After peaking at 7.,08% for a 30yr fixed rate in early November, rates have been trending downward. According to Freddie Mac, at the close of last week, the rate had dropped nearly 1 basis point to 6.13%. As a result, home purchase demand is…
When buying a home, there are several stages to obtaining the bank financing necessary to close the transaction. Perhaps the most important step for a buyer to take, even before looking at houses, is to speak with a lender to get a pre-qualification or…
With interest rates at the lowest levels since October 2016, many people are considering re-financing their existing loans. Homeowners have the potential to save hundreds of dollars per month and thousands over the life of their loans by refinancing. But even with historic low rates,is refinancing…
The debt-to-income ratio is the way mortgage lenders decide how much money you can afford to borrow. It is the percentage of your monthly gross income used to pay your monthly debts (not monthly living expenses). Two calculations are involved…
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