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What Does Ability To Repay Mean?
What are the “Ability to repay” rules about?
In a nutshell, as this video shows, new laws require lenders to make a good-faith assessment of a borrower’s capacity to pay back their loan over time.
It’s a longer-term view that goes...
What Is The Debt-To-Income Ratio (DTI)?
Measuring your existing debts against your existing income is one part of a lender’s required assessment of your ability to repay a loan.
Like the video says: debts are existing financial commitments; a car payment is a debt a gro...
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Are There Special Mortgages For First-Time Homebuyers?
Yes. Like the video shows, lenders now offer several affordable mortgage options which can help first-time homebuyers overcome obstacles that made purchasing a home difficult in the past.
Lenders may now be able to help borrowers who don't have a lot of money saved fo...
What Is Earnest Money, And How Much Should I Set Aside?
Like the video shows, “earnest money” is money you put down to demonstrate your seriousness about buying a home. It must be substantial enough to demonstrate good faith and is usually between 1-5% of the purchase price though the amount can vary with local...
How Can I Keep Track Of All The Homes I See?
There are some great tips in this video, like:
if possible, take photographs of each house: the outside, the major rooms, the yard and extra features that you like or ones you see as potential problems.
Write things down as you go. And don't hesitate to return for a...
What Does A Home Inspector Do, And How Does An Inspection Figure In The Purchase Of A Home?
As we show you in this video, an inspector checks the safety of your potential new home.
Home Inspectors focus especially on the structure, construction and mechanical systems of the house and will make you aware of only repairs that are needed.
The Inspector does n...
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