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A short expected holding period can make upfront costs harder to recover. Compare the costs with the payment and balance changes through the possible sale date, and test a move sooner or later than...
Read the articleDividing upfront cost by monthly payment reduction is a simple screening tool. It may leave out differences in principal repayment, financed fees, remaining balances, taxes and the value of money o...
Read the articleA rate alert is a prompt to revisit your mortgage when a chosen market or loan condition changes. It is not a personalized quote, a rate lock or a promise that refinancing will help. A useful revie...
Read the articleKeeping the current loan can make sense when replacement costs exceed the likely benefit, the existing terms are favorable or a refinance would mainly extend repayment. Compare the actual numbers a...
Read the articleThe valuation requirement depends on the loan program, lender and transaction. Some eligible loans may use another approved valuation approach, while others need an appraisal. Do not assume an onli...
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USDA housing programs are not simply farm loans. Eligibility can depend on the property’s location, the household, income and the specific program. Confirm the address and current program rules thr...
Read the articleThey may, but receiving extra pay does not mean all of it can be counted immediately. The lender reviews the type of income, its history and expected continuation under the applicable program. Buil...
Read the articleA family gift may be acceptable under an eligible loan program, but the source, donor relationship and transfer must meet its rules. A gift is different from a loan you must repay. Tell the lender...
Read the articleStudent loans do not automatically prevent a home purchase. The payment used for mortgage qualification depends on the loan program, documentation and repayment situation. Your personal budget also...
Read the articleA job change can affect a mortgage review even if the new pay is higher. Salary, hourly work, commissions and self employment may be evaluated differently. Tell the lender before making the change...
Read the articleYour down payment is the portion of the purchase price you pay rather than borrow. It is only one part of your cash to close. Cash to close also reflects closing costs, prepaid items and initial es...
Read the articleA mortgage debt-to-income ratio (DTI) compares qualifying monthly debt payments with qualifying monthly income. It helps a lender assess a loan, but it does not measure every cost of living. Your t...
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