Donna Jackson, Realtor, RMRE Group

12/16/2024

The latest round of inflation contributed to consumers' putting more purchases on credit cards during 2022-2024, increasing national debt levels to over $1 trillion this year. It also increased the average credit card balance to over $8,000.

And if this wasn't bad enough, these higher debt levels were also the main reason why mortgage applications were denied this year.

If you've been considering applying for a mortgage, you may already know how debt affects your application. Lenders compare your debts to your pre-tax income to ensure you can truly afford monthly mortgage payments. This is called debt-to-income, or DTI.

Here's how to calculate your own DTI equation:

Add up your total monthly debt payments.
Divide that sum by your gross monthly income.
Multiply the result by 100 to see your DTI as a percentage of your monthly budget.
The lower your DTI, the better off you'll be when applying for home financing. A DTI around 35% or lower is considered very good, although some mortgage programs will accept a higher one.

If you'd like assistance with your own DTI calculations, or have questions, feel free to contact me for an informal discussion.2

12/16/2024

MORTGAGE IQ
Is Your DTI Ready for Home Ownership?
DTI = Debt to Income
The latest round of inflation contributed to consumers' putting more purchases on credit cards during 2022-2024, increasing national debt levels to over $1 trillion this year. It also increased the average credit card balance to over $8,000.

And if this wasn't bad enough, these higher debt levels were also the main reason why mortgage applications were denied this year.

If you've been considering applying for a mortgage, you may already know how debt affects your application. Lenders compare your debts to your pre-tax income to ensure you can truly afford monthly mortgage payments. This is called debt-to-income, or DTI.

Here's how to calculate your own DTI equation:

Add up your total monthly debt payments.
Divide that sum by your gross monthly income.
Multiply the result by 100 to see your DTI as a percentage of your monthly budget.
The lower your DTI, the better off you'll be when applying for home financing. A DTI around 35% or lower is considered very good, although some mortgage programs will accept a higher one.

If you'd like assistance with your own DTI calculations, or have questions, feel free to contact me for an informal discussion.

11/23/2024

PRICE REDUCED TO $290k
6389 Pinewood Hills Drive Jacksonville, Fl 32218

10/28/2024

6389 Pinewood Hills Drive for sale asking $300K

02/10/2024

Mortgage Rates Stay Steady in Mid-6% Range

For eight consecutive weeks, mortgage rates have held mostly steady in the mid-6% range. This week was no different, with the 30-year fixed-rate mortgage rate clocking in at 6.64%, according to Freddie Mac. After facing a surge in mortgage rates late last fall, aspiring home buyers are now better able to budget for their home purchase with fewer surprises.

With mortgage rates mostly remaining steady after eclipsing 7% last year, home buyers are now showing signs of returning to the homebuying market. Pending home sales, a forward-looking indicator of homebuying activity, saw an 8.3% month-over-month uptick in December and were up from a year earlier, according to the National Association of REALTORS®. New-home sales also showed an 8% increase in December.

02/10/2024

Another home sold 🏡
Are you next?

11/05/2022

Use these 36 tips and tricks to declutter your home without getting overwhelmed.

If your home is in need of a serious decluttering, use these 36 ways to make it happen.

11/03/2022

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