Believe it or not, being able to answer this question correctly is the determining factor for how to get your best deal on your next mortgage.We have all heard about the no closing costs loans. I also believe that very few of us who have the ability to own a home believe that anything in this world is free. (more…)
Archive for the ‘Mortgage Basics’ Category
How Long will I be in this Loan?
Saturday, June 7th, 2008
Calculating Gross Income
Saturday, June 7th, 2008
All earnings calculations are pretty straight forward, however there are some assumptions and rules you need to be aware of: (more…)
Documentation Type – Doc Type
Saturday, June 7th, 2008
Documentation type (Doc Type) and loan to value ratio’s go hand in hand. Documentation type is the manor in which you will prove your income that determines your debt to income ratio (DTI).
If you are not familiar with what a debt to income ratio is you should take a minute to review this short debt to income summary to figure your debt to income ratio. It is very important when determining documentation type.
Property Types
Sunday, March 16th, 2008
Many deals have been killed by a loan officer over looking this simple little check box on the 1003 (Standardized Uniform Residential Application). The fact is, we often forget that lenders are holding our home as collateral, and more times than not own more of the house than the borrowers do. Lately, lenders have become more and more skeptical about the type of property they choose to hold as collateral for these loans.
Lenders Compete
Saturday, March 15th, 2008
Who Wins When Lenders Compete?
Long ago mortgage websites on the web were merely placards and billboards for brick and mortar established mortgage companies and were very rarely seen. A little known company called Lending Tree changed mortgages online and offline forever with their revolutionary approach to mortgages. It is nothing short of miraculous how many mortgage companies have since then adapted the Lending Tree business model as their central point of contact with their customers. (more…)
