What Are Discount Points?

Financing:, Mortgages:

  On the hunt for a home mortgage in the Tampa Bay area and curious about Discount Points? Discount points allow you to lower your interest rate. While this video simplifies things to help you remember, “points” are essentially prepaid interest with each point...

What Is A Qualified Mortgage?

Mortgages:

  Do you know what a qualified mortgage means in the Tampa Bay area? As this video explains,  Federal laws put into effect in 2014 and  supervised by the Consumer Financial Protection Bureau define lending practices and loan terms for a new category called...

What Does Ability To Repay Mean?

Mortgages:

  Looking to secure a home loan in the Tampa Bay area and curious about the “Ability to Repay” rules? In a nutshell, as this video shows, new laws require lenders to make a good-faith assessment of a borrower’s capacity to pay back their loan over...

What Is The Debt-To-Income Ratio (DTI)?

Buying, Financing:, Mortgages:

  Starting the home buying process in the Tampa Bay area? One term you may hear your lender use is “DTI” or Debt-To-Income Ratio. Measuring your existing debts against your existing income is one part of a lender’s required assessment of your ability...

What Is Equity?

Mortgages:

  Equity is the value YOU own in property such as a house. It’s the difference between what’s OWED and what the property is WORTH in the current market. The example this video shows – you have a house worth $300,000 today and you owe the bank...