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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Your credit score is far more than just a number; it is the cornerstone of your financial profile and a critical factor in the mortgage application pr...
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The arrival of a notice in the mail announcing that your mortgage servicing rights have been transferred to a new company can be an unsettling experie...
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The down payment stands as one of the most significant initial hurdles in the journey to homeownership. While the allure of a 20% down payment is ofte...
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When you apply for a mortgage, lenders are fundamentally trying to answer one question: How likely are you to repay this large loan? While your credit...
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Choosing a mortgage lender is one of the most significant financial decisions a person will make. While interest rates and loan terms are crucial quan...
Read MoreA standard mortgage pre-approval letter is typically valid for 60 to 90 days. This is because your financial situation and credit can change. You can usually get an extension if needed, provided you reconfirm your financial details.
The cost to furnish a new home varies dramatically based on size, quality, and style. For an average 3-bedroom house, you can expect to spend:
Budget-Friendly: $5,000 - $15,000 (using big-box stores, flat-pack furniture, and sales)
Mid-Range: $20,000 - $50,000 (a mix of quality investment pieces and more affordable items)
High-End/Luxury: $75,000+ (custom, designer, and high-quality brand-name furniture)
While specific requirements vary by lender and loan type, a FICO score of 620 is typically the minimum for a conventional loan. For the best interest rates, you’ll generally need a score of 740 or higher. Government-backed loans like FHA may accept scores as low as 580 with a larger down payment.
Conduct thorough due diligence:
1. Review the HOA Documents: Carefully read the CC&Rs, bylaws, and most importantly, the recent financial statements and reserve study.
2. Check the Reserve Fund: A well-funded reserve account (a savings account for major repairs) indicates the HOA is planning for future expenses and is less likely to need a special assessment.
3. Get a Resale Certificate: This legally required document will disclose any current or pending assessments.
4. Ask Direct Questions: Inquire about the age of major components (roof, pavement, elevators) and if any major projects are being discussed.
Your primary point of contact is your mortgage servicer, whose contact information is on your monthly mortgage statement. If you are unable to resolve an issue with them (for example, a dispute over a shortage calculation), you can file a complaint with the Consumer Financial Protection Bureau (CFPB) or your state’s banking or financial regulator.
