Tagged : debt to income ratio 
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Your Next Indianapolis Mortgage Loan. Are You Ready?
Wednesday, April 18th, 2012 at 9:59am. 191 Views, 1 Comments.
You might see a house and feel that it is everything that you’ve ever wanted in your life. But have you asked yourself whether or not you’re ready to get your homeowner’s mortgage loan? Before you make an offer to get your home purchase mortgage loan, there are some vital factors that you should take into account. Failure to make regular and timely monthly payments on your mortgage loan may raise the possibility of seeking the help of a refinance home mortgage loan. Thus, getting a house beyond your affordability may get you into serious financial crunch in the long run. You can avoid such instances by considering the factors mentioned below. Read on to educate yourself so that you can end up taking a smart financial decision.
1. Shore up your…
Common Sense Tips for Obtaining a Home Loan
Tuesday, December 6th, 2011 at 8:22am. 4757 Views, 2 Comments.
Obtaining a home loan is often a tricky prospect, as there are a number of factors to consider beyond the interest rate. In short, it is best to investigate all aspects of obtaining and securing a home loan before committing to any particular lender or home loan program.
Here is a list of common sense tips that will help you when deciding on a home loan program:
- Just because a lender provides you with a “maximum loan” amount doesn’t mean you should consider it. A maximum loan amount is the amount the lender feels that you can comfortably afford; however, your personal finances may dictate something different. In other words, taking out the maximum loan amount may simply be too much for you to handle, so consider every aspect…
Nuances to Obtaining an Indianapolis Home Loan
Tuesday, April 26th, 2011 at 5:22am. 3829 Views, 0 Comments.
If you’re new to the home buying process, you may not be aware of many nuances of obtaining a home loan.
However, if you want to be sure you qualify for the best home loan program and the most competitive rates, you will need to make sure you consider every detail of the home loan process.
Here’s what you need to do before you apply for a home loan:
- Make sure your finances are in order – In short make sure your credit score is strong enough to qualify you for a home loan. The best way to get a clear picture of your credit is to order a copy of your credit report from the three credit reporting agencies. It is best to do this a few months ahead of applying for a home loan so you will have enough time to remedy any mistakes or…
When should you refinance your real estate mortgage loan?
Monday, December 20th, 2010 at 8:31am. 458 Views, 0 Comments.
If you had taken a mortgage loan for purchasing a new real estate property and you have fallen back on your monthly mortgage payments, you can easily go for mortgage refinancing. With the sluggish state of the US real estate market, lower mortgage rates and some significant cost-cuts, getting a new mortgage can become a simpler process. The banks and the primary financial institutions are of the opinion that hone affordability has improved in the mean time and this has increased in the number of mortgages taken by homeowners.
If you’re considering a mortgage refinancing for your present mortgage, you must also know when it is the right time to refinance. Though you can take advantage of the record low mortgage rates, you should also take into account…
VA Loans Explained
Wednesday, September 22nd, 2010 at 7:29am. 512 Views, 0 Comments.
If you have served your country as a member of the Armed Forces, then as a veteran, you may have another resource to help you buy your home. Since 1944, the U.S. government has offered a variety of benefits for those who have served in the military.
One of the benefits is mortgage insurance from the Department of Veterans Affairs, previously known as the Veterans Administration or "VA." Under the VA program, men and women who have served in the military service qualify for VA mortgage insurance. The advantage? VA insurance allows a qualifying vet to buy a home with nothing down.
Not every veteran will qualify for a VA loan. But if you do, VA will guarantee a maximum of 25 percent of a home loan amount up to $104,250, which limits the maximum…
How Much Home Can You Afford?
Monday, September 20th, 2010 at 9:28am. 740 Views, 0 Comments.
To arrive at an "affordable" home price, the guidelines for most lenders follow a pretty typical standard. There is allowed a total debt-to-income ratio of no more than 36 percent. Your debt ratio is the sum of your Princial+Interest+Taxes+Insurance and any other credit card or loan payments, divided by monthly gross income. Debt ratio will obviously be a higher percentage, since most people have other loans or credit card debt. Generally, your debt ratio should not be more than 36%. In this example, with monthly gross income of $5,000, your total loan payments (including the proposed mortgage loan payment) should not be more than $1,800.
Here’s a pretty safe rule of thumb: Most people can afford a home that costs up to three times their…
Searching for Fishers Indiana Foreclosures and Short Sales
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1Comments Read MoreYour Next Indianapolis Mortgage Loan. Are You Ready?
You might see a house and feel that it is everything that you’ve ever wanted in your life. But have you asked yourself...
1Comments Read MoreLighting That Adds Impact to Your Indianapolis Home
A guest post by Jennifer Riley Simone One element in home remodels that can be often overlooked is lighting. Well-planned...
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