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....
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...
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...
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...
by Ed & Barbara Heiser | May 11, 2018 | Mortgage Approval Process
While the basic Rule-of-Thumb for acceptable credit history is a minimum of four trade lines documented on a credit report, there are alternative methods of building a credit picture that an underwriter can use to make a decision for a loan approval. For potential...
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