PreApproval Underwriting Guidelines

July 17, 2008 by Loan Officer · Leave a Comment

There are 4 main factors that are used today by underwriters to determine a mortgage approval. These factors help a mortgage underwriter understand the borrower’s qualification. These factors determine if a borrower can receive a preapproval, prequalification, and meet necessary underwriting guidelines. The first factor known to the American population is called the ‘credit’ criteria. [...]

Tagged: approval, capacity, capital, collateral, credit, fha, guidelines, home loans, interest rates, mortgage, preapproval, prequalify, purchases, underwriting, va

FNMA & FHLMC will not fail : Bernanke

July 17, 2008 by Loan Officer · Leave a Comment

The Chairman for the US Federal Reserve spoke with Congress on 07/16/2008, and stated that the mortgage giants Freddie Mac & Fannie Mac are in ‘no danger of failing’. The US Treasury Department & the FED came to their rescue on Sunday. They will be offering help towards their finances to help alleviate any issues [...]

Tagged: bernanke, fannie mae, fhlmc, fnma, freddie mac, home loans, mortgage

Fixed Rate Mortgages

July 17, 2008 by Loan Officer · Leave a Comment

A fixed rate mortgage is a mortgage loan where the interest rate on the note remains the same through the term of the loan. Fixed rate mortgages are the most classic form of loan for home and product purchasing in the United States. The most common terms are 15 year fixed, and 30 year fixed [...]

Tagged: fha, fixed, home loans, loans, mortgages, rate, super jumbo, va