NMLS: 2576 | CT LICENSE: 1101 | MA LICENSE: LS2576 | MI LICENSE: FR0023580 What is a mortgage?
Generally speaking, a mortgage is a loan obtained to purchase real estate. The “mortgage” itself is a lien (or legal claim) on property that secures a promise to pay back the debt.
What is a loan to value (LTV) and how does it determine the size of my loan?
The loan to value ratio (LTV) is the amount of money you borrow compared with the price or appraised value of the home you are purchasing. If a borrower makes a 20% downpayment, he/she is said to have a 80%…
What is a Good Faith Estimate and how does it help me?
The Good Faith Estimate (GFE) is a disclosure that you will receive at the initial application session for your mortgage loan. It will estimate for you the cost and fees that are associated with the particular mortgage loan that you…
What are points and should I pay them?
Points are loan fees paid to lenders. 1 point=1% of the loan amount. Therefore, on a $100,000 loan 1 point is $1,000. Points may be further classified as origination points or discount points. Origination points are charged by a mortgage…
What is mortgage insurance? Do I need mortgage insurance?
Mortgage insurance (MI) is insurance that protects lenders against some or most of the losses that result from defaults on home mortgages. It’s usually required on all government insured loans and on conventional loans with a downpayment of less than…