by Jennifer Ferri | Jan 13, 2014 | Financing
Watch this video and it’ll make sense. Pre-qualification is an informal way to see how much you maybe able to borrow. You can be ‘pre-qualified’ over the phone with no paperwork by telling a lender your income, your long-term debts and how large a...
by Jennifer Ferri | Jan 13, 2014 | Starting
Like the guy in the video says, the two don’t really compare at all. The one advantage of renting is being generally free of most maintenance responsibilities. But by renting, you lose the chance to build equity take advantage of tax benefits and protect...
by Jennifer Ferri | Jan 13, 2014 | Starting
As you’ll see in the video, the lenders consider your debt-to-income ratio, which is a comparison of your gross (pre-tax) income to housing and non-housing expenses. Non-housing expenses include such long-term debts as car or student loan payments, alimony, or...
by Jennifer Ferri | Jan 13, 2014 | Starting
Remember these pointers from the video: start by thinking about your situation. Are you ready to buy a home? How much can you afford in a monthly mortgage payment? How much space do you need? What areas of town do you like? After you answer these questions,...
by Jennifer Ferri | Jan 13, 2014 | Financing
Watch this video and take a few notes! First, devise a checklist for the information from each lending institution. You should include: the company’s name and basic information the type of mortgage minimum down payment required interest rate and points...
