What Is The Debt-To-Income Ratio (DTI)?

Debt to income

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 calculate your debt-to-income ratio add up your monthly debt payments and […]

Are Any Lenders Exempt From Ability-To-Repay Rules?

lending organizations, Home loans

This video explains that some specific kinds of lending organizations are exempt from the ability-to-repay laws enacted in 2014. These include: Community Development Financial Institutions Community Housing Development Organizations, or Downpayment Assistance Providers, and State Housing Finance Agencies In addition, small nonprofit organizations that make relatively few home loans, and loans made under Federal programs […]

Can I Remove PMI From My Loan?

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Private Mortgage Insurance can add hundreds of dollars per year to mortgage rates so it’s worth learning when you are eligible ‘to cancel – so watch this video! For loans closed after July 29, 1999 Private Mortgage Insurance – PMI – can be removed automatically, or by request. Provided your monthly payments are up-to-date your […]

What Is An Appraisal?

What Is An Appraisal? Unlimited Mortgage Lending

Every house is unique; appraisers are trained and licensed for expertise in putting a value on properties. Appraisers don’t work for the buyer or the seller; ‘their primary mission is actually to protect the lender who’s risking money against the home’s value. Appraisers have to weigh factors about the property and location – including size, […]

What Steps Need To Be Taken To Secure A Loan?

What Steps Need To Be Taken To Secure A Loan? Unlimited Mortgage Lending

You’ll see some pictures in this video to help you remember later, but the first step in securing a loan is to complete a loan application. To do so, you’ll need the following information. Pay stubs for the past 2-3 months. W-2 forms for the past 2 years. Information on long-term debts. Recent bank statements […]

Can I Pay Off My Loan Ahead Of Schedule?

Can I Pay Off My Loan Ahead Of Schedule? Unlimited Mortgage Lending

Usually, Yes. Like the guy in the video says, by sending in extra money each month or making an extra payment at the end of the year you can accelerate the process of paying off the loan. When you send extra money, be sure to indicate that the excess payment is to be applied to […]

What If I Find A Mistake In My Credit History?

What If I Find A Mistake In My Credit History? Unlimited Mortgage Lending

Like the guy in the video says, simple mistakes are easily corrected by writing to the reporting company, pointing out the error and providing proof of the mistake. You can also request to have your own comments added to explain problems. For example, if you made a payment late due to illness explain that for […]

What Is A Credit Bureau Score And How Do Lenders Use Them?

What Is A Credit Bureau Score And How Do Lenders Use Them? Unlimited Mortgage Lending

As we show you in this video, a credit bureau score, or ‘credit score’ is a number based upon your credit history that represents the possibility that you will be unable to repay a loan. Lenders use it to determine your ability to qualify for a mortgage loan. The better the score, the better your […]

How Can I Find Out Information About My Credit History?

How Can I Find Out Information About My Credit History? Unlimited Mortgage Lending

Watch this video and take a few notes! There are three major credit reporting companies: Equifax – www.equifax.com 1-800-685-1111 Experian – www.experian.com 1-888-397-3742 Trans Union – www.transunion.com 1-800-916-8800 Obtaining your credit history is as easy as calling and requesting one. Once you receive the report, it’s important to verify its accuracy.

How Are Pre-Qualifying And Pre-Approval Different?

How Are Pre-Qualifying And Pre-Approval Different? Unlimited Mortgage Lending

Watch this video and it’ll make sense. Pre-qualification is an informal way to see how much you maybe able to borrow. You can be ‘pre-qualified’ over the phone with no paperwork by telling a lender your income, your long-term debts and how large a down payment you can afford. Without any obligation, this helps you […]