Mortgages

[otw_shortcode_dropcap label=”Q:” size=”large” border_color_class=”otw-no-border-color”][/otw_shortcode_dropcap] What is an escrow waiver fee? [otw_shortcode_dropcap label=”A:” size=”large” border_color_class=”otw-no-border-color”][/otw_shortcode_dropcap] The Escrow Account The common protocol of mortgage lenders is to setup an escrow account. When you make your mortgage payment, a portion of the payment goes toward paying the principal and interest. The other portion goes into an escrow account …

Escrow Waiver Fee Explained Read More »

[otw_shortcode_dropcap label=”Q:” size=”large” border_color_class=”otw-no-border-color”][/otw_shortcode_dropcap] What is non-mortgage debt? [otw_shortcode_dropcap label=”A:” size=”large” border_color_class=”otw-no-border-color”][/otw_shortcode_dropcap] Non-mortgage debt is debt that is not related to a mortgage liability. This debt includes credit cards, student loans, car loans, personal loans, and other non-mortgage related liabilities. If you are applying for a mortgage, the lender will look at both your non-mortgage …

What is Non-Mortgage Debt? Read More »

[otw_shortcode_dropcap label=”Q:” size=”large” border_color_class=”otw-no-border-color”][/otw_shortcode_dropcap] What happens when a mortgage goes to underwriting? [otw_shortcode_dropcap label=”A:” size=”large” border_color_class=”otw-no-border-color”][/otw_shortcode_dropcap] When a mortgage goes to underwriting, it means that the loan is being reviewed to see if the borrower(s) qualify for the mortgage. An underwriter will review the documentation that is relevant to the mortgage approval. These documents may …

What Happens When A Mortgage Goes To Underwriting? Read More »

[otw_shortcode_dropcap label=”Q:” size=”large” border_color_class=”otw-no-border-color”][/otw_shortcode_dropcap] What is included in a mortgage payment? [otw_shortcode_dropcap label=”A:” size=”large” border_color_class=”otw-no-border-color”][/otw_shortcode_dropcap] A mortgage payment is made up of four main components: the principal, interest, taxes, and insurance. This is commonly known as your PITI. Let’s break down each of these components to provide a clear picture of what is included in …

What Is Included In A Mortgage Payment? Read More »

[otw_shortcode_dropcap label=”Q:” size=”large” border_color_class=”otw-no-border-color”][/otw_shortcode_dropcap] What’s the difference between a condo vs an apartment? [otw_shortcode_dropcap label=”A:” size=”large” border_color_class=”otw-no-border-color”][/otw_shortcode_dropcap] Condos and apartments often look the same on the surface. For example, when you think of an apartment you might picture a large building with many floors. On each of these floors are hallways lined with doors leading …

Condo vs Apartment: Discover the Difference Read More »

[otw_shortcode_dropcap label=”Q:” size=”large” border_color_class=”otw-no-border-color”][/otw_shortcode_dropcap] Is rent included in the debt-to-income ratio? [otw_shortcode_dropcap label=”A:” size=”large” border_color_class=”otw-no-border-color”][/otw_shortcode_dropcap] The debt-to-income (DTI) ratio is calculated by taking your total debts divided by your total income. The DTI ratio is used by lenders as a way to determine if you will be able to pay your monthly payments on a …

Is Rent Included in a Debt-To-Income Ratio? Read More »

[otw_shortcode_dropcap label=”Q: ” size=”large” border_color_class=”otw-no-border-color”][/otw_shortcode_dropcap] What is the minimum age to obtain a mortgage? [otw_shortcode_dropcap label=”A:” size=”large” border_color_class=”otw-no-border-color”][/otw_shortcode_dropcap] The minimum age that you are allowed to obtain a mortgage depends on the state where you live. State laws dictate the age that you can legally enter a contract. That age is 18 in most states. You …

What Is The Minimum Age To Obtain A Mortgage? Read More »

[otw_shortcode_dropcap label=”Q:” size=”large” border_color_class=”otw-no-border-color”][/otw_shortcode_dropcap] Can I get a mortgage with credit card debt? [otw_shortcode_dropcap label=”A:” size=”large” border_color_class=”otw-no-border-color”][/otw_shortcode_dropcap] Many Americans have some level of credit card debt that they are working to pay off. Mortgage lenders understand this and do not expect all borrowers to be free and clear of credit card debt. Lenders are not …

Can I Get A Mortgage with Credit Card Debt? Read More »

[otw_shortcode_dropcap label=”Q:” size=”large” border_color_class=”otw-no-border-color”][/otw_shortcode_dropcap] Do mortgage lenders contact employers? [otw_shortcode_dropcap label=”A:” size=”large” border_color_class=”otw-no-border-color”][/otw_shortcode_dropcap] Yes, mortgage lenders do contact employers. Your lender will likely require a borrower’s authorization form to be signed by you. This form authorizes the lender to verify your past and present employment records. How Do Mortgage Lenders Verify Employment You should expect …

Do Mortgage Lenders Contact Employers? Read More »