Hands down, the number one pitfall to the home loan process revolves around providing proper asset documentation and the actual source of the funds during the loan closing process. There’s nothing worse in a real estate purchase than making it all…
The VA Funding Fee is an essential component of VA loans and is a requirement of any Veteran taking advantage of this zero down payment government loan program unless deemed disabled by the military. This fee ranges from 1.25% to 3.3%…
Continue reading the "Why Do I Need To Pay A VA Funding Fee?" »
Mortgage Insurance, sometimes referred to as Private Mortgage Insurance, is required by lenders on conventional home loans if the borrower is financing more than 80% Loan-To-Value. According to Wikipedia: Private Mortgage Insurance (PMI) is insurance payable to a lender or…
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…
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…
Short sales, foreclosures and new construction homes all have caveats that need to be considered when pursuing financing. If the guidelines and potential pitfalls are not properly understood, you could face delays in closing or potentially even a denied loan.…
