Understanding the Debt-to-Income ratio: what it is and why it matters When you begin the homebuying process and apply for a home loan, you will encounter a term known as debt-to-income ratio. Debt-to-income ratio, or DTI, is the sum of all your monthly debt obligations divided by your gross monthly income. This is …
VA loans and maximizing veterans benefits
Celebrating Veterans Day: a spotlight on VA loans for our heroes As we gather to honor and celebrate Veterans Day, it’s a moment to reflect on the sacrifices made by the brave men and women who have served in our armed forces. One of the most significant ways we can support our veterans is by ensuring they are aware …
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Mortgage refinance: 7 key factors
Is now a good time to refinance? Refinancing in South Carolina can be a good financial move depending on several factors, such as interest rates, your credit score, and your long-term financial goals. Right now, interest rates have fluctuated due to recent changes in the economy, so the best time to refinance is when …
TBD Underwritten Mortgage Approval
What is a TBD Underwritten Mortgage Approval? A “TBD underwritten mortgage approval” is a fully underwritten loan commitment in which an underwriter provides conditional approval for a mortgage loan even before the borrower has chosen a property. With a TBD or “To Be Determined” underwritten mortgage approval, some of …
Chenoa Fund down payment assistance
How does the Chenoa Fund work? The Chenoa Fund provides second mortgages to be used with FHA loans to cover the minimum down payment requirement when purchasing an FHA-insured home. In effect, pairing the DPA with an FHA loan requires no money from the borrower, and the entire cost of the house is financed. The …
MEP’s Rate Protection Program is a win-win for borrowers!
Every rental payment you make is building equity for someone else. Home values are predicted to continue to appreciate. The prices you see today are going to continue to rise. Don’t you want to realize that appreciation for yourself? MEP’s Rate Protection Program (RPP) allows you to get off the sidelines and buy the …
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