NC Mortgage Brokers

July 22, 2008 by Loan Officer · Leave a Comment

As a North Carolina Mortgage Broker we can offer you a variety of mortgage products with various lenders. FHA seems to be one of the top mortgage programs that our borrowers ask for. Please make sure to visit our FHA mortgage section. We also are having a high amount of VA loan applications from Veterans [...]

Tagged: broker, carolina, fha, loan, mortgage, mortgages, north, rates, va

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

Mortgage Glossary

July 17, 2008 by Loan Officer · Leave a Comment

Acceleration clause: a provision that allows the lender to demand full repayment of the total remaining loan balance in the event that a borrower any clauses in the mortgage note. Amenity: home or property features that is beneficial to the buyer. Maybe natural or artificial items such as forest, waterfront, and location or orchard, garden, [...]

Tagged: alt-a, application, appraisal, apr, ARM, balloon, banker, bankruptcy, biweekly mortgage, borrower, broker, closing costs, conventional loan, credit history, debt to income, deed, definitions, discount points, earnest money, equity, escrow, fannie mae, fha, FICO, fixed rate mortgage, foreclosure, glossary, good faith estimate, home inspection, HUD, hud1, judgment, lien, loan to value, ltv, mortgage, mortgage rate, mortgage refinance, origation fee, PITI, PMI, preapproval, RESPA, survey, terms, TILA, title insurance, title search, underwriting, va, veteran's administration

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