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How Do You Cancel Your Mortgage Insurance?
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.
What is a Rate Lock Period?
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.
Can You Roll Your Closing Costs Into Your VA Loan?
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
What is a COE?
COE stands for “Certificate of Eligibility”. The COE verifies, to the lender, that you are eligible for a VA-backed loan
Can you use a VA Loan if a Prior VA Loan was Foreclosed on?
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
What is the difference between Interest Rate and APR?
Annual Percentage Rate (APR) is also expressed as a percentage rate; however, it is a broader measure of the cost of borrowing the money. APR includes other charges and fees such as the interest rate, points, mortgage broker fees, and other charges that you pay to get the loan.
What is a Conventional Loan?
A Conventional Loan is any loan that is not a government loan. An example of a government loan would be a VA loan, an FHA loan, or a USDA loan. These loans are all guaranteed or insured by the government.
What are the Max Seller Concessions on a VA Loan?
On a VA loan, the seller may pay all of the veteran borrowers normal and customary closing costs. However, the VA also says that, in addition to normal and customary closings costs, the seller may pay up to 4% of the purchase price in “seller concessionsâ€
What Do Sellers Have To Pay For On A VA Loan?
The answer is that the VA does not require that the seller pay any specific fees. The VA just says that there is a list of fees that the buyer cannot pay. If the seller is required to pay fees, that would be negotiated and part of the real estate contract.