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Loan Terminology

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Term	Main definition
Home Equity Line of Credit	A type of home equity loan that allows you to access money as a line of credit.
Home Equity Loan	A loan based on the mount of equity in your home.
Homeowners Association (HOA)	A group of homeowners within a defined community, or complex who make decisions about maintenance and repair of the land and common areas and enforce agreed-upon covenants, conditions, and restrictions (CC&Rs). Synonyms - HOA
Homeowners Insurance	A form of insurance that protects your property against loss from theft, liability, and most common disasters.
Homestead	A property-tax classification for owner-occupied homes that reduces the amount paid for property taxes.
Housing Co-Op	A legal entity by which a group of people share ownership of one or more residential buildings. The shareholder-owners divide the mortgage, taxes, insurance, maintenance, and other expenses.

Looking to Refinance Your Mortgage? Here's What You Need to Know About Points

With mortgage rates still falling to nearly historic lows, many people are buying homes, driving up demand.If you're satisfied with your current home, but want to take advantage of these incredibly low rates, you can refinance your mortgage. If you want to save even more money, you can buy points. Here's what you need to know.

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Pre-Approval for a Home Loan: What You Should Do

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Should You Get an FHA Loan or Conventional Loan?

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DID YOU KNOW:

Only close family and relatives, such as aunts and uncles can “gift” you money for a down payment.
DID YOU KNOW:

The failure rate for a home purchase is 20% on average.
DID YOU KNOW:

Many lenders have NO PMI loans, even if you have a down payment of less than 20%.
DID YOU KNOW:

Veterans may qualify for a home purchase with no down payment using a VA Loan for purchase.
DID YOU KNOW:

Many condominiums are not FHA approved and therefore you will not be able to purchase the condo with an FHA Loan.
DID YOU KNOW:

FHA Loans give you greater flexibility with your debt to income ratio. In short, you can qualify for more loan with less income.
DID YOU KNOW:

Student loans can throw your debt to income ratio out of whack and disqualify you from approval due to excessive debt.
DID YOU KNOW:

Bankruptcy does not disqualify you from getting an FHA Loan as long as it has been 2 years since the recorded discharge date, or 4 years for a Conventional Loan.
DID YOU KNOW:

Many lenders will not accept documents, such as bank statements, that have any portion that has been blacked out or tampered with.
PRO TIP:

Be sure to understand exactly how much loan you can be approved for before you fall in love with a home and get into a contract!
PRO TIP:

Don’t move around assets during the processing of your home purchase loan, as it will trigger the underwriters to ask repeatedly for updated bank statements.
PRO TIP:

Not every Realtor can produce the same results, so be sure to check their credentials and experience.
PRO TIP:

Don’t just trust a pre-qualification from a licensed lending officer. Get pre-approved by an actual underwriter before you get into a home purchase contract.

Speak with a loan agent now!