Loans 101
When you refer a client to me you can rest assured your customers' will receive prompt, professional and personalized service.
When you refer a client to me you can rest assured your customers' will receive prompt, professional and personalized service.
LOans 101
REVIEW YOUR GOALS
Let's discuss your goals and your unique financial situation.
GATHER INFORMATION
Together we gather all the data we need to lead us to the best lending products for you.
GET APPROVED
We'll present you with customized lending options for your new home, business or investment.
TErms defined
Wondering what all those funny lending terms mean?
CD - Closing disclosure
​
DTI - Debt to Income
​
FICO - Credit ratio, credit score
​
GFE - Good faith estimate
​
IO - Interest only
​
LA - Loan amount
​
LB - Loan balance
​
LE - Loan estimate
​
Loan Mod - Loan modification
​
LTV - Loan to value
​
MI - Mortgage insurance
​
Pre Approval - when I go over financial numbers to assess qualification without verifying documentation
​
Approval - Running credit, verifying documentation to assess approval prior to getting into contract
​
Non QM - Non qualified mortgage
​
QM - Qualified mortgage
​
Initial Disclosures - Initial Disclosures are not legally binding, but a borrower must sign them, acknowledging receipt of the documents. These can only be changed once they are signed and borrowers get disclosed many times throughout the loan process.
​
CIC - Change In Circumstance
​
CTC - Clear to Close
​
4506T - Signed form allowing tax transcripts to be pulled by the lender
​
Reserve Requirement - The amount of money required by the lender that you have saved that cannot be applied to the down payment or closing costs.
​
LOE - Letter of Explanation
​