When it comes to getting a lender’s approval to buy or refinance a home, there are 3 key numbers that affect your ability to qualify for a mortgage and how much it will cost you — your credit score, debt-to-income ratio, and loan-to-value ratio. Here’s a rundown of what they are and why they matter. Credit Score You’re …
Know How Your Numbers Work When Applying for a Mortgage Read More »
Last Tuesday, the Federal Housing Finance Agency (FHFA) announced that conforming loan limits will increase from $510,400 to $548,250 in 2021 marking the fifth straight year of loan limit increases. Most counties in California will now have high balance limits as well, these can be as high as $822,375. For context, a conforming loan is a type of mortgage that …
Conforming Loan Limits Will Increase Nearly 7.5% Read More »
If you’re a first-time refinancer, you might be unsure about what to expect in the process. At QHL, our top priority is to provide you with support — let’s start with dispelling some common refinance myths so you can approach your refinance with clarity and confidence. Myth #1: You won’t save that much money by refinancing. …
When coming up with your monthly budget, don’t forget about the income tax savings. Compared to renting, you may see a significant tax advantage. Owning a home can be a smart financial investment and a great way to build your equity. But another substantial benefit can involve a bigger break on Tax Day. Whether you …
While becoming a homeowner comes with a lot of responsibility, there is also a lot of rewards. Here are some of the main reasons people choose homeownership over renting. You Enjoy Significant Tax Deductions – Owning a home can reduce the amount you pay in income taxes each year. Out of your monthly payments a significant …