18 Mar 2025
By Mark Feder

How Debt-to-Income Ratio Affects Your Mortgage Eligibility

Home Buyer Tips
When applying for a mortgage, lenders evaluate several factors to determine your loan eligibility. One of the most critical metrics is your Debt-to-Income Ratio (DTI). Understanding how DTI impacts mortgage approval can help you better prepare for homeownership and improve your chances of securing the loan you need. What is Debt-to-Income Ratio (DTI)? DTI measures the percentage of your gross monthly income that goes toward monthly debt obligations. Lenders use this ratio to assess your ability to manage additional debt responsibly. There are two types of DTI: 1. Front-End DTI: Focuses solely on your housing expenses, including mortgage principal, interest, property taxes,…
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28 Feb 2025
By Mark Feder

How the Purchase and Refinance Mortgage Process Works

Home Mortgage Tips
When it comes to home financing, purchasing and refinancing a mortgage share similarities but serve distinct purposes. Understanding how each process works can help you make informed decisions about homeownership and financial planning. The Purchase Mortgage Process Buying a home starts with assessing your budget. Before house hunting, it's crucial to determine how much you can afford by evaluating your income, expenses, and existing debts. Getting pre-approved for a mortgage will give you a clear picture of your budget and strengthen your offer when you find the right home. Once you identify the perfect property, you make an offer, which…
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13 Feb 2025
By Mark Feder

How Obtaining a Mortgage Can Impact Your Credit Score

Home Buyer Tips
When considering homeownership, many potential buyers wonder: Will getting a mortgage help my credit score? The answer is yes—if managed correctly. A mortgage is a major financial commitment, but it can also be a powerful tool for building and maintaining strong credit. Here’s how a mortgage can affect your credit score and what you should keep in mind. Building Credit with On-Time Payments One of the most significant factors influencing your credit score is payment history. Mortgage payments, like other loans, are reported to credit bureaus. Making your payments on time and in full each month demonstrates financial responsibility and…
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06 Feb 2025
By Mark Feder

Ensure a Stress-Free Home Purchase with These Gift Fund Tips

Home Mortgage Tips
Imagine you are about to purchase your dream home, and a generous financial gift from family or friends is making it possible. It’s a moment to celebrate!  But did you know that mishandling gift funds can lead to delays, added stress, or even jeopardize your loan approval? Don’t worry, we are here to guide you through the process! Let’s explore the top mistakes homebuyers make when receiving gift money and how to avoid them. 1. Skipping the Lender Consultation Before accepting any funds, consult your lender. Gift money rules vary by loan type, and your lender will ensure the funds…
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