Posted on April 5, 2010 18:45 by
Sam LiA mortgage that can be transferred from the seller of a property to its buyer with no change in the mortgage’s terms, provided the lender agrees and the buyer meets certain criteria. An assumable mortgage can make a property more attractive if interest rates have risen, as the buyer’s payments will be at the original rate. Assuming a mortgage can be quicker than securing a new one, but buyers may be charged an assumption fee.
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Posted on February 28, 2010 08:46 by
Sam LiQuite often we can hear credit officers will use the term pre-qualified. But exactly that means?
Pre-qualification is the first step in the mortgage application process, in which the lender takes into account basic information about a borrower’s financial standing, including his or her income, assets, and debts, in order to approximate a loan amount the borrower might qualify for. It’s important to note that the amount is not guaranteed for approval, since the figure established by the pre-qualification process is based on unverified information provided by the borrower.
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Posted on February 1, 2010 18:57 by
Sam LiHow long it will take to pay off your mortgage, based on your current payment amount, interest rate and payment frequency, in most of the cases presented in months.
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Posted on February 1, 2010 18:54 by
Sam LiA mortgage with a down payment of 20% or more of the value of the property.
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