While the basic Rule-of-Thumb for acceptable credit history is a minimum of four trade lines documented on a credit report, there are alternative methods of building a credit picture that an underwriter can use to make a decision for a loan approval. For potential home buyers with little or no credit history, keeping records for..
What’s My Debt-to-Income (DTI) Ratio?
Debt-to-Income (DTI) is one of the many new mortgage related terms many First-Time Home Buyers will get used to hearing. DTI is a component of the mortgage approval process that measures a borrower's Gross Monthly Income compared to their credit payments and other monthly liabilities. Debt-to-Income Ratios are designed to give guidance on acceptable levels..
Calculating Loan-to-Value (LTV)
Understanding the definition of Loan-to-Value (LTV), and how it impacts a mortgage approval, will help you determine what type of loan amount and program you may qualify for. Since the LTV Ratio is a major component of getting approved for a new mortgage, it's a good idea to learn the simple math of calculating the..
Common Idaho Mortgage Pre-Approval Documents That Are Required
Even though many Idaho Mortgage companies are still quoting quick 10 minute pre-qualifications over the phone or online, a true Idaho mortgage approval that holds any weight is one that has been issued by an underwriter who has had an opportunity to review all of the necessary documents. With a constant stream of new lending..
8 Things To Ask Your Boise Idaho Loan Officer During Application Process
Knowing what questions to ask your Boise Idaho Loan Officer lender during or before the loan application process is essential for making your mortgage approval process as smooth as possible. Many borrowers fail to ask the right questions during the mortgage pre-qualification process and end up getting frustrated or hurt because their expectations were not..