mortgage programs: 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)
|
mortgage programs: Co-signers on VA Loans / Can I bring on a co-signer on my VA home loan? - 10/05/08 10:09 AM
It's true that the legally married spouse of a military member or veteran can co-sign a VA loan. There is no "penalty" for doing so, the veteran loan is still fully guaranteed by the VA. Two unmarried military members are also able to co-sign on a VA loan with the same … (0 comments)
|
mortgage programs: VA Farm Loan? - Can I buy a farm with a VA loan? - 09/28/08 09:18 AM
A veteran generally cannot get a VA loan to purchase a farm with one notable exception. If the farm has a residence where the veteran intends to live. There is no 'farming requirement' for this kind of purchase, but if the veteran does intend to operate a farm business as a … (0 comments)
|
mortgage programs: 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)
|
mortgage programs: 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)
|
mortgage programs: 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)
|
mortgage programs: 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)
|
mortgage programs: 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)
|
mortgage programs: 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)
|
mortgage programs: 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)
|
mortgage programs: Title Insurance = Peace of Mind - 08/02/08 11:58 AM
<!--
<div id="FormsLayer" style="position:absolute; width:368px; height:178; z-index:2; left: 0; top: 0; visibility: visible;"></div>
--> … (0 comments)
|
mortgage programs: 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)
|
mortgage programs: 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)
|
mortgage programs: 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)
|
mortgage programs: 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)
|
mortgage programs: 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)
|
mortgage programs: 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)
|
mortgage programs: 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)
|
mortgage programs: Should you talk to a mortgage professional before house hunting? - 07/17/08 12:25 AM
Absolutely! Even if you haven't so much as picked out houses to visit yet, it's important to see your mortgage professional first. Why? What can we do for you if you haven't negotiated a price, and don't know how much you want to borrow?
When we pre-qualify you, we help … (0 comments)
|
mortgage programs: What is a VA Loan? - 07/17/08 12:24 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)
|
;)
;)
