How to Calculate Your Debt-to-Income Ratio
When you are ready to apply for a mortgage loan, your lender will ask you for all sorts of financial information. One of the things lenders do with this data is to calculate your debt-to-income (DTI) ratio. A DTI ratio is one of the most basic methods lenders use to determine how much of a monthly mortgage payment you can afford. You can calculate this number before talking to a lender so that there will be no surprises about how much you might expect to borrow. First, total all your monthly liabilities – including the potential housing payment - and divide that number by your g...
April 17th, 2019 | Credit, Fixed Rate Mortgages, Conventional Loans, Preapproval, How to Calculate Your Debt-to-Income Ratio
Can I Qualify for Down Payment Assistance?
One of the biggest obstacles to homeownership is coming up with enough cash for a down payment. When your own savings are not adding up quickly enough and you don’t have a rich uncle to tap for an early inheritance, you may find some help in a down payment assistant programs. Down Payment Assistance Programs Many state and local governments as well as local lending institutions and non-profit organizations have created down payment assistance programs because of their vested interest in helping residents and fellow community members become homeowners. Those who own homes are likely...
April 10th, 2019 | Purchasing a Home, First-time Homebuyers, Can I Qualify for Down Payment Assistance?
What is a 5/5 ARM?
If you are familiar with adjustable-rate mortgages (ARMs), you have probably heard of the 5/1 ARM or even the 10/1 or 1/1 ARM. There is a newer ARM loan available that is growing in popularity: the 5/5. Here’s everything you need to know about this unique loan product. What is it? The first number in an ARM refers to how long the initial fixed-rate period is, and the second number tells how often the mortgage rate can adjust thereafter. Thus a 5/5 ARM is one with a fixed interest rate for the first 5 years that will adjust every 5 years from that point on. While having an ...
April 3rd, 2019 | Adjustable Rate Mortgages, What is a 5/5 ARM?
5 Ways to Save Money on Your Mortgage
Mortgage interest rates have been near rock-bottom lows for many years but are likely to increase over the next few years. Even though you can no longer count on record low interest rates, there are plenty of things you can do to make sure you save money on your mortgage loan. Here are the top five: 1. Increase Your Down Payment By saving a little longer, getting money gifted to you by relatives, or selling off big assets, you could pull together a larger down payment. If you can bump up your down payment to 20% or more, you will avoid paying for private mortgage insurance, saving yourse...
March 27th, 2019 | Mortgages, Savings, Credit, 5 Ways to Save Money on Your Mortgage
Honoring women veterans who call Virginia home
RICHMOND, Va. (CBS19 NEWS) -- This week is Virginia Women Veterans Week, which honors the service of women in the military. On Monday, Governor Ralph Northam participated in a special kickoff event marking the beginning of the week. The pinning ceremony honored all women veterans who were present with a special lapel pin. This is the second year Virginia has devoted the third week of the month of March to recognize such women who have served in the U.S. Armed Forces throughout history. There will be an event in Charlottesville on Friday as part of the Virginia Festival of the Book, wh...
March 20th, 2019 | Virginia Women Veterans Week, Women in the Military, Governor Ralph Northam, Honoring women veterans who call Virginia home
Best Time of the Year to Buy a Home
Whether you have been saving up for your first home or you are ready to upgrade to a bigger place, you may be wondering if there is a “best” time to buy a home. While it depends on your priorities and your local market, there are some general home buying trends that could help you make your decision. Spring & Summer These are typically the hot home buying and selling months. That means there will be more listings to choose from as a buyer. However, that also means there will probably be lots of other buyers looking at those listings and the competition could heat up. You ...
March 20th, 2019 | First-time Homebuyers, Purchasing a Home, Best Time of the Year to Buy a Home