Joe Knows Mortgages Minute Archives | Page 5 of 7

Does my spouse’s credit score matter?

Hello! This is Joe Harris with Morgan Financial and here is your “Joe Knows Mortgages MINUTE”. This week, we answer the question: “Does my spouses 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. 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 Morgan Financial|2018-08-24T11:02:30-04:00August 3rd, 2018|Joe Knows Mortgages Minute|Comments Off

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 Morgan Financial|2018-08-24T11:00:25-04:00July 27th, 2018|Joe Knows Mortgages Minute, Uncategorized|Comments Off

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 Morgan Financial|2018-07-20T16:04:40-04:00July 20th, 2018|Joe Knows Mortgages Minute|Comments Off

What is Loan to Value?

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 Morgan Financial|2018-07-02T10:21:51-04:00July 2nd, 2018|Joe Knows Mortgages Minute|Comments Off

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 Morgan Financial|2018-07-02T09:48:12-04:00July 1st, 2018|Joe Knows Mortgages Minute|Comments Off

How Do You Cancel Your Mortgage Insurance?

Welcome to Joe Knows Mortgages MINUTE, where we answer your mortgage questions. On this week’s Joe Knows Mortgages MINUTE, we answer the question: How do you cancel your mortgage insurance? As discussed in our previous “Joe Knows Mortgages MINUTE", you are required to pay mortgage insurance on a loan if you put less than [...]

By Morgan Financial|2018-05-30T11:29:31-04:00May 30th, 2018|Joe Knows Mortgages Minute|Comments Off

How Long Is My Rate Locked in For?

Welcome to Joe Knows Mortgages MINUTE, where we answer your mortgage questions. On this week’s Joe Knows Mortgages MINUTE, we answer the question: 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 [...]

By Morgan Financial|2018-05-30T09:38:02-04:00May 30th, 2018|Joe Knows Mortgages Minute|Comments Off

What is a Rate Lock Period?

Welcome to Joe Knows Mortgages MINUTE, where we answer your mortgage questions. On this week’s Joe Knows Mortgages MINUTE, we answer the question: 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 [...]

By Morgan Financial|2018-05-29T15:59:38-04:00May 29th, 2018|Joe Knows Mortgages Minute, Uncategorized|Comments Off

Can You Roll Your Closing Costs Into Your VA Loan?

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 I roll my closing costs into my VA loan when purchasing a home? If you are a veteran who is looking to purchase a home using VA benefits, the only [...]

By Morgan Financial|2018-05-29T15:26:31-04:00May 29th, 2018|Joe Knows Mortgages Minute|Comments Off

What is a COE?

Welcome to Joe Knows Mortgages MINUTE, where we answer your mortgage questions. On this week’s Joe Knows Mortgages MINUTE, we answer the question: What is a COE? Where can I get a COE? COE stands for "Certificate of Eligibility". The COE verifies, to the lender, that you are eligible for a VA-backed loan. While [...]

By Morgan Financial|2018-05-30T11:47:30-04:00May 24th, 2018|Joe Knows Mortgages Minute, Uncategorized|Comments Off