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Bellwether's Blog on life and money

15 vs 30 yr Mortgages

Posted in Main Blog
March 13, 2017
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A Closer Look: 15 Year vs. 30 Year Mortgages

Mortgage packages that are available these days are diverse and formulated to facilitate all kinds of circumstances. A person can easily feel overwhelmed because of the number of options available.

Choosing between a 15-year versus a 30-year mortgage plan is one such situation. Although the structure of both mortgage strategies are the same, there are some considerations to keep in mind before selecting a mortgage plan.

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Mortgage Qualifying

Posted in Main Blog
March 13, 2017
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Basics of Qualifying for a Mortgage

There is a lot of misconception out there when it comes to qualifying for a mortgage loan. For instance, the notion that from the lender’s perspective, loan eligibility is based only on a formula.

Although mortgage underwriters look at a variety of different information when determining loan qualifications, it ultimately comes down to four things: credit, equity, income and assets.

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Debt-to-Income Ratio

Posted in Main Blog
March 13, 2017
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Debt-to-Income Ratio: Why You Should Know Yours

Debt-to-Income (DTI) ratio is a personal finance measure that helps in identifying an individual’s debt payment in comparison to their overall income. It is a way through which a lender can determine your ability to repay the money that you have borrowed.

It is important that you do not confuse DTI with your credit card utilization, which is the amount of debt that you have accumulated in relation to your credit limits. Several lenders, especially mortgage or auto loan lenders, make use of your debt-to-income to determine your ability to pay them off responsibly. For example, a mortgage lender will use your DTI ratio to figure out how much of the mortgage you can afford to pay after all other monthly debts are paid off.

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Fixed Rate vs Other Mortgages

Posted in Main Blog
March 13, 2017
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Differences in Fixed Rate Mortgages and Other Mortgages

When purchasing property or refinancing a home, a borrower should consider the various types of mortgages available to fit within their needs and their budget.  

Listed below are a few different types of mortgages that are available to help you find the best type of loan to best suit your needs. 

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Pay Off Your Debt

Posted in Main Blog
March 13, 2017
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How to Pay Off Your Credit Card Debt

Many people carry revolving debt with their credit cards. Reducing debt can help one’s chances to be considered eligible for loans. 

The drawbacks associated with credit card debt require taking this issue seriously and adopting effective measures to pay off debt. Here are a few strategies to significantly reduce and even eliminate credit card debt.

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