What's The Difference Between A Single Family, Second Home and Investment Property?
March 28, 2010 by Eddie Knoell · Leave a Comment
When applying for a mortgage, a borrower’s “Occupancy Type” is a major factor in the amount of down payment required, loan program available and mortgage interest rate. Whether you are purchasing, doing a rate/term refinance or taking equity out of your property through a cash out refinance, occupancy type is always considered by the underwriter. […]
What's My Debt-to-Income (DTI) Ratio?
March 28, 2010 by Eddie Knoell · Leave a Comment
Debt-to-Income (DTI) is one of the many new mortgage related terms many First-Time Home Buyers will get used to hearing. DTI is a component of the mortgage approval process that measures a borrower’s Gross Monthly Income compared to their credit payments and other monthly liabilities. Debt-to-Income Ratios are designed to give guidance on acceptable levels […]
Calculating Loan-to-Value (LTV)
March 28, 2010 by Eddie Knoell · Leave a Comment
Understanding the definition of Loan-to-Value (LTV), and how it impacts a mortgage approval, will help you determine what type of loan amount and program you may qualify for. Since the LTV Ratio is a major component of getting approved for a new mortgage, it’s a good idea to learn the simple math of calculating the […]
Common Documents Required For A Mortgage Pre-Approval
March 28, 2010 by Eddie Knoell · Leave a Comment
Even though many lenders are still quoting quick 10 minute pre-qualifications over the phone or online, a true mortgage approval that holds any weight is one that has been issued by an underwriter who has had an opportunity to review all of the necessary documents. With a constant stream of new lending guidelines, volatile mortgage […]
