When applying for a loan, lenders consider several factors to ensure that you are a responsible borrower who can comfortably repay your debt. Lenders will only lend you money if they know you can repay them, but how can you be sure? This is where the debt-to-income ratio (DTI) comes into play. It’s a factor … Read more
Although mortgage rates have already seen some improvement since the election dust settled, they remain quite high. At last glance, the 30-year fixed rate was hovering around 6.875%, down about 0.25% from its recent highs. It’s been a good few days, but rates are still at least 0.75% higher than they were in mid-September. Why … Read more
Have you ever wondered why you pay interest on a loan or earn interest on your savings? It all depends on interest rates. Interest rates affect everything from mortgage and auto loans to the financial activities of businesses and governments. When you borrow money, you pay a fee to use it for a certain period … Read more
MSMEs are important to the country’s economy as they drive innovation, create jobs and contribute to GDP. MSME loans provide funds for MSME expansion or for carrying out day-to-day operations. However, the cost of these loans depends on the interest rate, which influences the financial health of MSMEs and their ability to grow. MSME owners … Read more
Published on: August 5, 2024 Personal loans generally have a repayment term of between 12 and 60 months, or even longer in some cases. However, it may happen that the borrower decides to repay the loan before the end of this period. Commonly called foreclosure, this process involves settling a loan before its due date. … Read more
It’s a story as old as time. Someone is trying to time the market, but failing miserably. Then, they either miss out completely or chase an opportunity that no longer exists, and in doing so, they may overpay. Recently, over dinner, a friend told me a story that seemed worth sharing. These were two families … Read more
Published on: August 13, 2024 Imagine finding the perfect smartphone: a sleek design with top-notch features and everything you’re looking for. But the only problem? The price is a bit expensive. EMI, now a familiar concept, allows you to divide the cost into manageable monthly payments. For example, instead of paying ₹50,000 in one go, … Read more
Fannie Mae and Freddie Mac announced new, expanded assessment waivers to reduce costs and help more first-time home buyers purchase property. Both companies already offer appraisal waivers on some of the loans they guarantee, but the loan-to-value (LTV) ratio is currently capped at 80%. This means you must bring a deposit of at least 20% … Read more
Published on: August 19, 2024 Are you considering getting a personal loan? Before applying, you need to check if you meet the minimum CIBIL score requirement. CIBIL score helps in determining your eligibility, interest rate and other conditions for a personal loan. Generally, a higher CIBIL score increases your chances of getting approved and getting … Read more
I often try to find glimmers of hope in bad situations. The latest issue facing potential buyers is the return to mortgage rates of 7%, down from around 6% just a month ago. While there is no clear negative correlation between mortgage rates and home prices, as one goes up and the other goes down, … Read more