Mortgage General
An account set up by the lender to pay property taxes and insurance premiums.
What is an escrow account?
What is the value of one mortgage point
DTI
What is Debt to Income Ratio?
The waiting period for a USDA loan after a Chapter 7 bankruptcy discharge.
What is 3 years?
What kind of policy do you need for an Investment Property
What is a Landlord Policy
An unbiased professional opinion of the value of a home that is calculated based on comparable sales in the property neighborhood using key features of the home.
What is an Appraisal?
A mortgage that is not insured or guaranteed by the federal government.
What is a Conventional Loan?
DPA
What is Down Payment Assistance?
This is the maximum Debt-to-Income (DTI) ratio on an FHA loan.
What is 57%?
Conforming loan limit in Howard County.
What is $726,200?
The lender must provide this within three business days of receiving a loan application.
What is The Loan Estimate (Loan Disclosure Package)?
What is the Max Loan Limit for a VA Loan?
What is $1,500,000
LTV
What is Loan-to-Value?
This is the minimum credit score for a DPA (Down Payment Assistance) loan.
What is a 640?
The max seller concessions allowed on an FHA mortgage.
What is 6%
A credit report is only valid for this long before it has to be re-pulled.
What is 120 days?
Name the 4 most common types of loans
What is Conventional, FHA, USDA and VA
PITI
What is Principle, Interest, Taxes and Insurance?
The minimum down payment for a first time homebuyer with a Conventional loan.
What is 3%?
What is the name Prosperity's fully underwritten pre approval process
What is Buyers Advantage?
A type of insurance that is required to ensure the property is free of liens or judgments which could jeopardize the mortgage.
What is Title Insurance?
A mortgage in which a homeowner relinquishes equity in their home in exchange for regular payments, typically to supplement retirement income.
What is a Reverse Mortgage?
PMI
What is Private Mortgage Insurance?
This is a required inspection on every VA deal.
What is a termite inspection?
Greatest LOs of all time
Who is Kyle Albornoz and Josh Barclay!!!!!