Tagged : financial tips

Found 4 blog entries tagged as "financial tips".

Debt-to-income (DTI) ratio determines what mortgage you’re eligible for. So before getting pre-approved, your mortgage advisor will review your income and debts to help you understand where you currently stand. 

In this article, we’re going to look at what a debt-to-income ratio is and what to expect when you apply for a mortgage so that you’ll be prepared when you start househunting.

What is Debt-To-Income Ratio?

The debt-to-income ratio compares a borrower’s monthly debt payments to their monthly gross income. When someone applies for a home loan, lenders use the ratio to help determine their ability to repay monthly payments and accumulate additional debt. 

When you apply for a home loan, you’re required to meet maximum DTI

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Follow these tips and expert insight to help you get your budget in order and get yourself ready to buy your first home.

1.) Organize Your Finances

You may know how much you have in your bank accounts, but do you know how much you spend on household expenses and luxuries each month? Or which credit card has the highest interest or balance? 

Getting a good handle on your money starts with a clear idea of where your money is going. This info will also help you determine what you can afford and your homebuying timeline. Start by breaking down your finances into the following categories:

  • Start with creating a basic budget for items like housing, groceries, and gas.
  • Account for an emergency saving --In case of an accident or other
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Removing negative marks from your credit report isn't just for raising your credit score. It's also the key to getting approved for a home loan with a favorable interest rate. Use these strategies to eliminate negative information from your credit report.

Did you know that there are loan programs specifically for those with less-than-perfect credit? Contact Legacy Home Loans to learn about your mortgage options and how you can qualify while rebuilding your credit!

How to Remove Negative Marks on Your Credit Report

Submit a Dispute to Credit Bureau

The Fair Credit Reporting Act is a Federal law that says you have a right to an accurate report and can dispute any errors. The easiest way to that is online, but you can also mail your

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In 2018, the US enacted significant tax reforms. Homeowners like you are among those who will have taken note of these changes, and may be wondering: under the new code, what are the tax breaks for second homeowners? Does it matter whether the second home is going to be a rental or a vacation getaway, or whether it’s a boat or a chalet?

When comparing the new tax code to the pre-2018 rules, there are four key ways the new tax code affects second homeowners. If you’re considering buying a second home or want to know how the new rules will impact your plans for an Airbnb income stream, read on! Our team at Parks has the information to help you second homeowners make the most of each potential tax break in 2020.

1.) Tax Breaks on Second Homes

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