Community Talks

15 vs 30 yr Mortgages

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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.

Mortgage Qualifying

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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.

Debt-to-Income Ratio

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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.

Fixed Rate vs Other Mortgages

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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. 

Smart Ways to Use a Tax Refund

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When a big pile of cash lands on your lap, it’s natural to want to do something fun with it. And perhaps you can — after you’ve put the majority of that money where you need it most.

Here are some good ways to use your tax refund.