How Are Credit Scores Determined?

I seem to get a lot of questions as to what is goes into a credit score and how it is calculated. While there is no simple answer to this question, we do know that credit scores are determined by the Fair Isaac Corporation (FICO). Their scoring model is of proprietary...

What is the Debt-To-Income Ratio?

What is a Debt-To-Income Ratio and Why Does it Matter? A question I get asked often is “What is the debt-to-income ratio? Debt- to-Income Ratios or DTI for short, are a way we measure a person’s ability to pay their monthly mortgage payment as well their monthly...

5 Criteria for a Mortgage Approval

So you want to get approved for a mortgage? What are some criteria to getting approved? I have put together 5 mortgage principles for getting approved for a mortgage. My 5 mortgage principles are cash, credit, stability, income, and property. If you can analyze these...

Seller Contributions- Getting Into Your Home for Less

What are Seller Contributions? Seller contributions aka seller concessions or interested party contributions are funds provided by the seller at the time of closing to help the buyer pay for their closing costs. Seller contributions are a great way for a home buyer to...

Escrow Accounts

An escrow account is an account held by your mortgage servicer to easily manage your property taxes and insurance. You pay your property taxes on your primary residence every 6 months and homeowners insurance once a year. When making your mortgage payment part of your...