Blog

Apr 13 2021
Husband holding wife in empty room
Married or not, applying for a mortgage as a couple means twice the credit scores, twice the financial histories, and sometimes twice as many paychecks. When a joint application comes with a higher income, it can be an appropriate way to increase your buying power. But, it can also have a downside. If you’re shopping […]
Oct 27 2020
Your debt-to-income ratio, or DTI, is a critical component when it comes to evaluating a mortgage application. While the exact approach will vary depending on the loan program you are pursuing, very few allow borrowers to exceed a DTI of 50 percent. In many cases, a DTI above 43 percent is likely to seriously limit […]
Sep 22 2020
Did you know that lenders typically like to see one to two years of stable income history before you can qualify for a mortgage? In this video, our CEO and founder, Scott Gordon, discusses preparing early for your mortgage—long before you even start shopping. Some topics he discusses: Building/repairing your credit score Avoiding large credit […]
Sep 17 2020
home interior
Your savings account is only one of several factors that determine how much money a mortgage lender lets you borrow. In this video, Open Mortgage CEO and founder, Scott Gordon, discusses ways to increase your buying power. Some topics he covers: Understanding debt to income ratio How your credit score can impact your interest rate […]
Jul 2 2019

If you’re one of the 45 million Americans with outstanding student loan debt, buying a home may seem like a pipe dream. However, your mortgage aspirations don’t necessarily end at your student loan balance.  A careful review of your repayment options, the right lending partner and some smart financial planning can put home ownership back […]

Jan 25 2018

Buying a home is a huge decision. There are lots of questions to ask and pros and cons to weigh before you ever commit to making an offer. But, it’s the financial decisions you made before you started shopping—and the story they tell about you—that could prove to be just as critical. Obtain a copy […]

Oct 10 2017

Student loan debt have you worried about applying for a mortgage? It isn’t the loan itself that can affect your mortgage qualifications, but the amount you owe on that loan compared to your income, as well as the amount of the mortgage itself. Here are some basic factors that your lender will consider. The Job […]

Apr 26 2017

In most cases, mortgage loan originators look into your past, present, and likely future to determine if you qualify for a home mortgage. They look at your payment history, your credit score (which takes years to develop), your income for the year, and more. Many of these factors are difficult to change by the time […]

Feb 21 2017

  Your credit score. Your down payment. Your closing costs. You may already know about the many different considerations and factors that go into owning a home. But you may not know about one of the most important terms of all: Loan-to-Value ratio, or LTV. What is LTV? The LTV plays a critical role in […]

Oct 27 2016

Whether you’re considering buying your first home or a long-time homeowner, the mortgage process can feel intimidating and confusing. Much of this is due to mortgage-related terms that aren’t well-understood by the general public. To help you become better prepared for your mortgage process, here are some important  mortgage-related terms and their definitions. Amortization Schedule […]