Home Loan Learning Center
Who Are Fannie Mae And Freddie Mac? What’s The Difference?
The Skinny on Fannie Mae and Freddie Mac You may have heard the Names “Fannie Mae and Freddie Mac” while dabbing into the mortgage world and have asked yourself, “Who are they?” In short, Fannie-Mae and Freddie-Mac are not people, but entities. Fannie Mae and ...
Mortgage Closing Process: What To Expect?
When your loan processor submits all of the documents required by the conditional approval and your file passes through all of the last checks with the underwriters, you will be ready for closing. This stage is usually called “Clear to close.” Clear to Close and ...
What is the Debt to Income Ratio and How To Calculate It?
How Does My Annual Income Affect My Rate? Your annual income will not affect the rate of your loan, but it will affect the amount the lender will be comfortable giving you. A mortgage lender will be more apprehensive lending out a loan that they ...
What Is Creditworthiness and How Do Lenders Determine It?
Understanding the Importance of Creditworthiness One of the most critical steps individuals often overlook before applying for a mortgage loan is assessing their creditworthiness. Failing to check your credit score before applying can lead to costly mistakes. This oversight could result in increased interest rates, ...
Why Use A Mortgage Broker?
Expertise and Knowledge There are two reasons why hiring an independent mortgage lender is better than seeking financing through a bank. The employees at a borrowing firm know more about all of the different kinds of loans than do bank laborers. Most of them encourage ...
How Long Do You Have To Live In A USDA Home Before Renting?
Some individuals wonder why it is important to buy rather than rent a home. You might believe it is cheaper to pay back a landlord instead of a bank. There are distinct advantages to buying an abode with USDA Loans and rural development loans. Many ...
What is a Mortgage Broker
What does a mortgage broker do? A mortgage broker is a licensed professional who acts as an intermediary between borrowers and lenders during the mortgage application process. They work with multiple lenders to help borrowers find the most suitable mortgage product for their needs. How ...
How To Get A USDA Loan With Student Loans? Guidelines, and DTI Limits
Student Loan Guidelines, and DTI Limits Obtaining a USDA loan while managing student loans requires understanding how debt-to-income (DTI) ratios impact eligibility. Even with student debt, borrowers can still qualify if they meet certain requirements. Debt-to-Income (DTI) Ratio A key factor in USDA loan approval ...
USDA Home Loans For Disabled Persons
If you have acquired a new disability due to an illness or injury, you do not need to depend on a friend or family member to house you. People with steady incomes can apply for Rural Development Loans to pay for new structures. Your new ...