Your Mortgage Statement Explained

Your Mortgage Statement Explained Key Points Your mortgage statement is a document that contains important details about your loan. You will receive a statement from your lender or servicer for each billing cycle, and it is a good idea to review each statement for accuracy. If you can access your statements online, you may get … Read more

Types of Mortgage Lenders and How to Choose

Types of Mortgage Lenders and How to Choose Key Points Mortgage lenders finance the purchase, construction, or renovation of a property. They also offer mortgage refinancing and some other mortgages. Many types of lenders, including banks, offer mortgages through various channels, such as correspondents, directly or wholesale. Some big mortgage names (e.g., Fairway and Rocket … Read more

Key Mortgage Terminology to know: A Guide to Commonly used phrases

Key Mortgage Terminology to know: A Guide to Commonly used phrases If you’re financing a home purchase, it’s important to understand mortgage terminology. But becoming fluent can feel like learning a new language. To help, here’s our guide to key mortgage terms and conditions, from A(PR) loans to V(A) loans, to demystify the process and … Read more

Mortgage lien: What They Are and How They Work

Mortgage lien: What They Are and How They Work Key Points Mortgage liens are legal claims on property securing a mortgage. Property rights can be general or specific and voluntary or involuntary. The right to mortgage is express and voluntary. The priority of liens on a property determines which lien will be paid first in … Read more

Understanding the Mortgage Underwriting Process

Understanding the Mortgage Underwriting Process Key Points When you apply for a mortgage, lenders use a process called underwriting to determine whether to approve or deny your loan. Underwriters consider factors such as your credit history, financial profile, and home appraisal when deciding on your loan. The subscription process involves several steps, which may take … Read more

What is an assumable mortgage, and how does it work?

What is an assumable mortgage, and how does it work? Key Points A mortgage assumption means that the existing borrower co-signs the loan balance to you, and you are responsible for the remaining payments. Most conventional mortgages are not negotiable, but many government-backed loans (FHA, VA, USDA) are. The lender must approve you to take … Read more

Income Requirements to Qualify for a Mortgage

Income Requirements to Qualify for a Mortgage Key Points There are no specific income requirements to qualify for a mortgage. To determine if you qualify for a loan, lenders use your debt-to-income (DTI) ratio to compare your Income to your total mortgage debt. Your credit score and down payment amount also greatly influence whether you … Read more

5 Types of Mortgage Loans for Home Buyers

5 Types of Mortgage Loans for Home Buyers Key Points The main types of mortgages are conventional loans, government-backed loans, jumbo loans, fixed-rate loans, and adjustable-rate loans. Other types of mortgages exist for different purposes, such as building or renovating a home or investing in property. The right mortgage for you depends on the strength … Read more