Home Resources - Mortgage
How Much House Can You Afford?
Debt-to-income Ratios - Your Monthly Income - the way Lenders Figure it - Your Maximum Monthly Mortgage Payment - The Rest is Easy - Sort of
Your Down Payment Affects Everything Else
Analyzing Your Savings - the First Step - Mortgage Program Choices - Shopping for Interest Rates - Writing Your Offer - Conclusion - Look at Your Savings First
Documenting Your Assets & Verifying Your Down Payment
You can't just "come up" with the money - Checking, Savings, & Money Market Accounts - Stocks, Bonds, Mutual Funds, etc. - Gifts from Family Member - 401K or Retirement Accounts - Selling Personal Property - Help from Employers - Savings Bonds - Borrowing to Come up with a Down Payment
Where Does Mortgage Money Come From?
The Olden Days - How it works now - Mortgage Backed Securities
Different Types of Lenders
Mortgage Bankers - Mortgage Brokers - Wholesale Lenders - Portfolio Lenders - Direct Lenders - Correspondents - Banks - Savings & Loans - Credit Unions
Advantages of Different Types of Lenders
What kind of Lender is Best? - Portfolio Lenders - Banks and Savings & Loans - Mortgage Bankers - Mortgage Brokers - Wholesale Lenders
When REALTORS® or Builders Recommend a Lender
Things You Need When You Apply for a Home Loan
"Alternate" Documentation versus Full Traditional Documentation - The Actual List of things you need to get a quick loan approval
Closing Costs When Buying or Refinancing a Home
Introduction - Lender Associated Costs - the "normal" ones - Lender Associated Costs - the "other" ones - Items Paid in Advance - Impounds or Reserves - Costs not Associated with the Lender - Refinancing Associated Costs - Asking the Seller to Pay Closing Costs - Advice and Rules
Mortgage Interest Rates - How it Works
A Loan Officer's Rate Sheet - Pricing the Loan - Quoting Rates to You - Locking in Your Rate - Shopping for Rates - Getting Reliable Quote