“House-rich, cash-poor” comes down to how much you have tied up in your home, compared with how much you have in your pocket. In other words, you have more equity locked into the value of your home than you have in liquid assets. For example, you have a debt-to-income ratio that is higher than 40 percent, which means your homeownership expenses
Making sure your credit is in the best shape possible before applying for a mortgage will put you ahead of the game. Not only is good credit important when it comes to being approved, but it also determines what interest rates you’ll be offered on your loan. That being said, a score of 730 and above is considered excellent, while
If you’re ready to buy a house, and you want it to go well and don’t want to regret your decision, here are some questions you should ask yourself first. Do I have money in the bank? Mortgage lenders like it when you have enough money for a 20 percent down payment. For example, if you’re going to buy
