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July 2014

Found 2 blog entries for July 2014.

Mostly, the answer is: wait. Once you have completed your mortgage application, it will be processed by the loan underwriting department. Your application will be thoroughly reviewed by underwriters in order to assess whether or not you qualify for the loan. This process can take up to twenty full business days so that the underwriters can carefully assess all the provided documents.


When underwriters are puring over the details of your application, they may find red flags that need further exploration. For example, non-payroll bank account deposits from that are more than 10% of your income must have a source so it can be verified that the funds weren’t borrowed.


If the underwriter finds anything in your application that needs to be elaborated on,

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What's the difference between conventional and government loans? The main answer is simple, but the program disparities can be radical. In short, a conventional loan is not insured by the government, and a government loan is insured by the government. Both types of loans have their distinct advantages and disadvantages:

Conventional

Conventional loans (including jumbo loans) offer both adjustable and fixed rates to borrowers, and the loans can be non-conforming or conforming. The rates are usually low, and only have a private mortgage insurance (PMI) requirement if there is less than a 20% down payment on the home.  Conventional loans are known for having a speedier loan process, so taking out a conventional loan is a good bet if you need to have

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