In the ever-evolving landscape of real estate financing, an often-overlooked option presents a unique opportunity for both buyers and sellers: the ass...
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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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A balloon mortgage can appear as an attractive, low-cost entry into homeownership, but it carries a unique set of financial risks that borrowers must ...
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Before you embark on the journey of applying for a mortgage, there is one crucial number you must know: your debt-to-income ratio, or DTI. This single...
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Mortgage underwriting is the process a lender uses to assess the risk of lending you money. An underwriter, a trained financial professional, meticulously reviews your entire loan application to decide whether to approve or deny your mortgage based on your ability and willingness to repay the loan.
Yes, absolutely. Lenders consider HOA fees part of your total monthly housing expense when calculating your debt-to-income (DTI) ratio. High HOA fees can reduce the loan amount you qualify for or even prevent loan approval if your DTI ratio becomes too high.
A maintenance cost estimate covers the anticipated expenses for keeping your home in good repair. This includes routine tasks like HVAC system servicing, gutter cleaning, and pest control, as well as saving for larger, inevitable replacements and repairs, such as a new roof, water heater, appliances, or repaving the driveway.
Save both letters in a safe place with your important mortgage documents.
Update your records with the new servicer’s name, address, phone number, and website.
Set up your online account with the new servicer as soon as possible.
