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If you're planning to retire, you might have some trouble qualifying for a mortgage. Here's what lenders can — and can't — consider when approving you for a home loan.
DTI = Monthly debt payments (including mortgage or rent) / monthly gross income x 100. Some lenders allow a DTI ratio as high as 50 percent, but most prefer to see you spend less than 45 percent ...
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Only 20% of Americans are confident they'll have a comfortable retirement — use this 1 magic move to get back on track ASAP (It will only take seconds but most people don't do it.)
After purchasing your forever home and feeling confident in your career, you may wonder whether it would be worthwhile to put your extra income toward retirement or use it to pay off your...
For example, if your pre-tax monthly income is $8,000 and your mortgage payment is $2,000, you have a front-end ratio of 25% (meaning that your mortgage consumes 25% of your income).
Assuming a dream scenario – $100,000 down on a $500,000 home and a 15-year mortgage at 2.5% – you’ve still given the bank roughly $80,000 in interest. That doesn’t include property taxes ...
If the goal is to be comfortable in retirement, the “4% rule” is a popular guideline. It says that retirees can safely withdraw 4% from their retirement funds every year over a period of 30 years.