Hello! This is Joe Harris with Morgan Financial and here is your “Joe Knows Mortgages MINUTE”. This week, we answer the question: To qualify for a VA Loan, do you need to occupy the property immediately? As a benefit for those on active duty or serving overseas, military members can qualify for a VA loan if they have intentions to return home within one year as long as a Spouse or dependent children will also occupy the property in the meantime. Otherwise they must occupy within 60 days. 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!

Hello! This is Joe Harris with Morgan Financial and here is your “Joe Knows Mortgages MINUTE”. This week, we answer the question: What is the difference between mortgage insurance and homeowner insurance? This is a common mix-up, but they are in fact two very different things.   Mortgage Insurance is required on most loans that have less than 20% equity. This is a contract that insures the lender against loss caused by a mortgagor's default on a mortgage. Mortgage insurance can be issued by a private company or by a government agency. Homeowners Insurance is the insurance that covers any loss or damages to your home, belongings or any other accidents that are outlined in your policy. These are separate from the mortgage all together, and are in place to protect both the borrower and the lender against damage to the property. 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!

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 Jumbo VA loan? A jumbo VA loan is a VA loan where the loan amount is over the conforming limit. The conforming limit varies by area, however, the predominate conforming limit as of January 1st 2018 is $453,100. Did you know that on a VA loan, the borrower can exceed a loan amount of $453,100? VA does limit the size of the loan, however, loans over the conforming limit do require a down payment. 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!

Hello! This is Joe Harris with Morgan Financial and here is your “Joe Knows Mortgages MINUTE”. This week, we answer the question: What is PITI? PITI is an acronym for your payment and it stands for principal, interest, taxes and insurance. Principle is the part of your payment that reduces your loan balance. Interest is the part of your payment that goes to paying the interest on your loan. Taxes and insurance are the amount of your payment that is escrowed to cover the costs of your property taxes, and the cost to insure your property. 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!

When someone says a VA Loan is Assumable, they mean that VA Loans can be transferred to the next homebuyer should they qualify. This adds significant value to a home, especially in a rising-rate market. VA loans can be assumed by other veterans, as well as by non-veterans. There is a process for this, and the assumable loan must meet guidelines, and the assumption must go through the current servicer of the 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!

Hello! This is Joe Harris with Morgan Financial and here is your “Joe Knows Mortgages MINUTE”. This week, we answer the question: If you have debt, can you still qualify for a loan? Between car loans, student loans, and a few credit cards, it can be easy to feel like you may have too much debt to qualify for a mortgage. This is not necessarily true. The best way to figure out how much debt you can afford to carry is to calculate your debt-to-income ratio, or DTI. Calculating your DTI is simple. Simply add up your recurring monthly debt obligations such as a car payment, minimum credit card payments, student loan payment, and anything else that you are required to pay on a monthly basis that shows up on a credit report. Things like electric bill, water and phone do not count. Take your total and divide that by your gross monthly income, or your income before taxes. The resulting number is your DTI. Typically, lenders will want your debt to income ratios to be under 45%, however, there are some loan types that will go higher. A lender will take this number and factor in your potential mortgage payment. 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!

Hello! This is Joe Harris with Morgan Financial and here is your “Joe Knows Mortgages MINUTE”. This week, we answer the question: Does it take longer to get a VA loan compared to other loans? With the right lender, a VA loan shouldn’t take much longer than any other loan. In fact, Morgan Financial is averaging just 13 days from application to clear-to-close on all loans, including VA loans. The key is choosing a lender that knows the process and the military. A local and veteran-owned lender like Morgan Financial is your first step to securing the right VA loan with great rates and great terms. 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!

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

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 portfolio loan? A portfolio loan or portfolio mortgage is a loan that a lender makes, and then keeps the loan to service for the life of the loan. It becomes part of their Investment portfolio. 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!

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!