Housing Wire

MARCH 20, 2024

Many buyers struggled with the financial burden of covering closing costs , making it difficult or impossible to also cover the compensation for agent representation. Many are already shouldering the burdens of high debt-to-income ratios, mortgage insurance premiums, and elevated interest rates to secure a foothold in homeownership.

Debt-to-income ratio 497

Debt-to-income ratio Agents Equity Closing costs 497

Realty Biz

OCTOBER 25, 2021

Financing in the form of mortgage refinancing can reduce your expenses and help you pay off your mortgage faster. When you refinance your mortgage you will be replacing your existing mortgage with a new mortgage with new terms and a different interest rate. Mortgage refinancing tends to be an easier process.

Debt-to-income ratio 108

Debt-to-income ratio Mortgages Closing costs Equity 108

HomeLight

DECEMBER 28, 2023

Going through a divorce is hard, especially when it comes to making decisions about your home and the joint mortgage loan. One option you might be considering is mortgage assumption. But what does assuming a mortgage look like? In this post, we’ll explain what it means to assume a mortgage during a divorce.

Debt-to-income ratio 113

Debt-to-income ratio Mortgages Loans Equity 113

Realty Biz

APRIL 8, 2022

Physician mortgage loans are a particular loan class exclusively available for physicians and medical residents. So, let’s look at three of those major problems you can solve by opting for physician mortgage loans. . In that case, they will likely charge you with PMI (Private Mortgage Insurance). Closing Costs.

Debt-to-income ratio 89

Debt-to-income ratio Loans Mortgages Closing costs 89

Point2Homes

DECEMBER 15, 2021

There are many types of mortgages for homebuyers to consider in the U.S. Assumable mortgages aren’t as common as others, but they can offer a wealth of benefits in the right circumstances. What Is an Assumable Mortgage? How Does an Assumable Mortgage Work? Are All Mortgage Types Assumable? Let’s find out more.

Debt-to-income ratio 109

Debt-to-income ratio VA loan Mortgages FHA loan 109

Realtor.com

FEBRUARY 11, 2021

One of the major benefits of being a homeowner is building equity with each mortgage payment, instead of putting money into your landlord’s pocket. But that doesn’t mean buying is always the best choice—as a renter, you enjoy more flexibility and avoid many of the costs that come with homeownership. Can you afford the closing costs?

Closing costs 145

Closing costs Debt-to-income ratio Inspection Closing 145

HomeLight

JUNE 22, 2023

Why, maybe it’s even dealing with the anxiety that comes while you’re waiting for closing day to finally come. All of these things are stressful and confusing, but you’d be surprised by how many people struggle with the mortgage process. And they need answers to their mortgage questions. Without further ado, let’s get started.

Debt-to-income ratio 98

Debt-to-income ratio Mortgages FHA loan Loans 98

Realtor.com

FEBRUARY 2, 2022

But our mortgage and lending system can be especially challenging for retirees to navigate, simply because lenders prioritize income. You need to make sure the person you’re working with is aware of local transfer taxes and closing costs.” Watch your debt-to-income ratio.

Debt-to-income ratio 100

Debt-to-income ratio Mortgages Fixed-rate mortgage Lending 100

Marco Santarelli

MAY 27, 2024

Soaring mortgage rates in 2024? Let's face it, today's mortgage rates can sting. There's a little-known weapon in your arsenal: the assumable mortgage. An assumable mortgage is a way to take over the existing mortgage on a property instead of getting a brand-new loan.

Debt-to-income ratio 96

Debt-to-income ratio Mortgages FHA loan VA loan 96

HomeLight

JULY 7, 2022

We’ll break this affordability equation down into more detail later, but if you’re grossing $70,000, a monthly mortgage payment between $1,400 and $1,700 is probably where you’ll fit most comfortably. The simple rule of thumb I tell buyers is that, typically, 40% of your monthly payment is taxes, insurance, mortgage insurance, and so on.

Debt-to-income ratio 122

Debt-to-income ratio Closing costs FHA loan Loans 122

Realty Biz

JANUARY 4, 2022

In most circumstances, he not only has to make your full mortgage payment but would also owe penalties, late fees, additional interest, etc. It goes beyond being responsible for all your mortgage because your home loan becomes part of his overall debt. Help with closing costs. It’s all one big ball of string.

Debt-to-income ratio 88

Debt-to-income ratio Loans Mortgages Title 88

HomeLight

DECEMBER 5, 2023

It hands you the cash needed for a down payment and covers those pesky closing costs on your new purchase. Bridge loans can be pricier than regular mortgages, but they’re designed to be your speedy and hassle-free ticket to that new home. Now, let’s talk numbers.

