What is Debt-to-Income Ratio? Debt-to-Income ratio is a percentage that tells lenders how much of your money you are spending each month versus the amount you have coming in. Your DTI is calculated using your total monthly obligations and dividing them into your total monthly gross income. This number will be a percentage known as …
Step 1: Determine How Much You Can Afford To Spend This first step in the home buying process is critical in having success when purchasing a home. You need to determine what you are comfortable spending each month on your housing payment. This won’t include figures like utility bills and maintenance although you should definitely …
Average Louisiana closing costs for home buyers will typically run from 2%-5% of the total purchase price of the home. More expensive homes will fall in the 2% end and less expensive homes would be closer to 5% If you are purchasing a home for $300,000 your costs would likely fall between 2-3% of the cost of the home. A $100,000 home would be closer to 5% of the cost of the home.
You probably know that you need a good credit score to get a mortgage. But what makes a good credit score? What does a credit score include? Knowing these answers can help you maximize your score and increase your chances of securing the lowest interest rates and the best mortgage terms What Is A Credit …
1. Get independent advice on your financial options. As independent mortgage brokers and mortgage associates, we are here for you. Our goal is to help you successfully finance your home or property with the right mortgage product for you. We’ll start by getting to know you and your homeownership goals. We’ll draw from available mortgage …
Before you look at homes, take a minute to understand the loan process. Placing a bid and signing a sales contract is just a small piece of the puzzle. Without a mortgage, the contract is useless. Before you even look at homes, you should start the loan process. Not only will you know how much …
How to Make an Offer on a Home You found your dream home, but now what? How do you make an offer on a home you want more than anything? Before you jump in with the highest bid possible, learn the simple steps to make a solid offer on a home. Have a …
Do you know the 3 things you need to know in order to get approved for a home? Check out this post as we dive in and talk about exactly what you need to do.
Buying a house is already confusing enough, right? And then you start talking to your Realtor, loan officer, title agent, lawyers, insurance agents and more. The terminology they use when communicating with you can be baffling, especially for first-time homebuyers. To help you better understand what everyone is talking about we put together a list …
So you’re thinking about buying a home but you want to make sure you stay within your budget. Congrats you are already ahead of the game! Most people give little thought to their budget until it’s too late. When setting your budget you need to know exactly what’s going to be included in your monthly …
*We don’t sell or spam your information and you will only be contacted in the manner you choose. This info is for Bayou Mortgage Only
