Delaware mortgage loans is committed to helping you find the right mortgage product for your needs in Glasgow. We understand that every borrower is different, and we off a varity of products to meet your individual requirements. We make the process of securing a mortgage simple and straightforward by offering you the latest in financial tools that enable you to make sound financial choices.
This mortgage rate quote form will take approximately 60 seconds to complete. Here's how our service works:
1. Complete our short form below
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Our fast Mortgage application will help you find the perfect lender. It takes only one minute
This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
The mortgage process can be a little confusing if you aren't
familiar with the terms used in the process. To help you out,
here is a list of terms with corresponding mortgage definitions.
Broker: An independent mortgage professional that oversees the
entire home loan process.
Lender: The business entity providing and funding the home loan.
Processor: Prepares your loan for underwriting. The processor
makes certain your income is properly documented and verified,
the appraisal is being performed, and title and escrow are
opened.
Escrow: Works with title to certify payoff demands for all
existing liens. Escrow is an independent group which disburses
monies to all parties in the loan transaction and ensures full
payment.
Title: Ensures both the borrower and the lender have a clean
title on the home, guaranteeing to both parties there are no
mistaken liens and that all existing liens on the home are
scheduled to be paid and removed.
Underwriters: Make the decision to approve or deny the loan.
Hired by the lender, their job is to review all aspects of the
loan based on the lender's approval guidelines.
Automated Underwriting: A computer generated loan approval. This
automated process only takes minutes and is the quickest path to
approval.
ARM: Adjustable Rate Mortgage. An ARM has a fixed rate for a
specified amount of time. After the initial term, the loan
becomes adjustable and the rate can fluctuate depending on
market conditions. ARM payments are initially lower than fixed
rate payments. This is an excellent option for people with
damaged credit, those who plan to sell their homes short term or
who simply want to save money on their monthly payment.
DTI: Debt to Income Ratio or your total monthly debt in relation
to your gross monthly income. For example if you have $2,500 in
total monthly debts with a total income of $5,000, your DTI is
50%. The higher the DTI, the higher the lender's risk and 50% is
typically the maximum allowable DTI.
Equity -- The amount of vested or owned interest in your
property. Subtract the total balance owed on the property from
the appraised value to determine your equity.
FICO Scores: Most lenders use the FICO scoring system to qualify
borrowers. The FICO score is a number assigned from each of the
three main credit repositories (Experian, Trans-Union, and
Equifax). This number is calculated based on your complete
credit profile and takes into account late payments, balances on
trade lines, inquiries for additional credit, judgments,
bankruptcies, total debt, length of credit history, and more.
The lower the FICO score, the higher the lender's risk.
LTV: Loan to Value Ratio. For example: a loan amount of $75,000
on a home valued at $100,000 equals an LTV of 75%. Your equity
would equal $25,000, or 25%. The higher the LTV ratio, the
higher the lender's risk.
Stated Income: Your own statement of income on the application
versus income that can be independently verified. Use of stated
income is an excellent option for self-employed individuals or
those with hard to prove income.
Getting a mortgage for a home purchase can be stressful. If you
understand the lingo being used, you will find it less so.
About the author:
Dan Lewis is a mortgage broker with http://www.gwhomeloans.com -
San Diego mortgage brokers providing home loans and refinances.
Visit http://gwhomeloans.com/services.html to learn more about
options for San Diego mortgages.