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A home equity line of credit is very similar to a credit card except that it uses your equity as the revolving line of credit. You pay only if and when you use the money. You can get a home equity line of credit in as little as ten days.
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Newest Article:
Fight Your Financial Woes with Bad Credit Unsecured Loans Posted By : Famous Wealth |
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On the whole we can say that bad credit unsecured loans are an easy way to apply for loans irrespective of your bad credit rating. It is also easy to apply in the sense that it does not require a lot of formalities and paper work as it does not involve an
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Latest Home Loan Blog Entry |
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2/16/2008 - Analyzing Your Debt to Income Ratio
The ratio affects your buying power...Your debt to income
ratio is a simple way of showing what percentage of your income is
available for a mortgage payment after all other continuing obligations
are met. The ratio is one of the many things a lender considers before
approving your home loan.
You may see conventional loan debt limits referred to as the 28/36 qualifying ratio. Those numbers refer to two percentages that are used to examine two aspects of your debt load.
The First Number, 28%
This number indicates the maximum percentage of your monthly gross
income that the lender allows for housing expenses. The total includes
payments on the loan principal and interest, private mortgage
insurance, hazard insurance, property taxes, and homeowner's
association dues. (Often referred to by the acronym PITI.)
The Second Number, 36%
This number refers to the maximum percentage of your monthly gross
income that the lender allows for housing expenses plus recurring debt.
Recurring debt includes credit card payments, child support, car loans,
and other obligations that will not be paid off within a relatively
short period of time (6-10 months).
Debt to Income Example
Yearly Gross Income = $45,000 / Divided by 12 = $3,750 per month income
$3,750 Monthly Income x .28 = $1,050 allowed for housing expense
$3,750 Monthly Income x .36 = $1,350 allowed for housing expense plus recurring debt.
Not All Loans Are the Same
FHA loan ratios are typically 29/41, allowing a higher debt load for both housing expenses and recurring debt.
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For the above example, FHA would allow $1087 for housing and $1538 for housing plus recurring debt.
For a VA loan, the debt to income ratio should not exceed 41% of your monthly gross income. |
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PharMerica to Present at Bank of America 2008 Health Care Co
Sat, 10 May 2008 19:19:00 GMT
LOUISVILLE, Ky.--(BUSINESS WIRE)-- PharMerica Corporation (NYSE: PMC), the second largest institutional pharmacy services company in the United States, today announced that Gregory S. Weishar, Chief Executive Officer, and Michael J. Culotta, Executive more...
Street Insider
ResCare to Participate in 2008 Bank of America Health Care C
Sat, 10 May 2008 19:19:00 GMT
LOUISVILLE, Ky.--(BUSINESS WIRE)-- ResCare, Inc. (NASDAQ: RSCR) today announced that David W. Miles, chief financial officer, and Richard L. Tinsley, chief development officer, will make a presentation regarding the Company on Wednesday, May 14, 2008, at more...
Street Insider
InterMune to Present at Bank of America Health Care Conferen
Sat, 10 May 2008 19:20:00 GMT
BRISBANE, Calif., May 9 /PRNewswire-FirstCall/ -- InterMune, Inc. (Nasdaq: ITMN) today announced that Dan Welch, President and Chief Executive Officer of InterMune, will present at the Bank of America 2008 Health Care Conference in Las Vegas on May 14, more...
Street Insider
Pediatrix to Present at Bank of America Healthcare Conferenc
Sat, 10 May 2008 19:20:00 GMT
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)-- Pediatrix Medical Group, Inc. (NYSE: PDX) today announced that it is scheduled to make a presentation on Tuesday, May 13, 2008, at 3:20 p.m. Pacific Time, to investors attending the Bank of America Healthcare more...
Street Insider
TranS1 Inc. to Present At the Bank of America 2008 Health Ca
Sat, 10 May 2008 19:20:00 GMT
(PRIME NEWSWIRE) -- TranS1 Inc. (Nasdaq: TSON) announced today that Richard Randall, Chief Executive Officer, is scheduled to present at the Bank of America 2008 Health Care Conference at The Four Seasons Hotel, Las Vegas, Nevada on Wednesday, May 14, more...
Street Insider
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