When determining your ability to qualify for
a mortgage, a lender looks at what is called
your "debt-to-income" ratio. A debt-to-income
ratio is the percentage of your gross monthly
income (before taxes) that you spend on debt.
This will include your monthly housing costs,
including principal, interest, taxes, insurance,
and homeowner’s association fees, if any. It
will also include your monthly consumer debt,
including credit cards, student loans, installment
debt.
Debt
to Income Calculator
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Hud
ARM booklet.pdf
Facts on Taxes
The average
property tax is 1.5 percent of the purchase
price of your property per year. So a house
that cost $250,000 will incur an annual tax
of about $3,750. However, that can vary according
to the area you buy into. You should find out
what the exact rate is in the area you're buying.
Contact the relevant government department,
which you'll find in the local phone book.
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When a marriage ends, whether by divorce or
death of a spouse, there can be a tremendous
financial impact. With less money to live on,
how can you protect your financial well-being?
View
a video
Subject: Finances for Divorced Widowed Women.
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Tips
for shopping for a Mortgage
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- Know
your credit score beforehand: Your credit
rating will determine whether you will be
offered a loan and what you will pay for
the loan.
- Have an idea of what your
needs are. How much will you need to borrow?
How much can you afford to pay each month
and still allow enough money for your other
living expenses?
- Once you know what your
credit history is and what you can afford
to borrow, shop around. Get loan quotes
from at least three different sources. Create
a worksheet to compare the interest rate,
points and fees from one lender to another.
- Never give false information
or allow a loan officer to submit false
information in an application on your behalf.
- Read all the information
on the application before signing it. Your
signature means you agree with the application.
Take the time to know if the information
is accurate.
- You may also check the
complaint history with us and your local
Better Business Bureau.
- Fees, interest rates,
and points are negotiable. Before paying
any fees know if they are refundable. For
example, any lender can waive an application
fee or make a fee refundable under certain
conditions.
- You may have the right
to cancel the loan within three days. Make
sure to ask the lender to provide you with
a "Notice of Rescission," also
known as a "Notice of Right to Cancel.
Mortgage Shopping Worksheet
Mortgage
Glossary
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