DTI Archives - South Park Mortgage, LLP

When it comes to managing your finances, there’s one fundamental concept that can significantly impact your financial well-being: Debt to Income (DTI) ratios. Understanding DTI is like having a financial compass, guiding you toward stability and security. In this blog post, we’ll decode DTI, explore its importance, and provide insights on how to optimize your…

When you’re preparing to buy a home, several financial factors come into play, one of which is your credit utilization ratio. While you may be familiar with the importance of your credit score, understanding and managing your credit utilization ratio is equally vital. In this blog, we’ll explore what credit utilization is, why it matters…

Securing a mortgage is a crucial step in the journey to homeownership. However, the process can seem intricate, complete with its unique vocabulary. In this blog post, we’ll demystify the mortgage approval process, breaking down the essential steps and introducing you to key terminology to help you navigate with confidence. Understanding the Mortgage Approval Process:…

1. Am I ready to own a home? You may be ready to buy a home if you have a good credit score, money saved up for a down payment and closing costs and make a stable income. However, answering this question requires more than just a knowledge of home loan types, down payments and credit scores.…

How an FHA manufactured home loan works An FHA manufactured home loan is a mortgage insured by the Federal Housing Administration (FHA) to purchase homes built in a factory. Although you may hear about FHA loans to buy mobile homes, the term “mobile home” was often used when referring to homes built prior to June…

Once you’ve decided you want to become a homeowner you may not know what step to take next. Should you hire a real estate agent? Should you find a lender? Should you start searching real estate listings on your own? Here’s a look at the typical home buying process to know if you are ready…

How Lenders Evaluate You To prequalify you, South Park Mortgage starts with three main factors: 1. We use a debt-to-income (DTI) ratio which tells them what percentage of your income will be going towards all of your bills. They will let you spend as much as 43 percent of your income on housing and non-housing bills. …