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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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