05
Apr
By Jim Hasek
Home Mortgage Tips, ,

Your Debt-To-Income Ratio and How It Affects Your Mortgage

When you're delving into the market in the hopes of finding your dream home, it's likely you'll come across the term debt-to-income ratio. This may not seem important at first, but your DTI is the key to determining the amount of money you can put into your home and just how much you should spend on a monthly basis. If you're curious about what this means for you, here's how to calculate it and how it can impact your mortgage. What's Your DTI Ratio? One of the best ways to determine whether or not a home is affordable for you…
Read More
04
Apr
By Jim Hasek
Home Mortgage Tips, ,

Understanding Mortgage Amortizations and Why Longer Periods Can Cost More

Buying a home is one of the largest investments you will make in your life, and that's why so many people have longer mortgage amortization periods to pay down the principal. While it may seem appealing to have a longer amortization period, here's why an extended loan term can end up costing you more and may be less financially beneficial when it comes right down to it. About Mortgage Amortization Generally speaking, a 25-year mortgage amortization period can be typical, but there are many loan periods that a homebuyer can choose for amortization. While a longer-loan period may seem enticing…
Read More
30
Mar
By Jim Hasek
Home Mortgage Tips,

Trim Your Mortgage Closing Costs by Following This Easy 3 Step Guide

You may be so busy with determining your debt-to-income ratio and deciding what kind of offer to make that closing costs have gotten lost in the mix, but it's important to remember that finalizing your mortgage will cost you extra. While there's no way to get around paying money to solidify your mortgage, there are a few steps you can take in order to make it more economical for you. Shop Around For A Lender Many people go with the lender that is offered to them, but it's a good idea to do the research so you can find the…
Read More
23
Mar
By Jim Hasek
Home Mortgage Tips, ,

Is It Still Possible to Get a Mortgage With Zero Down? Yes – and Here’s How

When it comes to investing in a mortgage, the down payment is key in making your investment a reality and proving to lenders that you're a safe bet. However, while most opportunities for putting zero down on a home have disappeared since the recession, there are still a few ways to buy without putting money down. If you're currently weighing your options, here's what you need to know if you don't have a down payment ready. Loan Programs With No Down Payment There are still a number of zero down loan programs for those who qualify. Veterans and families of…
Read More
21
Mar
By Jim Hasek
Home Mortgage Tips,

Buying a New Home? Three Major Mortgage Missteps That You’ll Want to Avoid

Buying a home is one of the biggest financial investments you'll make in your life, and it's important to make sure that you're doing what will be right for you down the road. If you're trying to avoid buyer's remorse and are wondering what major missteps to avoid when diving into the market, here are a few things you may want to watch out for. Buying Too Much Home It's often the case that a homebuyer will get so excited about a home they see that they need to have it, but putting all of your money into one investment…
Read More
15
Mar
By Jim Hasek
Home Mortgage Tips,

Mortgage 101: Five Key Mortgage Terms You Need to Understand

From putting your home on the market to finding the lender with the best rates, there are so many things involved in buying a home that the terminology is just one more thing to add to the list. While there may be quite a few words you'll hear that may be unclear, here are a few you'll want to watch out for so you'll be prepared for home ownership. Adjustable-Rate Mortgage Often known as ARM, an adjustable-rate mortgage corresponds to the conditions of the market. This means that your interest rate will shift from day to day along with the…
Read More