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  • What Is The Debt-To-Income Ratio (DTI)?
      Measuring your existing debts against your existing income is one part of a lender’s required assessment of your ability to repay a loan. Like the video says:  debts are existing financial commitments; a car payment is a debt a grocery bill is not. To calculate your debt-to-income ratio add up your monthly debt payments […] The post What Is The Debt-To-Income Ratio (DTI)? appeared first on Newpo...
BBS Notary Services
BBS Notary Services
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New blog articles detected.

  • What Does Ability To Repay Mean?
      What are the “Ability to repay” rules about? In a nutshell, as this video shows, new laws require lenders to make a good-faith assessment of a borrower’s capacity to pay back their loan over time. It’s a longer-term view that goes beyond immediate income, debt and credit rating. These new Federal laws- supervised by the CFPB […] The post What Does Ability To Repay Mean? appeared first on Newport...
BBS Notary Services
BBS Notary Services
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New blog articles detected.

  • What Is A Qualified Mortgage?
      As this video explains,  Federal laws put into effect in 2014 and  supervised by the Consumer Financial Protection Bureau define lending practices and loan terms for a new category called “Qualified Mortgages.” They provide stable loan features for consumers and improve legal protection for lenders who follow the guidelines. These guidelines require lenders to assess each borrower’s ability to [...
BBS Notary Services
BBS Notary Services
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New blog articles detected.

  • What Is A Rate Lock?
      Mortgage rates change constantly through an unpredictable combination of government policies and economic conditions. This video explains the common term ‘rate lock.’ A “Rate Lock” is a guarantee that a lender will honor a specific combination of interest rates and points for a given period of time. A lock protects a buyer from rate […] The post What Is A Rate Lock? appeared first on Newport Bea...
BBS Notary Services
BBS Notary Services
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New blog articles detected.

  • What Is A Certificate of Eligibility, or COE?
      What Is A Certificate of Eligibility, or COE? The COE is the key document that verifies to lenders that someone is eligible for a VA-backed loan. Servicemembers, Veterans and National Guard and Reserve members may apply online or through their lender; most lenders have access to the system and can verify eligibility IF the […] The post What Is A Certificate of Eligibility, or COE? appeared first...
BBS Notary Services
BBS Notary Services
Blog Article

New blog articles detected.

  • What Are The Major Types Of VA Loans?
      What Are The Major Types Of VA Loans? Major Veterans Affairs loan programs described in this video include: 1) Purchase Loans. These help eligible parties buy a home at competitive interest rates with little to no down payment and little or no private mortgage insurance. 2) Cash Out Refinance Loans which enable taking cash […] The post What Are The Major Types Of VA Loans? appeared first on Newp...
BBS Notary Services
BBS Notary Services
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  • What Are VA Home Loans?
      What Are VA Loans? As the video says, the name is misleading – they’re not loans FROM the VA. The VA – short for “US Department of Veterans Affairs” – is the Federal military veteran benefit system. The VA administers benefits and services for Servicemembers, Veterans their dependents and survivors. Programs related to home […] The post What Are VA Home Loans? appeared first on Newport Beach, CA...
BBS Notary Services
BBS Notary Services
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New blog articles detected.

  • Understanding Your Loan: Closing Disclosure Page 1
      The first page of your Closing Disclosure documents: The Loan Amount – the total you will actually borrow The Interest Rate – which does NOT include the fees factored into the APR on Page 5 If this loan has a penalty for pre-payment or includes a balloon payment Page 1 will summarize the terms. […] The post Understanding Your Loan: Closing Disclosure Page 1 appeared first on Newport Beach, CA No...
BBS Notary Services
BBS Notary Services
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New blog articles detected.

  • When Do I Get My Loan Closing Disclosure?
      If an eligible loan proceeds from Estimate to closing, creditors must provide a Closing Disclosure form documenting the actual transaction terms and costs THREE business days before consummation. It must be in writing, whether paper or digital, and disclose ONLY the information specified by the CFPB. If terms or costs change prior to consummation […] The post When Do I Get My Loan Closing Disclo...
BBS Notary Services
BBS Notary Services
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New blog articles detected.

  • Understanding Your Loan: Additional Information Can Be Important
      Page 4 of your Closing Disclosure is important. It is NOT just standardized form information that is identical for every loan. Review these terms: Assumption: can this loan be transferred to another person if you sell or transfer the property? Demand: can the lender require early repayment of the loan? Late Payments: what penalty, […] The post Understanding Your Loan: Additional Information Can ...

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