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Underwriting Guidelines

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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Common Documents Required For A Mortgage Pre-Approval

by Jonas Kruckeberg March 28, 2010

Even though many lenders are still quoting quick 10 minute pre-qualifications over the phone or online, a true mortgage approval that holds any weight is one that has been issued by an underwriter who has had an opportunity to review all of the necessary documents.
With a constant stream of new lending guidelines, volatile mortgage rates [...]

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