Mortgage Affordability

You’re ready to buy a home. You’ve put in an offer and the seller has accepted it. Congrats! Now, you’ll be expected to pay a small sum of money upfront to: These upfront payments can take different forms. The two most common are the earnest money deposit and the due diligence fee.  Earnest Money Deposit:...

If it feels like a down payment is standing between you and homeownership – you’re not alone. Coming up with enough cash for a down payment on a mortgage is no easy feat, even if you save every penny you can.  In 2022, the average down payment for middle-tier homes (homes priced between 75% and...

If your credit score is low, you might think you’ll never be able to own a home – but that’s not always true. While a good credit score can unlock the doors to homeownership, aspiring home buyers with less-than-good credit aren’t shut out of the real estate market either.  We can tell you what it...

Just when you thought you learned everything you needed to learn about buying a home, you come face-to-face with one of the last pieces of the process: closing costs.  In a 2020 survey of REALTORS®, the National Association of REALTORS® reported that 25% of people ready to buy weren’t fully educated on closing costs.  Handing...

But when it comes to getting a conventional mortgage, new isn’t always better. That is, when it comes to starting a new job during the process.  In fact, it can potentially complicate the process.  When you apply for a mortgage, the lender wants to see your recent job history because it lets them assess your...

Traditionally, a lot of home buyers have seen building a brand new home as the ultimate homeowner experience to aspire to. That’s still true, but nowadays, older homes are gaining a lot more interest (just ask the producers over at HGTV). And despite the renewed interest in historic homes and remodels, building a house from...

For many home buyers – especially first-time home buyers – it can be hard to save up enough money to cover all your home buying expenses, including your closing costs. If saving enough to cover your closing costs is what’s standing between you and buying a home, you’re not alone – and you’ve got options....

Whether it’s a bad first date, an awkward family dinner or a client meeting that goes on forever, life is full of situations that may require a smart exit strategy. The best exit strategies are as drama-free as possible and can reduce or eliminate any hard feelings. Home buying can be a lot like that,...

Home buying can be a challenging experience for a variety of reasons. One of the biggest challenges for home buyers is saving up enough money to cover a down payment. Maybe that’s why a study from the National Association of REALTORS® (NAR) found that in 2019 more than 32% of first-time home buyers got a...

Buying your first house can be like buying a new motorcycle. Yeah, it costs a significant amount, but you’re pretty sure the payments will be just within your budget, so you get a loan. Before you know it, you’re paying for motorcycle lessons, insurance, a carbon fiber helmet, a synthetic leather motorcycle jacket, constant repairs...

You’ve probably asked yourself a very common question at the start of your home buying journey: How much house can I afford?  Knowing how much house you can afford will help you create a realistic budget and find your dream home in your dream price range. Luckily, we can do the math for you. Use...

Thinking about buying a home and getting a mortgage to pay for it? Then you need a crash course in debt-to-income (DTI) ratio. Lenders use your DTI to determine if you’ll be able to afford your monthly mortgage payments. That’s why knowing this powerful percentage can help you get a mortgage. What Is Your Debt-to-Income...