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Down Payment Assistance

Down Payment Assistance

by Ed & Barbara Heiser | Sep 29, 2018 | Home Buying Process, Mortgage Approval Process, Mortgage Closing Costs, Mortgage Payments, Mortgage Programs, Mortgage Rates

The following chart is provided as a summary of the basic qualifying features of the most popular Arizona Down Payment Assistance programs.  These programs are made available to help responsible Arizona home buyers who struggle to save for a down payment buy a home...

Do I Need To Sell My Home Before I Can Qualify For A New Mortgage On Another Property?

by Ed & Barbara Heiser | May 11, 2018 | Mortgage Approval Process

Although every situation is unique, it is not uncommon for homebuyers to qualify for a mortgage on a new home while still living in their primary residence. Perhaps you are outgrowing your current house, or have been forced to relocate due to a job transfer?...

Common Documents Required For A Mortgage Pre-Approval

by Ed & Barbara Heiser | May 11, 2018 | Mortgage Approval Process

Even though many lenders are still quoting quick 10 minute pre-qualifications over the phone or online, a true mortgage approval that holds any weight is one that has been issued by an underwriter who has had an opportunity to review all of the necessary documents....

Calculating Loan-to-Value (LTV)

by Ed & Barbara Heiser | May 11, 2018 | Mortgage Approval Process

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 a new mortgage, it’s a...

What’s My Debt-to-Income (DTI) Ratio?

by Ed & Barbara Heiser | May 11, 2018 | Mortgage Approval Process

Debt-to-Income (DTI) is one of the many new mortgage related terms many First-Time Home Buyers will get used to hearing. DTI is a component of the mortgage approval process that measures a borrower’s Gross Monthly Income compared to their credit payments and...

What’s The Difference Between A Primary Residence, Second Home and Investment Property?

by Ed & Barbara Heiser | May 11, 2018 | Mortgage Approval Process

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...
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