22 Sep 2022
By 24hr Mortgage

Saving for a Mortgage Down Payment? 4 Tips That Will Help You Get There Faster

Home Mortgage Tips, ,
For most people, the idea of saving more money each month is enough of a burden without having to think about investing in a home. A down payment, however, will require a lot more saving know-how and a lot more in liquid assets in order to be able to buy. If you're trying to find ways to save a bit more each month, here are some sure-fire tips for raising the extra funds. Re-consider Your Commute Outside of rent, there are few things that will cost as much money as owning your own vehicle, so instead of holding on to…
Read More
21 Sep 2022
By 24hr Mortgage

Non-QM Home Loans: How Do They Work?

Mortgage, ,
There are a lot of people who dream of owning a home one day, but few people have the cash to purchase a home outright. Therefore, you will probably need to take out a loan to buy a house; however, what happens if you cannot qualify for a loan with the traditional loan requirements? If you are not a W2 employee, you may need to go with a Non-QM loan. What do you need to know? What Is A Non-QM Loan? A Non-QM loan is a non-qualified mortgage. What this means is that you do not meet the standard requirements to…
Read More
15 Sep 2022
By 24hr Mortgage

What To Know About Your Debt-To-Income Ratio When Buying A Home

Mortgage, ,
When you apply for a mortgage, your lender will do some quick math to figure out how much of a loan you can afford. Your lender will consider many factors, and one of the most important ones is your debt-to-income ratio. It is usually shortened to DTI, and understanding this formula can help you better understand how big of a house you can afford.  An Overview Of A DTI Your DTI represents the amount of money you spend compared to the amount you make. Your lender is going to have very strict DTI requirements when deciding whether you can be…
Read More
14 Sep 2022
By 24hr Mortgage

The Quick and Easy Guide to Determining How Big of a Mortgage Your Family Can Afford

Home Mortgage Tips, ,
Are you shopping around for a new house or apartment? One of the key considerations you will need to make is figuring out how much you want to invest in your new home. Below you'll find our quick and easy guide to determining just how much "house" you can afford. Let's get started! Start By Making A Proper Budget The first thing you'll want to do is sit down and get a full budget put together. The easiest way to get the process started is to begin with two lists: income and expenses. For the income list, write down the…
Read More
13 Sep 2022
By 24hr Mortgage

The Minimum Credit Score For VA Home Loan Approval: What To Know

Mortgage, ,
When you are applying for a home loan, you need to make sure that you meet the minimum credit score requirements. If you decide to go with a traditional loan, the credit limit can be high, making it hard to qualify for a home loan. In contrast, you might be able to qualify for a VA home loan with a much lower credit score. What do you need to know? The VA Does Not Have A Minimum Credit Score Requirement One of the major benefits of applying for a VA home loan is that you do not need to worry…
Read More
07 Sep 2022
By 24hr Mortgage

Should You Buy Mortgage Points?

Mortgage, ,
When you take out a home loan, you might have the option to purchase mortgage points. Essentially, this is money that you pay to the lender upfront in exchange for getting a lower interest rate over the life of the loan. If you got a great deal on the house, you might have some extra cash on hand. Should you use that money to buy down the interest rate? This is a math problem that you need to calculate for yourself. How To Do The Math If you want to figure out if the mortgage points are worth it, you…
Read More