Let’s try and understand a topic that often comes up while discussing VA loans. Each VA loan, refinance or purchase, has something called the VA funding fee. This fee is collected at closing and is paid to the Department of Veterans Affairs. This fee is not paid to the lender. The question arises — why …
The VA loans are guaranteed by the government and are for the benefit of all Veterans. Naturally the VA has created the rules to safeguard the interest of the Veterans. One such rule is the 210 rule to protect veterans from over financing the loans , that could potentially be detrimental to the overall financial …
You can save hundreds of dollars on a PIW mortgage since full appraisals usually take time and money to complete.
What is DTI? A debt-to-income ratio (DTI) is the percentage of your monthly income that is used towards your monthly debt. It is one of the key factors that lenders use to decide whether or not you qualify for a loan. Apart from your Credit Score and your Income, DTI can make or break your …
What is a Credit Score? A credit score is a numerical tool that determines how likely you are to pay your bills on time. This 3-digit number typically ranges from 300 to 850. The higher the credit scores, the lower the credit risk and vice versa.A higher credit score correlates to lower risk as it …
Craig, a Texas client, was worried that he might have chosen the wrong lender to help him with his refinance. His previous lender wanted to charge him $20,000 in closing costs and required him to get an appraisal, increasing the time and money spent on his loan. After two grueling months of being promised more …
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