Blog
P.I.T.I: Understanding the four parts of your mortgage payment
If you plan on purchasing a home, you will likely take out a home mortgage. Since your monthly mortgage payment is a combination of four charges bundled into one, it’s essential to understand each element of your overall payment and how it can fluctuate over time. Using the acronym P.I.T.I. can help you remember. (more…) ...
What is a debt-to-income ratio, and how can you improve it?
DTI ratio, or debt-to-income ratio, is the amount of debt you pay off each month in relation to your gross monthly income. This number lets your lender know how much of your overall income will be available to cover your mortgage and is represented as a percentage. For example, if 50% of your income goes to debt payments, you’ll most likely need to reduce debt before taking on the financial responsibility of a home. (more…) ...
Before you buy, determine how much house you can afford
Whether it’s your first home or your second, buying a home is an exciting adventure, and getting lost in the moment can be easy. But take a step back and ask yourself: How much house can I realistically afford? (more…) ...
How good faith estimates and the Truth in Lending Act protects borrowers
According to the United States Attorney’s Office, “Predatory lending practices, broadly defined, are the fraudulent, deceptive, and unfair tactics some people use to dupe us into mortgage loans that we can’t afford.” An educated homebuyer, as well as laws that loan officers are required to follow, safeguards borrowers against predatory lending: (more…) ...
What is a home inspection?
A home inspection is one of the most important steps in the homebuying process. This type of inspection will provide a potential homebuyer with valuable insight into the condition of their future residence and should not be overlooked or waived. (more…) ...
Understanding the fees in your good faith estimate
Are you having trouble understanding the good faith estimate on your mortgage loan? You know that the fees can add up, but do you know what each of them are for? You have a right to question any charge at the closing of a home that you may consider excessive and/or unexpected. Being able to identify these fees may be able to save you hundreds of dollars. (more…) ...
Loan estimate vs closing disclosure. What’s the difference?
When obtaining a home loan, you’ll receive two important documents from your lender: a loan estimate and a closing disclosure. On the surface, these documents are very similar, but they both serve different purposes. Here’s what you need to know about the differences between these two forms and what each means for you: (more…) ...
Why get a home environmental inspection?
Home inspections are an essential part of the homebuying process. Evaluating the condition of the home and identifying problems in areas such as roofing, plumbing, or foundations will help prevent unwelcome surprises that might crop up after purchase. But have you ordered a professional environmental inspection? (more…) ...
4 Tips for purchasing a home with a variable income
When qualifying a homebuyer for a mortgage, lenders need to verify that the borrowers have a steady income. If you have an irregular or variable income, this process becomes more complex. It’s possible to purchase a home with a variable income, but it does take some extra considerations. (more…) ...
Easy ways to take control of your finances in 2023 and beyond
Are you tired of feeling like your finances are out of control? Whether you’re a young adult just starting out, or an empty nester adjusting to a fluctuating income and retirement expenses, it can be hard to keep up with the constant changes in your budget. This especially comes into focus when looking to buy a new home, when your finances will be reviewed to qualify for a mortgage. (more…) ...
The information provided herein has been prepared by a third party company and has been distributed for education purposes only. The positions, strategies or opinions of the author do not necessarily represent the positions, strategies or opinions of Guild Mortgage Company or its affiliates. Each loan is subject to underwriter final approval. All information, loan programs, interest rates, terms and conditions are subject to change without notice. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction.
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