Does shopping for a mortgage get your nerves in a tangle or give you little fizzes of excitement? The reality of shopping for a mortgage is that it will feel different than poking through online listings, driving around suitable neighborhoods or talking through real estate "how-tos" with a real estate agent. Shopping for a mortgage is a more number-crunching process … [Read more...] about How Do You Shop Around for a Mortgage?
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?
Can you think of one of the earliest and most important steps involved in getting a mortgage? If you guessed getting a mortgage pre-approval, you're right. You may think that getting a pre-approval involves mounds of paperwork and a deep inquiry into your financial situation. However, you might be surprised at how quickly you can get pre-approved for a home loan, especially … [Read more...] about When Does a Mortgage Pre-approval Expire?
When you first thought about purchasing a home, you probably jumped online to do some basic research. You may have wondered about what information you need to share with a lender or mortgage broker to buy a home. Here's one piece of the puzzle: Lenders want to verify that you have a good debt-to-income (DTI) ratio. But what exactly is a DTI ratio? Your DTI … [Read more...] about How to Calculate Debt-to-Income Ratio (DTI) Yourself
Getting a mortgage may seem like a complex task with many layers and steps involved. However, the first step to breaking down the process involves answering the most basic question: "What is a mortgage?" Understanding the very basics of mortgages may help you gain more confidence as you search for your dream home. We'll walk you through various mortgage options and take you … [Read more...] about What is a Mortgage? A Guide for Beginners in 2022