Savings Corner

DECEMBER 25, 2023

An important metric that your mortgage lender uses to calculate the amount of money you can borrow is the DTI ratio — comparing your total monthly debts (for example, your mortgage payments, including insurance and property tax payments) to your monthly pre-tax income. Credit profile. Debt and expenses.

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Calculators Debt Taxes Insurance 52

Savings Corner

APRIL 4, 2024

While you can’t cash out all of your home’s equity, the process gives you access to a larger sum of money without needing to sell your home. Your cost to borrow could be lower: Cash-out refinances often have lower rates than home equity loans , personal loans and credit cards. This can be a boon for your credit score.

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Refinancing Work Debt Home Improvement 52

Savings Corner

APRIL 4, 2024

In many ways, the process is like a less strenuous version of getting a purchase mortgage. Here’s generally how it works: The lender will do a credit check. The loan will go through the mortgage underwriting process. The process will be completed in an average of 30 to 45 days. You’ll pay for a home appraisal.

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Refinancing Work Debt Financial Goals 52

Family Balance Sheet

JUNE 8, 2018

Many years ago, our cash flow sucked, we put Christmas on a credit card, and I wasn’t sure how I was going to pay for a large tax bill. Necessary expenses could be: – Home: Mortgage/rent, utilities, insurance, taxes, necessary repairs. ” We’ve been there too. Budgeting is a lifelong habit.

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Budgeting Budget Financial Goals Goals 133

Savings Corner

DECEMBER 24, 2023

Whatever the economic state of the real estate market, buying a house can be an exciting and emotional process. Get started: You can get your credit report and score from each of the three major credit reporting agencies, Equifax, Experian and TransUnion, for free once a year.

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Real Estate Buy Buying Credit 52