Debt-to-income (DTI) ratio is the percentage of an individual’s monthly gross income that goes toward paying debt such as credit cards, car payments, and student loans. Most importantly, this equation plays a key role in the mortgage qualification process. Here are a few details on exactly what DTI is, and what it has to do […]
About Enzo Fiorello
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Entries by Enzo Fiorello
After searching for what seems like forever, you’ve finally found the ideal home. But when it comes time to get a loan, you’re told you don’t qualify for a mortgage. That’s when you might consider getting a co-signer. Here are some advantages and disadvantages if you decide to go that route. You’ll also want to […]
As you’re nearing the end of your home-buying journey, you’ll want to avoid any hiccups. Here’s a checklist of tasks that buyers must complete before they move into their new home. The list covers five things that need to be squared away during the few days leading up to settlement. 1. Get final mortgage approval […]
Although your home has passed the inspection and the buyer has been pre-approved for a mortgage, the property still needs to be appraised for the deal to close. Appraisers are highly important when it comes to the home buying and selling process. Whenever a mortgage is originated—for a buyer to help finance a home purchase or […]
Following the financial crisis of 2008, lending standards tightened. Over the past 10 years, these standards have become less stringent but consumers are still finding their loan applications are being denied. There are many factors that are reviewed during this process but a few rise to the top. 1. Debt-to-income ratio Often referred to as […]
With today’s rising home prices and interest rates—not to mention outstanding student loans—young adults who have decided to purchase a house might want to consider asking their families for a cash gift or loan to help make the process more affordable. Below are some ways parents can help their children achieve their dream of homeownership. […]
A cash buyer can perform and close quickly, as well as provide sellers with a sense of comfort. However, that doesn’t mean that a serious buyer putting down 20 percent or more shouldn’t attempt to compete with the cash buyer—especially if they are gainfully employed; have cash reserves in addition to a down payment; have […]
When faced with daunting expenses paired with a monthly mortgage payment on their home, many retirees consider a reverse mortgage as a way to supplement their income, eliminate their mortgage payment and access needed funds so they may comfortably age in place. A reverse mortgage allows homeowners to access their home’s equity while maintaining ownership, […]
As millennials become more established in their careers and start families, they are increasingly becoming the biggest segment of the home-buying market. According to the National Association of Realtors’ 2018 Home Buyer and Seller Generational Trends study—which evaluates the generational differences of recent home buyers and sellers—more than one-third of all home purchases in the […]
Whether you’re preparing to take early retirement or planning to ride off into the sunset during your Golden Years, you’ve likely thought about how nice it would be to enter into this stage of your life without having to pay a mortgage. Without those monthly payments to your home lender, you’d then have additional finances […]
Buyers in today’s housing market are faced with numerous challenges. A low housing inventory leads to increased competition and heftier prices for the homes that are for sale – and don’t forget about the rising interest rates! Here are 3 tips on how to successfully handle the tricky housing market. 1. Be patient, but lock […]
Buying your first home can be challenging, especially when it comes to understanding the importance of a good credit score and how much cash you should offer up for a down payment. Here are six tips that offer a crash course on the basics to help you get up to speed. 1. What do I […]
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