Loan-to-Value Ratio Explained
When you’re buying a home, you’re likely to hear a lot of terms, some of which you may be unfamiliar with. One of those might be the loan-to-value ratio or LTV. LTV is a comparison between the amount of the loan you hope to borrow against the appraisal value of the property you’re trying to buy. Lenders use this comparison to determine the level of risk a loan is for them, as they’re deciding to approve or deny it.
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How Do Student Loans Affect Your Ability to Buy a Home?
As of August 2021, student loan debt in the U.S. totals $1.73 trillion, and it’s growing at a rate six times faster than the country's economy. There are more than 43 million student borrowers in debt, and they have an average debt load of $39,351 each. There are a lot of negative ways carrying student loan debt can impact your life. One of those is affecting your ability to get a mortgage and buy a home.
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RE/MAX National Housing Report
October Homes Sales See Atypical Drop, Squeezed by High Median Price, Record-Low Inventory
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Credit Inquiries: Hard, Soft and No In-Between
When you get a copy of your credit report, you’ll see much more than just the credit accounts you have or have had. You can see your mortgage history, for example. You’ll see the original balance, the current balance, how old or new the mortgage is and what the monthly payments are. Next, you’ll see your payment history which will show any payments made more than 30, 60 and 90 days past the due date.But the credit report will show more than just your credit accounts.
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When Refinancing, Are You Just Starting All Over?
When refinancing a mortgage, it’s usually because rates have dropped but there are other reasons as well. You might want to change the term of your loan, say switching from a 30 year loan to a 15. Or, maybe there’s a balloon payment coming up soon that you want to avoid. Whatever the reason, some may ask if refinancing is simply starting all over with a brand new loan. The answer is no, but there needs to be some other issues addressed.
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Corvallis Market Conditions
Shape of the Current Market: Fall 2021
October Real Estate Roundup
Freddie Mac's results of its Primary Mortgage Market Survey® shows that "The yield on the 10-year Treasury note has been trending up due to the decline in new COVID cases, increasing consumer optimism, as well as broadening inflation and persistent shortages. Mortgage rates are also rising, but purchase demand remains firm, showing that latent purchase demand exists among consumers."
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