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Tag Archive | "mortgage basics"

Three Tips to Help Improve Your FICO Score

Your FICO score, named after the Fair Isaac Corporation that established it, is a measure of your credit worthiness. Since it is used by most lenders to decide whether or not to offer you credit, and if so at what interest rate, it makes sense to do whatever you can to improve it. Here are […]

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GDP Basics: Real and Per Capita GDP

The following GDP basics explain what the term GDP means and how it is calculated.  The GDP is the Gross Domestic Product of a country, and is a metric that is used to measure the health of the economy of that particular country. It is fundamentally a measurement of consumer and government spending, the difference […]

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Three Tips to Help Sell Your Home Quickly

There are several reasons why you might want to sell your home quickly. Perhaps house prices are falling, and you want yours to be sold before prices fall too much in your area. Maybe housing demand is falling and you want yours to be more attractive than most in your neighborhood.  Perhaps you are desperate […]

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How Much Home Can I Afford: Mortgage Affordability Factors

The question “How much home can I afford?” is a common one with new buyers, and there is no easy answer to mortgage affordability without having a lot more information.  There are several ways to work out how much of a home you can afford to purchase, although the two fundamental questions to be answered […]

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Debt to Income Ratio Basics: The Importance of Your DTI

Fundamentally, your debt to income ratio (DTI) is the percentage of your income that is used to pay your debts, and is often abbreviated to the ‘debt ratio.’ Your ‘income‘ is your total gross income from all sources before tax, and the ‘debts‘ cover everything that you are currently repaying. For example, let’s say you […]

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Why Pay Points on a Mortgage: Are Points a Benefit or Not?

Why pay points on a mortgage, and how do they benefit you? Points are a typically American arrangement, and refer to payments made in order to receive a lower interest rate. They have certain advantages, although these are not universal. Here are some details on mortgage points, and how they can be used to your […]

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Mortgage Lock Basics: Should You Lock-In Your Mortgage Rate?

A mortgage lock can work for you or against you depending upon the terms of the mortgage rate lock in period and upon the current behavior of the economy as seen in the equities and bond markets (stock markets). Because these are common variables, it is not always easy to provide a definitive answer as to […]

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Private Mortgage Insurance Basics: The Fundamentals of PMI

Private mortgage insurance (PMI) is a form of protection for mortgage lenders in the event of borrowers defaulting on their payments. If a borrow takes a mortgage that is more than 80% of the purchase price of their home, then they must also purchase mortgage insurance to protect the lender. In other words, you need […]

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Buy Vs Rent Basics: Should You Buy or Rent A Home

The question of whether to rent or buy is no longer a clear cut economic one. Many people who can afford to buy their home are choosing to rent instead because they no longer have confidence in home ownership. If you can’t afford your rent you move on, but if you cannot pay your mortgage […]

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The Mortgage Application Process: First Steps in Buying a Home

The mortgage application process is the first step required if you need a loan to purchase residential real estate. The correct name for this is the Uniform Residential Loan Application, and takes the form of a substantial application form in which you must provide all the personal information needed for a lender to make a […]

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