Gift Card Giveaway Answers

Happy Monday Beautiful Women Supporting Women,

I hope you had an amazing weekend.  I spent mine networking with a school and participating in their Family Fun Day.  On Sunday,  I was a Lector for the first time and was extremely excited about reading the word of God to the congregation.  I feel I did him proud!!!!

Last week I extended the gift card giveaway for a 2nd week to give people the opportunity to respond.  I’m happy to announce our repeat winner, Lisa DeSheers!  Congratulations to you and thank you for participating.  You are one rich woman!

Here are the answers to our giveaway:

  1. What does PMI stand for? Private Mortgage Insurance
  2. What is the definition of PMI?  Private Mortgage Insurance is a type of mortgage insurance you might be required to pay for if you have a conventional loan (e.g. a loan offered by a credit union or bank)
  3. Which ratio is known as household ratio? Front end ratio
  4. True of False –  If your credit score is low, the mortgage company will give you the best loan rate – False
  5. How do you pay down your PMI faster? The easiest, way to get rid of your PMI is by making your mortgage payments on time each month. Once your loan-to-value ratio (LTV – how much you owe vs how much the house is worth) reaches 80 percent, you can contact your lender to begin the process of taking off the PMI.
  6. What is the definition of debt to income ratio? The debt-to-income (DTI) ratio is a personal finance measure that compares an individual’s monthly debt payment to his or her monthly gross income. Your gross income is your pay before taxes and other deductions are taken out. The debt-to-income ratio is the percentage of your gross monthly income that goes to paying your monthly debt payments.
  7. Name one of the 7 steps you should do when starting your house purchasing process. (here are all 7): Work on your credit, savings, start to put money aside into your “house fund”, pre-approval, find a good agent, start thinking of what you must have in your home and start looking online
  8. Name one National Program to help with funding your first purchase FHA loans (US Federal Housing Administration, Best For – Low Credit Score and Low Down Payment
  9. Name one back-end ratio (here’s a few): such as credit cards, student loans, personal loans and car loans

Lisa, I will reach out to you offline so I can mail your gift card.

Next Up: The Secure Act of Retirement – What it’s all about in a series

If you have any questions, please post here or email me at: thefinancialcomforter@gmail.com

As always, thank you for reading.

Have a beautiful and blessed week.

Marsha

 

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