As you head to your loan closing, you may hear the term table funding used. You may also hear it called a ‘wet closing.’ This is in contrast to the other option, which is a ‘dry closing.’ While the names sound odd, it basically pertains to a closing that occurs when the ink on the paper is ‘wet,’ or Read more
What’s the Maximum Debt Ratio for VA Loans?
VA loans have some of the most relaxed guidelines out of any program in the industry today. They don’t focus on credit scores or debt ratios, but can you have too much debt and not get approved?Compare Offers from Several Mortgage Lenders.While the VA doesn’t ‘focus’ on debt ratios, they do Read more
Can you use Partial Entitlement?
As a veteran, you receive entitlement to purchase a home up to $484,350 with no down payment if you have full entitlement. But what happens when you don’t have full entitlement any longer? You can have entitlement tied up in your current home or you could even lose some if you lost a home to Read more
What is a Portfolio Loan?
When you think of a mortgage, you likely think of conventional loans. These loans are written and funded by a lender, but then sold to a secondary market entity, such as Fannie Mae or Freddie Mac. Your loan servicer might remain the same, but the entity that actually owns the loan doesn’t remain the Read more
The Dos and Don’ts of the Mortgage Approval Process
When you are ready to buy a home, you have a lot of decisions to make. You also have a lot of work to do. Lenders will evaluate your finances inside and out to make sure that you are a good candidate. Because of this, you must be on your best ‘financial behavior.’ It’s best if you freeze your Read more
