Affordability is one of the key elements in the mortgage loan approval process. If lenders want to approve a marketable loan, making sure the new mortgage payments fall into a comfort zone for the borrowers. This is accomplished by comparing monthly debt payments to qualifying gross monthly income. Qualifying debt payments are those associated with […]
When consumers first complete and then submit a loan application, the initial thought might be that the work has been done and now we’re just waiting on loan papers. Further along in the approval process, common lender questions will often come up. The fact however is that loan submission is one of the early steps […]
For those fortunate enough to have earned their VA home loan eligibility, the VA program is the ideal low-closing cost mortgage. There really is no other program that can match it. Perhaps the most attractive feature of the VA loan is the down payment. The VA loan doesn’t require a down payment. In addition, veterans […]
Want to close fast? There are certainly lots of things people can do to accelerate the closing process. A fast close can help with the negotiation process. Sellers who see that someone has already applied for a mortgage means the buyers are not only serious about an offer but have taken the extra step and […]
One of the determinations lenders must make when evaluating a loan application is whether or not the borrowers can comfortably afford the new mortgage payments. Regular income, revolving debt, installment debt, and outside income are all considered. This is done primarily by way of debt-to-income ratios, or simply “debt ratios.” Most loan programs provide guidance […]
Homeowners know there are different reasons to refinance. When asked why someone is refinancing, the most common answer is “lower rates.” While that’s perhaps the most popular reason there are others, too. Homeowners can refinance to lower a rate but they can also refinance to change the term of the loan. If say, someone is […]
Thinking about buying your very own vacation property? Many people do right after they rent a vacation property and love the peace and quiet away from city life. They enjoy it so much they decide instead of renting one every year, let’s just buy one of our own! It’s more common than you might think. […]
Lenders pay careful attention to the value of a property as they’re reviewing a home loan application. Loan amounts are set based upon the type of program which establishes a maximum “loan to value” or LTV. Most loans require some amount of down payment ranging anywhere from 3.0% to 5%, although some programs don’t require […]
Listing your property as For Sale By Owner can sound easier than working with traditional realtors. So can you really save money and stress deciding to list your property as For Sale By Owner? Closing Costs and Fees There are closing costs associated when selling a home. There’s no secret in that. All you have […]
It pretty much happens the same way every week. Data is released to the public as well as various media regarding the direction of residential mortgage rates. Where does this data come from? There are several rate surveys but the one most referred to by far is the one performed by secondary mortgage giant Freddie […]
