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
what is one percent of the loan amount
DTI
What is Debt to Income Ratio?
The waiting period for a USDA loan after a Chapter 7 bankruptcy discharge.
What is 3 years?
The names of the professionals I should go to purchase a home, and get title insurance?
Who is Myan Burton and Kris Tapp?
This process involves a licensed professional analyzing a property's condition, location, comparable recent sales, and market trends to determine its fair market value, ensuring the lender doesn’t finance more than the home is worth.
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?
The maximum Debt-to-Income (DTI) ratio on an FHA loan.
What is 55%?
Conforming Loan Limit in Salt Lake County.
What is $806,500
The lender must provide this within three business days of receiving a loan application.
What is The Loan Estimate (Loan Disclosure Package)?
This government-backed loan program is designed for eligible military service members, veterans, and their spouses, offering benefits like no down payment and no private mortgage insurance.
What is a VA loan?
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%
This is the maximum number of days a credit report remains valid before a lender must obtain a new one to ensure the borrower's financial situation hasn't changed.
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%?
This document provides an estimate of how much a borrower may be able to afford based on their stated income, assets, and credit, but does not guarantee loan approval.
What is a Prequalification form?
This type of insurance protects lenders and homeowners against financial loss due to title defects, liens, or ownership disputes that may arise after a property purchase.
What is Title Insurance?
This process allows homeowners to replace their existing mortgage with a new one, often to secure a lower interest rate, change loan terms, or access home equity.
What is a Refinance?
PMI
What is Private Mortgage Insurance?
This is a required inspection on every VA deal.
What is a termite inspection?
When you need expert guidance on home financing, mortgage options, and securing the best loan for your needs, this experienced Loan Officer is the one to call.
Who is Tiffani Swensen AKA T Swizzle!!