Mortgage General
A mortgage in which the interest rate adjusts as the index it is tied to adjusts
What is an Adjustable Rate Mortgage (ARM)?
A Mortgage insured by the Federal Housing Administration
What is an FHA Mortgage?
DTI
What is Debt to Income?
A type of income and asset documentation no longer offered that allowed a borrower to state their income and assets without verification
What is a Stated Income Stated Asset (SISA) loan?
Vonk Lending
What's the name of Sean's company?
A mortgage in which the interest rate remains the same throughout the entire life of the loan
What is a fixed rate mortgage?
A loan that is not insured or guaranteed by the federal government
What is a Conventional Mortgage?
LTV
What is Loan to Value?
A type of loan that looks at deposits within bank accounts to determine income for qualification
What is a bank statement loan?
5 (Teagen, Ava, Chaz, Londyn, Liam)
How many kids does Sean have?
A feature you can add to your mortgage that temporarily reduces your interest rate at the beginning of the loan term
What is a temporary buydown?
A mortgage that is guaranteed by the U.S. Department of Veterans Affairs
What is a VA Mortgage?
PITI
What is Principle, Interest, Taxes and Insurance?
0 days for all purchase transactions. 0 days for refinance transactions on a non-primary residence. 3 days for refinance transactions on a primary residence
What are the standard rescission periods after signing final closing documents?
21 years in August
How long has Sean been a licensed loan officer?
An account set up by the lender to pay your property taxes and insurance premiums
What is an escrow account.
A mortgage for homes in rural areas that is backed by the U.S. Department of Agriculture
What is a USDA Mortgage?
PMI
What is Private Mortgage Insurance?
A type of income documentation based on liquid assets held by a trust and requires the asset can sustain payments to the borrower for at least 3 years
What is Trust Income?
Better rates. Quicker turn-times. More flexibility.
Why are brokers better, specifically Sean at Vonk Lending?
Fees specifically used to permanently buy-down a mortgage rate
What are discount points?
A mortgage loan that conforms to Fannie Mae and Freddie Mac guidelines
What is a conforming loan?
HPML
What is Higher-Priced Mortgage Loan?
A type of loan that doesn't meet the guidelines set by Fannie Mae, Freddie Mac, FHA, VA, or USDA
What is a Non-Qualified Mortgage (Non-QM)?
7 years - since 2016
How long has Sean been a top 1% originator in the nation?