Loan-to-Value Ratio (LTV): Your Ultimate Guide
The (LTV) loan-to-value ratio is a financial measure that compares the size of the home loan to the value of an asset purchased with the loan's proceeds. Financial companies and lenders examine the LTV ratio to determine the risk associated with the home loans before approving any mortgage. Typically, loans ...
7 Ways to Borrow When Retired
Many retirees believe that they can't obtain a loan (car, house, or emergency) because they no longer receive a salary. Although it may be challenging to borrow when retired, it's far from impossible. According to most experts, you should avoid borrowing from retirement plans such as 401(k), individual retirement accounts ...
Rate of Interest Reduction Refinance Mortgage Loan (IRRRL)
Rate of Interest Reduction Refinance Mortgage Loan (IRRRL) The rate of interest reduction refinance mortgage loan (IRRRL) is a home mortgage provided by the United States Department of Veterans Affairs (VA) to service professionals and military family members. The IRRRL, also referred to as VA Advanced Refinance Loan, helps debtors ...
USDA Home Loan: What Is It?
USDA home loan is a low-interest mortgage and house renovation loan that low-income rural and suburban homeowners can get without a down payment. Issued through the United States Division of Agriculture (USDA), these single-family mortgages are aimed to assist customers with moderate incomes and limited credits (so they access their homes). ...
Mortgage Preapproval Letter: How Long Does It Lasts
When the lender issues a mortgage preapproval letter, the document infers its validity for a specific period. Most creditors provide approvals in 90 days, but each financer establishes its deadlines and grants letters with 30 and 60-day time limits. The mortgage preapproval letter determines the amount of money you are ...
Title of Your Home: How Can You Change It
When you purchase a house, you own the title of your home, which signifies buyers have both the liabilities and legal rights to that estate. Before getting your home, the title company runs an inquiry to confirm there are no questionable title claims to the residential property. After that, if ...
