Is homeowners insurance effective immediately?
Is homeowners insurance effective immediately?
Most mortgage lenders require proof of homeowners insurance anywhere from a few days to two weeks before your closing date. But you should start shopping about a month out from closing.
What is the 28% rule?
According to this rule, a household should spend a maximum of 28% of its gross monthly income on total housing expenses and no more than 36% on total debt service, including housing and other debt such as car loans and credit cards.
What is it called when your house is worth more than you owe?
Equity is the difference between what you owe on your mortgage and what your home is currently worth. If you owe $150,000 on your mortgage loan and your home is worth $200,000, you have $50,000 of equity in your home. Dec 3, 2020
