Before you embark on the journey of applying for a mortgage, there is one crucial number you must know: your debt-to-income ratio, or DTI. This single...
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A balloon mortgage can appear as an attractive, low-cost entry into homeownership, but it carries a unique set of financial risks that borrowers must ...
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The journey to homeownership is filled with critical decisions, and one of the most fundamental is choosing between a fixed-rate mortgage and an adjus...
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When you apply for a mortgage, lenders are fundamentally trying to answer one question: How likely are you to repay this large loan? While your credit...
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In the complex landscape of home financing, the concept of mortgage points offers a strategic tool for long-term savings. Essentially, mortgage points...
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The journey of homeownership is often defined by a 30-year timeline, a seemingly fixed path laid out by the terms of a mortgage. However, many homeown...
Read MoreWhile FHA loans are accessible, they have some drawbacks: Lifetime Mortgage Insurance: The annual MIP typically lasts for the entire loan term if your down payment is less than 10%. Loan Limits: You cannot borrow more than the FHA limit for your county. Property Standards: The home must meet stricter FHA minimum property standards.
While the exact reduction can vary by lender and market conditions, one discount point typically lowers your interest rate by 0.25%. For example, a rate of 4.5% might be reduced to 4.25% by purchasing one point.
A title search can take anywhere from a few days to two weeks to complete. The timeline depends on the property’s history and the efficiency of the local county records office. Complex histories with multiple previous owners or properties in counties with slower record systems can take longer.
Recasting: You make a large lump-sum payment toward the principal, and the lender re-amortizes your loan based on the new, lower balance. Your interest rate and term stay the same, but your monthly payment is reduced. There is usually a small fee.
Refinancing: You replace your existing mortgage with a completely new loan, often to secure a lower interest rate or change the loan term. This involves closing costs and a full credit check.
Aggregators empower your Broker by providing:
Lender Accreditation: They establish and maintain the formal agreements that allow brokers to submit loans to a wide panel of lenders.
Technology & Software: They provide and maintain the critical software platforms brokers use for loan research, comparison, and application submission.
Professional Development: They offer ongoing training, compliance updates, and education to ensure brokers are current with laws and best practices.
Compliance & Legal Support: They help ensure the broker’s business operates within the strict legal and regulatory framework.
