Category: Financial Literacy
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Private Mortgage Insurance Tips and Tricks
🔍📋 Let’s dive into Private Mortgage Insurance (PMI)! What is it? 🏠 PMI is insurance that protects the lender if you can’t make your mortgage payments. It’s usually required if your down payment is less than 20%. Tips & Tricks: 💡 Increase your down payment to 20% to avoid PMI. 💡 Improve your credit score…
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Home Affordability Challenges
Recent data shows that homebuyer affordability has taken a hit as monthly mortgage payments continue to rise. The median monthly mortgage payment has jumped, making it more challenging for many buyers to enter the market. So, what’s driving this change? It’s a combination of factors, including higher home prices and increasing mortgage rates. This shift…
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Factors That Can Lead a Loan to not be Approved
Factors That Can Lead To A Loan Not Being Approved ⚠️🚫 Cautionary Tale: Factors That Can Lead to a Loan Not Being Approved Credit Issues: 💳 Low credit scores or recent late payments can raise red flags. Debt-to-Income Ratio: 📊 Too much debt compared to income can make lenders wary. Employment Changes: 💼 Recent job…
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Top 10 Things You Should Tell Your Lender
Top 10 Things to Tell Your Lender Before Buying Your First Home Employment History: Share your job stability and income details. Income Sources: Disclose all sources of income, including bonuses and freelance work. Debts: List all current debts like student loans, car loans, and credit cards. Credit History: Be transparent about your credit score and…
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Documents needed to round up for your Mortgage Advisor
Key Documents To Prepare For Your Mortgage Lender 📝🏦 Key Documents to Prepare for Your Mortgage Lender Proof of Income: 💰📄 Recent pay stubs, W-2s, and tax returns. Credit Report: 📊💳 A current credit report with your credit score. Bank Statements: 🏦📋 Statements from the past 2-3 months for all accounts. Employment Verification: 💼✅ A…
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Ins and Outs of Underwriting
Ever wonder what happens during underwriting? Let’s dive in! Underwriting is the process where your mortgage lender evaluates your financial profile, including income, assets, credit history, and the property itself, to determine your loan eligibility and terms. It’s a crucial step in the mortgage approval process, ensuring that you’re financially prepared for homeownership. Have questions?…
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Home Affordability
Lots of factors affect what you can afford such as down payment, terms of your loan and your interest rate. Check out this home affordability calculator from readynest.com to get started. As always you can reach out to me with ANY questions about mortgage financing. https://host.visualcalc.com/mgiccalcs/mmcalculator.jsp?c=homeafford
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