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Blog
What Is The Debt-To-Income Ratio (DTI)?
Measuring your existing debts against your existing income is one part of a lender’s required assessment of your ability to repay a loan.
Like the video says: debts are existing financial commitments; a car payment is a debt a grocery bill is not.
To calcul...
What Are VA Home Loans?
What Are VA Loans?
As the video says, the name is misleading - they’re not loans FROM the VA.
The VA - short for “US Department of Veterans Affairs” - is the Federal military veteran benefit system.
The VA administers benefits and services for Servicemember...
What Are The Major Types Of VA Loans?
What Are The Major Types Of VA Loans?
Major Veterans Affairs loan programs described in this video include:
1) Purchase Loans.
These help eligible parties buy a home at competitive interest rates with little to no down payment and little or no private mortgage in...
What Is A Certificate of Eligibility, or COE?
What Is A Certificate of Eligibility, or COE?
The COE is the key document that verifies to lenders that someone is eligible for a VA-backed loan.
Servicemembers, Veterans and National Guard and Reserve members may apply online or through their lender; most lenders...
What Is A Rate Lock?
Mortgage rates change constantly through an unpredictable combination of government policies and economic conditions. This video explains the common term 'rate lock.'
A “Rate Lock” is a guarantee that a lender will honor a
When Do I Get My Loan Closing Disclosure?
If an eligible loan proceeds from Estimate to closing, creditors must provide a Closing Disclosure form documenting the actual transaction terms and costs THREE business days before consummation. It must be in writing, whether paper or digital, and disclose ONLY the...
Understanding Your Loan: Closing Disclosure Page 1
The first page of your Closing Disclosure documents:
The Loan Amount - the total you will actually borrow
The Interest Rate - which does NOT include the fees factored into the APR on Page 5
If this loan has a penalty for pre-payme...
Understanding Your Loan: Additional Information Can Be Important
Page 4 of your Closing Disclosure is important. It is NOT just standardized form information that is identical for every loan.
Review these terms:
Assumption: can this loan be transferred to another person if you sell or transfer the property?
...
Understanding Your Loan: Cash And Transaction Summaries
Page 3 of your Closing Disclosure will compare cash requirements from your Loan Estimate to your actual final charges. If “Did this change?” is “YES” notes for changed sections should be provided.
Understanding Your Loan: Closing Cost Details
Page 2 of your Closing Disclosure details specific closing costs.
Section A includes: Origination charges collected by the lender Origination fees paid to brokers, loan officers or other parties and Discount Points ...