mortgage loans: How to get a VA loan - The VA Certificate of Eligibility (COE) - 03/22/09 10:32 AM
As a Veteran you have decided to make a home purchase. The first thing you need to obtain in order to use your VA Entitlement is to obtain a VA COE. If you do not have one already we would be happy to assist you in getting one. The process is … (0 comments)
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mortgage loans: What VA Loans Are Used For - Am I limited to buying an existing home with a VA loan? - 10/05/08 10:06 AM
A VA home loan has more flexibility than you might think. While many use this benefit to purchase existing homes, there are many other applications. Did you know you a VA home loan may be used to purchase and improve a home at the same time? You may also use a … (0 comments)
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mortgage loans: VA Home Loan Entitlement - Isn’t the VA home loan automatic? It's one of my entitlements, Right? - 09/28/08 09:02 AM
Some first-time home buyers are misinformed as to the workings of a VA Loan. The Veterans Administration does not normally act as a lending agent. Instead, the VA is in the business of guaranteeing the loans of veteran. In most cases, the VA offers a guaranty to those who meet the … (0 comments)
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mortgage loans: Lowering Your Payments - 09/28/08 08:35 AM
There are many ways besides opting for a shorter rate lock period to get a lower payments, though.
A larger down payment will result in a lower interest rate than a smaller one, because you're starting out with more equity and the lender is taking less of a risk.
You … (0 comments)
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mortgage loans: What is a "rate lock period"? - 09/28/08 08:26 AM
A rate lock or a rate commitment is a lender's promise to hold a certain interest rate and a certain number of points for you for a specified period of time while your application is processed. This prevents you from going through your whole application process and at the end of … (0 comments)
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mortgage loans: VA Mortgage Debt-to-income Ratio - 08/24/08 11:15 AM
According to VA guidelines, borrowers and / or their spouse must qualify according to set debt ratios which are used to determine whether the borrower can reasonable be expected to meet the expenses involved with home ownership.
TOTAL FIXED PAYMENT TO EFFECTIVE INCOME
Add up the total mortgage payment (principal and … (0 comments)
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mortgage loans: VA Loan Benefits - 08/24/08 11:13 AM
VA guaranteed loans are made by lenders and guaranteed by the U.S. Department of Veteran Affairs (VA) to eligible veterans for the purchase of a home. The guaranty means the lender is protected against loss if you fail to repay the loan. In most cases, no down payment is … (0 comments)
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mortgage loans: Truth In Lending(TIL) FAQ - 08/02/08 12:04 PM
What is a Truth-In-Lending Disclosure (TIL) and why do I receive it?This is a Disclosure is designed to give you information about the costs of your loan so that you may compare these costs with those of other loan programs or lenders. It is usually prepared in combination with the … (0 comments)
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mortgage loans: Holding Title - 08/02/08 12:02 PM
Before you reach the closing day, you will want to make a decision as to how you will "hold title" to the property. This decision has legal, tax and estate planning ramifications. Therefore, it may be prudent to consult an attorney or certified public accountant (CPA).
The following information is supplied … (0 comments)
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mortgage loans: Tax Closing Costs - 08/02/08 12:00 PM
Property Taxes
This is the one closing cost that is often prorated between the buyer and seller. If the seller has already paid the annual property taxes, the buyer typically reimburses the seller for the period in which the buyer will be occupying the property. Likewise, if the taxes have not … (0 comments)
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mortgage loans: Title Insurance = Peace of Mind - 08/02/08 11:58 AM
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mortgage loans: What is the difference between the interest rate and the A.P.R.? - 08/02/08 11:57 AM
You'll see an interest rate and an Annual Percentage Rate (A.P.R.) for each mortgage loan you see advertised. The easy answer to "why" is that federal law requires the lender to tell you both.
The A.P.R. is a tool for comparing different loans, which will include different interest rates but also … (0 comments)
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mortgage loans: Mortgage vs. Deed of Trust - 08/02/08 11:55 AM
Many of us incorrectly call our home loan a mortgage, but in fact, a mortgage is not what your lender gives you to buy a home. A mortgage is actually the formal document proving the legal claim or lien on a piece of property that you give to the lender … (0 comments)
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mortgage loans: Options for Downpayment Now that Nehemiah is gone - 07/29/08 08:29 PM
While Nehemiah and Ameridream are living out their final days I thought I'd send you a positive message about how you can still get the financing you need.
Here is my Weekly News Brief and Featured Property in Houston.
Link to: Cancer Center Warns on Cell Phone use
… (0 comments)
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mortgage loans: Overview of Credit - 07/29/08 05:03 PM
Even though an applicant can afford a mortgage today, will he or she continue to pay on it for years in the future? In short, what is the applicant’s financial reputation?The best guide to a person’s future action is the person’s past actions. The obvious place to start is with the … (0 comments)
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mortgage loans: Featured Properties in Houston TX & Bentwater in Montgomery County - 07/17/08 03:01 PM
Hello,
I have an investor/builder who is wanting to unload some properties in Houston and Bentwater. I put together a video with information on the properties. Click on this link to see the video for these properties and if you have any questions please give me a call. This is something … (0 comments)
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mortgage loans: Loan-Related Closing Costs - 07/17/08 12:39 AM
Loan Origination FeeThis covers the administrative expenses in setting-up and processing the loan. The loan origination fee may be a percentage of the mortgage amount.
Points (optional)An option for the home buyer is to pay points to lower the interest rate at which the loan will be repaid. Each point equals … (0 comments)
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mortgage loans: How to Reduce Your Mortgage - 07/17/08 12:37 AM
One Additional Mortgage Payment a Year
There's a simple trick to significantly reduce the length of your mortgage and save you thousands of dollars. The trick is to make one extra mortgage payment a year and apply that payment toward your loan's principal.
This is the method being used by "Bi-Weekly … (1 comments)
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mortgage loans: Government loan programs - 07/17/08 12:35 AM
FHA loans
An FHA loan is insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD). The FHA does not loan money to borrowers, rather, it provides lenders protection through mortgage insurance (MIP) in case the borrower defaults on his … (0 comments)
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mortgage loans: What does it cost to refinance? What are the benefits? - 07/17/08 12:29 AM
Ever heard the old rule of thumb, you should only refinance if your new interest rate is at least two points lower? That may have been true years ago, but with refinancing dropping in cost over the last few years, it's never the wrong time to think about a … (0 comments)
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