If you are looking for a home, you might need to finance it using a lender, such as a bank or a credit union. There are a number of factors that will influence whether your mortgage application is approved. Then, these same factors will play a role in the terms the lender might offer you. One of the most important factors is called the debt to income ratio, or DTI. It is important to understand how this will impact your mortgage application. What Is A Debt To Income Ratio? Your DTI is important to the lender because this allows the lender to figure out the likelihood of you paying your … [Read More...]
A home inspection may be one of the last things that needs to be done before the deal is sealed. However, it's very important to have a proper inspection done so that you can ensure you're offering price is appropriate for the home you're getting. If you're prepping for an inspection soon, here are some things you'll want to consider beforehand. Choose A Good Inspector Like a good agent, the right inspector is going to have expertise in what they do and know what to look for. They will not only find the small fix-ups, they'll be able to highlight the potentially huge issues that may arise down … [Read More...]
As interest rates fluctuate, you might think about refinancing your mortgage. This is the cost of taking out a new home loan to replace the one you currently have. If you get a significantly lower interest rate, you could save tens of thousands of dollars over the life of the mortgage. On the other hand, you need to think about potential expenses you might incur during the refinancing process. Because you are taking out another home loan, you may need to pay closing costs a second time. What are some of the most common expenses you might have to pay? The Mortgage Application Fee One of the … [Read More...]
Last week’s economic reporting included readings from S&P Case-Shiller Home Price Indices, the Federal Housing Finance Agency House Price Index, and the Commerce Department on sales of new homes. Weekly readings on mortgage rates and jobless claims were also reported. S&P Case-Shiller, FHFA Report Near-Record Home Price Growth February home prices continued their rapid growth, but analysts hinted at a coming slowdown in-home price growth as would-be buyers were faced with rising mortgage rates and affordability concerns. S&P Case-Shiller’s National Home Price Index … [Read More...]
The search for a house can be stressful and filled with lots of jargon that can make it difficult for someone new to the real estate world to figure out what is going on. One of the most common terms that people might see on the MLS is "sale pending." What does this mean, and how should people interpret this? An Overview Of Sale Pending If a listing says that it is "sale pending," it means that the buyer and the seller are under contract. While the deal is not yet set in stone, it means that the seller has accepted an offer, and there is a contract in place for the sale of the house. There … [Read More...]
Owning a home is an investment, and it is important for people to treat it as such. Some homeowners are looking for improvements they can make to their house that might improve its resale value. There are a number of home improvements that seller should consider making in 2022 if they want to maintain or increase the value of their home. Add A Stone Veneer One of the top home improvements homeowners might want to make is to add a stone veneer. It can be expensive to replace the siding of a house with a stone veneer, but this is an improvement that can add significant value to the house … [Read More...]
