Many homeowners assume that if they did not refinance when rates hit historic lows, they missed their chance. But the truth is, refinancing is not only about chasing the lowest possible rate. It is about improving your overall financial picture. Depending on your current loan, interest rate, and personal goals, refinancing could still save you money or help you reach new financial milestones.
The One Number More Important Than Your Credit Score for Mortgage Approval
When it comes to getting approved for a mortgage, most people immediately think of their credit score. While it is definitely important, there is another number that can play an even bigger role in your approval, our debt-to-income ratio. Also known as DTI, this number gives lenders a clearer picture of your ability to manage monthly payments and overall debt.
