When you calculate the percentage of your gross monthly income that goes toward paying off debt, you get your debt-to-income (DTI) ratio. Because your DTI ratio helps you qualify for mortgages and other loans, you should only factor in debt payments—such as mortgage, car, or other loan payments—when calculating and not regular expenses, like gas, … Continue reading What Is DTI Ratio?
As a homeowner, you are likely well-acquainted with certain aspects of your mortgage such as the life of the loan, the interest rate, and the payment schedule. You may also be familiar with the concept of equity, which is the difference between what you owe on your home and what it is worth, but perhaps … Continue reading What Is a Second Mortgage and How Does It Work?
Not to be confused with a deed, which is a legally binding document used to transfer property from one owner to the next, a title is documentation that explicitly states that you own the property. In the homebuying process, title companies verify that the real estate title gets properly passed to the homebuyer to guarantee … Continue reading What Does a Title Company Do?
Purchasing a rental property can be a great investment; however, there is a lot that must be done to properly prepare a space for renters. As a rental property owner, you should apply the following tips to get your home ready for renters. Invest in a Professional Cleaning Before you welcome potential tenants to even … Continue reading How To Get Your Home Ready for Renters
Buying or selling a home is a major milestone to meet and be proud of, but the process can feel overwhelming if you’re unsure how to navigate through the legal components, such as signing a real estate purchase agreement. Also known as a real estate sales or purchase contract and a home or house purchase … Continue reading What Is a Real Estate Purchase Agreement?
Anyone placing their house on the market will want to ensure their home is in the best condition possible. However, those who need to sell a house quickly may have unresolved home repairs that they either don’t have the time or money to address. They may worry that such issues will scare off potential buyers … Continue reading How To Sell a Home That Needs Repairs
Refinancing: The process of replacing an existing loan with a new one. When homeowners refinance, they repeat the mortgage process they completed when they first purchased their home, but instead of buying a new home, they get a new loan. If you’re a homeowner considering refinancing, below are key tips to consider. Why Refinance? When … Continue reading Things to Know When Refinancing
Navigating the homebuying world can be tricky, even if it isn’t your first time dealing with a mortgage. There may be lots of acronyms and jargon that get thrown around during the process, but what do any of them mean? To avoid confusion and help you buy a home like a seasoned pro, here is … Continue reading Important Homebuying Lingo You Should Know
When purchasing a home, the homebuyer can expect the transaction to be finalized at the time of settlement, or once both parties have executed all documents and the lender issues a funding authorization. However, for certain transactions, most notably refinances, the loan is not officially funded until the borrower’s right of rescission has passed. The … Continue reading Understanding the Right of Rescission
Once you find your dream home, there are quite a few financial details you’ll need to take care of. Today, we’re going to help you get one step closer to financing by demystifying the appraisal contingency. What Is an Appraisal Contingency? An appraisal is a process that determines the fair market value of a home, … Continue reading What Is an Appraisal Contingency?
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