Navigating the path to homeownership can feel like a journey through a landscape constantly shaped by invisible forces. For prospective homebuyers and...
Read More
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...
Read More
The journey to homeownership is often symbolized by the quest for the perfect mortgage rate, but the financial responsibility extends far beyond that ...
Read More
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 More
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 ...
Read More
A cash-out refinance is a powerful financial tool that allows homeowners to access the wealth they have built in their property. Unlike a traditional ...
Read MoreCommon expenses that are typically not included in your DTI calculation are: Utilities (electricity, water, gas) Cable, internet, and phone bills Insurance premiums (health, life, auto) Groceries and entertainment 401(k) or other retirement contributions
A conventional loan is a mortgage that is not insured or guaranteed by a government agency (like the FHA, VA, or USDA). They typically require a higher credit score and a larger down payment (often 3%-20%) compared to government-backed loans and are conforming if they meet loan limits set by Fannie Mae and Freddie Mac.
Automatic termination only happens when you reach the 78% LTV milestone based on your original amortization schedule. It will not happen automatically if you reach 80% LTV early through extra payments or if your home’s value increases; you must proactively request cancellation in these scenarios.
You must provide complete copies of your federal tax returns, including all pages, schedules, and forms (like Schedule C for self-employed individuals). Do not provide just the first page. W-2s should also be provided in their entirety for each employer from the last two years.
Not everyone can join every credit union, but most people are eligible for at least one. Membership is based on a “field of membership,“ which could be your employer, geographic location, membership in an association, or even your family. It’s often much easier to qualify for membership than people think.
