by faxonsettlement | Jan 22, 2018 | Mortgages:
The simple answer when referring to real estate: equity is the value YOU own in property such as a house. It’s the difference between what’s OWED and what the property is WORTH in the current market. Contact Us Today With Any Of Your Equity Questions! The...
by faxonsettlement | Jul 14, 2017 | Mortgages:
Mortgage insurance is a policy that protects lenders against some or most of the losses that result from defaults on home mortgages. Like home or auto insurance, mortgage insurance requires payment of a premium, is for protection against loss, and is used in...
by faxonsettlement | Jun 7, 2017 | Mortgages:
The Most Important items of a Qualified Mortgage, Federal laws put into effect in 2014 and supervised by the Consumer Financial Protection Bureau define lending practices and loan terms for a new category called “Qualified Mortgages.” They provide stable loan...
by faxonsettlement | Jun 7, 2017 | Mortgages:
Comparing current debts against your existing income is one part of a lender’s required assessment of your ability to repay a loan. Like the video says: debts are existing financial commitments; a car payment is a debt a grocery bill is not. To calculate your...
by faxonsettlement | Jun 7, 2017 | Mortgages:
“Ability to repay” rules? In a nutshell, as this video shows, new laws require lenders to make a good-faith assessment of a borrower’s capacity to pay back their loan over time. It’s a longer-term view that goes beyond immediate income, debt and credit rating....
by faxonsettlement | Apr 4, 2014 | Mortgages:
The Prime Lending Rate – sometimes just called “Prime” – is the interest rate that banks charge each other for overnight loans. Some consumer rates – like ARMs – are set in relation to Prime. In the US, Prime is affected by the Federal...
