What Credit Scores Do Mortgage Lenders Use? All You Need To Know!
What credit scores do mortgage lenders use? When you apply for a home loan, lending companies will require all three credit records (one from each credit bureau) and one FICO score based on each report. Nonetheless, the type of credit scores they request is typically older versions in line with ...
Jumbo Loan: Everything You Need To Know About It
A jumbo mortgage, also known as a jumbo loan, is funding that exceeds the credit limits established by the Federal Real Estate Financing Agency (FHFA). Unlike regular mortgages, jumbo loans do not qualify for the purchase, guarantee, or securitization by Fannie or Freddie firms. These mortgages are designed to finance ...
Mortgage Equity Withdrawal (MEW): All You Need To Know
What Does Mortgage Equity Withdrawal Mean? Home mortgage equity withdrawal (MEW) is the removal of the owner's stake from the property through a mortgage loan against the property's current market value. A mortgage equity withdrawal will reduce the actual value of property by offering new liabilities against it. Understanding Mortgage ...
Home Equity: What is It and How Does It Work?
Home equity is defined as the value of a homeowner's interest in their property. It is the estimated value of your home minus any outstanding mortgages and loan balances (in practical terms). In most cases, your property stake will build over time when you repay the mortgage balance or add ...
Home Buying Tips: Mortgage Loan Documents Checklist
With interest rates dropped to historical lows, you may ask yourself if this is the right time to buy a new home? We do not know where the interest rates will go; however, the present loan terms have made house purchases more affordable, especially for those who want to finance ...
How Do I Calculate How Much Home Equity I Have?
It is typically presumed that most people know about their home equity; however, many people still do not understand this subject. As a homeowner, you need to learn how home equity works. This is especially true when you intend to refinance a mortgage or borrow money against your property. How ...
