Last Updated on 07/27/2017 by GS Staff [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 …

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Last Updated on 11/15/2017 by GS Staff [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 …

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Last Updated on 07/23/2017 by GS Staff [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 …

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Last Updated on 07/22/2017 by GS Staff [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 …

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Last Updated on 07/21/2017 by GS Staff [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. …

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Last Updated on 07/20/2017 by GS Staff [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 …

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