Posts Tagged ‘Mortgage Basics’

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Compare Mortgages in Three Easy Steps

Saturday, June 7th, 2008

Have you ever wondered how to compare mortgages from lender to lender? What a pain! Factor in a salesperson with the “car sales” mentality and you can go crazy trying to decide which deal is really the best.

 

 Having worked in the mortgage business for quite some time I thought I would share with you the easiest way to figure out who is really offering the best deal. This method is good for 90% of the people in the home market today. (more…)

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Property Types for Mortgage Lenders

Saturday, June 7th, 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.

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Owner Occupied vs. Non Owner Occupied Properties

Saturday, June 7th, 2008

 

Occupancy type is pretty straight forward. Conventional mortgages are designed to help everyone buy a home, specifically a primary residence (owner occupied) .

 

When you use conventional financing to buy an investment property (non owner occupied) you are charged more by way of a higher interest rate or fees.

 

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Three Steps to Getting the Best Mortgage Deals with “Bad credit”

Saturday, June 7th, 2008

Today’s mortgage market is different than anyone has ever seen in the history of mortgages. Getting your best mortgage deal may require a little homework on your part, but they are out there. Many of the mortgage programs that used to be available to home owners and future home owners are simply gone.

 

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How to Calculate Your Loan to Value Ratio

Saturday, June 7th, 2008

When you are applying for a refinance or to purchase a home the loan to value (LTV) is usually the first value a loan officer will compute. Most borrowers under estimate the ramifications loan to value LTV has on pricing and qualifying for a loan. What you really need to know here is how to arrive at the loan to value ratio. It’s pretty simple. You take the expected loan amount and divide it by expected appraisal value. (more…)

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