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There are 3 credit bureaus: Equifax, Transunion and Experian. The credit bureaus are businesses, and one line of business they are in, is in selling leads to creditors. For instance, competing mortgage lenders can pay the bureaus to be informed when someone pre-qualifies for a mortgage loan. The home buyer might then be contacted by…
Read MoreGreenbelt Home Advantage
Greenbelt Home Advantage is an enhancement of the Maryland Mortgage Program (MMP), for eligible purchasers. Learn more about MMP here: https://alexjaffe.com/md-down-payment-assistance This program offers a grant of $15,000 to home buyers purchasing within Greenbelt (zip code 20770). However to be eligible for the program, a purchaser must have been renting within Greenbelt for at least…
Read MoreCash to close
Cash to close refers to a combination of the down payment plus closing costs. The combination of the two makes up the cash to close, and the earnest money deposit is applied to the cash to close.
Read MorePITI
The acronym PITI refers to principal, interest, tax and insurance. These are the components of the monthly mortgage payment you’ll be making. If you purchase a property that is a part of a homeowners association, co-op, or condo, we might use the acronym PITIA where “A” refers to the association payment additionally that is due…
Read MoreRental income
We’re able to consider rental income in qualifying on a loan application, subject to these underwriting rules that are within written lending guidelines. There are three different categories of rental income: Rental income from investment properties currently owned. Projected rental income from the property being purchased Rental income that’ll be in place for the applicant’s…
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