Your Mortgage Statement Explained Key Points Your mortgage statement is a document that contains important details about your loan. You will receive a statement from your lender or servicer for each billing cycle, and it is a good idea to review each statement for accuracy. If you can access your statements online, you may get … Read more
Key Mortgage Terminology to know: A Guide to Commonly used phrases If you’re financing a home purchase, it’s important to understand mortgage terminology. But becoming fluent can feel like learning a new language. To help, here’s our guide to key mortgage terms and conditions, from A(PR) loans to V(A) loans, to demystify the process and … Read more
How to improve your finances before your first mortgage Key takeaways You increase your chances of receiving favorable terms on a mortgage by strengthening your financial situation before applying. Lenders consider several factors when determining your creditworthiness, including your credit score, income and other assets, debts, the ratio of your debt to income, and work … Read more
Student Loan Guidelines for Getting a Mortgage Key Takeaways It is still feasible to apply for a mortgage while repaying student loans. Your debt-to-income ratio is impacted if you have student loans. While some lenders may permit a DTI ratio as high as 50%, you should aim for a ratio of no more than 36%. … Read more
HomeReady Mortgage Guide Key Takeaways: A conventional HomeReady mortgage type only requires a 3% down payment. It can be used to refinance an existing mortgage or to purchase a house. To be eligible, your income must be at most 80% of the local median income. The 3% down payment requirement can be satisfied with grants, … Read more
What is the impact of the Federal Reserve on mortgages? Although it doesn’t directly set mortgage rates, the Federal Reserve’s actions influence how they change. At its most recent meeting on January 31, the Fed declared a prolonged pause following eleven rate hikes from early 2022 to mid-2023. Even if the Fed maintains its key … Read more
What is a Mortgage? A Definitive Guide for Aspiring Homeowners Key takeaways: A mortgage is a long-term loan from a bank that enables you to buy a house by using the house as collateral. Principal (the amount borrowed), interest, property taxes, and homeowners insurance are usually included in mortgage payments. They may also consist of … Read more