Kim Abbott

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Should I Consolidate My Debts with a Mortgage Refinance Loan?

September 26, 2023 by Kim Abbott

Managing multiple debts can become overwhelming and burdensome. Juggling various loan payments with varying interest rates and repayment terms can lead to financial stress and missed opportunities. One solution that borrowers often consider is consolidating their debts through a mortgage refinance loan. While this approach can be beneficial for some, it's crucial to carefully evaluate its pros and cons before deciding. Understanding Debt Consolidation Debt consolidation is the process of combining multiple debts, such as credit card balances, personal loans, and other unsecured debts, into a … [Read more...]

Filed Under: Real Estate Tagged With: Debt Consolidation, Real Estate, Refinance

Should I Consolidate My Debts with a Mortgage Refinance Loan?

September 26, 2023 by Kim Abbott

Managing multiple debts can become overwhelming and burdensome. Juggling various loan payments with varying interest rates and repayment terms can lead to financial stress and missed opportunities. One solution that borrowers often consider is consolidating their debts through a mortgage refinance loan. While this approach can be beneficial for some, it's crucial to carefully evaluate its pros and cons before deciding. Understanding Debt Consolidation Debt consolidation is the process of combining multiple debts, such as credit card balances, personal loans, and other unsecured debts, into a … [Read more...]

Filed Under: Real Estate Tagged With: Debt Consolidation, Real Estate, Refinance

Should I Consolidate My Debts with a Mortgage Refinance Loan?

September 26, 2023 by Kim Abbott

Managing multiple debts can become overwhelming and burdensome. Juggling various loan payments with varying interest rates and repayment terms can lead to financial stress and missed opportunities. One solution that borrowers often consider is consolidating their debts through a mortgage refinance loan. While this approach can be beneficial for some, it's crucial to carefully evaluate its pros and cons before deciding. Understanding Debt Consolidation Debt consolidation is the process of combining multiple debts, such as credit card balances, personal loans, and other unsecured debts, into a … [Read more...]

Filed Under: Real Estate Tagged With: Debt Consolidation, Real Estate, Refinance

Does My Current Debt Affect Getting A New Mortgage?

September 15, 2023 by Kim Abbott

When you apply for a new mortgage, the lender will evaluate your creditworthiness to determine whether to approve your application and what terms and interest rate to offer you. Your existing debt can affect your creditworthiness in several ways: Debt-to-income ratio (DTI): Your DTI ratio is the percentage of your monthly income that goes towards paying off debt. Lenders typically want to see a DTI ratio of 43% or less, meaning your debt payments don't exceed 43% of your gross monthly income. If your existing debt is high, your DTI ratio will be high, and lenders may view you as a riskier … [Read more...]

Filed Under: Real Estate Tagged With: Credit Score, Debt to Income, Real Estate

What Does Contingent Mean on a House Sale

September 13, 2023 by Kim Abbott

In the context of a house sale, "contingent" typically means that the sale of the house is dependent on certain conditions being met. These conditions could include things like the buyer securing financing, the completion of a home inspection, or the sale of the buyer's current home. For example, if a buyer makes an offer on a house and the offer is accepted by the seller, the sale may be contingent on the buyer obtaining financing within a specified period of time. If the buyer is unable to obtain financing, the sale may fall through. Another common contingency is a home inspection. If the … [Read more...]

Filed Under: Real Estate Tagged With: Appraisal, Contingent, Real Estate

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Kim Abbott

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