Two Key Factors in Qualifying for a Home Loan When
a lender makes a decision about a mortgage application, they consider two basic
factors: 1) your ability and 2) your willingness to repay the loan. Ability to
repay the mortgage is determined by verifying your current ...
(Posted: 4/14/2006 3:18:45 PM)
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Collections
account
If you have open collection accounts, you can still get a loan.
Often the lender will require you to pay them off, or to pay off certain
accounts, even if they are for very small amounts. If you have the ability, you
should pay off your valid collection accounts as soon as possible. ...
(Posted: 4/14/2006 3:18:34 PM)
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Tags: [collections,
collection,
collection account]
Who
Can Benefit From an Payment Option ARM
Self-employed borrowers with inconsistent income Borrowers with
inadequate or no retirement savings Borrowers who want cash reserves for
emergencies Borrowers who need money to start or expand a business Borrowers
who need mortgage payments to be as small as possible Borrowers who want to
stop ...
(Posted: 4/14/2006 3:18:00 PM)
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Conforming
loan
Conforming loans meet two criteria: 1. They cannot exceed the
current year's maximum loan amount limits. The 2005 conforming loan limit is
$359,650 2. They also must conform to the credit history, income,
loan-to-value, and debt guidelines established by Fannie Mae and/or Freddie
Mac. ...
(Posted: 4/14/2006 3:17:42 PM)
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Cash-Flow
Loans
If you are a borrower looking to maximize your monthly cash flow,
there are alternative mortgage loan products available for you to increase your
cash flow. ...
(Posted: 4/14/2006 3:16:54 PM)
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Tags: [interest
only loans,
minimum payments]
New
Credit Card Minimum Payments
Consumers who have just been paying minimum credit card payments
should prepare for an increase. The new regulations for the minimum payments
are starting to be felt by many consumers. If you are having trouble making
your payments you may want to consider consolidating those debts by refinancing
...
(Posted: 4/14/2006 3:16:48 PM)
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Should
I switch to a 15 year mortgage
Most people who own their own homes want them to be paid off as fast
as possible. One of the ways people hope to accomplish this is through
switching to a 15 year mortgage. ...
(Posted: 4/14/2006 3:16:37 PM)
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Tags: [15
year mortgage]
NINA Loan
A NINA Loan is a where the borrower does not disclose income or
assets on the application. ...
(Posted: 4/14/2006 3:09:39 PM)
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Interest
Only Mortgage
An interest only mortgage is a mortgage were the borrower(s) pay
only the interest payments on the loan. Generally the term of an interest only
mortgage is over 30 years with the interest only period either 5 or 10 years
and then the loan will re-amoritize into a principle and interest loan for the
...
(Posted: 4/14/2006 3:09:30 PM)
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Loan
Approval
Loan Approval means that the borrower meets the lender's
qualification requirements and also its underwriting requirements. In some
cases, especially where approval is provided quickly as with automated
underwriting systems, the approval may be conditional on further verification
of information prov ...
(Posted: 4/14/2006 3:02:57 PM)
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Tags: [qualify,
underwriting,
verification]
