The decision between a 15-year and a 30-year mortgage is one of the most significant financial choices a homebuyer can make, setting the trajectory fo...
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The choice between a 15-year and a 30-year mortgage is one of the most significant financial decisions a homebuyer or refinancer will make. This decis...
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The journey to homeownership is often symbolized by the quest for the perfect mortgage rate, but the financial responsibility extends far beyond that ...
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In the ever-evolving landscape of real estate financing, an often-overlooked option presents a unique opportunity for both buyers and sellers: the ass...
Read MoreYou must proactively contact your mortgage servicer (the company you send your payments to) to request forbearance. Be prepared to explain your financial hardship. It is crucial to call as soon as you anticipate difficulty making a payment. Do not simply stop paying, as this could lead to foreclosure.
Backing out after the final walkthrough is generally very difficult and could result in you losing your earnest money deposit. You can only back out at this stage if the seller has failed to meet a specific, material obligation outlined in the purchase contract (e.g., failed to make a major repair or the property has sustained significant new damage). Otherwise, you are expected to proceed to closing.
Stay proactive and accessible. Check your email and phone regularly for updates from your loan team. Avoid making any major financial changes, such as applying for new credit, making large purchases, or changing jobs, as this could create new conditions or jeopardize your approval.
Your DTI ratio is a key metric calculated by dividing your total monthly debt payments by your gross monthly income. It comes in two forms:
Front-End Ratio: Housing costs (PITI) / Monthly Income.
Back-End Ratio: All monthly debt payments (PITI + car loans, credit cards, etc.) / Monthly Income.
Lenders use this to gauge if you can comfortably manage your mortgage payments alongside your other debts. A lower DTI is always better.
Yes. Any large, non-payroll deposit (typically any deposit that is more than 50% of your total qualifying monthly income) will need to be sourced and explained. You may need to provide a gift letter, a copy of a bonus check, or documentation of the sale of an asset to prove the funds are acceptable for mortgage purposes.
