Your Mortgage Statement Explained Key Points The mortgage statement is a record that includes crucial information regarding your loan. Every billing cycle, your lender or servicer will send you a statement; it is a good idea to check each one for accuracy. You might be able to discard the paper copy of your statements … Read more
Types of Mortgage Lenders and How to Choose Key Points Mortgage lenders finance the purchase, construction, or renovation of a property. They also offer mortgage refinancing and some other mortgages. Many types of lenders, including banks, offer mortgages through various channels, such as correspondents, directly or wholesale. Some big mortgage names (e.g., Fairway and … Read more
Key Mortgage Terminology to know: A Guide to Commonly used phrases It’s critical to comprehend mortgage jargon if you’re financing the purchase of a home. However, achieving fluency can resemble picking up a new language. Here’s our guide to the most important mortgage terms and conditions, covering everything from V(A) loans to A(PR) loans, … Read more
Mortgage lien: What They Are and How They Work Key Points Mortgage liens are legal claims on property securing a mortgage. Property rights can be general or specific and voluntary or involuntary. The right to mortgage is express and voluntary. The priority of liens on a property determines which lien will be paid first … Read more
Mortgage Rate Lock: What It Is and When You Should Use It Key Points A mortgage rate lock does just that: it prevents the mortgage rate from changing for a set period. Mortgage rates change frequently. A rate lock helps protect you from these fluctuations, so you won’t pay more if current market … Read more
How much does it cost to refinance a mortgage? Key Points They are refinancing your mortgage costs between 2% and 5% of the new loan amount. These closing costs may include application, origination, and home appraisal fees. To determine if it’s worth paying for a refinance, figure out when you’ll break even — when … Read more
Understanding the Mortgage Underwriting Process Key Points When you apply for a mortgage, lenders use a process called underwriting to determine whether to approve or deny your loan. Underwriters consider factors such as your credit history, financial profile, and home appraisal when deciding on your loan. The subscription process involves several steps, which may … Read more
What is an assumable mortgage, and how does it work? Key Points A mortgage assumption means that the existing borrower co-signs the loan balance to you, and you are responsible for the remaining payments. Most conventional mortgages are not negotiable, but many government-backed loans (FHA, VA, USDA) are. The lender must approve you to … Read more
Income Requirements to Qualify for a Mortgage Key Points There are no specific income requirements to qualify for a mortgage. To determine if you qualify for a loan, lenders use your debt-to-income (DTI) ratio to compare your income to your total mortgage debt. Your credit score and down payment amount also greatly influence … Read more
5 Types of Mortgage Loans for Home Buyers Key Points The main types of mortgages are conventional loans, government-backed loans, jumbo loans, fixed-rate loans, and adjustable-rate loans. Other types of mortgages exist for different purposes, such as building or renovating a home or investing in property. The right mortgage for you depends … Read more