DIRS.INFO The most relevant business & tech news

An LTV ratio of 80% or less is typically considered ideal for refinancing, but you can refinance with a higher ratio. Lenders track the amount of ownership interest you have in your home by calculating your loan-to-value (LTV) ratio. Other ways your LTV ratio affects refinancingHaving an LTV ratio low enough to receive refinancing approval is the first step. A lender may approve your application with a high LTV ratio if other parts of your financial portfolio are solid. How to improve your LTV ratio before refinancingThere are two basic ways to lower your LTV ratio: Pay down your mortgage, or increase your home value.

Persons: —, you'll, You've, Freddie Mac Organizations: Service, LTV, PMI, Invest

☆ This 37-year-old makes $100,000 in Austin, but lives in his truck and rents his condo for extra money
▼ + stars: | 2020-03-07 | by ( Emmie Martin | ) www.cnbc.com time to read: +7 min

"The primary reason I wanted to buy a condo is because rent fluctuates," he tells CNBC Make It. CNBC Make ItSo in 2017, Dishongh purchased his first home, a 600-square-foot one-bedroom condo in Austin, Texas. 'Whenever I feel like it, I can just hop back there and have a mini adventure'Originally, Dishongh wanted to live in a van full-time, travel the U.S. and work remotely. He realized that it made more financial sense for him to take on a fixed mortgage payment, rather than watch his rent continue to rise. The low down payment allowed him to funnel more money into renovating his new place from top to bottom.

☆ I took out a $2,000 personal loan even though I didn't need the money, and it bumped my credit score from 'good' to 'very good'
▼ + stars: | 2020-01-24 | by ( Laura Grace Tarpley | Personal Finance Reviews Editor | Read More | ) www.businessinsider.com time to read: +5 min

I took out a $2,000, two-year personal loan for the sole purpose of improving my credit score. I deposited the loan money in a separate account to ensure I didn't touch it, which kept me from spending recklessly. If I wanted to move out of my parents' house, get a good credit card, and buy a home one day, I needed strong credit. How a personal loan helped me in the long runBefore I paid off the personal loan, my credit score was "good," which is the designation for a FICO score between 670 and 739. With a "very good" score, I didn't have to settle for just any credit card — I had my pick of the best credit cards.

AdvertisementAdvertisementHow much you need to save for a down payment depends on the price of the house. The standard down payment is 20% of the purchase price, but many first-time buyers put down less money up front and take on a bigger mortgage. For down payments below 20%, the lender will typically require private mortgage insurance (PMI), which is an extra monthly payment on top of a mortgage payment. But according to the National Association of Realtors (NAR), some 60% of homebuyers put down 6% or less of the purchase price. Data on median sale price was not available for Detroit and Houston, so median listing price was used.

Persons: homebuyers, Gen, isn't Organizations: Service, National Association of Realtors Locations: BusinessInsider.com, Wall, Silicon, Detroit, Houston

Search resuls for: "Private Mortgage Insurance"

4 mentions found