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Mortgage Basics

Ten Credit Do's and Don'ts To Bear In Mind Prior To Getting Your Mortgage Loan

by Jonas Kruckeberg April 1, 2010

How can a fully approved loan get denied for funding after the borrower has signed loan docs?
Simple, the underwriter pulls an updated credit report to verify that there hasn’t been any new activity since original approval was issued, and the new findings kill the loan.
This generally won’t happen in a 30 day time-frame, but borrowers [...]

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How Much Can I Afford?

by Jonas Kruckeberg March 31, 2010

How much mortgage money can I qualify to borrow?
This is typically the number one question mortgage professionals are asked by new clients.
Of critical importance when considering mortgage financing: There is sometimes a difference between what a client ***can*** borrow and what they ***should*** borrow.
In other words, what makes for a comfortable [...]

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First-Time Home Buyer Credit Checklist

by Jonas Kruckeberg March 28, 2010

Getting a new mortgage for a First-Time Home Buyer can be a little overwhelming with all of the important details, guidelines and potential speed bumps.
Since there are so many rules and steps to follow, here is a simple list of Do’s and Don’ts to keep in mind throughout the mortgage approval process:
DO:

Continue working at your [...]

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Understanding An Amortization Schedule

by Jonas Kruckeberg March 28, 2010

By committing to a mortgage loan, the borrower is entering into a financial agreement with a lender to pay back the mortgage money, with interest, over a set period of time.
The borrower’s monthly mortgage payment may change over time depending on the type of loan program, however, we’re going to address the typical 30 year [...]

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How Do I Calculate My Mortgage Payment Without Using A Mortgage Calculator?

by Jonas Kruckeberg March 28, 2010

Calculating an exact mortgage payment without a calculator on a loan is no small task, but there are some simple rules-of-thumb you can use to get a close estimate.
With the exception of the MIT Blackjack Team, performing this type of complex math in your head often leads to frustrating rants.
When coming up with a rough [...]

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Do I Have To Continue Making My Mortgage Payment If My Lender Goes Bankrupt?

by Jonas Kruckeberg March 28, 2010

When mortgage banks go out of business and are essentially taken over by the FDIC, homeowners are left wondering if they still need to make a monthly payment.
Great thought, and a very common questions for many borrowers in 2009 and 2010.
The short answer is YES, you still have to continue making mortgage payments if your [...]

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Alternate Sources For Establishing Credit

by Jonas Kruckeberg March 28, 2010

While the basic Rule-of-Thumb for acceptable credit history is a minimum of four trade lines documented on a credit report, there are alternative methods of building a credit picture that an underwriter can use to make a decision for a loan approval.
For potential home buyers with little or no credit history, keeping records for [...]

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What's The Difference Between A Single Family, Second Home and Investment Property?

by Jonas Kruckeberg March 28, 2010

When applying for a mortgage, a borrower’s “Occupancy Type” is a major factor in the amount of down payment required, loan program available and mortgage interest rate.
Whether you are purchasing, doing a rate/term refinance or taking equity out of your property through a cash out refinance, occupancy type is always considered by the [...]

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What's My Debt-to-Income (DTI) Ratio?

by Jonas Kruckeberg March 28, 2010

Debt-to-Income (DTI) is one of the many new mortgage related terms many First-Time Home Buyers will get use to hearing.
DTI is a component of the mortgage approval process that measures a borrower’s Gross Monthly Income compared to their credit payments and other monthly liabilities.
Debt-to-Income Ratios are designed to give guidance on acceptable levels [...]

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Calculating Loan-to-Value (LTV)

by Jonas Kruckeberg March 28, 2010

Understanding the definition of Loan-to-Value (LTV), and how it impacts a mortgage approval, will help you determine what type of loan amount and program you may qualify for.
Since the LTV Ratio is a major component of getting approved for a new mortgage, it’s a good idea to learn the simple math of calculating the amount [...]

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