Equity 111

Equity Loans Debt-to-income ratio Home sale contingency 111

Point2Homes

NOVEMBER 3, 2020

Many homeowners are talking about refinancing their mortgages at the moment. But, before you jump into refinancing your mortgage, it’s important to know what it involves and what the potential consequences are. The first thing to ask yourself is why you are considering refinancing your mortgage. Can you afford the costs?

Debt-to-income ratio 97

Debt-to-income ratio Mortgages Equity Loans 97

Realty Biz

DECEMBER 8, 2022

Getting a mortgage in the current conditions, where interest rates have risen quickly, hasn't made the situation any easier. While it might be more difficult to get a mortgage, it is, of course, still possible, but you might need to prepare more carefully. We will look at the process of getting a mortgage for the first time.

Loans 134

Loans Debt-to-income ratio Due diligence Title search 134

Realtor.com

NOVEMBER 11, 2022

Real estate agents agree that long before you peruse listings or check out open houses, you should talk to a lender about your credit score, so that you can secure a mortgage. Here are more step-by-step home-buying details, including information about down payments, closing costs, mortgage rates, pre-approved mortgages, and more.

Pre-approval 131

Pre-approval Pre-qualification Debt-to-income ratio Loan Officer 131

HomeLight

JUNE 30, 2024

Borrowers also incur costs like origination fees, closing costs, and points. Here’s a breakdown of how these loans generally work: Short-term loan: These loans typically have a repayment period of 6–24 months, much shorter than the 15- or 30-year conventional mortgage terms. How does a hard money loan work?

Hard money loan 112

Hard money loan Finance Debt-to-income ratio Home sale contingency 112

HomeLight

NOVEMBER 29, 2023

It leverages the equity in your current home, providing you with the necessary funds for a down payment and covering closing costs on your new property. While they tend to be pricier than traditional mortgages, bridge loans offer a quick and convenient way to secure your new home without the wait to sell your old one.

Equity 111

Equity Loans Debt-to-income ratio Home sale contingency 111

HomeLight

DECEMBER 29, 2023

This equity is utilized to provide the necessary funds for a down payment and to cover closing costs on your new property. Though they generally come with higher costs than traditional mortgages, bridge loans offer speed and convenience in exchange for a more expensive rate. How does a bridge loan work in Dallas?

Equity 111

Equity Loans Debt-to-income ratio Home sale contingency 111

HomeLight

MAY 26, 2021

She also conducts monthly webinars for first-time homebuyers with the New Jersey Housing and Mortgage Finance Agency and the Puerto Rican Action Board. She says that through combining state programs and with the seller paying closing costs, she had one buyer who “only had to bring $3,500 to the table.”.

Debt-to-income ratio 111

Debt-to-income ratio Closing costs VA loan Loans 111

Realty Biz

FEBRUARY 11, 2021

I’ve gotten to like having more discretionary income for the past few years. How large of a mortgage should I consider without stretching my budget too far? That’s assuming your credit rating is in good shape because the other major qualifying criteria are your debt-to-income ratio and down payment.

Debt-to-income ratio 87

Debt-to-income ratio Equity Mortgages Closing costs 87

HomeLight

NOVEMBER 3, 2023

However, it’s essential to note that bridge loans can come at a higher cost than traditional mortgages. Here’s a familiar scenario: you’ve set your sights on a new Utah home but need the equity from your existing property to manage the down payment and closing costs.

Equity 116

Equity Loans Debt-to-income ratio Home sale contingency 116

HomeLight

OCTOBER 25, 2023

Often referred to as a swing or interim loan, a bridge loan is usually pricier than your regular mortgage. In this pinch, they turn to a bridge loan to utilize the equity from their existing home, covering the down payment and closing costs for the new purchase. The reason? However, there’s a silver lining.

Equity 111

Equity Loans Debt-to-income ratio Closing costs 111

Lighter Side of Real Estate

AUGUST 5, 2020

If you haven’t actually qualified for financing, you should hold off on going to look at houses with a real estate agent (or even going to open houses), since there’s no guarantee that a mortgage company can lend you the money. Try to mislead the mortgage company. There’s a simple solution to this potential problem…don’t do it!

Pre-approval 145

Pre-approval Debt-to-income ratio Title search Finance 145

HomeLight

DECEMBER 13, 2023

A bridge loan is a short-term loan that uses the equity you’ve built up in your existing home, providing you with the funds needed for the down payment and closing costs on your new property. To bridge this income gap, you can leverage the equity from your existing home for the down payment and closing costs on your new property.

Equity 119

Equity Loans Debt-to-income ratio Home sale contingency 119

HomeLight

DECEMBER 15, 2023

This type of loan leverages the equity in your existing home, providing you with the necessary funds for a down payment and to cover the closing costs of your new property. It uses the equity from your previous home to cover the down payment and closing costs for your new home, acting as a financial bridge between the two transactions.

