Tag: loans

Empty bank branches and the reasons why

Bank Branches and Ghost Towns

Full service banks exist to satisfy all our banking needs. We go in for deposits and withdrawals. We need loans, investments, and CDs, and our ‘relationship banker’ helps us with that. Regarding business banking, we rely on the branches even more for fast deposits, merchant services, and so on. Is that still the case? Does…

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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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