The Underwriter, the one person who can help you or really hurt you in the loan transaction. The Underwriter holds all the cards in your loan approval and is the most important person in the loan transaction. What’s interesting is that this is also the one person you most likely will never talk to. Here is the role of the underwriter, and why they are so important.
Escrow is what is referred to as Settlement Services, and an escrow officer is considered a settlement officer. Every loan and home purchase transaction requires settlement services. In some states it is the same company as the title company, while other states may use a separate escrow company or even an attorney for settlement of the transaction. What is settlement/escrow, and what service does it perform? The answer is here.
An average mortgage lender is concerned about one thing: the mortgage loan. A good mortgage lender is concerned about much more: your overall financial health and well-being. Here are the five professionals that every homeowner needs.
On most home purchases, an inspection and appraisal are conducted. But not on all. When do you need an inspection, when do you need an appraisal, and what are the differences?
DTI stands for Debt-To-Income. It is a financial ratio which determines your ability to qualify for a home loan. If your DTI is too high, then this can be a deal buster. It’s critical to understand what your DTI is, and how your lender computes it, because often there can be errors in their computation, as well as there are strategies available to get your DTI into alignment to qualify for the home loan that you need.
What is the current interest rate? Did you know that in order for a lender to quote you an accurate rate, there are 10 variables (things) that are in play which determine the rate you will be quoted?
The amount of money you will be borrowing will determine which agency programs you can qualify for. Knowing your amount, and the limits of each agency, will help to position you with the best terms possible.
The percentage of your loan amount compared to the value of the property you are purchasing can have a significant impact on your rate offers. Knowing your options can help to position you with the best terms possible.
Not all loans are the same. The terms, the qualification guidelines, and the rates can vary quite a bit. Understand what type of loan would be the best one for you.
Will the home you plan to purchase be a single family detached home, an attached townhome, a condo, a manufactured home, custom built home, or other? The type of property will determine your interest rate offerings.
