Late payment
"How do late payments affect me?" ...
(Posted: 1/29/2007 3:56:26 PM) Permanent Link
Low Documentation Mortgage
Low Doc loans are loans that require less income documentations. There are basically three types of Low-Doc mortgages, Stated Income loans, bank statements as incomes, and No Ratio loans.
Stated Income mortgages require the loan applicant to disclose his income on the loan application, but do not ...
(Posted: 1/29/2007 3:56:14 PM) Permanent Link
Prepayment Penalty
A pre payment penalty requires a borrower to pay a fee if the borrower pays all or part of a mortgage loan before it is due. ...
(Posted: 1/25/2007 12:22:04 PM) Permanent Link
Tags: [mortgage payoff, prepayment]
Mortgage after BK
Even if you have had a recent bankruptcy you can still get a mortgage. Rebuilding your credit can be difficult. However it is well worth the effort. ...
(Posted: 1/25/2007 12:21:52 PM) Permanent Link
Tags: [bk, chapter7, chapter13]
Your Credit History
A borrower's record of various personal debt ie: credit cards, consumer debt, etc. and whether payments were made on time. Mortgage lenders will review the borrowers' credit history to help determine their loan qualifications and the terms of the loan. ...
(Posted: 1/16/2007 12:39:41 PM) Permanent Link
Subprime lending
A type of mortgage lending intended to serve borrowers who do not qualify for prime loans because of credit problems or a limited credit history. ...
(Posted: 1/16/2007 12:39:36 PM) Permanent Link
Tags: [subprime, bad credit]
50 Year Fixed Rate Mortgage Programs
Recently some lenders started to offer 50 year fixed rate mortgages. This type of loan programs is for the borrowers who are not comfortable with the concept of the interest-only loan programs. There are pros and cons for this type of loan programs. ...
(Posted: 1/16/2007 12:39:33 PM) Permanent Link
Tags: [interest-only, fixed-rate, low-payment]
Fixing Credit Report Errors
You have the right, under the Fair Credit Reporting Act, to dispute the completeness and accuracy of information in your credit file. When a credit reporting agency receives a dispute, it must reinvestigate and record the current status of the disputed items within a "reasonable period of time," unl ...
(Posted: 1/9/2007 1:37:14 PM) Permanent Link
Tags: [credit, fico, low fico]
Closing costs
"I was told there will be closing costs due at the closing. What are these, and who pays them?" ...
(Posted: 1/9/2007 1:37:10 PM) Permanent Link
Mortgage Quote
Remember, the inital mortgage quote you receive from your loan officer or broker is just an estimate of what he or she believes you will be approved for based on information provided at that time. After your income, assets, credit, and employment are verified the loan could be above or below your m ...
(Posted: 1/3/2007 2:33:23 PM) Permanent Link
Cash-Out Refinance
With a Cashout-Refinance the money you get at closing can be used for many purposes such as future investments, College, or debt consolidation. Money can be used to pay off current monthly debt which could lower your personal Debt to Income ratio. Consult a Mortgage Professional in regards to how mu ...
(Posted: 1/3/2007 2:33:21 PM) Permanent Link
