Lenders have guidelines regarding max DTI (Debt to Income) to approve a loan. Many lendaers allow for DTI ratios up to 50%. Still, loans with higher DTI ratios typically have worse terms. Higher DTI may require a higher down payment to meet loan approval criteria.
The Crucial Role of Mortgage Pre-Approval in Home buying Embarking on the journey of homeownership is an exciting and significant step in one's life. Amidst the myriad of decisions and steps involved, mortgage pre-approval emerges as a pivotal process that lays the...
Illinois housing market is experiencing higher sales volume and prices. However, it is not as hot as last year due to high mortgage rates and low inventory.
Navigating Mortgage Payments: A Guide to Grace Periods, Late Fees, and Avoiding Foreclosure Embarking on the journey of homeownership is an exciting and rewarding venture, but it comes with a set of responsibilities. One crucial aspect that homeowners need to navigate...
Unveiling the Property Reassessment Landscape in Cook County: A Closer Look at 2023 Data The intricacies of property reassessment often mirror the ebb and flow of real estate markets, revealing interesting trends and insights into local economies. In Cook County,...
Plan your finances and consult an advisor before house hunting to set a budget within 30-35% of your income. Define must-have features based on lifestyle and plans to streamline the home-searching process after budgeting.Mortgage pre-approval helps serious buyers...
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