Tagged: mortgage lending

Mortgage Loan Purpose Types Overview

The loan purpose type specifies the purpose for which the loan proceeds will be used. The loan purpose may be to purchase a home or to refinance an existing mortgage to obtain a lower interest rate or to get cash. Mortgage industry investors track and report the distribution of loan purpose types in their portfolio in order to mitigate the risk associated with various loan purpose types. In general, buying a home represents less of a risk than refinancing an existing mortgage. Refinance transactions in which the borrower takes out little or no equity (cash) represents less risk than ……

FHA Loan Requirements – Guideline & Limits

FHA loan requirements are simple; they’re different than conventional loan requirements. For a conventional loan, for example, you will need a good credit score. However a FHA loan credit score is only 580. If you’re a first time home buyer and need a first time home buyer loan to purchase your dream home, then keep …

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2021 means new challenges for mortgage lending

While the mortgage industry has always been an ever-changing profession, we as loan originators have entered a very unprecedented market, with a new landscape paved by uncertainty and a level of anxiety that could easily cripple the most seasoned originator.

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