home loan auburn: What are Mortgage Overlays? Lender Guidelines Explained!
- 01/02/17 09:12 AM
Are you planning on buying a house in Auburn or buying a house in Opelika and are wondering the best mortgage product for you? Maybe you have heard the term mortgage overlay and are wondering what it means. Technically speaking, a mortgage overlay are specific rules a lender follows ABOVE the published guidelines for lending money in the form of a mortgage. Each lender will usually have their own internal mortgage overlays that are applied to mortgage loans along with the rules set forth by Fannie Mae, Freddie Mac, FHA, VA and USDA. The mortgage overlays are determined by the lender’s ability to … (0 comments)
home loan auburn: What is a Good-Faith Estimate? A Way to Shop for the Best Home Loan
- 08/27/16 12:27 AM
So you are about to buy a home for sale in Auburn or buy a home for sale in Opelika? When you apply for a mortgage to buy a home, within three days you will receive a document known as a good-faith estimate, or GFE (it may also go by another name, loan estimate). So, what is a good-faith estimate? Whatever you happen to call it, the purpose of this important piece of paperwork is to outline the approximate fees you would be expected to pay if you move forward with this lender to close on your home. Got it? Granted, receiving a good-faith estimate is no guarantee that a lender will give you the … (0 comments)
Are you planning on buying a house in Auburn or buying a house in Opelika and are wondering the best mortgage product for you? Maybe you have heard the term mortgage overlay and are wondering what it means. Technically speaking, a mortgage overlay are specific rules a lender follows ABOVE the published guidelines for lending money in the form of a mortgage. Each lender will usually have their own internal mortgage overlays that are applied to mortgage loans along with the rules set forth by Fannie Mae, Freddie Mac, FHA, VA and USDA.
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