Camie Leard

Lenders use two corresponding calculations: the housing expense ratio and the debt-to-income ratio to determine the loan amount that a home buyer may obtain. The housing expense ratio is determined by dividing the monthly house payment (principal, interest, taxes, and insurance) by the borrowers’ gross monthly income. As an example, if borrowers have a monthly [...]

Misconception 8: You Need to Know What You Want in Order to Go to College You do have to declare a major, don’t you? You have to say that you are majoring in psychology, history, chemistry, biology, or something else, don’t you? Well, this is not as important as the beginning student thinks. In the [...]

Generally, lenders are as interested in the borrowers’ debts as they are in the borrowers’ income. Debts include payments the borrowers must make consistently for cars, department store charge purchases, credit cards, child support, other college or education loans, boat payments . . . in other words, anything the borrowers must pay each month as [...]