Homebuyer 101: VA Appraisal
4 minute lesson Lesson Summary VA appraisals focus on the value of the home and health and safety issues. The appraiser may mark health and safety issues that need to be fixed before the appraisal is completed. The home…
4 minute lesson Lesson Summary VA appraisals focus on the value of the home and health and safety issues. The appraiser may mark health and safety issues that need to be fixed before the appraisal is completed. The home…
5 minute lesson Lesson Summary Rate buydowns are a valuable option for homebuyers looking to lower their mortgage interest rates. There are two types of buydowns: temporary and permanent. With a permanent buydown, extra funds are used to lower…
6 minute lesson Lesson Summary When using VA benefits to buy a new home, it is expected that the home will be your primary residence. Service members can own multiple homes using their VA benefits by living in one…
6 minute lesson Lesson Summary The VA loan process considers a VA residual calculation, which carries more weight than the debt to income ratio. The VA residual calculation takes into account factors such as the number of family members,…
7 minute lesson Lesson Summary FHA mortgage insurance, also known as MIP (mortgage insurance premium), is different from homeowner's insurance. It is an insurance policy that covers the lender in case the borrower defaults on the loan. FHA loans…
6Â minute lesson Lesson Summary Mortgage rate locks are an important aspect of the home buying process. Interest rates fluctuate daily, similar to the stock market. When you lock in your interest rate, you are securing it for a specific…
5 minute lesson Lesson Summary FHA appraisals are an important part of the homebuying process for those using an FHA loan. The appraiser's opinion determines the value of the property. The appraiser looks at comparable properties in the area…
6 minute lesson Lesson Summary LLPA stands for Loan Level Price Adjustments. LLPA is a risk factor that determines the interest rate for a homebuyer. Lower risk factors result in better interest rates. Factors that affect LLPA include down payment…
4 minute lesson Lesson Summary Introduction to Key Terms: Clarifying the often-confused terms in home buying - "prequalification" and "preapproval". Understanding the Difference: Exploring the true distinction between prequalification and preapproval in mortgage processes. Prequalification Explained: An initial assessment…
6 minute lesson Lesson Summary When buying a house, there are many rules to consider, such as employment, credit score, debt to income ratio, and down payment. Fannie Mae and Freddie Mac create rules to mitigate risk and ensure…