How Technology Is Creating an Easier Mortgage Approval Process

Home Mortgage Tips , ,
From saving up for a down payment to sussing out the ideal lender, there are so many things involved in purchasing a home that can make it seem like a rather complicated undertaking. However, like a lot of things in our lives, technology has streamlined the process in recent years. If you're currently searching for a home on the market, here are some new technological advancements that may make buying a little easier for you. The Smart Phone Advantage The paperwork and requirements associated with a mortgage may not have changed much in recent years, but smart phones have provided…
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Assessing Your ‘Debt-to-Income Ratio’ and Why This Number Matters When Getting a Mortgage

Mortagage Tips , ,
If you are looking to buy a home, you may want to consider shopping for a loan first. Having your financing squared away ahead of time can make it easier to be taken seriously by sellers and help move along the closing process. For those who are looking to get a mortgage soon, keep in mind that the Debt-to-Income ratio of the borrower plays a huge role in the approval of your mortgage application. What is a Debt-to-Income Ratio? A debt-to-income ratio is the percentage of monthly debt payments compared to the amount of gross income that a person earns each…
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Is It Possible That Your Gender May Influence Your Home Mortgage Approval?

Housing Analysis , ,
If you are applying for a joint mortgage on your property with your spouse or partner, the name that goes first could have more of an impact than you might think. A 2010 study by the Woodstock Institute showed that mortgage lenders were inclined to show favoritism when men were the lead borrowers on joint applications. The study was undertaken within the Chicago area and it tracked joint applications for refinancing as well as home purchases. Over 250,000 applications were studied in the year 2010. Surprisingly, the study showed that home purchase applications that listed the female partner as the…
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