Work With Your Realtor
It is important that realtors have a good amount of this with everyone involved in the transaction including buyers, sellers, lenders, and other realtors.
What is communication?
The amount of money you can borrow compared with the price or appraised value of your home you are purchasing.
What is Loan to Value (LTV)
What is the bare minimum credit score required to qualify for a home loan?
What is 620
Who are typical lenders?
What are banks or credit unions?
A loan obtained to purchase real estate and is a lien on the home or property that secures the promise to pay back the debt.
What is a mortgage?
Offer you protection for a specific of time against potentially costly problems, like unexpected repairs on appliances or home systems.
what is home warranty?
This is the key income requirement to qualify for a mortgage loan. If this changes during the loan process it can instantly deny your loan.
What is employment?
I can obtain a copy of my free credit report here, however my credit score is not included
What is www.annualcreditreport.com
Not having this information for your lender may cause delays in getting you your closing statement ahead of closing.
What is homeowners insurance, home inspection invoice, or any other bills that need to be paid at closing?
No down payment is needed for these two types of home loans.
What are Veterans Affairs (VA)loans and loans and United States Department of Agriculture (USDA) loans?
This does not consider the value of the home but rather performs checks on electrical systems, plumbing, and HVAC systems.
what is a home inspection note?
Usually Required if you have less than 20% down payment.
What is private mortgage insurance?
True of False: In order for me to purchase a new home, I need to sell my existing home and be homeless for a while.
What is False?
Established by your lender and serves as a place to set aside a portion of your monthly mortgage payment for homeowners' insurance, mortgage insurance and property taxes.
What is an ESCROW account?
A parent or another related 3rd party can give this to you to help with the down payment, closing costs, and pre-paid expenses, no repayment of this is required.
What is a Gift?
This document, often signed at the beginning of a working relationship with a realtor, outlines the terms of their representation and the obligations of both parties.
What is a buyer's representation agreement?
True or False: IF you are self-employed, it is important to supply two years of tax return history and year to date profit and loss statements when applying for a mortgage.
What is true?
What is down payment?
Document you need to provide your lender for a home loan
What is paystubs, bank statements, tax returns, and w-2.
This loan type generally offers a lower initial interest rate, monthly payments can be lower and may allow you to qualify for a larger loan amount and are tied to a specific index or margin.
What is an ARM loan?