LTV, or loan-to-value, is the percentage you are borrowing of the property value when you get a mortgage. IT affects the interest rates lenders charge
Use the rate quotes and loan estimates you’ve gathered from various lenders as leverage. Make it clear to your loan officer that you’re shopping around for best mortgage rates and willing to go with the best offer for your situation. Here’s an example: Let’s say Lender A gives you...
The “debt-to-income ratio” or “DTI ratio” as it’s known in the mortgage industry, is the way a bank or lender determines what you can afford in the way of a mortgage payment. By dividing all of your monthly liabilities (including the proposed housing payment) by your gross monthly...
A mortgage is a type of long-term loan you can use to help buy a house, flat or another type of property. In simple terms, it's an agreement between a lender and borrower, secured on a property. When buying a new home, most people don’t pay for it all in one go. Mortgages le...
4. Use a Retirement Income Calculator To get a clearer picture of how much you need to save, consider using aretirement income calculator. These tools can help you estimate how much money you’ll need to live comfortably during retirement based on your current savings, expected expenses, and ...
For those who rely on in-person interactions to collaborate on projects and get their job done, learning how to keep your team engaged andcontinue working effectivelytogether when you’re apart is the biggest challenge workers face right now. ...
There are several ways that you can use debt to grow your wealth. It’s important to take on debt for the right reasons and with a clear strategy in place.
However, you can claim your gambling losses as a tax deduction if you itemize your deductions. Your deductions for gambling losses can’t exceed the gambling income you claimed. You can’t use gambling losses to reduce your other taxable income. Depending on the amount you win and t...
The refinance loan comes with a new interest rate (ideally lower) and a freshmortgage term, such as another 30 years, or a shorter 15 years. The existing mortgage is effectively paid off by the opening of the new refinance loan, with the old loan balance transferred to the new loan. ...
When it comes to PMI, if you have less than 20% of the sales price or value of a home to use as a down payment, you have two basic options: Use a stand-alone first mortgage and pay PMI until the LTV of the mortgage reaches 78%,at which point the PMI can be eliminated.2 ...