Qualifying
Key Factors
When qualifying for a loan, lenders customarily use your gross income to determine the monthly mortgage payment you can afford. Gross income may also include the average of overtime, commission, and bonus pay.
Read moreMortgage Learning
Glossary of Terms
Adjustable Rate Mortgage: An adjustable rate mortgage, commonly referred to as an ARM, is a loan type that allows the lender to adjust...
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Forms and Documents
The following forms are intended to help you understand the various stages you will encounter from sales contract...
Read moreTo determine the value of the property you are purchasing, an appraisal will be required. An appraisal report is a written description and estimate of the value of the property. The appraised value is an opinion of value reached by an appraiser based upon...
Read moreWhen you borrow money for a home, you may be required to contribute some of your own money toward the purchase of the home. This money is called your down payment. The amount you need varies depending on the type of mortgage you choose, the purchase price...
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