If you’re an aspiring homeowner, it’s a good idea to know your debt-to-income (DTI) ratio (aka your debt ratio or income ratio) because it can play a big role in determining whether you’ll qualify for a mortgage. There’s a lot to learn about your DTI, but here’s a quick overview of the basics: You figure
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You make it out into the real world – and all of the sudden – it dawns on you that you’ve got adult bills to pay, and the student loan debt you racked up in school is looming over your head like a dark cloud. Depending on how much debt you accumulated, your starting salary
When you apply for a loan to buy a home, lenders use mortgage underwriting to decide if they want to do business with you. During this process, your personal and financial information is evaluated to determine whether you can afford the loan. It’s the last step in the application process. Ideally, it ends with a
Personal loans are flexible. ??♂️ They can be used to pay for just about anything. Technically, you could get a personal loan and go on a self-care spending spree or invest it in the latest trendy stock – but we’ve got a couple of better ideas. Personal loans are best used to pay for emergency
Being self-employed looks different for different people. There’s the hustle, the entrepreneurial leap, the layoff rebound, the career makeover and more. No matter why you’re self-employed – or what that even looks like for you – you’re probably working hard to juggle multiple responsibilities. But, even when things couldn’t be better financially, dips in income
To qualify for a personal loan, most lenders are looking for borrowers with credit scores in the neighborhood of 670. That doesn’t mean you can’t qualify with a lower credit score, but it may affect how much you can borrow and the interest rate you’ll be charged. To make sure you’re getting the most value
Who hasn’t needed a little extra cash now and again? If you need more money than your credit card limit offers and don’t want to dip into your savings or take money out of an investment or retirement account, a personal loan might do the trick! A personal loan is money you borrow from a
Down payments don’t grow on trees ???. Between high rents, deepening student loan debt, and the cost of living going up – it can take a long time to save the traditional 20% down payment. Even buyers with good credit scores can still face challenges when it comes to buying a home. They may not
Adulting ain’t easy, we know. One of the more challenging adulthood milestones to reach is buying your first house. And one of the most challenging parts of buying your first house is saving up for the down payment. Inflation plus stagnant minimum wages(1) equals a generation that makes less money and has fewer opportunities to
Whether it’s credit card debt or any other kind of debt, dealing with multiple payments every month can be frustrating. Consider uncomplicating your life by rolling all your debt into a single monthly payment with a personal loan. Debt consolidation is one of the most popular reasons why people get personal loans. But before you
You’re ready to buy a home. You’ve put in an offer and the seller has accepted it. Congrats! Now, you’ll be expected to pay a small sum of money upfront to: Show the seller that you’re serious about buying their home Make it worthwhile for the seller to take their home off the market Provide
Buying a home can seem easy enough, right? You find the home you want, you make an offer, get a mortgage. And voilà! The house is yours. If only it were that simple. There are way more steps involved in the home buying process – and some of those steps can feel challenging. Once you
A home purchase is a big investment, and it’s an investment many people are eager to make. That’s probably because they’re aware of the many benefits that come with homeownership, like building equity, tax advantages and improving their credit history. However, for some of us, a good credit score is the thing that’s holding many
Home loan refinancing is all the rage nowadays. In 2020, mortgage refinances (aka refis) were so popular that 1 out of every 10 refinances was done on a mortgage loan that had ALREADY been refinanced at least once in the previous 12 months.[1] That’s a lot of refinancing! Historically low interest rates have made refinancing
The 30-year fixed-rate mortgage has been one of the most popular ways that homeowners in America have financed new home purchases. What is this mortgage mainstay’s secret of success? Is it the right option for you when you buy? What if you want to refinance? Read on to find out more. How Does a 30-Year
Just when you thought you learned everything you needed to learn about buying a home, you come face-to-face with one of the last pieces of the process: closing costs. In a 2020 survey of REALTORS®, the National Association of REALTORS® reported that 25% of people ready to buy weren’t fully educated on closing costs.[1] Handing
If you’ve gone through bankruptcy and aspire to own a home, you are likely wondering if you’ll be able to get your finances back on track and fulfill your homeownership dreams. In this regard, you’re not alone. In 2020, more than 500,000 people filed for Chapter 7 and Chapter 13 bankruptcy.[1] So, while bankruptcy can
Buying a home and navigating the mortgage process can be difficult, especially if you can’t come up with a down payment or your credit score isn’t perfect. But, while the process isn’t easy, it’s not impossible, especially with the help of government home loans. Government-backed loans can give people who have a hard time acquiring
If you’ve been through bankruptcy, you may feel more cautious than ever about taking out new loans – especially on your home. But if you’re careful and well informed, refinancing can help you save money and unlock the equity in your home at a low-interest rate. What Are the Reasons To Refinance After Bankruptcy? There
House hunting can be both exhilarating and exhausting – you’re all swept up looking at other people’s interpretation of a dream home. While there might be that one property that could tick all your boxes, it’s not a guarantee. So, what if you had the opportunity to build your own dream house? A construction loan
But when it comes to getting a conventional mortgage, new isn’t always better. That is, when it comes to starting a new job during the process. In fact, it can potentially complicate the process. When you apply for a mortgage, the lender wants to see your recent job history because it lets them assess your
We talk about land loans a lot less than home loans. And that’s not surprising. According to the National Association of REALTORS®, 87% of home buyers buy existing, previously owned homes.[1] But some life goals may need a piece of land as their launchpad. And there are lots of reasons why someone might buy land,
Traditionally, a lot of home buyers have seen building a brand new home as the ultimate homeowner experience to aspire to. That’s still true, but nowadays, older homes are gaining a lot more interest (just ask the producers over at HGTV). And despite the renewed interest in historic homes and remodels, building a house from
Do you qualify for an FHA loan based on your credit score and credit history? And even if you do, is an FHA loan the right choice for you? If your credit score is under 620, you may not qualify for a conventional mortgage, but a Federal Housing Administration (FHA) loan could be the answer
Feeling cooped up in your metro area? You’re not alone. According to recent Census data, 86% of U.S. residents live in metro areas. That leaves 14% of the population spread out in the rural areas of the country – which spans 72% of the nation’s land area.[1] So, if you’re looking for more space, there
Helping out a friend or relative has got to be one of the best feelings in the world. Whether it’s referring them for a new job, facilitating a conversation between them and a person of interest at the bar, or handing them a stick of gum in their time of need — it all comes
Moving into a new home can be a big deal, even when you’re just moving to a new neighborhood or a nearby county. When the move crosses state lines, buying a home in the area can feel like exploring another planet, especially if it’s somewhere you haven’t lived before. The good news is that you’re
Let’s be real, past generations of home buyers had an easier time coming up with down payments and closing costs. And that was great for them, but times have changed. For most home buyers today – especially people trying to buy their first home – student loan debt, credit card debt and TWO recessions are
For many first-time home buyers, the home buying process can feel like a mysterious journey into murky, uncharted waters. REALTORS® and real estate agents can help home buyers keep their dreams of owning a home afloat. According to the 2020 Home Buyers and Sellers Generational Trends Report from the National Association of REALTORS® (NAR), 89%
Whether it’s a vacation home or a multiunit rental property with tenants, real estate investors can take pride in their financial savvy. With the right investment property, you’re not only earning income from your tenants, but you’re building equity. The other side of the proverbial coin is expenses. The biggest single expense for investment property
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