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When you are shopping for a mortgage you may become overwhelmed by foreign terms. Even though your lender and real estate agent will help you understand any unfamiliar financial terms, it’s nice to have a good understanding of the more important ones. This way you won’t need a translator when you hear financial jargon. If … Continue reading Choosing The Right Mortgage
The LTV (loan-to-value) ratio is calculated by dividing the appraised value of the home by the amount of the loan. This figure will be assessed during the underwriting process. As a general rule, borrowers who have lower LTV ratios pose less of a risk to the borrower, since they have more equity in their properties. … Continue reading Loan-To-Value Ratio
When you are shopping for a mortgage you may become overwhelmed by foreign terms. Even though your lender and real estate agent will help you understand any unfamiliar financial terms, it’s nice to have a good understanding of the more important ones. This way you won’t need a translator when you hear financial jargon. If … Continue reading Shopping For A Mortgage
Private mortgage insurance and LTV Home owners are required to pay Private Mortgage Insurance (PMI) if their LTV is above a certain amount. Borrowers who do not want to pay PMI will have to put at least 20% down on a home. FHA mortgage loans allow borrowers to have a 96.5% LTV, while the USDA … Continue reading Private Mortgage Insurance
