Category: Best Mortgage Q & A Ever!
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Mortgage Qualifying Debt To Income Ratio Explained
Have you talked to a real estate agent or loan originator lately and were left confused about all of the questions about your income and credit. One of the main factors that underwriters use to determine your ability to repay and qualify for all types of home loans in your debt ratio. This is your…
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What is the difference between a home equity loan and a home equity line of credit?
A common question we get from blog readers: What is the difference between a HELOC and equity loan? Both are loans secured by a mortgage against your home. This lien can be in 1st or 2nd position. The main difference is a home equity line of credit is like a credit card,(the bank issues a card…
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How To Get Pre-Approved?
Getting pre-approved for a home loan is especially important if your are considering a home purchase. You’ll need a pre-approval letter before you can look at homes with a real estate agent in most cases. Sellers will also require a letter to be submitted with a purchase contract (offer). What paperwork will I need to get…
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Mortgage Checklist
Here is a basic checklist of what you’ll need to apply and get approved for a mortgage. Completed loan application Fannie Mae Form 1003 Letters of explanation (LOE) for past credit issues, gaps in employment, living with parents (no recent rental history). It’s in your best interest bring attention to any past issues up front…
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What is the Minimum Credit Score Home Loan?
There is no minimum credit score home loan if you have a large down payment and can afford an expensive private hard money loan. Most home owner hopefuls do not have a large down payment available. You just want to get approved for a good home mortgage loan. A minimum 580 credit score will help…