Navigating the path to homeownership can feel like a journey through a landscape constantly shaped by invisible forces. For prospective homebuyers and...
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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...
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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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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 MoreYes, you can sell your home while in a forbearance plan. The proceeds from the sale will be used to pay off your entire mortgage balance, including the forborne amount. It is critical to communicate with your servicer throughout the sales process to understand the exact pay-off amount.
The best time to lock your rate depends on market conditions and your personal risk tolerance. Many borrowers choose to lock once they have an accepted purchase offer and have selected a lender. It’s a good idea to discuss timing with your loan officer, who can provide insight into current market trends.
Your credit score directly influences the interest rate you receive on your mortgage. A higher credit score typically secures a lower interest rate, which reduces the total amount of interest you pay over the life of the loan, thereby decreasing your overall debt burden.
Front-End DTI: This ratio only includes housing-related expenses. It’s your projected total monthly mortgage payment (principal, interest, taxes, insurance, and any HOA fees) divided by your gross monthly income.
Back-End DTI: This is the more commonly used ratio. It includes all your monthly debt obligations—such as your future mortgage payment, auto loans, student loans, credit card payments, and child support—divided by your gross monthly income.
Yes, all three programs offer refinance options.
FHA Loan: Offers streamline refinance options (FHA Streamline) with reduced documentation and no appraisal in some cases.
VA Loan: Offers the Interest Rate Reduction Refinance Loan (IRRRL) for a simplified refinance and a Cash-Out refinance option.
USDA Loan: Offers a streamlined assist refinance option to lower your interest rate and payment.
