19 Apr 2022
By Tawnya King

Til’ Debt Do Us Part: How to Get a Mortgage If One Spouse Has A Poor Credit Score

Home Mortgage Tips
A poor credit history is a reality for many people, but it can be particularly daunting when it comes to investing in a house. Fortunately, if you or yours have experienced bad credit doesn't mean that you should be penalized in the future. If your spouse has struggled with bad credit in the past but you're both preparing to move forward and invest in a home, here are some tips for getting it together financially. Face The Music Many people who have bad credit are too scared to take a look at their credit report and broach it honestly, but…
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18 Apr 2022
By Tawnya King

What’s Ahead For Mortgage Rates This Week – April 18, 2022

Financial Reports
Last week’s economic reporting included readings on monthly and year-over-year inflation and the preliminary reading on consumer sentiment from the University of Michigan. Weekly readings on mortgage rates and jobless claims were also released. Gas Prices Drive High Inflation in March Consumers felt near-record pain at the pump in March as gas prices continued to rise. Month-to-month inflation increased by 1.20 percent in March as compared to February’s month-to-month inflation rate of 0.80 percent. Analysts expected inflation to rise by 1.10 percent in March. The extent of rapidly rising gasoline prices on inflation is evident when comparing readings for the…
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15 Apr 2022
By Tawnya King

How to Calculate Your True Cost of Living and Determine How Much Mortgage You Can Afford

Home Mortgage Tips
A monthly mortgage can seem like enough of a financial responsibility on its own, but there are many factors involved in home ownership that affect its fiscal feasibility. If you're in the market for a house and are wondering how your income will stack up against the rest of your expenses, here's how to determine a home cost that's reasonable for you. Determine Your Down Payment Before you start with anything else, you'll want to determine the amount of money you can put down so you can estimate your monthly payments. The traditional amount for a down payment is 20%…
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14 Apr 2022
By Tawnya King

Common Fees During Refinancing

Mortgage
As interest rates fluctuate, you might think about refinancing your mortgage. This is the cost of taking out a new home loan to replace the one you currently have. If you get a significantly lower interest rate, you could save tens of thousands of dollars over the life of the mortgage. On the other hand, you need to think about potential expenses you might incur during the refinancing process. Because you are taking out another home loan, you may need to pay closing costs a second time. What are some of the most common expenses you might have to pay?…
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13 Apr 2022
By Tawnya King

Taxes And A Cash-Out Refinance: What To Know

Mortgage
If you decide to go through the refinancing process, there are several options available. One of the most popular options is a cash-out refinance. Essentially, you capitalize on the difference between current interest rates and the interest rate on your home loan to keep your payments the same while also drawing equity out of your home in the form of cash. You can use this money to fund your retirement, complete home repairs, or do a renovation project. Even though you can do just about anything you want with this cash, what do you need to know about a cash-out refinance…
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12 Apr 2022
By Tawnya King

Understanding Your Debt To Income Ratio: What It Means

Mortgage
If you are looking for a home, you might need to finance it using a lender, such as a bank or a credit union. There are a number of factors that will influence whether your mortgage application is approved. Then, these same factors will play a role in the terms the lender might offer you. One of the most important factors is called the debt to income ratio, or DTI. It is important to understand how this will impact your mortgage application. What Is A Debt To Income Ratio? Your DTI is important to the lender because this allows the…
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11 Apr 2022
By Tawnya King

What’s Ahead For Mortgage Rates This Week – April 11, 2022

Financial Reports
Last week’s economic news included remarks given by Federal Reserve Board Governor Lael Brainard and the release of the minutes of the most recent meeting of the Fed’s Federal Open Market Committee. Weekly readings on mortgage rates and jobless claims were also released. Federal Reserve Leaders Prepared to Address Inflation Lael Brainard, a Governor of the Federal Reserve Board, addressed the central bank’s concerns over rapidly rising inflation in her remarks made at a financial conference in Minneapolis, Minnesota. “Currently, inflation is much too high and is subject to upside risks. It is of paramount importance to get inflation down”…
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