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Mortgage
When shopping for a hazard insurance policy, something called “bundling” can actually save you quite a bit of money that most people aren’t aware of.
Many of the big insurance companies price their insurance rates to attract a particular segment of the market. They usually price their hazard insurance policies to attract homeowners who need to insure not only their homes with hazard insurance, but also their cars with car insurance and lives with life insurance.
Mortgage
According to the United States Department of Justice, identity theft and identity fraud “are terms used to refer to all types of crime in which someone wrongfully obtains and uses another person’s personal data in some way that involves fraud or deception, typically for economic gain.”
Mortgage
While the actual credit score has a big impact on a loan approval, it’s not the only component of the credit scenario that underwriters consider for a mortgage approval.
Since loan programs, individual lenders and mortgage insurance companies all have their own credit report restrictions, it’s difficult to define a standard Rule-of-Thumb to follow.
Mortgage
While the basic Rule-of-Thumb for acceptable credit history is a minimum of four trade lines documented on a credit report, there are alternative methods of building a credit picture that an underwriter can use to make a decision for a loan approval.
Mortgage
When applying for a mortgage, a borrower’s “Occupancy Type” is a major factor in the amount of down payment required, loan program available and mortgage interest rate.
Whether you are purchasing, doing a rate/term refinance or taking equity out of your property through a cash out refinance, occupancy type is always considered by the underwriter.
Mortgage
Debt-to-Income (DTI) is one of the many new mortgage related terms many First-Time Home Buyers will get use to hearing.
DTI is a component of the mortgage approval process that measures a borrower’s Gross Monthly Income compared to their credit payments and other monthly liabilities.
Mortgage
Understanding the definition of Loan-to-Value (LTV), and how it impacts a mortgage approval, will help you determine what type of loan amount and program you may qualify for.
Since the LTV is a major component of getting approved for a new mortgage, it’s a good idea to learn the simple math of calculating the amount of equity you may need, or down payment to budget for in order to qualify for a particular loan program.
Mortgage
It’s important to know what documents are required for a mortgage pre-approval.
Even though many lenders are still quoting quick 10 minute pre-qualifications over the phone or online, a true mortgage approval that holds any weight is one that has been issued by an underwriter who has had an opportunity to review all of the necessary documents.
Mortgage
While most mortgage web sites offer a glossary containing hundreds of real estate and lending related terms, we wanted to highlight the top terms that most borrowers will hear several times throughout the approval and home buying process.
Understanding the “Shop Talk” between the various industry professionals that you’ve assembled on your team will hopefully give you greater confidence when discussing important topics that may impact your transaction.
Mortgage
A common question I see is: Who owns my home if I have a mortgage?
Many borrowers believe that when they purchases a property by obtaining mortgage financing, they also own their home.
Technically speaking, full ownership on a property is only happens once the mortgage loan amount has been paid in full.
VA Mortgage
With VA mortgage loans, you are allowed to take out a loan on either the purchase of an existing home or for the construction of a new home.
VA Mortgage
A VA compromise sale is designed to help veterans who have a VA mortgage and need to sell their home, but would end up taking a loss in the process.
VA Mortgage
First and foremost, the VA does not require a certain credit score in order for approval. The actual mortgage lenders, however, are allowed to set their own standards for VA loan requirements.
VA Mortgage
One of the main questions we receive in regards to VA loans is, “What is a VA mortgage loan entitlement?”
VA Mortgage
If you currently have a conventional loan, you are allowed to refinance with a VA loan if you are an eligible veteran. Better yet, the odds are favorable that you will be able to save a great deal of money by refinancing with a VA loan!
VA Mortgage
The short answer to the question “How many VA loans can I have?” is that there isn’t a limit on the amount of times eligible veterans are allowed to utilize the VA loan program.
VA Mortgage
Before your home can be qualified for a VA loan, the VA requires an appraisal of the property. A VA appraisal involves a thorough analysis of the home and property to determine what the current market of the home and property is.
VA Mortgage
If you’re looking at buying the home of your dreams – and the price reflects it – then a VA jumbo loan may very well be the best option for your mortgage.
VA Mortgage
A VA loan pre-approval letter is a document granted by a VA mortgage lender that states that based on preliminary information such as the potential borrower’s credit, assets, and income, that they qualify for a VA loan of a specified amount.
VA Mortgage
DD 214 forms are required of veterans when applying for a VA mortgage loan, and, unfortunately, are commonly misplaced over time. The good news is that losing or misplacing it is an easily remedied problem!
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