The IRS uses your AGI and MAGI to determine whether you qualify for certain tax deductions or credits. If your AGI (or MAGI) is below certain thresholds, you may qualify for more tax deductions. Therefore, you may be wondering how you can reduce your AGI in order to c...
Mortgage payments are a massive burden on your wallet and they drain not just your monthly earnings, but also your retirement savings. When your mortgage term is more than 20 years, you end up paying a lot more than the what you bought the house for. This is largely due to the interest...
A loan term is the time a lender agrees to stretch out your payments. So if you qualify for a five-year auto loan, your loan term is 60 months. Mortgages commonly have 15- or 30-year loan terms. The months it takes to repay the money you borrow can significantly impact your interest...
taxes. That's true even after the kids have moved out, and you've paid off the mortgage. You can't avoid property taxes, so it's essential to pay attention to your local tax rate and assessed value. That way, you can prepar...
Simply put, having too much debt relative to your income will make it harder to qualify for some home loans. That's why many common forms of debt — like student loan debt or credit card debt— can be a major barrier to homeownership. Mortgage lenders want to make sure borrowers haven'...
How your DTI ratio can affect your mortgage rate Your DTI ratio is one of the primary factors lenders review to assess your risk as a potential borrower. Not only does DTI impact your ability to prequalify for a mortgage, it can also influence the interest rate a lender offers you on a...
How much house can you afford? Once you’ve figured out your upfront costs, knowing how that overall purchase price translates to your monthly mortgage payment will give you a better idea of what you can comfortably manage. Here’s a closer look at a few of the key factors lenders weigh...
Griffin Funding allows you to qualify for a loan with a DSCR as low as 0.75. However, a higher DSCR can get you better terms and reduce your interest rate. DSCR Formula Again, the debt service coverage ratio is the decimal used to compare your net cash flow to your mortgage debt. ...
Once you figure out the mortgage, or loan, you need, you’llapply through a bank.Below are three steps you can take to qualify for your mortgage and reduce your monthly payments. Qualifying for a Mortgage: Steps You Should Take Unless you’re paying for the house with a suitcase full of...
Use this HELOC payment calculator Excel spreadsheet to see how different factors impact your monthly payments. Get peace of mind that you can afford it.