On the fence about buying now vs waiting a bit?
Here is a helpful analysis we put together so you can see what it costs you to wait!
If you need specific advice or guidance (or would like custom numbers), we'd be happy to help.

Comments

Post a Comment

Popular posts from this blog

How can I get a mortgage with low income?

 Getting a mortgage with low income can be challenging, but it is possible. Here are some tips to help you increase your chances of getting approved: Improve your credit score: A higher credit score can help you qualify for a lower interest rate, which can make your mortgage more affordable. Paying bills on time, keeping credit card balances low, and disputing errors on your credit report can help improve your credit score. Explore government-backed loan programs: Government-backed loan programs such as FHA and USDA loans may have lower income and credit score requirements than conventional mortgages. These loans can also have lower down payment requirements and may be more flexible when it comes to income verification. Find a co-borrower: Having a co-borrower with a higher income and credit score can increase your chances of getting approved for a mortgage. However, it's important to note that both borrowers will be equally responsible for repaying the loan. Consider a lower-price...
Read more

How much income do I need for a mortgage?

 The income you need for a mortgage will depend on a variety of factors, including the size of the mortgage you are applying for, the interest rate, your credit score, and your debt-to-income ratio (DTI). Generally speaking, lenders prefer that your total monthly debt payments, including your mortgage payment, be no more than 43% of your gross monthly income. To get a rough estimate of how much income you'll need for a mortgage, you can use a mortgage affordability calculator. These calculators take into account factors such as your income, debts, and expenses, as well as the size of the down payment and the interest rate, to estimate how much house you can afford. HERE is an awesome (and ad free) one!  Keep in mind that the income requirements for a mortgage can vary widely depending on the lender and the type of loan you are applying for. Some government-backed loan programs such as FHA and VA loans may have more flexible income requirements, while conventional loans may re...
Read more

How can I get approved for a mortgage quickly?

 Getting approved for a mortgage quickly depends on several factors, including your credit score, income, debt-to-income ratio, and the lender you choose. Here are some tips that can help you speed up the process: Check your credit report: Before you apply for a mortgage, check your credit report to ensure that it's accurate and up to date. If you find any errors or discrepancies, dispute them with the credit bureau. Get pre-approved: Getting pre-approved for a mortgage can help you speed up the process once you find a home you want to buy. Pre-approval involves submitting documentation such as your income, employment, and credit history to a lender, who will then give you a conditional approval for a specific loan amount. Provide all required documentation: Make sure you have all the documentation required by the lender, such as tax returns, bank statements, and pay stubs, ready to go. Having all the necessary paperwork in order can help avoid delays in the approval process. Be re...
Read more