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NEXTA
By Leesa Sandoval
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.
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By Leesa Sandoval
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.
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By Leesa Sandoval
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.
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By Leesa Sandoval
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.
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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.
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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.
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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.
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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.
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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.
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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.
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