Blog
How does my credit score affect my loan?
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?
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.
How Long Is My Rate Locked in For?
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.
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 Costs are Included in my Monthly Mortgage Payment?
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
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.