Loan Process Articles
How to Write a Letter of Explanation for a Mortgage Lender
If your mortgage lender has requested you write a letter of explanation to describe an extenuating circumstance that led to some blemishes in your loan application, consider it an opportunity to satisfy eligibility requirements.. Sometimes the eligibility criteria may...
If your mortgage lender has requested you write a letter of explanation to describe an extenuating circumstance that led to some blemishes in your loan application, consider it an opportunity to satisfy eligibility requirements.. Sometimes the eligibility criteria may...
Overview of the Mortgage Loan Process
The first step in obtaining a mortgage loan is to determine a reasonable amount of money that you can borrow. You will be able to do this with a pre-approval from your lender. Most Realtors will want you to be pre-approved before they start providing you with listings or showing...
The first step in obtaining a mortgage loan is to determine a reasonable amount of money that you can borrow. You will be able to do this with a pre-approval from your lender. Most Realtors will want you to be pre-approved before they start providing you with listings or showing...
Refinancing - Things to Consider
There are three primary aspects to refinancing: the interest rate, loan length, and fees. These aspects should be weighed against the existing loan and the amount of time the borrower is planning to stay in their home. . When not done properly, refinancing...
There are three primary aspects to refinancing: the interest rate, loan length, and fees. These aspects should be weighed against the existing loan and the amount of time the borrower is planning to stay in their home. . When not done properly, refinancing...
What are the requirements for a VA loan?
This article does not address the VA Loan Eligibility but describes in detail the standards that Veterans of the United States must meet for getting a loan from the Department of Veteran Affairs. Under certain circumstances, like job relocation, a veteran may borrow two VA...
This article does not address the VA Loan Eligibility but describes in detail the standards that Veterans of the United States must meet for getting a loan from the Department of Veteran Affairs. Under certain circumstances, like job relocation, a veteran may borrow two VA...
Mortgage Refinance Overview
Our detailed overview will provide you with all the refinance information you need to take control of your financial situation and make an informed decision about your mortgage.. Refinancing a Home MortgageIn a refinance, you take out a new home loan and use it to pay off your...
Our detailed overview will provide you with all the refinance information you need to take control of your financial situation and make an informed decision about your mortgage.. Refinancing a Home MortgageIn a refinance, you take out a new home loan and use it to pay off your...
Buying a Home - Things to Consider
Securing the right home mortgage loan involves the consideration of many factors, several of which are mentioned below:. Down Payments + PrincipalDown payments represent the amount of cash investment that you have available to put towards the purchase price of a home, not...
Securing the right home mortgage loan involves the consideration of many factors, several of which are mentioned below:. Down Payments + PrincipalDown payments represent the amount of cash investment that you have available to put towards the purchase price of a home, not...
Who is Eligible for a VA Loan ?
The Department of Veteran Affairs has specific guidelines for VA Loan eligibility that depend on the length of term served, conditions of the discharge, conditions of service (peacetime or wartime), and the branch of military served. . If you have ever served in the...
The Department of Veteran Affairs has specific guidelines for VA Loan eligibility that depend on the length of term served, conditions of the discharge, conditions of service (peacetime or wartime), and the branch of military served. . If you have ever served in the...
USDA Loan Eligibility Guidelines
The USDA rural development loan is a unique loan product offered by the United States Department of Agriculture for borrowers living or moving to rural areas. . To determine whether or not you meet current USDA guidelines, your lender will examine several factors...
The USDA rural development loan is a unique loan product offered by the United States Department of Agriculture for borrowers living or moving to rural areas. . To determine whether or not you meet current USDA guidelines, your lender will examine several factors...
VA Loan Frequently Asked Questions
Why get a VA loan?VA loans provide exceptional benefits. For instance, VA loans allow borrowers to purchase a home without a down payment, one of the few remaining mortgage loans with this characteristic. . The VA also limits the amount of closing costs which...
Why get a VA loan?VA loans provide exceptional benefits. For instance, VA loans allow borrowers to purchase a home without a down payment, one of the few remaining mortgage loans with this characteristic. . The VA also limits the amount of closing costs which...
Mortgage Application Checklist
Below is a list of standard documents that lenders require during the loan application process.. Property:A copy of fully signed sales contract including all riders.. Verification of the deposit you placed to the home (copy of front and back of earnest money check).....
Below is a list of standard documents that lenders require during the loan application process.. Property:A copy of fully signed sales contract including all riders.. Verification of the deposit you placed to the home (copy of front and back of earnest money check).....
Buying Your First Home, The Survival Guide: Getting Pre-Approved
Editor’s Note: This article is the first in Lender411’s Buying Your First Home, The Survival Guide trilogy. Skip to the second entry, Calculating Costs or the third, Choosing a House.. If you grew up in America, it's possible you’ve spent time gazing at...
Editor’s Note: This article is the first in Lender411’s Buying Your First Home, The Survival Guide trilogy. Skip to the second entry, Calculating Costs or the third, Choosing a House.. If you grew up in America, it's possible you’ve spent time gazing at...
What Is Amortization?
Amortization is the act of paying off debt through regular payments over time. A predetermined amount of every payment is reserved for interest and the rest of the payment is set towards reducing the principal balance. Therefore, a car loan and a mortgage are both...
Amortization is the act of paying off debt through regular payments over time. A predetermined amount of every payment is reserved for interest and the rest of the payment is set towards reducing the principal balance. Therefore, a car loan and a mortgage are both...
