When buying a home, one of the most critical financial decisions is determining how much of your income should go toward your mortgage. Striking the right balance ensures that you can comfortably afford your home without stretching your budget too thin. Lenders use various guidelines to help buyers determine affordability, but personal financial goals and lifestyle should also factor into the decision.
What’s Ahead For Mortgage Rates This Week – April 28th, 2025
While many useful indicators are set to be released this week, the previous week left us only with the Leading Economic Indicators, which showed signs of the economy slowing down in the future. Consumer Sentiment reports also indicated widespread dissatisfaction across all levels of income and education, largely due to the impacts of recent tariff decisions, which have been on hold.
Can I Finance Home Renovations Into My Mortgage at Closing?
Purchasing a home that needs renovations or upgrading your current home can be costly, but financing home improvements through your mortgage can be an effective solution. Instead of taking out a separate loan for renovations, some mortgage programs allow you to roll the cost of home improvements into your home loan at closing. This strategy can help you spread renovation costs over time while securing a potentially lower interest rate compared to personal loans or credit cards.
Unlocking Government Grants for Home Renovations and Improvements
Home renovations can be a significant financial undertaking, but government grants and assistance programs can help offset costs for eligible homeowners. These grants are designed to promote energy efficiency, accessibility, and overall home safety. Understanding the available options and how to qualify can make a substantial difference in financing your home improvement projects.
How Child Support and Alimony Payments Affect Mortgage Qualification
When applying for a mortgage, lenders carefully assess your income and debt to determine your ability to repay the loan. If you receive or pay child support or alimony, these payments can significantly impact your mortgage qualification. Understanding how they factor into your debt-to-income (DTI) ratio, income calculation, and overall loan approval process can help you better prepare for home financing.
The Pros and Cons of Using Gift Funds for Down Payments
For many homebuyers, especially first-time buyers, saving for a down payment can be one of the biggest hurdles to homeownership. Fortunately, gift funds, money given by family members, close relative, or even an employer can help bridge the financial gap. While using gift funds can make homeownership more attainable, there are important benefits and potential drawbacks to consider before relying on them.
What’s Ahead For Mortgage Rates This Week – April 21st, 2025
While the week had a significant absence of impactful data releases, there are still the notable U.S. retail figures numbers, as the turbulent tariff policies that have been announced have sent shockwaves across many industries. This time the U.S. retail sales have seen a significant jump as consumers try to get ahead of the tariff policies, although it is suspected that the subsequent data will show a significant curtailing of purchasing power by consumers. This restraint in the future is what has most analysts concerned about the future in addition to inflation rising as a result of the tariff policies.
What Every Buyer Should Know About Home Appraisals
Buying a home is an exciting yet complex process, and one critical step often catches buyers off guardâthe home appraisal. This professional evaluation determines the fair market value of a property, ensuring that both you and your lender are making a sound investment. Understanding how appraisals work can help you navigate this stage with confidence and avoid potential roadblocks.
Why Did My Mortgage Lender Change?
Buying a home is one of the most significant financial steps youâll ever take. After securing a mortgage, you expect to send your payments to the same lender for years to come. So, when you receive a notice saying your mortgage has been sold and your payments should now go to a different company, it might feel alarming.
The Facts and Fictions of Reverse Mortgages
A reverse mortgage can be a powerful financial tool for homeowners aged 62 and older, providing access to home equity without the burden of monthly mortgage payments. If you're considering this option, here's a step-by-step guide to help you navigate the process.
