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 of time while your application is being processed.
If you are a veteran who is looking to purchase a home using VA benefits, the only additional cost that may be rolled into your
COE stands for “Certificate of Eligibility”. The COE verifies, to the lender, that you are eligible for a VA-backed 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 you
In order to fully understand your monthly mortgage payment, you need to know what other fees may be added based on your down payment. There
Annual Percentage Rate (APR) is also expressed as a percentage rate; however, it is a broader measure of the cost of borrowing the money. APR includes other charges and fees such as the interest rate, points, mortgage broker fees, and other charges that you pay to get the loan.
A Conventional Loan is any loan that is not a government loan. An example of a government loan would be a VA loan, an FHA loan, or a USDA loan. These loans are all guaranteed or insured by the government.
Typically, if a borrower makes a down payment less than 20% of the purchase price of the home on a conventional conforming loan, they will need the loan insured in some way.
On a VA loan, the seller may pay all of the veteran borrowers normal and customary closing costs. However, the VA also says that, in addition to normal and customary closings costs, the seller may pay up to 4% of the purchase price in “seller concessionsâ€
