Below are some relevant mortgage articles for potential home owners and those seeking home loans in the Phoenix, Arizona market. These articles are not location specific and also apply to Gilbert, Scottsdale, Tempe, Chandler and surrounding areas in the Phoenix Valley.
- Monthly Mortgage Payment as Percentage of Income - So how much should your mortgage payment be in relation to your income? We lenders call this the front ratio. Its a type of debt to income ratio. Traditionally 30% has been the acceptable number. Read full article (with pie chart) here.
- The Feds Finally Turn on the Radio - Yesterday the FTC issued a warning to lenders claiming those ridiculously low interest rate programs. You know the one where the guy says stuff like: “Rates just fell to 1.25%, you could save thousands” and the like. Read more here.
- Forget Your House, How Much is Your Credit Score Worth? - What is a credit score worth to you? What does it matter whether you have a 720 score or a 695? It’s only 25 points? Well according to MyFICO, a division of Fair Issac, this 25 point difference could cost you almost $31,000 in extra interest payments over the life of the loan. So, in other words, in this situation each point is worth $1,200.Read more here.
As always, the Arizona Mortgage Guru blog has relevant, smart and insightful comments, commentary on your home loans. Be sure to visit often
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