Ratios and other considerations
If you don't own a home, this will be the numerator of your PITI ratio.
What is rent?
Many of us have had to take out these in order to pay for the Mac program.
What is student loans?
There are this many Key metrics that make up a person's FICO Score.
What is 5?
The most common mortgage obtained lasts for this many years.
What is 30 years?
You must pay for this so the lender can determine the loan to value.
What is appraisal?
Monthly debt payments divided by gross monthly income.
What is Debt-to-Income ratio?
In order to reduce one's financial stress when unexpected expenses arise, one should establish this.
What is an Emergency fund?
This metric makes up 35% of a FICO score.
What is Payment History?
This type of mortgage's monthly principal and interest remain constant through the term.
What is fixed rate mortgage?
Covers the cost of making the loan
What is origination fee?
Emergency funds should be held here.
What are liquid investments?
Income before taxes and other payroll deductions.
What is gross income?
Card balances divided by total credit limits.
What is the utilization rate?
This mortgage is used for primary, vacation or investment home purchases.
What is conventional mortgage?
The fee that is used to pay for the preparation of documents is paid to these parties.
Who are Attorneys?
Realistic budget for monthly payments, estimated down payment, recent credit report and credit score
What are information to consider before buying a home?
Another more common name for the Federal National Mortgage Association.
What is Fannie Mae?
Methods for paying off debt.
What are Avalanche and snowball?
This mortgage meets the maximum limits of Fannie Mae and Freddie Mac.
What is conforming mortgage?
Recording fees are required for this purpose.
What is to record any liens on the deed?
Originators may need to purchase private mortgage insurance if this ratio is too high for a guarantor.
What is loan-to-value?
The type of mortgage that would be considered safer if one does not plan to stay in a home for more than 10 years.
What is Adjustable Rate?
Pause in repayment, income based repayment plans, and the potential for forgiveness.
What are reasons not to refinance student debt?
The unpaid balance must be either paid off in its entirety or refinanced at the then-current interest rates.
What is balloon payment?
You will fund this to ensure the payment of insurance and taxes.
What is escrows?