The final settlement date for a purchase is listed directly on the sales contract. Once the contract is executed by both parties, there is a binding agreement between the buyers and sellers. The date of the contract signing and the settlement date provide enough time for the lender and various third parties to provide needed […]

When people start thinking about different types of income, most simply come to the conclusion that income is from their regular paycheck on the 1st and 15th. And that’s true, most people do get their income from their employer. It’s the most common form. Mortgage lenders use this income when qualifying someone for a new […]

The Department of Veteran’s Affairs provides benefits for those who qualify for the program and one of the more popular is the VA mortgage loan. VA loans are the ideal option for those wanting to come to the closing table with as little cash as possible. The most obvious benefit is the lack of a […]

When two people file for a mortgage jointly, it’s important to understand that it’s not necessary for those two people to be married. In fact, more and more people apply to finance a home together without having officially ‘tied the knot.’ It’s just not necessary. But doing so also means both parties need to be […]

Mortgage insurance might sound like it is something that it isn’t. Yes, it is indeed an insurance policy but it’s not a policy that pays the borrowers’ mortgage payments should they begin to default. Instead, it’s an insurance policy with the financial benefit payable to the lender issuing the mortgage. But it’s also a benefit […]

It might surprise some to learn that there are two primary types of lenders. There are direct lenders such as your bank and mortgage bankers. Banks provide mortgage services to their banking customers. With a bank, someone might appreciate the convenience of getting a home loan at the same place they got their auto loan […]

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 […]

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 […]