Joe Harris is the COO of Morgan Financial, where he oversees operations, sales, and marketing to ensure a fast, enjoyable, and consistent mortgage experience. With more than 25 years in the industry and over $1 billion funded, Joe combines deep expertise with a passion for helping clients achieve homeownership. He is also dedicated to training and equipping loan officers with the tools and strategies they need to thrive in a competitive market.
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The loan to value is the amount of money your are borrowing divided by the the value of the property. SO if you are borrowing $80,000 on a home that is worth $100,000, your loan to value would be 80%.
On this week’s Joe Knows Mortgages MINUTE, we answer the question: How does my credit score affect my loan? Most loans have a risk-based pricing model. In other words, the loan is going to be priced according to the risk that the lender takes by making the loan. Through statistics, lenders have realized that loans with lower credit scores ultimately present a higher risk than those with higher credit scores. If you have a higher credit score, you will typically pay less for a loan than someone with a lower credit score.
How do you cancel your mortgage insurance? With a conforming loan, you may qualify to cancel your mortgage insurance. To cancel your mortgage insurance, you must have at least 20% equity in your home.
A rate lock period can vary in length; longer rate locks usually cost more. They cost more either in the rate or in the fees or both.
A rate lock or a rate commitment is a lender’s promise to hold a specific interest rate and fee for you for a specific period of time while your application is being processed.
If you are a veteran who is looking to purchase a home using VA benefits, the only additional cost that may be rolled into your
COE stands for “Certificate of Eligibility”. The COE verifies, to the lender, that you are eligible for a VA-backed loan
Welcome to Joe Knows Mortgages MINUTE, where we answer your mortgage questions. On this week’s Joe Knows Mortgages MINUTE, we answer the question: Can you
In order to fully understand your monthly mortgage payment, you need to know what other fees may be added based on your down payment. There
Schedule a consultation with the Morgan Financial team to explore mortgage and refinancing options tailored to your needs.
