The three key elements for loan approval are income, credit and property. Borrower income must be sufficient to pay for the mortgage, as well as all other debts and monthly obligations. The property to be purchased must not cost more than its appraised value. And, most important, the borrowers’ credit ...
READ MORE
Mortgage lenders follow guidelines imposed by the mortgage marketplace when approving home loans. One of them deals with the credit worthiness of the mortgage applicant. The most well-known of these guidelines is credit score, as reported by the major credit scoring repositories ( Experian, Equifax and Transunion). However, another credit ...
READ MORE
When you select a new home to purchase, you will need to execute a contract of sale ( also called a Residential Contract of Purchase). To assist you to negotiate that contract with the seller, below are some important tips to help you: Earnest Money Deposit. This deposit is required ...
READ MORE
Real estate settlement is the procedure involved in the passage of title from a property seller to a property buyer. A similar procedure is followed when a property owner refinances the mortgage on his/her residence, and is called a “mortgage closing”. Both involve expenses that must be paid by the ...
READ MORE
There are many misconceptions of the total number of financed properties a Fannie Mae applicant can own. Most believe it is five ( the former limit). In fact, it is ten. But because of requirements layered on each additional property, called “reserves”, and “DTI ratios”, the practical limit is much ...
READ MORE
Copyright ©2023 | All Credits Mortgage | NMLS# 1591498 | Licensed to Do Business in the State of VA | NMLS Consumer Access Portal | Privacy Policy | Site Accessibility
