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Archive | Mortgage Approval Process RSS feed for this section

When We Own a Home in Orlando, FL…

March 26, 2013

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Chris Brown Chris Brown is the premier expert on HARP loans and Government FHA and VA loans. Please visit The Mortgage Chili Blog

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Sarasota, Florida HARP 2 Statistics : Homeowners whose Mortgages are “Severely Underwater” Account for more than One-quarter of all HARP Refinances Completed Nationwide

December 12, 2012

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HARP stands for Home Affordable Refinance Program. It was launched in 2009 as an aid to timely refinancing for underwater homeowners and to help stabilize the housing market. Back in 2009, mortgage rates were declining and it would have been a great time to take advantage of the low rates — but home values were [...]

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Saint Pete, Florida HARP 2.0 Refinance Program : Help For Struggling Homeowners

November 2, 2012

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The HARP Refinance Program is part of the government’s strategy to help homeowners avoid foreclosure, stabilize the country’s housing market, and improve the nation’s economy. The program is designed to help homeowners who are making timely mortgage payments but have been unable to refinance due to crashing home prices. Changes have been made to the [...]

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Pensacola, Florida HARP 2.0 Refinance for loans with LTV as high as 200%

November 2, 2012

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The HARP refinance program was launched in 2009. It was part of the administration’s economic stimulus plan meant to help up to 7 million underwater homeowners get a refinance. But of course, they must have kept current in their mortgage. The original version of HARP was still restrictive for many borrowers. So in response, the government re-launched [...]

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Melbourne, Florida HARP 2.0 : Unlimited Loan to Value

November 2, 2012

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The HARP refinance program was launched in 2009 as the administration’s effort to stimulate the economy by helping underwater homeowners get a timely refinance. The initial version of HARP helped a lot of homeowners. However, due to relatively restrictive guidelines a huge number of borrowers were still left out. So the government pushed the re-launch [...]

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Calculating Loan-to-Value (LTV)

July 17, 2011

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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 [...]

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Top Mortgage Terms To Know

May 29, 2011

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While most mortgage web sites offer a glossary containing hundreds of real estate and lending related terms, we wanted to highlight the top terms that most borrowers will hear several times throughout the approval and home buying process. Understanding the “Shop Talk” between the various industry professionals that you’ve assembled on your team will hopefully [...]

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Common Documents Required For A Mortgage Pre-Approval

May 22, 2011

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Even though many lenders are still quoting quick 10 minute pre-qualifications over the phone or online, a true 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 guidelines, volatile mortgage [...]

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What’s The Difference Between A Single Family, Second Home and Investment Property?

May 15, 2011

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When applying for a mortgage, a borrower’s “Occupancy Type” is a major factor in the amount of down payment required, loan program available and mortgage interest rate. Whether you are purchasing, doing a rate/term refinance or taking equity out of your property through a cash out refinance, occupancy type is always considered by the underwriter. [...]

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What’s My Debt-to-Income (DTI) Ratio?

May 1, 2011

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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 [...]

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Chris Brown
Chris Brown is the premier expert on HARP loans and Government FHA and VA loans. Please visit The Mortgage Chili Blog