Year: 2017

Banking and financial checklist by Magilla

Magilla’s Financial Checklist

When applying for a loan, most of our lenders will require the same financial information. Each lender has different criteria, however essentially you’ll need to submit the same pieces of information. It’s a good idea to gather your financial documentation before you start the application process, so you have it ready and can answer questions…

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An explanation of the debt-to-income ratio by Magilla.

Debt-to-income ratio, explained

What is debt-to-income ratio? Debt-to-income ratio — referred to as DTI —  is the percentage of your monthly gross income that goes towards paying monthly debts. To calculate, add up your monthly debts and divide by your gross monthly income. E.g. $3500. (debt) ÷ $10,000. (gross monthly income) = 35% DTI. How does my DTI…

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Magilla lists five important things to do when buying a house

Top 5 things to do when buying a house

Purchasing a home is can be one of the most daunting tasks that anyone can undertake. There are a multitude of steps to take, and if not properly prepared, can leave to massive headaches, frustration, and financial trouble. So, presented to you, are five of the most important things you should keep in mind when…

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