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   Mortgage Disclosure

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   Conventional

• Before You Apply

  What to do to prepare up to a year in

  advance of your mortgage application.

• Can You Trust Your Loan Officer?

 Who exactly does your loan officer work

  for, and how do you find the best one?

• Lender, Broker, or Bank?

 What type of loan Provider is right for

  you?

• Types of Mortgage Loans

  The types of mortgage loans and

  their advantages and disadvantages.

• Types of Documentation

 Your options for disclosing how much

  you make and where it comes from.

• Underwriting

  What does an underwriter look for

  when analyzing your loan application?

• Pre-Approval

  What it is and isn't and how it saves you

  time and heartache.

• Credit

   What it is, and how it affects your life.

• Income & Employment

  How much you need to make and for

  how long in order to qualify.

• Assets/ Down Payments

  How much, where from, and what kind

  of money will work.

• Down Payment Assistance

  Short on funds?  Learn about your

  options and explore these resources.

• Processing

  What happens to your application after

  you sign it and before you close?

• Title

  What is it, what does it mean, and how

  does it work?

• Appraisals

  What is your home worth, why you

  should bother  to find out, and how

  does it affect your loan?

• Alternate Financing

  Facing rejection?  Time to get creative.

• FHA

  Low down payment, forgiving

  qualifications.  A great loan option.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Conventional

Conventional Loans: A conventional loan is any loan not guaranteed or funded by FHA, VA, or USDA. Conventional loans may be conforming and non-conforming.

Conforming Loans

Conforming loans have terms and conditions that follow the guidelines set forth by Fannie Mae and Freddie Mac . These two stockholder-owned corporations purchase mortgage loans complying with the guidelines from mortgage lending institutions, packages the mortgages into securities and sell the  securities to investors. By doing so, Fannie Mae and Freddie  Mac, like Ginnie Mae, provide a continuous flow of  affordable funds for home financing that results in the availability of mortgage credit for Americans.

Non-Conforming

Jumbo Loans

Loans above the maximum loan amount established by Fannie  Mae and Freddie Mac are known as 'jumbo' loans. Because jumbo loans are bought and sold on a much smaller scale, they often have a little higher interest rate than conforming, but the spread between the two varies with the economy.

Subprime (B, C, D) Loans

Loans that do not meet the borrower credit requirements of Fannie Mae and Freddie Mac are called 'B', 'C' and 'D' paper loans vs. 'A' paper conforming loans. B/C loans are offered to borrowers that may have recently filed for bankruptcy, foreclosure, or have had late payments on their credit reports. Their purpose is to offer temporary financing to these applicants until they can qualify for conforming "A" financing. The interest rates and programs vary, based upon many factors of the borrower's financial situation and credit history.