Depending on the type of home loan or refinance option you are looking at, your lender may require private mortgage insurance (PMI). But what exactly is private mortgage insurance, and how much additional cost will it add to your monthly mortgage payments? Are there things you can do to avoid paying PMI? Here we take …
How is PMI Calculated: Guide to Private Mortgage Insurance Read More »
When applying for a new home mortgage, lenders look at a variety of different factors in order to determine whether or not a home buyer has the ability to repay the loan and how high a risk they may be to them. These factors can include your credit score, debt-to-income (DTI) ratio, and employment history. …
Can You Apply for a Mortgage Without 2 Years of Working History? Read More »
When looking to purchase a home, most borrowers are familiar with the debt-to-income ratio, or DTI, as it is an important factor when it comes to mortgage approval. However, if you are considering a VA loan, another factor, known as residual income, holds much more weight. In fact, exceeding the minimum residual income requirement for …
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