As you apply for a home loan or refinance, you will hear the term debt-to-income ratio, or DTI. Read to learn what this means and how it can be even more important than your credit score in determining whether or not you are approved for a home loan. Your debt-to-income ratio, or #DTI, is one of the main factors a lender will use when determining your ability to repay a new loan. Your DTI will impact whether or not your loan will be approved. What is DTI? DTI is the ratio or

With rates on the rise, many lenders are advertising lower rates to draw people in. This often comes at a cost to the borrower. Read to learn more! Is that Advertised Rate Accurate? With rates on the rise, many lenders are advertising lower rates to draw clients in. Many times, however, there are parameters for a borrower to qualify for this rate. In addition, this rate may come at a cost to the borrower. To determine this, you need to know about the par rate. At the par rate

Preparing to buy your first home can be intimidating, but educating yourself on the process makes it less overwhelming. Read below for our most commonly asked questions from first-time homebuyers. 1. What credit score do I need to get approved for a mortgage? For most loan products, 640 is the preferred score for most lenders. While there are some options (especially with FHA products) that will accept lower scores, they are limited and come with higher interest rates. 2. Wha

A down payment can be a daunting piece of the home buying process, but it does not need to be. Learn the facts about this process as you move one step closer to becoming a homeowner. What is a Down Payment? A down payment is a critical piece of the home-buying journey. Basically, it is a sum of money the buyer pays the seller to lock in the purchase deal. The remaining balance of the home is typically paid by a #mortgage. The down payment shows the lender financing the mortga

Why would someone use a mortgage broker versus a bank? Explore some common myths on this topic to help you make the best decision. Myth: Mortgage Brokers are "Middlemen." Reality: Mortgage Brokers lend off other people's money, while banks lend off their own money. There are no true "middlemen" in either scenario. Implications: Because banks lend off their own money, they are limited to offer their own products and rates. Because mortgage brokers lend off other people's money

Educate yourself on the various types of loans available during the home buying process. Are you new to the world of home buying? Learn some foundational loan information to help you feel at ease during this process. Ready to begin house hunting? Financing options play a big part in this process. Educate yourself on the types of loans available. Your licensed mortgage broker will know the details of any and all loans and financing guidelines. However, giving yourself some bas

Becoming an authorized user may be a way to boost your credit score as you prepare for a home loan. Read to learn more! What is an Authorized User? Any willing credit card holder may add an authorized user to their account. An authorized user has permission to make purchases on the credit card, so obviously this status would only be granted when there is a relationship of trust. An authorized user is NOT responsible for making payments on the credit card. How Could Being an A

Gift giving is a common way to show love and gratitude during the holiday season; however, maxing out your credit cards is a big no-no for those with a home loan in their future. Read to learn why! What is the Big Deal About Maxing Out Credit Cards? When you max out credit cards, it has a negative impact on your credit score due to high usage. Any time credit card usage is over 30% of the available limit, it has a greater negative impact on your score. A lower credit score of

Buying your first home can be a nerve-wracking experience. Hearing others' stories can help you better navigate your own journey. Read as Clare Okyere from O Capital Group interviews Marlee on her first-time homebuyer experience. Clare: Tell us a little about your home-buying experience. Marlee: Really it was seamless. Kofi (buyer's loan officer) was so patient with us. I asked a ton of questions. Alex (Marlee's husband) would get frustrated at times because he understood the

If you aren't closely associated with a given industry, sometimes the vocabulary and acronyms used in that industry can be overwhelming. Here's your cheat sheet for some of the terms and acronyms you will likely encounter during your home buying journey. Amortization: The process of paying off a loan through a series of fixed payments to a lender. APR (Annual Percentage Rate): The total cost of securing financing in a mortgage transaction, expressed as a percentage. Appraisal

Thinking about buying a home but have some anxiety about funding the down payment? Read to learn myths versus realities of down payment costs, as well as helpful savings tips that will turn your dreams of home buying into reality. Down Payment Myth v. Reality You don't need 20% down to settle down. Due to the traditional 20% #downpayment of old, many people give away money in rent longer than necessary thinking they could never afford to own their own house. This is not the c

You purchased your home and are ready to put your new kitchen to use. Great! Now, what do you cook? Read on for a delicious recipe for lemon-butter shrimp over couscous. This is a quick, easy meal sure to wow any guests. Ingredients: * 4 tablespoons butter * 4 cloves of garlic * 1 cup white wine * 2 fresh lemon slices * 8 oz frozen shrimp * 1 cup frozen corn * 1 handful fresh sugar snap peas (in pod) * 2 fresh green onion/scallions * 16 ounces broccolini * olive oil * salt *

You have successfully become a homeowner. Congratulations! Now what? Here are 14 essential items to take care of during your first year of homeownership. Turn on utilities: As a new home owner, you will need to set up your utilities in your name. The essentials, power and water, should be first. You will also want to set up phone, internet, cable, and any other subscription services you will want active at your new address. The sooner you get these essentials up and running,