Saving thousands of dollars for a house down payment can seem like a gargantuan task. But as you get settled in your career and your finances stabilize, accumulating cash is easier than you might think. Read More
If you have been denied a mortgage or mortgage preapproval, you are not alone. The Wall Street Journal’s MarketWatch reported that 11-33% of applicants were rejected by the 10 largest mortgage lenders in 2012. Read More
A debt to income calculator is great tool to estimate your eligibility for mortgage programs and their income guidelines. This debt-to-income ratio calculator can do all the work for you, but you may want to learn how to calculate DTI in case a debt ratio calculator isn’t handy in the future.
Before leaning how to figure debt to income ratio fractions, also known as ‘DTI ratio‘ percentages, it’s important to know that they’re a tool lenders use to measure your ability to pay them back on time. Lots of consumers believe DTI ratios are mystical or complicated, but not really. How debt to income is calculated is simply the percentage of your total debt in comparison to your total income.
In addition to eligibility, today’s mortgage programs use debt-to-income ratios to determine how much mortgage an applicant is eligible for. Therefore, lenders and loan underwriters usually calculate a couple of debt-to-income ratios when judging a borrower’s ability to pay them back. Knowing these debt to income ratio limits are useful when you’re asking yourself ‘how much can I borrow for a home’. You can easily calculate debt to income ratio figures for all of todays’s most popular mortgage programs using this DTI calculator, or you can do it yourself using the following debt to income ratio formula limitations for today’s popular mortgages.
Snagging the lowest mortgage rate possible can mean saving thousands of dollars over the life of your loan. For example, if you locked in a 4.0% mortgage interest rate rather than a 5.5% rate for a 30-year, fixed-rate mortgage loan of $200,000, you could save more than $65,000 over 30 years. Read More
January of 2014 saw the Consumer Financial Protection Bureau (CFPB for short) introduce a host new rules and guidelines for real estate mortgages. For the most part, these ‘new’ rules and guidelines have already been around for awhile. The financial industry suffered a crushing blow from the 2008 Financial Crisis and has been extensively regulated every since. Read More