Equity 111

Equity Loans Debt-to-income ratio Home sale contingency 111

RIS Media

APRIL 9, 2021

You have the right to refinance your mortgage as many times as you want, but your lender may place some limitations on how frequently you may do so. You will also have to meet your lender’s requirements related to debt-to-income ratio, credit score and percentage of equity. Pros and Cons of Multiple Refinances.

Debt-to-income ratio 71

Debt-to-income ratio Mortgages Closing costs Equity 71

HomeLight

JANUARY 29, 2024

Here’s why: Avoiding high interest rates and closing costs: Traditional home equity loans and lines of credit come with interest rates and closing costs that can significantly increase the overall repayment amount.

Equity 89

Equity Debt-to-income ratio Loans Closing costs 89

HomeLight

NOVEMBER 7, 2023

By tapping into the equity of your unsold home, you can secure the funds needed for the down payment and closing costs of your new abode. In many cases, the financial institution where you’re seeking a mortgage for your new Oklahoma home will manage your bridge loan as well. A bridge loan offers you a way to move forward.

Equity 115

Equity Loans Debt-to-income ratio Home sale contingency 115

Realty Biz

MARCH 9, 2021

The extremely low mortgage rates that are advertised on TV, radio, and the internet are typically reserved for people looking to buy a home that they plan to occupy as their main residence. For this reason, Fannie Mae has offered the Family Opportunity Mortgage program to help people in these situations.

Pre-approval 144

Pre-approval Earnest money deposit Debt-to-income ratio Loans 144

HomeLight

AUGUST 31, 2020

Many offer down payment grants, no-down-payment mortgages, and low interest rates. For example, “In my area, the Kentucky Housing Corporation offers several programs, like down payment and closing cost assistance,” says agent Gary Wantland of Bowling Green, Kentucky. down and a minimum credit score of 580. OK, it’s a good idea.

Debt-to-income ratio 93

Debt-to-income ratio FHA loan Pre-qualification VA loan 93

HomeLight

DECEMBER 13, 2023

In real estate, a bridge loan, also known as a swing loan, bridging loan, or gap financing, lets you utilize the equity in your existing home to give you the money required to make a down payment and cover the closing costs for your new property. Typically, the lender working on your new mortgage will also handle your bridge loan.

Equity 116

Equity Loans Debt-to-income ratio Home sale contingency 116

HomeLight

NOVEMBER 30, 2023

This type of short-term loan leverages the equity in your current home, providing you with the necessary funds to make a down payment and handle closing costs on your new property. While bridge loans are generally more expensive compared to traditional mortgages, they offer a significant advantage: speed and convenience.

Equity 115

Equity Loans Debt-to-income ratio Home sale contingency 115

HomeLight

DECEMBER 14, 2023

This loan provides you with the cash needed for a down payment and to cover the closing costs of your new home. Bridge loans are typically more expensive than traditional mortgages due to their convenience and quick availability. The lender for your new mortgage will usually handle the bridge loan.

Equity 111

Equity Loans Debt-to-income ratio Home sale contingency 111

Realty Biz

JANUARY 19, 2024

Interviewing and selecting a buyer's agent and choosing a mortgage lender and real estate attorney are vital steps. From preparing your finances and exploring mortgage options to calculating your budget, these steps set you on the right path toward finding your dream home. Let's get started on your path to homeownership.

Debt-to-income ratio 100

Debt-to-income ratio Pre-approval Purchase and sale agreement Inspection 100

HomeLight

DECEMBER 15, 2023

A bridge loan lets you leverage the equity in your current home to provide the necessary cash for a down payment and to handle closing costs for your new house. Although they tend to be pricier than traditional mortgages, bridge loans offer flexibility when trying to secure your new home purchase without waiting to sell your old one.

Equity 111

Equity Loans Debt-to-income ratio Home sale contingency 111

HomeLight

FEBRUARY 26, 2024

A down payment of 20% or more can eliminate the need for private mortgage insurance (PMI), lowering your monthly expenses. Jumbo loans often require a strong credit score, a low debt-to-income ratio , and, typically, a higher down payment. Madan says not all buyers have a 20% down payment.

Purchase and sale agreement 115

Purchase and sale agreement Debt-to-income ratio Equity Loans 115

Redfin

SEPTEMBER 4, 2024

Refinancing your mortgage can be a strategic move to either lower your monthly payments, shorten your loan term, or tap into your home’s equity. However, did you know refinancing a mortgage can cost you? Now that you’re wondering, “How much does it cost to refinance a mortgage?” What do mortgage rates depend on?

Mortgages 69

Mortgages Debt-to-income ratio Closing costs Principal 69