close

DECEMBER 29, 2022

This tool, also known as a like-kind exchange, allows investors to defer paying capital gains taxes on a sale. ” If a property is active contingent, a buyer has submitted an offer to purchase a property, but the sale won’t be finalized until certain conditions, or contingencies, are met. Comparable sales (comps).

Purchase and sale agreement 98

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

Marco Santarelli

FEBRUARY 5, 2025

Housing shortage: The supply of homes for sale is still relatively low in many markets, which is keeping prices elevated. Keep in mind that your mortgage payment will include not only principal and interest but also property taxes, homeowners insurance, and potentially private mortgage insurance (PMI) if you put down less than 20%.

Mortgages 93

Mortgages Fixed-rate mortgage Debt-to-income ratio VA loan 93