One of the most important aspects to successfully obtaining a mortgage is securing a low interest rate. After all, the lower the rate, the lower the mortgage payment each month. And if your loan term lasts for 360 months, you’re going to want a lower payment. If you don’t believe me...
A mortgage is a loan used to buy your home. You borrow money from a bank or credit union to make your home purchase. The lender allows you to repay your home over a set period of time, usually between 15 and 30 years. However, in order to use the lender’s money, the lender (ty...
Mortgage Sense November 13, 2024 Seven upsides to buying a home over the winter Mortgage Sense November 5, 2024 What is “aging in place?” Phone Number City State (Select)AlabamaAlaskaArizonaArkansasCaliforniaColoradoConnecticutDelawareDistrict of ColumbiaFloridaGeorgiaHawaiiIdahoIllinoisIndianaIowaKansasKe...
A VA loan is a type of mortgage loan offered by private lenders that is partially backed by the Department of Veterans Affairs (VA), known as the VA Home Loan “Guaranty.” This agreement replaces the need for a down payment and acts as a reimbursement to private lenders if you foreclose...
The loan-to-value mortgage ratio is the amount of money the borrower needs to purchase a property of a certain appraised value.
Loan amount.The amount of money you borrow — your principal — greatly influences how much interest you pay to a lender. The moremoney you borrow, the more interest you’ll pay. This is because a larger amount means more of a risk for the lender. ...
Business Loan Advice Personal Guarantees for Business Loans What Is Invoice Financing? What Is a UCC Filing? How to Finance Small-Business Equipment Small Business Loans and Advice Is a Business Credit Line a Good Idea? A business line of credit can be a lifeline when cash flow is strained....
“We’re going to look at what you do for a living, are you salaried, are you commissioned, are you 1099? These all factor into ‘how much money you make,’” says William Sartain, a mortgage loan officer with BankSouth, which is also based in Atlanta. “And that’s just the start...
How to Qualify for a Mortgage With Student Loan Debt In general, student loan debt is treated much the same as other types of debt for mortgage approval purposes. For "qualified mortgages," such as those backed by the federal government, you'll generally need below a 43% DTI.5However, so...
they are not the same thing. A conventional mortgage is a much broader category. It isanyloan offered through a private lender, as opposed to a government agency like the FHA or theU.S. Department of Veterans Affairs(VA), or backed by Fannie Mae or Freddie Mac, which is ...