What does homeowners insurance cover? It's a question you want to answer before you're knee-deep into buying your first home. Understanding the ins and outs of homeowners insurance before you purchase a home can help you find the best coverage possible. This article will offer some pointers on what to consider to find the right homeowners policy for you. We'll go over … [Read more...] about Homeowners Insurance: What is it and What Does it Cover?
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Debt-to-Income Ratio: What is it and How is it Used by Lenders?
When you are thinking about buying a house, you're probably envisioning the memories you'll make in your new home, the great family dinners and nights hanging out with friends. Your thoughts may not initially stray into terms like "debt-to-income (DTI) ratio" or "credit score." You will be more familiar with terms like these as you undergo the mortgage process. In this … [Read more...] about Debt-to-Income Ratio: What is it and How is it Used by Lenders?
What is Cash-Out Refinancing and When is it a Good Option?
What would you do with some extra cash in your pocket? Wipe out your credit card debt once and for all? Update your kitchen? Finally finish your basement? Pay off high-interest student loans or personal loans? Refinancing your mortgage with a cash-out refinance means you might get to check off all the boxes on your to-do list or give yourself an infusion of cash for upcoming … [Read more...] about What is Cash-Out Refinancing and When is it a Good Option?
How to Refinance a Mortgage Step by Step
You may have noticed that mortgage rates have gone down compared to when you bought your home years ago. Or maybe you'd like to change your loan term. Maybe you'd like to switch to a 15-year mortgage from a 30-year mortgage. On the other hand, you may have a 15-year mortgage as your existing mortgage but need to reduce the amount you pay per month (some people choose … [Read more...] about How to Refinance a Mortgage Step by Step
How to Calculate Your Mortgage Payment
When shopping for your mortgage or refinancing your mortgage, one of your top-of-mind questions probably sounds a lot like: "What will my monthly mortgage payment be, and how will it fit into my budget?" Your loan amount, principal, interest, term and more play into your monthly payment amount. You will want to feel comfortable making your loan payments on a monthly … [Read more...] about How to Calculate Your Mortgage Payment
