x
NEXTA
What’s My Debt-to-Income (DTI) Ratio?
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.
Read MoreCalculating 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 MoreFHA 203k Rehab and Renovation Loan – Texas
By Leesa Sandoval
The FHA 203k loan allows you to purchase one of these properties and roll the cost of the repairs into the loan. The loan allows you to use the “after improved value” so the construction money can be rolled in the loan then draws are made for the improvements with the end being one loan with a great low FHA rate!
Read MoreThe FHA 203k Loan Overview
By Leesa Sandoval
The 203k Renovation Loan is a great way to purchase a new home in need of repairs or renovate your current home. Think of it as a one-time-close construction loan but with more relaxed standards because it’s insured by FHA. below are some of the highlights and some useful information but to discuss your unique situation or to apply please give me a call today.
Read MoreLower Mortgage Rates – Texas
By Leesa Sandoval
In case you haven’t caught the news, home loan rates have done it again, dropping to their lowest level…ever. Not only has the 30 Year Fixed rate returned to its lowest all time level, rates across the board are at their lowest levels.
Read MoreUSDA Changes Make “Rural” Homes More Accessible – Texas
By Leesa Sandoval
Zero-down home loan programs in Texas are few and far between these days, but one that remains available might be of interest to you – especially given some changes that make it more accessible.
USDA Guaranteed Rural Development loans offer 100% financing with no monthly Private Mortgage Insurance. While there are some geographic limitations for this program, if you are interested in eligible properties, you should take notice.
Read MoreObtaining a Mortgage Loan after a Bankruptcy – Texas
By Leesa Sandoval
If you have had to declare bankruptcy in Texas you are not ineligible for a mortgage loan. For the most part it’s just a matter of time before you can qualify for a loan. Generally speaking you need about 3 years from the time the bankruptcy was discharged. During that time it’s important to work on rebuilding credit and keeping your trade lines current.
Read More