What is a Down Payment?
During mortgage transactions, lenders prefer to work with borrowers who invest a larger down payment. In the aftermath of the subprime mortgage market collapse, the burst of the U.S. housing market bubble, and the resulting economic downturn, the days of the no-down...
During mortgage transactions, lenders prefer to work with borrowers who invest a larger down payment. In the aftermath of the subprime mortgage market collapse, the burst of the U.S. housing market bubble, and the resulting economic downturn, the days of the no-down...
What Happens at a Mortgage Closing?
At a closing, ownership of the newly purchased home is transferred to you. It involves you, the seller, the real estate agent, representatives from the title or escrow firm, clerks, secretaries, attorneys and other staff. . It is possible to have an attorney act on your...
At a closing, ownership of the newly purchased home is transferred to you. It involves you, the seller, the real estate agent, representatives from the title or escrow firm, clerks, secretaries, attorneys and other staff. . It is possible to have an attorney act on your...
Pre-Qualification vs. Pre-Approval
If you've researched mortgages for funding your upcoming home purchase, you may have come across the terms “pre-qualification” and “pre-approval.” These terms may sound similar, but they are two entirely...
If you've researched mortgages for funding your upcoming home purchase, you may have come across the terms “pre-qualification” and “pre-approval.” These terms may sound similar, but they are two entirely...
Required Documents for a Short Sale Package
Here is a list of documents generally required by banks for short sale evaluation and approval:. Executed Listing AgreementAn important part of the short sale package is having the required information such as: when the property was put on the market, the name of the...
Here is a list of documents generally required by banks for short sale evaluation and approval:. Executed Listing AgreementAn important part of the short sale package is having the required information such as: when the property was put on the market, the name of the...
Avoid Loan Application Denial for Undocumented Cash
Several problems may result in your home loan application being delayed or denied. One issue, in particular, creates most of the delays in the mortgage application process --undocumented cash deposits. . You must show that you have a sufficient down payment when...
Several problems may result in your home loan application being delayed or denied. One issue, in particular, creates most of the delays in the mortgage application process --undocumented cash deposits. . You must show that you have a sufficient down payment when...
How Much Down Payment is Necessary to Obtain Home Financing?
How much money do you need for a down payment on a home?. Most people will say between 10% to 20% down. However, there are programs which allow you to finance 100% of the home’s value, and other programs which allow you to finance with as little as 3% down.. There is also...
How much money do you need for a down payment on a home?. Most people will say between 10% to 20% down. However, there are programs which allow you to finance 100% of the home’s value, and other programs which allow you to finance with as little as 3% down.. There is also...
What is VA Funding Fee?
To secure home loan benefits through the Department of Veteran Affairs (VA), VA-eligible borrowers must pay a mandatory VA funding fee. Through this charge, the borrower contributes toward the cost of the highly advantageous VA mortgage loan program, thereby lessening...
To secure home loan benefits through the Department of Veteran Affairs (VA), VA-eligible borrowers must pay a mandatory VA funding fee. Through this charge, the borrower contributes toward the cost of the highly advantageous VA mortgage loan program, thereby lessening...
What Are Mortgage Points?
The term "point" refers to a lender fee. One point is equivalent to 1% of your mortgage loan. If mortgage points sound tricky, it’s because they can be. . It is best that you are prepared to ensure the lowest interest rate and prevent unexpected...
The term "point" refers to a lender fee. One point is equivalent to 1% of your mortgage loan. If mortgage points sound tricky, it’s because they can be. . It is best that you are prepared to ensure the lowest interest rate and prevent unexpected...
What Are Finance and Lender Charges?
Most people associate closing costs with the finance charges that are levied by lenders. The charges you pay will vary among lenders, so it's worth it to shop around for the best combination of mortgage terms and closing (or settlement) costs. . These are some charges...
Most people associate closing costs with the finance charges that are levied by lenders. The charges you pay will vary among lenders, so it's worth it to shop around for the best combination of mortgage terms and closing (or settlement) costs. . These are some charges...
How Property Appraisers Determine Property Value
If you plan on purchasing or selling a home, a home appraiser can help create an objective assessment of the property. Keep reading to learn essential information about property appraisals and find out tips on how you can earn the highest value.. . Property value depends on...
If you plan on purchasing or selling a home, a home appraiser can help create an objective assessment of the property. Keep reading to learn essential information about property appraisals and find out tips on how you can earn the highest value.. . Property value depends on...
Should I Use a Credit Union, Bank or Broker for My Home Loan?
When you're looking to buy a home, you'll quickly learn that there are many decisions to make, one of them being your choices in lenders. Sifting through your mortgage lender options is no easy feat! You must consider your purchasing intentions, your...
When you're looking to buy a home, you'll quickly learn that there are many decisions to make, one of them being your choices in lenders. Sifting through your mortgage lender options is no easy feat! You must consider your purchasing intentions, your...
Congratulations You've Been Pre-Approved! Now Don't Mess It Up
One of the first steps in the home buying process is the mortgage pre-approval. However, even after you are pre-approved, some mistakes may result in your mortgage being declined. . A mortgage pre-approval is based on a snapshot of your employment, income, credit, and...
One of the first steps in the home buying process is the mortgage pre-approval. However, even after you are pre-approved, some mistakes may result in your mortgage being declined. . A mortgage pre-approval is based on a snapshot of your employment, income, credit, and...
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