Real Mortgage Secrets Modules
The Five Professionals You Need
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.
Appraisal vs. Inspection Difference
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 Explained
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.
10 Things That Determine Rate
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?
10 Things – #1 Loan Amount
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.
10 Things – #2 Loan to Value (LTV)
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.
10 Things – #3 Type of Loan
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.
10 Things – #4 Subject Property
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.
10 Things – #5 Occupancy
Will the home you plan to purchase be a primary residence, second home, or an investment property? The classification will have a difference on your home loan terms.
10 Things – #6 Loan Term
Did you know that home loans are available with repayment terms as little as 10 years and as long as 40 years, with 30 years being the most common? Here is what you need to know about loan terms.
