Lending

Shop Around

When you are ready to buy a home you need to shop around for the best mortgage you can get. You need to hunt for the best interest rate and best mortgage out there. The Consumer Financial Protection Bureau says that about seven in 10 homebuyers only apply to one lender for their mortgage. That…

Lending

Debt-to-Income Ratio

Knowing your debt-to-income ratio is very important. Lenders use it to know how much debt you qualify for. Let’s look at what is the debt-to-income (DTI) ratio. The DTI is your total debt divided by your total income. The ratio is best calculated monthly. For example, if your total monthly expenses are $3,900 and your  gross monthly income…

Lending

Loaned money

Have you ever loaned money to friends or relatives? Or have either friends or relatives asked you to loan them money? Or perhaps you were the one asking for the loan.  If you loaned them money or borrowed money from friends or family, have you noticed that the relationship between you and them has changed?…

Lending

Should you co-sign?

MRHerrera Financial Ministry Archives Contact Resources Scriptures Useful Articles Should you co-sign? Should you co-sign for a friend, a family member or your child? The answer is absolutely, positively, a resounding NO! The Federal Trade Commission conducted a study on this issue and found that 50% of those who co-signed for bank loans were stuck…