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Calculating Loan-to-Value (LTV)
By Leesa Sandoval
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.
Read MoreCommon Documents Required For A Mortgage Pre-Approval
By Leesa Sandoval
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.
Read MoreTop Mortgage Terms To Know
By Leesa Sandoval
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.
Read MoreWho Owns My Home If I Have A Mortgage?
By Leesa Sandoval
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.
Read MoreVA Eligibile Property Types and Loan Limits
By Leesa Sandoval
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.
Read MoreHow Does A VA Compromise Sale Work?
By Leesa Sandoval
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.
Read MoreWhat Are The Credit Score Requirements for VA Mortgages?
By Leesa Sandoval
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.
Read MoreHow Does VA Mortgage Entitlement Work?
By Leesa Sandoval
One of the main questions we receive in regards to VA loans is, “What is a VA mortgage loan entitlement?”
Read MoreDoes A Bankruptcy Mean I Can’t Get A VA Loan?
By Leesa Sandoval
If you’re wondering whether or not you can get a VA loan after a recent bankruptcy, you’re not alone. With the recent economic recession just barely behind us, many veterans and military personnel are now in the position of looking for a new mortgage after having gone through a bankruptcy.
Read MoreAm I Allowed to Have More Than One VA Loan?
By Leesa Sandoval
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.
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