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Joe Knows Mortgages Minute

Why Is It Important That The Underwriting Is Done In Office?

Hello! This is Joe Harris with Morgan Financial and here is your “Joe Knows Mortgages MINUTE”. This week, we answer the question: “Why is it important that the underwriting is done in office?"  Most companies have their underwriting done in a centralized facility, far away from where the loan is actually being done.  Having in-office underwriters makes the loan process run much more smooth and cuts down the time for loan approval. Say one of our underwriters has a question about an application, they can easily walk down the hallway to speak with the Loan officer about this and solve any problems or questions right then and there.  Or conversely, if a loan officer has a question on a borrower, the can walk down to the underwriter ask how they would handle the situation. Having in-office underwriting is a huge reason why our current clear to close time is 9.88 days on all VA and conforming loan Thank you for tuning into this Joe Knows Mortgages MINUTE If you have any home loan related questions, we want to hear from you! SO please comment down below! Also, please feel free to like and share this information with your family and friends. See you again next Monday!

By |2019-03-08T15:41:14-05:00March 8th, 2019|Joe Knows Mortgages Minute|Comments Off on Why Is It Important That The Underwriting Is Done In Office?

How Long Does It Take To Get A Mortgage?

For every home and every situation, the process can vary. At Morgan financial, we work closely with you through every step of the loan process to make sure that it goes as smoothly and timely as possible.  Typically, real estate contracts are written for 30 days.  This should be ample time to complete a loan. [...]

By |2019-02-08T15:08:47-05:00February 8th, 2019|Joe Knows Mortgages Minute|Comments Off on How Long Does It Take To Get A Mortgage?

What Are Points and When Do You Pay Them?

Hello! This is Joe Harris with Morgan Financial and here is your “Joe Knows Mortgages MINUTE”. This week, we answer the question: “What are points and when do you pay them?” Points are fees that a borrower pays directly to their lender at their closing, in exchange for a lower interest rate. 1 point [...]

By |2019-01-25T14:12:33-05:00January 25th, 2019|Joe Knows Mortgages Minute|Comments Off on What Are Points and When Do You Pay Them?

When is a good time to consider a Cash Out Refinance?

Hello! This is Joe Harris with Morgan Financial and here is your “Joe Knows Mortgages MINUTE”. This week, we answer the question: "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 [...]

By |2019-01-18T15:04:23-05:00January 18th, 2019|Joe Knows Mortgages Minute|Comments Off on When is a good time to consider a Cash Out Refinance?

Can You Refinance a VA Loan?

Can you refinance a VA Loan?  Hello! This is Joe Harris with Morgan Financial and here is your “Joe Knows Mortgages MINUTE”. This week, we answer the question: Can you refinance a VA Loan? The Answer is yes. If you are a qualified Veteran you can choose to refinance your VA Loan. This often allows [...]

By |2018-11-26T08:47:54-05:00November 25th, 2018|Joe Knows Mortgages Minute|Comments Off on Can You Refinance a VA Loan?

What is a Cash Out Refinance?

What is a Cash Out Refinance? Hello! This is Joe Harris with Morgan Financial and here is your “Joe Knows Mortgages MINUTE”. This week, we answer the question: What is a Cash Out Refinance? A Cash out Refinance is when you replace your current mortgage with a new loan that allows you to pay off your current balance and uses the available equity in your home to give you additional funds for other purposes such as home improvement, debt consolidation or home repairs.  This might also be a great option for those looking to lower their interest rate.  If you have any questions on doing a cash out refinance, then please contact us here at Morgan Financial for sound advice. Thank you for tuning into this Joe Knows Mortgages MINUTE If you have any home loan related questions, we want to hear from you! So please comment down below! Also, please feel free to like and share this information with your family and friends. See you again next Monday!

By |2018-11-16T17:05:32-05:00November 16th, 2018|Joe Knows Mortgages Minute|Comments Off on What is a Cash Out Refinance?

What is an earnest money deposit?

Hello! This is Joe Harris with Morgan Financial and here is your “Joe Knows Mortgages MINUTE”. This week, we answer the question: What is an Earnest money deposit? An earnest money deposit is also known as good faith money, or an escrow deposit. This is the amount that you put down as a deposit when a real estate offer is accepted. This money can typically be used towards your transaction at closing. If you do not close on your transaction, you may be entitled to a refund of your earnest money, as long as you meet the stipulations of the contract. In some instances the earnest money deposit may be forfeited if the timeframes and stipulations of withdrawal from the contract are not met. Thank you for tuning into this Joe Knows Mortgages MINUTE If you have any home loan related questions, we want to hear from you! SO please comment down below! Also, please feel free to like and share this information with your family and friends. See you again next Monday!

By |2018-11-05T10:14:03-05:00November 5th, 2018|Joe Knows Mortgages Minute|Comments Off on What is an earnest money deposit?

If I have student loan debt, can I still qualify for a loan?

Hello! This is Joe Harris with Morgan Financial and here is your “Joe Knows Mortgages MINUTE”. This week, we answer the question: If I have student loan debt, can I still qualify for a loan? With approximately 70% of college graduates graduating with some type of significant student loan debt, this topic is certainly a hot one, and on many peoples mind. The reality is that student loan debt alone will not preclude someone from getting a loan. Many factors are looked at when applying for a loan, such as income, assets and credit. Student loan debt will affect your debt to income ratios, however, as long as you fit within the guidelines of the loan for which you are applying, and as long as your assets and credit, as well as your income are inline, you should be able to qualify for a loan. Obviously, everyone’s situation is different, so I highly recommended that you speak with a Mortgage Loan originator to see if you qualify. Thank you for tuning into this Joe Knows Mortgages MINUTE If you have any home loan related questions, we want to hear from you! SO please comment down below! Also, please feel free to like and share this information with your family and friends. See you again next Monday!

By |2018-10-25T17:05:31-04:00October 25th, 2018|Joe Knows Mortgages Minute, Uncategorized|Comments Off on If I have student loan debt, can I still qualify for a loan?
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