Blog
Oct
27,
2020
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 […]
Oct
13,
2020
13,
2020
The recent emphasis on social distancing, remote interactions, and getting outdoors has led more homeowners than usual to consider the appeal of less densely populated areas. Often, they provide an opportunity to make your budget go further, and, in some cases, there may be specific loan programs adding to the incentives. However, before you decide […]
Oct
6,
2020
6,
2020
Recently, we provided some ways to protect yourself from identity thieves. Sometimes though, planning and vigilance are not enough. A determined criminal or third-party vulnerability can still put your data at risk. No matter the reason, once you discover that a breach has occurred, it’s time to focus on limiting the damage and repairing your […]
Sep
22,
2020
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
17,
2020
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 […]
Sep
10,
2020
10,
2020
While low interest rates are known for attracting new homebuyers and driving up mortgage applications, they can also affect the housing market. Much like other aspects of the economy, an increase in demand can lead to a rise in prices. Fortunately, it’s not all bad news for buyers who are still planning to take advantage […]
Aug
27,
2020
27,
2020
The type of home you want now might not be what you need later in life. In this video, our CEO and founder, Scott Gordon, discusses looking for a home that fits your wants now and offers the flexibility to grow with your future needs. Some of the topics he covers: Planning for children or […]
Aug
18,
2020
18,
2020
Buying a home takes preparation and documentation, regardless of the circumstances. Self-employed mortgage applicants may consider the task even more daunting. However, the process remains foundationally the same, even for entrepreneurs and small business owners. Begin your self-employed house hunt with a clear understanding of what your lender will be looking for and how your […]
Aug
13,
2020
13,
2020
If the COVID-19 pandemic put your plans for a vacation home on hold, or you expect a second home to have an integral role in your long-term plans, the right time to buy could be near. While health and safety remain the top priority for every community, current market conditions and technology have combined to […]
Aug
4,
2020
4,
2020
Most homebuyers understand that finding the right home requires a willingness to make some compromises. Minor problems can be fixed, and wishlist improvements can be planned for the future. However, some issues may not be worth overlooking, even when the price, location, or curb appeal seem perfect. Before you commit to a fixer-upper or celebrate […]
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