Are you aware that your credit score can determine your mortgage interest rate? Our chart breaks down the numbers so you don't have to. What if You Lock In a Mortgage Rate — and the Rate Goes Down? Learn how to protect yourself from rising mortgage rates — and how you may be able...
Learn how to determine and calculate the equity in your home and your loan-to-value ratio (LTV) before considering refinancing or borrowing from your home's equity.
taxes or utilities. Total housing expense is a key component in the calculation of a borrower’shousing expense ratio, which is used by lenders to determine whether a borrower qualifies for a mortgage loan.
Additionally, a loan with a high LTV ratio may require the borrower to purchasemortgage insuranceto offset the risk to the lender. This type of insurance is called private mortgage insurance (PMI). Key Takeaways Loan-to-value (LTV) is an often used ratio in mortgage lending to determine the...
a title search fee, anappraisal fee, a recording fee, transfer taxes and other administrative costs. You cannegotiate some of these expenses, but know that lenders don’t determine the fees for most of these services. On the other hand, that may mean you can shop for these services, too...
Refinance your current home: If you already own a home, refinancing to lower your current payments can free up more income for a new mortgage. Everyone’s financial situation is different, so it’s always a good idea to consult with a mortgage expert to determine the best path forward. FAQ...
The higher the LTV ratio, the more risk for the lender. And the higheran interest ratethey’re likely to charge you. In other words, knowing how to determine equity in a home isn’t enough to determine how much money you can borrow. You also want to look at the CLTV you’d have,...
we will review. This highlyinteractive 5-day coursedescribes how projects can be managed using Process Groups and Knowledge Areas defined by PMI. It is suitable for anyone who wants to learn about well known best practices in project management, especially those who seek to obtain PMP ...
to focus onraising your credit scoreand increasing your savings. A higher credit score helps you qualify for a lower mortgage rate, and with more money you can make a bigger down payment. By paying more upfront you canavoid private mortgage insurance (PMI)and may qualify for a lower rate....
Again, review your PMI disclosures to determine when you qualify for cancellation. You can even prepay your loan’s principal to speed up your cancellation date. Some homeowners make an extra mortgage payment each year to reach 80% LTV faster. But even $50 extra each month can help cancel ...