Learn how to navigate what may be your biggest and most important loan.
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Mortgage Terminology 101 If you aren’t that familiar with the mortgage world, some of the terminology may leave you extremely overwhelmed. For example, you probably won’t know what it means to be qualified for a fixed-rate loan with an LTV of 97%, paying 2 basis points with an APR of 4.25%.
TUTORIAL #1 – BUILDING A SIMPLE MORTGAGE AMORTIZATION SCHEDULE. In this tutorial you’ll get down to the basics. You’ll be able to calculate loan payment, starting and ending balance, and learn to bifurcate the debt service payment to determine what proportion goes to interest versus principal.
How To Qualify For A Usda Home Loan Use our usda home loan qualification Calculator to determine what size USDA mortgage you qualify for and how much home you can afford based on several factors including your monthly gross income and debt expense as well as your down payment, interest rate and loan term.
Choosing the right type of mortgage is one of the most important things you can do, as a home buyer. In this article, we will examine the different home loans.
That is a successful mortgage planner in my book. ~ Lance H. Santa Cruz, CA Rob has the ability to explain the mortgage process and its pitfalls to any person in need of a mortgage loan. He’s an amazing mortgage professional.
Likewise, the origination fee sometimes represents a higher percentage of the loan amount on less-expensive loans because a $50,000 loan can require the same amount of work from the lender as a.
The following pages in this section are filled with general loan terms and definitions that will help in explaining the basics of the mortgage process. Please call or email me with any questions or specific details on what you would like.
· Mortgage Bank Hedging 101 mortgage banks fund and close loans, then sell them to investors (and sometimes retain the servicing to they can be point of contact with their borrowers). When a loan agent locks a loan with an investor on a “best-efforts” basis,
A blanket mortgage is a mortgage that covers two or more pieces of real estate. The real estate is held as collateral on the mortgage, but the individual pieces of the real estate may be sold without.
A second mortgage is a type of subordinate mortgage made while an original mortgage is still in effect. In the event of default, the original mortgage would receive all proceeds from the liquidation.