Yes – all loans or lease payments change your debt to income ratio. Let’s talk about how it works. If your house payment is $1800 including property taxes and insurance. Your car payment is $300, your student loan payments are $200 and your credit card payments are $100, your total monthly payments are $2400 per […]

There are several different financing options for solar panels that both current and future homeowners need to be aware of.  The net effect of the associated monthly payments and resulting qualifying debt to income ratios can vary. OVERVIEW: Solar Panel Financing Options: PACE | HERO | ELTAP:          Effect on DTI for Refinance: NO – […]

The Closing Protection Letter protects the lender and/or the buyer – the insured party – if there is misconduct by the closing agent. It’s a contract between a title insurance company and a lender. The protection is for the actual loss of funds incurred due to the closing agent’s misconduct. The CPL explains the requirements […]

Per diem interest is the dollar amount you pay in interest on your mortgage per day. This is how it is calculated. One way is to take your interest rate, divide it by 365 and multiply it by the principal balance of your mortgage. An example: 3% interest rate for a $300,000 mortgage is .03/365 […]

While it may not be the answer borrowers want to hear, repairing your credit is the best thing to do before you submit a mortgage application. A higher credit score could save you thousands in interest payments, and give you more loan options. Sure, these rules work as a guide for a good score, but […]