4 minute lesson Lesson Summary Bring a valid and up-to-date ID to the closing table. Review the final CD with your lender before the closing. Avoid bringing cash and opt for a cashier's check or wire transfer. Be cautious…
6 minute lesson Lesson Summary Alternative lending options for homebuyers are discussed in this blog post. Four types of non-traditional mortgages are highlighted: bank statement loans, 1099 loans, profit and loss loans, and DSCR loans. Bank statement loans are…
6 minute lesson Lesson Summary Non QM loans are alternative lending options outside of Fanny May and Freddy Mac's qualified mortgage criteria. Non QM loans are still mortgages, but they don't fit within the specific box set by Fanny…
6 minute lesson Lesson Summary The VA funding fee is a fee collected and added to the loan amount when the loan funds. It ensures the loan for the lender in case of default. The fee varies depending on…
6Â minute lesson Lesson Summary Key Sections: Loan Terms: Loan amount, interest rate, monthly payments, loan duration. Projected Payments: Changes in payments over time, including principal, interest, and mortgage insurance. Closing Costs: Summarizes estimated closing costs and total cash needed…
5 minute lesson Lesson Summary APR, or Annual Percentage Rate, is an important concept for homebuyers to understand. It is often misunderstood, but it is different from the interest rate. The APR can be found on page three of…
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,…