The Loan Estimate (“LE”) is the document provided to you by the lender within 3 days of the application date. The application date is the date the lender is provided the following: • Property address • Property value • Name of borrower • Social security number to pull credit • Income • Loan amount Once...
Tag: Lender
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MORTGAGE PLANNING: 30-YEAR FIXED V. 15-YEAR FIXED
The shorter the term of the loan, the less interest you pay, and the sooner you pay it off. So, why not apply for and obtain the shortest-term loan possible? This makes good sense if you are comfortable with the payment. Let’s take a look at the following 3 scenarios, a 30-year fixed, 15-year fixed,...
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MORTGAGE APPROVAL: PROPERTY CONDITION
In order to get a mortgage, the property condition must be move-in ready; it must be habitable and safe. I often get asked if there is a list of items the house must have in order to meet the habitability standard, but there is not, as it is on a case-by-case basis. Here is a...