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Disclaimer: Results from this calculator are designed for comparative purposes only, and accuracy is not guaranteed. Please contact Edge Mortgage, Inc. for a complete quote.
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Popular Questions
We make it a priority to listen and answer all your questions.
Mortgage brokers research a variety of loan options from multiple lenders to find the best mortgage for your financial situation.
1. Application
2. Credit ordered
3. Documentation requested and reviewed
4. Preapproval given if qualified
5. Loan submitted to lender
6. Disclosures issued
7. Submitted to underwriting
8. Appraisal ordered
9. Additional documentation gathered
10. Final loan approval
11. Clear to close
12. Loan closed and funded
Mortgage points, also known as discount points, are fees a homebuyer pays directly to the lender in exchange for a reduced interest rate. This is also called “buying down the rate.”
1 point = 1 percent of your mortgage ($1,000 for every $100,000)
It’s really not all about your income. How much a potential borrower makes is important, but it’s not the only factor considered when getting approved. Credit score, work history, and loan type are just a few other factors to consider.
This will vary by loan program and various factors.
Conventional – as low as 3%
FHA – as low as 3.5%
VA – as lows as 0%
USDA as low as 0%
1. When you can reduce your interest rate
2. When you can eliminate mortgage insurance
3. When you can shorten the length of your loan
4. When you can use your equity for home improvements or to consolidate debt
1. Apply for a credit card: Opening a revolving line of credit is a great first step towards building a credit profile.
2. Become an authorized user: Get added to a parent or partner’s established revolving account.
3. Create a positive payment history: Put a small balance on your new card. Keep the usage below 50% and make your payments on time.
–Information provided by CIC Credit
1. Fix errors on your credit report
2. Stay below your credit limit
3. Tackle past-due bills
4. Pay down revolving account balances
5. Limit how often you apply for new accounts
“Beginning in July almost 70% of medical collection debt trade lines will be eliminated from consumer credit reports. Equifax has announced that, starting July 1st, all 3 credit bureaus will no longer be including paid medical collection accounts on consumer credit reports.
Additionally, unpaid medical debt won’t appear on the borrower’s credit for one year, allowing the borrower an extra 6 months to work with their insurance & healthcare providers to come to a resolution.
2023 is expected to bring some changes as well; all 3 credit bureaus stated that in the first half of next year they will no longer be reporting any medical debt with balances of $500 or less. While these bureau level changes only apply to medical collection debt, it is still a huge win for loan originators and borrower’s alike!”
We don’t typically have to include medical debt in our debt to income ratio, but they do hurt credit scores So this is wonderful news for home buyers!
– Information provided by CIC Credit
When a credit report is pulled and does not provide a monthly payment for the student loan, or if the credit report shows $0 as the monthly payment, the lender must determine the qualifying monthly payment.
It varies depending on the loan program you are using. Below are some of the guidelines.
FNMA (Fannie Mae) –
For deferred loans or loans in forbearance, the lender may calculate
• A payment equal to 1% of the outstanding student loan balance (even if this amount is lower than the actual fully amortizing payment), or
• A fully amortizing payment using the documented loan repayment terms.
FHLMC (Freddie Mac) –
If the student loan is in repayment, deferment, or forbearance when calculating the monthly DTI ratio:
• If the monthly payment amount is greater than zero, use the monthly payment amount reported on the credit report or other file documentation, or
• If the monthly payment amount reported on the credit report is zero, use 0.5% of the outstanding balance as reported on the credit report.
FHA –
For outstanding Student Loans, regardless of the payment status, the Mortgagee must use:
• The payment amount reported on the credit report or the actual documented payment, when the payment amount is above zero; or
• 0.5% of the outstanding loan balance, when the monthly payment reported on the Borrower’s credit report is zero.
VA –
For outstanding Student Loans, regardless of the payment status, the Mortgagee must use:
•The payment amount reported on the credit report or the actual documented payment, when the payment amount is above zero; or
• 0.5% of the outstanding loan balance, when the monthly payment reported on the Borrower’s credit report is zero.