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What is the purpose of non comforting loans?
There isn't a purpose for a non comforting loan, because a non comforting loan does not exist. A non conforming loan means a residential mortgage that isn't set by the guidelines of the Federal National Mortgage Association.
What is a Conforming 30 Year Fixed Rate?
A conforming 30 year fixed rate mortgage is a loan where the interest rate is fixed and will not change throughout the term of the mortgage. The mortgage must also conform to the Fannie Mae and Freddie Mac guidelines.
What is a conforming mortgage?
Loans meets underwriting guidelines required for Fannie Mae or Freddie Mac to purchase them.
What is the acronym MI in Mortgage terminology?
Mi is mortgage insurance. typically refers to conforming loans over 80% LTV. There is however MI on all FHA loans.
what is the conforming mortgage limit and current rate for a house in Plainview, Long Island, New York?
I think the conforming mortgage limit and current rate for one family is $417000 in in Plainview, Long Island, New York.for more information search http://www.erate.com/fannie_mae_freddie_mac_mortgage_limits.htm website
What is the purpose of a mortgage calculator?
There are many reasons that one might use a mortgage calculator when looking for a mortgage loan. The main purpose of a mortgage calculator is to determine the worth of a mortgage loan.
What is the purpose of conforming to requirements of an external archive system if outsourced from the organisation.?
the purpose is to conform to external requirement
What is a conforming mortgage loan?
A "conforming mortgage," for sake of simplicity, is any loan amount up to $417,000 for a single-family residence that fits guidelines set forth by Fannie Mae and Freddie Mac.Because conforming loans adhere to underwriting rules set by Fannie and Freddie, which include credit and income requirements, they are considered lower risk and are more easily sold to investors in bulk on the secondary market.
Do you still have to pay monthly mortgage if you have a reverse mortgage?
No, the purpose of a reverse mortgage mortgage is to eliminate mortgage payments permanently.
What is the purpose of MPI mortgage insurance and how does it impact the overall cost of a mortgage?
The purpose of MPI mortgage insurance is to protect the lender in case the borrower defaults on the loan. It impacts the overall cost of a mortgage by adding an extra cost to the monthly payments, making the mortgage more expensive for the borrower.
What is a non-conforming mortgage?
As the word "non-conforming" word already states, a non-conforming mortgage is a mortgage that does not adhere to conforming and or federal lending standards. An FHA- loan and a conventional loan are conventional mortgages. A mortgage normally consists of a substantial down payment, paid by the borrower and the actual mortgage paid by the lender. To make mortgages available to a wider range of borrowers, some lenders do not require a down payment at all if the borrower has excellent credit. For example the first mortgage then might be 80% of the loan amount or purchase price and the second mortgage will cover the additional 20% of the purchase price. In general the second mortgage then will be at a substantial higher interest rate. Sometimes the second mortgage is even issued by a different lender. A second example can be a borrower who has very low credit score and would not qualify for federal or conventional loan, because of his credit risk from past financial issues and now makes good money to buy a house. Here the the lender will waive certain requirements yet charge a substantial higher interest rate. Here are targeted users for Non-conforming loans: 1. People with Bad Credit Record or Rating. 2. People with Unstable Income. 3. Low doc people. 4. People without Sufficient Deposit. 5. People who are security impaired. 6. People who are Non-Residents of the country. 7. People who are close to retirement.
If your wife has good credit and you have bad credit what happens if you apply for a mortgage together?
Depends on what type of mortgage you are trying to obtain. Normally, conforming mortgage loans rely on the lower middle credit score between the two borrowers. This could possibly stop a loan from being approved. But, there are non-conforming mortgage products out there that will take the higher of the two scores to qualify for the loan. In most cases, though, that borrower also needs to be the high wage earner; but not always. Whichever the situation may be, you will find, unfortunately, that you will probably be charged a higher rate.
