MichelePetry

LTV (Loan-to-Value) and DTI (Debt-to-Income) are key metrics lenders use to assess mortgage risk. why LTV plays a major role in loan approval it reflects how much equity you have in the property—lower LTV means less risk to lenders and better approval odds. While LTV focuses on the home’s value vs. the loan, DTI evaluates […]

The   protect homeowners from immediate mortgage repayment in specific situations. These include property transfers due to death (to a relative or joint tenant), divorce, or into a revocable living trust where the borrower remains a beneficiary. Understanding these legal safeguards is vital for homeowners to avoid unintended financial burdens when transferring property. What is an

When the appraisal comes in lower than expected, it can jeopardize financing, as lenders base loans on the appraised value, not the sale price. Buyers may need to renegotiate what happens when the appraisal comes in lower than expected. This guide explains why low appraisals happen, what they mean for buyers and sellers, and outlines

Estate planning for mortgaged property requires careful consideration of the alienation clause, which can trigger immediate loan repayment upon ownership transfer. However, the exceptions to alienation clauses for family transfers, particularly under the Garn-St. Germain Act, protect transfers to spouses, relatives upon death, and into revocable living trusts where the borrower remains a beneficiary. Utilizing

Understanding your amortization schedule before refinancing helps you identify the most cost-effective timing. Since early mortgage years are interest-heavy, refinancing during this period often yields the highest savings. As payments shift toward principal later, the benefits diminish. Aligning refinance decisions with your amortization stage ensures smarter financial outcomes by maximizing interest savings and avoiding unnecessary

A home appraisal estimates a property’s fair market value to protect lenders from over-lending. If it comes in low, it can derail financing.  what a home appraisal actually means Buyers may need to renegotiate, pay the difference in cash, or walk away. Sellers might reduce the price or dispute the appraisal. Reviewing errors, requesting reconsideration,

Homeowners facing foreclosure have several alternatives to short sales that can better protect their credit and equity. Options include loan modification, refinancing, forbearance, and repayment plans, all aiming to keep you in your home. If retaining the home isn’t feasible, a traditional sale or deed in lieu of foreclosure are better than a short sale