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18 Mar 2025
By noelkelman

How Debt-to-Income Ratio Affects Your Mortgage Eligibility

Home Buyer Tips, ,
When applying for a mortgage, lenders evaluate several factors to determine your loan eligibility. One of the most critical metrics is your Debt-to-Income Ratio (DTI). Understanding how DTI impacts mortgage approval can help you better prepare for homeownership and improve your chances of securing the loan you need. What is Debt-to-Income Ratio (DTI)? DTI measures the percentage of your gross monthly income that goes toward monthly debt obligations. Lenders use this ratio to assess your ability to manage additional debt responsibly. There are two types of DTI: 1. Front-End DTI: Focuses solely on your housing expenses, including mortgage principal, interest, property taxes,…
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17 Mar 2025
By noelkelman

What’s Ahead For Mortgage Rates This Week – March 17th, 2025

Financial Reports, ,
The inflation data report released last week showed a surprising result—it was cooler than expected across the board. This has led to a much more positive outlook, even in light of recent events regarding the Trump administration. While consumer sentiment reports from the University of Michigan still showed more dissatisfaction than expected, they were accompanied by largely positive data across various releases. There are strong expectations that there will be no interest rate increases, with some potential for rate cuts this year. Consumer Price Index The consumer price index increased a mild 0.2% last month, the government said, breaking a…
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14 Mar 2025
By noelkelman

APR vs. Interest Rates

Home Mortgage Tips, ,
If you're gearing up to dive into the world of real estate, there are a few key terms you'll want to wrap your head around before taking the plunge. Today, we're demystifying APR and interest rate, two crucial concepts that can impact your home-buying journey. Don't worry, I'll break it down in simple terms so you can confidently navigate the process like a pro. Interest Rate: Let's start with the basics. The interest rate is the percentage charged by a lender for borrowing money to buy your home. It's essentially the cost of borrowing the principal amount. When you're comparing…
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13 Mar 2025
By noelkelman

What Sellers Need to Know About Becoming a Lender with Creative Financing

Home Financing Tips, ,
Creative financing can be an attractive option for sellers, especially those with significant equity. One popular approach is carrying back a second mortgage, where the seller effectively becomes a lender to help the buyer complete the purchase. While this can be a beneficial arrangement, it’s essential to understand the risks and the protections available, particularly regarding lender’s title insurance. Why Consider Carrying Back a Second Mortgage? Let’s say you own a home worth $150,000 that you’ve held for 15 years, and you have substantial equity built up. If you receive an offer from a buyer who can put down $20,000…
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12 Mar 2025
By noelkelman

How Single Moms Can Achieve Homeownership with First-Time Homebuyer Grants

Homeowner Tips, ,
Owning a home is an important goal for many people, and as a single mom, it can sometimes feel like a distant dream. But the reality is that homeownership is more achievable than you might think, especially when you know about the financial resources and programs available to you. First-time homebuyer grants, special loan programs, and down payment assistance can help you overcome the financial barriers that might otherwise stand in your way. Here's what single moms should know about these opportunities. Understanding First-Time Homebuyer Grants First-time homebuyer grants are specifically designed to help individuals, especially those with low to…
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11 Mar 2025
By noelkelman

Home Improvement Projects to Maximize Comfort and Functionality

Home Mortgage Tips, ,
Home improvement projects are a fantastic way to enhance the comfort and f unctionality of your living space. Whether you’re planning a kitchen remodel,  bathroom upgrade, or an addition to your home, construction loans can provide  the necessary financing to turn your dreams into reality. Consequently, here’s how construction loans can be used for various home improvement projects and what you need to know to get st arted. What is a Construction Loan? A construction loan is a short-term loan that covers the cost of building or renovating a home. Unlike traditional home loans, construction loans are typically disbursed in…
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10 Mar 2025
By noelkelman

What’s Ahead For Mortgage Rates This Week – March 10th, 2025

Financial Reports, ,
While the data releases were plentiful, many are made less significant in consideration of the current disruption with the administration and the oncoming inflation data reports with the CPI and PPI arriving next week. The largest and most noteworthy report this time is the Job Report numbers, which will help give a clearer idea on the state of the job market. With the mass federal layoffs, there is much uncertainty, but the labor market is still holding up in light of things. The most pressing data to be released is the predictions for GDP, which has shown to have shown…
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07 Mar 2025
By noelkelman

How to Buy a Home with Zero Down Payment

Home Mortgage Tips, ,
Buying a home without a down payment is possible, but it requires exploring the right loan programs and financial assistance options. While lenders have tightened their requirements since the 2008 housing crisis, there are still ways to achieve homeownership with little to no upfront cash. Loan Programs That Require No Down Payment VA LoansIf you are a current or former member of the U.S. military, a VA loan may be an excellent option. Backed by the Department of Veterans Affairs, VA loans require no down payment and typically offer lower interest rates than conventional loans. They also come with no…
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