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- Home Equity 101: A Guide to Home Equity and How to Leverage It
- What Is A Reverse Mortgage
- What Is A Mortgage Rate Buydown and Can I Benefit?
- Cash-Out Refinance: Using Home Equity to Pay Off Debt
- Should I Get Pre-Approved Before Buying A House?
- Your Adjustable-Rate Mortgage: Is it Time to Refinance to a Fixed Rate?
- How to Get a Mortgage Pre-Approval for Buying a New Home
- Cash-Out Mortgage Refinance: What It Is and How It Works
- Cash-Out Refinance vs Home Equity Loans vs HELOCs – What’s the difference?
- 7 Essential Tips For Buying Your Next Home
- All About Your Credit
- Tips on Buying a New Home from Real Estate Pros
- 10 Things to Know Before Refinancing Your Mortgage
- How Do I Get My Home Ready to Sell? 7 Easy Steps
- What Are the Costs of Homeownership?
- What is PMI (Private Mortgage Insurance) and Why Am I Paying It?
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Mortgage Glossary
Housing Ratio
A calculation your lender uses to determine if you can afford a particular monthly payment: The total monthly housing payment (PITI - Principal, Interest, Taxes, and Insurance) is divided by your gross monthly income, and shown as a percentage. For example: PITI = $1,500 divided by gross monthly income = $6000, Housing ratio = 25%. This example shows an ideal housing ratio, one well below typically acceptable ratios of 28%-33% for conventional loans and 29%-31% for FHA loans. Also known as a front-end, or qualifying ratio.
HUD (U.S. Dept of Housing and Urban Development)
A government agency responsible for creating and operating federal housing and community development programs. It also oversees the Federal Housing Administration.
HUD-1 Uniform Settlement Statement
See Closing Statement.
Dreaming about owning your own home?
Having a financial plan before you look can help you better prepare for home buying costs.
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Wondering if you should refinance?
Here is a list of ten things you should know before refinancing.
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