Joe Knows Mortgages Minute
Hello! This is Joe Harris with Morgan Financial and here is your “Joe Knows Mortgages MINUTE.” This week, we answer the question: If I already have debt, can I still qualify for a mortgage? The answer is: Yes! It all comes down to your debt-to-income ratio (or DTI for short). To calculate [...]
Hello! This is Joe Harris with Morgan Financial and here is your “Joe Knows Mortgages MINUTE.” This week, we answer the question: Can I roll my closing costs into my VA Loan? The answer is: It Depends... For eligible Veterans looking to purchase a home with their VA benefits, you have the [...]
Hello! This is Joe Harris with Morgan Financial and here is your “Joe Knows Mortgages MINUTE.” This week, we answer the question: Can I count my retirement pension towards qualifying for a mortgage? Yes, your retirement pension can count towards qualifying for a mortgage! Under certain requirements. Simply being retired doesn't preclude [...]
Hello! This is Joe Harris with Morgan Financial and here is your “Joe Knows Mortgages MINUTE.” This week, we answer the question: What makes Morgan Financial's Secured Approval stronger than a typical pre-approval? A pre-approval (usually conducted by a loan officer), is where a credit report is reviewed and a loan application [...]
Hello! This is Joe Harris with Morgan Financial and here is your “Joe Knows Mortgages MINUTE.” This week, we answer the question: When I'm buying a home, who orders the property survey? The responsibility to order and pay for the survey is up to you, the homebuyer. However in many cases, the [...]
Do I need to put 20% down to buy a home? The quick answer: Nope! There are many options for putting less than 20% down, for example… A qualified and eligible Veteran might be eligible for NO money down with a VA Loan! Or, a first-time homebuyer might be eligible for as [...]
Hello! This is Joe Harris with Morgan Financial and here is your “Joe Knows Mortgages MINUTE.” This week, we answer the question: When it comes to my mortgage, what are cash reserves? Essentially, cash reserves are the money you have leftover in the bank after paying your down-payment and closing costs. Cash [...]
Now, the veteran can negotiate with a seller on a property to pay all normal and customary closing costs. The negotiation must be part of the sales contract and clearly outlined
Points are fees that a borrower pays directly to their lender at their closing, in exchange for a lower interest rate. 1 point is 1% of the mortgage amount...
When is a good time to consider a Cash Out Refinance? When is a good time to consider a Cash Out Refinance? With current interest rates hovering around a 9-month low, home equity at an all-time high, and home values as high as they are, now is a great time consider a [...]