What is the role of the appraiser? How does it affect your mortgage? The appraisal is a written report from a professional appraiser to determine the current value of your home. Often times borrowers disagree and sometime are surprised at the value in the completed appraisal report. Depending upon the value of your home and the loan amount requested will determine your LTV or Loan To Value. The LTV does have an impact on your final loan cost. To view the short Video Click Here.
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When looking for a home mortgage the term Pre-Approval is more of a generic term in most cases. Such as “Your are Pre-Approved” to “I am Pre-Approved”. The later is the real Pre-Approval or the one you really want. This video address the main topics of what the appraisal processing in regards to underwriting. To view the short video click here.
Have you ever wondered what the underwriter is looking at? Sometimes I wonder myself. We get loan approvals with some …………. interesting loan conditions at times. The Underwriting process is supposed to be an exact procedure but it still remains a subjective process. Terms like “A” Paper, QM, Non-QM, Asset Depletion, Stated, Jumbo, FHA, VA, USDA, Conventional and on & on. This business has way too many acronyms and what do they mean. It all depends upon the type of loan you are applying for. This video address the basics of what an Underwriter is reviewing and as always we are available to answer any additional questions you my have. Click here to view the video.
Most people do not relies that your credit score impacts your rate when obtaining a new home mortgage greatly. When you have a lower credit score you are considered a higher risk than a person with a higher credit score. So it is reasonable to expect a higher cost to obtain the same rate as a higher credit score borrower.
The average borrower thinks rates change but truth be told rates never change. For example, a gallon of gas is always a gallon of gas. Much like a 4.0% rate is always a 4.0% rate. It is the cost to obtain the rate that changes much like the price of a gallon of gas. Supply and demand along with the futures market effect the price of gas and the Mortgage Backed Securities market effects the cost of rates. It is important to keep your credit score as high as possible. Click here to view the video.
Well this is a good question. For those of you that know me I have been busy with medical issues, working on new business deals and keeping up with the mortgage business. I have many doctors to pay so time to get busy. I have been working with several companies to make sure we get back to the leading edge of the mortgage business. Their are many followers in this business and I have worked for a few of them. I like to take the position of a leader which allows me to direct my team to offer the most current mortgage programs. So with that said I would like to take a minute and go over the most common questions we receive and recap the common mortgage programs.
MN Capital Home Mortgage has offered several short video’s to address some of the most common questions that borrowers ask today. I will be posting them over the coming weeks to address these subjects and I do hope everyone finds them informative. The videos are 1 to 2 minutes on average, that we will offer as a series. If you should have any questions please let us know and one of my team members or myself will be happy to address them. The first video addresses what to expect when getting a mortgage, Click here to view the video.