Tagged : home mortgage

Found 2 blog entries tagged as "home mortgage".

When you shop around for a loan, you may encounter the term APR or annual percentage rate. Some people think that interest rates and APRs are the same, but in reality, there are subtle differences between the two.

This article will explain what an APR is and how it's calculated and applied when deciding which loan is best for your goals.

What is APR?

Homebuyers usually look at interest rates attached to loans and pick the ones with the lowest rates. However, the lowest rate doesn't always mean it's the most affordable loan. Relying solely on interest rates to determine affordability ignores other factors like fees attached to the mortgage.

However, when looking at the annual percentage rate, you'll have a more precise and complete

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Ever wonder why it's essential to keep your debt in check when applying for a mortgage or what debt matters to your approval? This article will help you answer these fundamental questions so that you're in a great position to get approved for a home loan.

All About Debt-To-Income Ratio (DTI)

Your debt-to-income ratio (DTI) is one of the most critical metrics lenders use to determine how much home you afford because it directly influences the monthly payment you can qualify for.

DTI is a ratio that compares your existing monthly payments with your gross monthly income before taxes. Depending on the mortgage program and your qualification metrics, two types of calculations are used in mortgage qualification: 

  • Front-end DTI -looks at the
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