Joe Knows Mortgages Minute

What is the difference between Conforming and Nonconforming loans?

What is the difference between Conforming and Nonconforming loan? When it comes to conforming vs non-conforming, we look to our good friends Fannie Mae and Freddie Mac. A conforming loan means that the loan meets the specific criteria that allows Fannie Mae and Freddie Mac to buy them. A non-conforming loan is one that doesn’t meet the criteria and isn’t allowed to be purchase by our friends Fannie and Freddie. These types of loans are sometimes referred to as portfolio loans.

By |2025-02-03T16:26:02-05:00August 24th, 2018|Joe Knows Mortgages Minute|Comments Off on What is the difference between Conforming and Nonconforming loans?
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What is the difference between a fixed and adjustable rate?

What is the difference between a fixed and adjustable rate? When you have a fixed rate, this means that throughout the life span of your loan, your interest rate won’t change. If you were to choose to have an adjustable rate on a loan, your interest rate could change periodically, depending on what type of adjustable rate loan you choose. 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 |2025-02-04T09:32:04-05:00August 13th, 2018|Joe Knows Mortgages Minute|Comments Off on What is the difference between a fixed and adjustable rate?
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Does my spouse’s credit score matter?

If you plan on using both you and your spouse’s income to jointly qualify for a loan then, yes your spouse’s credit score is taken into consideration. If you were to choose to exclude their income, and exclude them from the loan, then only your credit score will be evaluated.

By |2025-02-04T15:35:23-05:00August 3rd, 2018|Joe Knows Mortgages Minute|Comments Off on Does my spouse’s credit score matter?
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Can an Eligible Veteran Have a Co-Borrower on 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 an eligible veteran have a co-borrower on a VA Loan? In some circumstances, there is a need for a co-borrower in order to qualify for a mortgage. This person will be equally liable for this loan.  Luckily, with a VA loan, you ARE allowed to have a co-borrow, however it is limited to another veteran or your spouse. So, if you are interested in having a co-borrower on a VA loan, make sure they fall under one of those two categories. Please give us a call with any questions on this or any home loan related topic. Thank you for tuning into this Joe Knows Mortgages MINUTE If you have any home loan related questions, we want to hear from you! All questions will be replied to, so please submit your question below. Please like and share this information with anyone who you think may benefit and be sure to tune in to our next “Joe Knows Mortgages MINUTE” which we feature on Mondays. Talk to you soon!

By |2025-02-03T15:07:51-05:00July 27th, 2018|Joe Knows Mortgages Minute, Uncategorized|Comments Off on Can an Eligible Veteran Have a Co-Borrower on a VA Loan?
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What are Fannie Mae and Freddie Mac?

What are Fannie Mae and Freddie Mac? No they aren’t actual people. Fannie Mae is also known as the Federal National Mortgage Association and Freddie Mac is just another name for the Federal Home Loan Mortgage Association. Fannie Mae and Freddie Mac are government-sponsored enterprises. This shareholder-owned corporation was created by Congress in 1938 to provide stability, liquidity and affordability in the mortgage market as part of President Roosevelt’s New Deal. They are now our nation’s largest purchaser of home mortgages. Basically, Fannie and Freddie purchase Mortgages from lenders, so that the lenders have more money to lend out. They then securitize the loans and sell them as mortgage backed securities to investors.

By |2025-02-04T09:46:44-05:00July 20th, 2018|Joe Knows Mortgages Minute|Comments Off on What are Fannie Mae and Freddie Mac?
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 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.

By |2025-02-03T16:06:06-05:00July 1st, 2018|Joe Knows Mortgages Minute|Comments Off on  How does my credit score affect my loan?
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