Mortgage Information

Dec. 10, 2020

Debt-to-Income Ratio Affects Approval & the Interest Rate

Debt-to-Income ratio is a tool that lenders use to qualify buyers for a mortgage and is an important factor in determining loan approval.  It provides an indication of the amount of debt that a potential borrower is obligated to in relation to how much income they have.

Total monthly ...

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Oct. 12, 2020

Turning a House into a Happy Home

We talk a lot about why it makes financial sense to buy a home, but more often than not, we’re drawn to the emotional reasons for homeownership.

No matter the living space, the feeling of a home means different things to different people. Whether it’s a certain scent or a favorite chair ...

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Aug. 20, 2020

The Do’s and Don’ts after Applying for a Mortgage

 

Once you’ve found the right home and applied for a mortgage, there are some key things to keep in mind before you close. You’re undoubtedly excited about the opportunity to decorate your new place, but before you make any large purchases, move your money around, or make any major ...

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July 15, 2020

Mortgage Rates Hit Record Lows for Three Consecutive Weeks

Mortgage Rates Hit Record Lows for Three Consecutive Weeks | MyKCM

Over the past several weeks, Freddie Mac has reported the average 30-year fixed mortgage rate dropping to record lows, all the way down to 3.03%. Last week’s reported rate reached the lowest point in the history of the survey, which dates back to 1971 (See graph below):Mortgage Rates Hit Record Lows for Three Consecutive Weeks | MyKCM

What does ...

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July 10, 2020

Taking Advantage of Homebuying Affordability in Today’s Market

Taking Advantage of Homebuying Affordability in Today’s Market | MyKCM

Everyone is ready to buy a home at different times in their lives, and despite the health crisis, today is no exception. Understanding how affordability works and the main market factors that impact it may help those who are ready to buy a home narrow down their optimal window of ...

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June 20, 2020

The 4 C's of Qualifying

Qualifying for a mortgage can be explained with 4 C's.  Capital indicates the borrower has the necessary funds for the down payment and closing costs without exhausting their savings.  Capacity shows that the borrower has the ability from income to pay back the loan.  Credit history ...

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June 17, 2020

Why Put More Down

The least amount in a down payment is an attractive option when people are thinking of buying a home.  A common reason is to have cash available for furnishing the new home and  possible unexpected expenses.

Some people don't have any options because they only have enough for ...

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April 28, 2020

Another Source for a Down Payment

Borrowing from a 401k, 403b or the cash value of life insurance policy is a common financial strategy.  While taxpayers are not allowed borrow from either a traditional or Roth IRA, they can withdraw funds before age 59 ½ for specific purposes like a first home purchase, qualified higher ...

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April 20, 2020

Your Rate Depends on your Score

Most homebuyers probably know that their FICO mortgage score can determine whether they qualify for a loan, but they may not be aware that it can determine what interest rate they'll pay.

The same $300,000, 30-year, fixed-rate mortgage can have a principal and interest payment that ranges from ...

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April 5, 2020

Two Big Myths in the Homebuying Process

 

Two Big Myths in the Homebuying Process | MyKCM

The 2020 Millennial Home Buyer Report shows how this generation is not really any different from previous ones when it comes to homeownership goals:

“The majority of millennials not only want to own a home, but 84% of millennials in 2019 considered it a major part of the American ...

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