Calculating Your Debt-to-Income Ratio in 2 Easy Steps Have you ever sat down and calculated exactly how much money you spend each month on bills? If so, you are already halfway to calculating your DTI. In essence, your debt-to-income ratio is the amount of money you have left over after paying all your monthly expenses. […]
Long before you settle on a mortgage lender, one of your interview questions should be, “Is there a prepayment penalty and if so, how much is it?” Unfortunately, too many homebuyers don’t understand what a prepayment penalty is, how it works, or even if they are paying it. Prepayment Penalty When you take […]
You may not give much thought to your credit score in your day-to-day life, but when the time comes for a major purchase or transition, the information in your credit report is crucial. People are often unpleasantly surprised at how much inaccurate information can show up in their credit report when they finally take the […]
A new report, The Housing Satisfaction Gap: What People Want, but Don’t Have, measured the gap between the home features people want and the features they currently have in their own homes. Here’s what made the list, and what you can do to close your home’s satisfaction gap so you get top dollar when you’re […]
Young people still want to be homeowners, they’re just having trouble saving a down payment and affording today’s homes. Younger buyers are important to existing homeowners. First-time homebuyers allow you to sell your starter home and buy a move-up home. Historically, about 40 percent of homebuyers are first-timers. In today’s market that number has fallen […]
Experts Predict Where US Home Prices Are Headed Home prices have risen in most U.S. markets this year, with most states reaching price levels not seen since the real estate boom year of 2006. How long will they continue to rise? Check out these predictions from four top housing economists:National Association of Realtors Chief Economist Lawrence […]
Qualifications are important. However, finding a solid, professional agent means getting beyond the resume, and into what makes an agent effective. Use the following questions as your starting point in hiring your licensed, professional real estate agent: • Why did you become a real estate agent? • Why should I work with you? • What […]
Where you buy not only affects the home’s current and future value, but it also affects your lifestyle. Your agent will be able to conduct a more targeted home search if you outline your preferences in neighborhoods and nearby amenities. Here’s a checklist of items you should consider and communicate to your chosen real estate […]
Your lender decides what you can borrow but you decide what you can afford. Lenders are careful, but they make qualification decisions based on averages and formulas. They won’t understand the nuances of your lifestyle and spending patterns quite as well as you do. So, leave a little room for the unexpected – for all […]
Step One: Decide to Buy The decision to purchase your first home is one of the biggest and best decisions you could ever make. After all, a home is the largest (and most emotional) investment most people will ever make. So, how do you know if it’s the right time for you to buy your […]