Determining how much you can afford to spend on a home depends on various factors, such as your income, debt-to-income ratio, credit score, down payment, and other financial obligations. Here are some general guidelines to help you estimate a reasonable home price range. Determine your monthly income. Start by calculating your monthly income, including all…
VA Loans are mortgage loans guarantee by the United States Department of Veterans Affairs (VA) and are available to eligible Veterans, Active-Duty Service Members and surviving spouses. For more than 70 years, VA Loans have made homeownership possible for millions of Americans. Here are some of the benefits of a VA Loan. No down payment…
Buying a house is one of the most significant financial decisions people make in their lifetime. Whether it’s your first home or a new property to add to your investment portfolio, purchasing a house requires careful consideration of several factors. Here are the five things people should know before buying a house. Know Your Budget…
If you’re in the market for a new home, you’ve likely heard the term Private Mortgage Insurance or PMI. Do you know what it is? And more importantly, how to remove PMI from your mortgage? We’re here to help. What is PMI? From Freddie Mac: For homeowners who put less than 20% down, Private Mortgage…
Credit Karma is a great tool when it comes to credit monitoring and fraud alerts, but using the free tool while applying for a mortgage can sometimes raise confusion. Why is my Credit Karma score different than the credit score my mortgage Loan Officer is using for financing? This is one of our most commonly…
If you’re in the market for a new home, your credit score will determine whether or not you’re eligible. Your score will determine the loan program you qualify for and your interest rate. Your credit score may be the single most important asset you have. You spend years building your score – here are a…
Mortgage 1 offers multiple loan options designed to help first-time home buyers achieve the American Dream. FHA Loans. First-Time BuyerThese loans are backed by the Federal Housing Administration (FHA). This type of loan may be more attractive to someone who has less than perfect credit. They require a down payment of at least 3.5% of…
Owning a home is a quintessential part of the American dream. Homes give families a sense of security and belonging. Homes are where holidays are celebrated and memories are made. Homeownership has a variety of practical benefits, too: Building equity: As you make mortgage payments, you build equity in your home, which is the difference…
Your debt-to-income (DTI) ratio is the percentage of your income that goes toward paying your monthly debts. DTI can often be overlooked as many people assume that a good credit score and a high income are the only two factors needed to be taken into consideration when seeking to purchase a home. However, for many…
If you’re a first-time home buyer, getting enough money for a down payment can seem like a major hurdle. But there’s good news! The Michigan State Housing Development Authority (MSHDA) has a program that helps home buyers afford their down payment by loaning them up to $10,000 towards it. This is what you need to…
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