The Mortgage Experts at America's Mortgage

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Real Estate Mortgage Broker - The Mortgage Experts at America's Mortgage

ARCHIVED BLOG POSTS

2011 

Self-Employed Underwriting Guidelines · A borrower who has a 25% or greater interest in a business is considered self-employed · The borrower must be self-employed for a minimum of 24 months to count income · However, if the borrower has between 12 - 24 months of self-employed income AND previous...
Posted about 3 years ago
What Matters to a Lender? · Length of employment · Stability of income · Continuity of income Length of Employment"Typically, when a borrower has been generating income for two or more years from either part-time or full-time work with any number of employers, the lender may base its underwriting...
Posted about 3 years ago
How is My Mortgage Payment Calculated? · There are four basic components of the typical mortgage payment: -Principal-Interest-Taxes-Insurance · Sometimes, additional amounts are due monthly: -Mortgage Insurance-Condo Owner's Insurance: HO-6 policy-Homeowners' Association feesPrincipal and Interes...
Posted about 3 years ago
What is a Refinance? · An existing mortgage is paid off and replaced with a new mortgage · If a homeowner currently has two or more mortgages, they can all be paid off and combined into one new mortgage · If the existing mortgage is kept in place, but the terms are changed, that is a loan modific...
Posted about 3 years ago
What is Mortgage Insurance (MI)? · Mortgage insurance is an insurance policy that is required on loans that are for amounts greater than 80% of the value of the property (or the sales price, whichever is lower) · The borrower pays for the insurance policy · The lender is the beneficiary of the po...
Posted about 3 years ago
Here is what you need to know about getting a mortgage after a foreclosure or a short sale.Definitions Foreclosure: Homeowner has stopped making mortgage payments, and the property is sold at auction. Short Sale: Homeowner sells the property to a buyer for less than the amount owed to the homeown...
Posted about 3 years ago
Rainmaker
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Chris Thomas

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