Home purchase loans (Real Estate - Mortgage Brokers)

Item ID 2318668 in Category: Real Estate - Mortgage Brokers

Home purchase loans


Look for properties within your range.
Be in a better position when negotiating with the seller (seller knows your loan is already approved).
Close your loan quicker
More on Pre-Qualification
LTV and Debt-to-Income Ratios
FICO™ Credit Score
Self Employed Borrower
Source of down payment

LTV and Debt-to-Income Ratios
LTV or Loan-To-Value ratio is the maximum amount of exposure that a lender is willing to accept in financing your purchase. Lenders are usually prepared to lend a higher percentage of the value, even up to 100%, to creditworthy borrowers. Another consideration in approving the maximum amount of loan for a particular borrower is the ratio of monthly debt payments (such as auto and personal loans) to income. Rule of thumb states that your monthly mortgage payments should not exceed 1/3 of your gross monthly income. Therefore, borrowers with high debt-to-income ratio need to pay a higher down payment in order to qualify for a lower LTV ratio.

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FICO™ Credit Score
FICO™ Credit Scores are widely used by almost all types of lenders in their credit decision. It is a quantified measure of creditworthiness of an individual, which is derived from mathematical models developed by Fair Isaac and Company in San Rafael, California. FICO™ scores reflect credit risk of the individual in comparison with that of general population. It is based on a number of factors including past payment history, total amount of borrowing, length of credit history, search for new credit, and type of credit established. When you begin shopping around for a new credit card or a loan, every time a lender runs your credit report it adversely effects your credit score. It is, therefore, advisable that you authorize the lender/broker to run your credit report only after you have chosen to apply for a loan through them.


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Target State: California
Target City : Bakersfield, los angles
Last Update : Jul 27, 2023 1:37 PM
Number of Views: 140
Item  Owner  : Marketing Manger
Contact Email:
Contact Phone: (917) 200-4655

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2024-04-23 (0.389 sec)