What Is The Debt-To-Income Ratio (DTI)?

by | Jun 19, 2023 | Mortgages:

  Measuring your existing debts against your existing income is one part of a lender’s required assessment of your ability to repay a loan. Like the video says:  debts are existing financial commitments; a car payment is a debt a grocery bill is not. To calculate...

What Does Ability To Repay Mean?

by | Jun 19, 2023 | Mortgages:

  What are the “Ability to repay” rules about? In a nutshell, as this video shows, new laws require lenders to make a good-faith assessment of a borrower’s capacity to pay back their loan over time. It’s a longer-term view that goes beyond immediate income, debt...

When Do I Get My Loan Closing Disclosure?

by | Jun 19, 2023 | TRID

  If an eligible loan proceeds from Estimate to closing, creditors must provide a Closing Disclosure form documenting the actual transaction terms and costs THREE business days before consummation. It must be in writing, whether paper or digital, and disclose...

Understanding Your Loan: Cash And Transaction Summaries

by | Jun 24, 2015 | TRID

  Page 3 of your Closing Disclosure will compare cash requirements from your Loan Estimate to your actual final charges. If “Did this change?” is “YES” notes for changed sections should be provided. The bottom line final “Cash to Close” is the money you will need...