Starting to Shop for a Mortgage? How to Assess Your ‘Debt-to-Income Ratio’ and Why This Number Matters


neiljcoleman

Starting to Shop for a Mortgage? How to Assess Your 'Debt-to-Income Ratio' and Why This Number MattersThose who are looking to buy a home may want to start by shopping for a loan first. Having financing ahead of time may make it easier to get sellers to take a buyer seriously and help move along the closing process. For those who are looking to get a mortgage, the most important factor for having a mortgage application approved is the debt-to-income ratio of the borrower.

What Is a Debt-to-Income Ratio?

A debt-to-income ratio is simply the percentage of debt compared to the amount of income that a person brings in. If a person brought home $1,000 a month and had $500 worth of debt, that person would have a DTI of 50 percent. To improve the odds of getting a home loan, experts recommend that potential borrowers keep their DTI under 43 percent.

What Debt Will Lenders Look At?

The good news for borrowers is that lenders…

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Dawson Park Summer Events 2014


Eliot Neighborhood

Concert 2013 2013 Dawson Park Concert

Summer is here and that means another great season of entertainment at Dawson Park! As you may have noticed, the park has been undergoing an extensive remodel over the last year and the concerts will serve as a great way to celebrate the new and improved park. The 2nd concert will begin early with a Park Dedication Ceremony. This year, our committee raised enough money to host 4 concerts and one movie night! These events are Free To The Public and are a great way to spend an evening out in the neighborhood. Concerts start at 6:30pm. During movie night, live performances by local musicians and free popcorn begin at 6:30pm and the movie starts at dusk. Here is our fantastic lineup:

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Should You Finance The Sale Of Your Home By Yourself?


neiljcoleman

Should You Owner Finance Your Home For Sale?You’ve decided to put your home up for sale. Now, how are you going to make the most money selling it and get it sold the fastest? Perhaps you should consider providing owner financing, also known as seller financing.

Why Isn’t The Buyer Getting Bank Financing?

Usually a buyer gets bank financing when buying a home. If the buyer approaches you with a deal that involves you doing the financing, you’ll want to ask why.

It could be that they can’t afford a big down payment, and can’t be approved for a loan without it. Or, they may not be able to get financing at all, due to no credit or bad credit.

In that case, you’ll want to evaluate if you can afford the risk. Can you make the monthly mortgage payment in the event they default?

If you determine that the deal isn’t too risky, you can finance…

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