Dallas Mortgage Company Frank Jesse

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Dallas Mortgage Company Frank Jesse

By Dallas Mortgage Company Frank Jesse | First Choice Loan Services (30+ days ago)

Usually, when making a mortgage loan for the purchase of a property, lenders will require that the borrower make a down payment.Adown payment is be defined as a portion of the value of the property, generally expressed as a percentage. The loan to value ratio is the size of the loan against the value of the property. Thus, a mortgage loan in which the purchaser has made a down payment of 20% has a loan to value ratio of 80%. For loans made against properties that the borrower already owns, the loan to value ratio will be accredited against the estimated value of the property.


At First Choice Loan Services, a Dallas mortgage bank Frank Jesse, senior loan originator, is one of the top lenders in the Greater Dallas area and can help you understand the rules and regulations of purchasing a home.https://fcbhomeloans.com/frankjesse


The loan to value ratio is considered an important indicator of the riskiness of a mortgage loan: the higher the LTV, the higher the risk that the value of the will be insufficient to cover the outstanding principal of the loan.


Determining the value is a key factor in mortgage lending since the value of the property is an important factor in understanding the risk of a loan. The value may be computed in numerous ways, but the most common are:

? Actual or transaction value: this is usually taken to be the purchase price of the property. If the property is not being purchased at the time of borrowing, this information may not be available.


? Appraised or surveyed value: in most jurisdictions, some form of appraisal of the value by a licensed professional is common. Often there is a requirement for the lender to obtain an official appraisal.


? Estimated value: lenders may use their own in-house estimates, particularly in jurisdictions where no official appraisal method exists, but also in some other circumstances.


A number of standard measures of creditworthiness may be used. Standard measures include payment to income (mortgage payments as a percentage of gross or net income); debt to income (all debt payments, including mortgage payments, expressed as a percentage of income); and a number of net worth measures. In many cases credit scores are used instead of, or in addition to, these measures. There may also be requirements for documentation of the creditworthiness. This can include such factors as income tax returns, pay stubs, etc. The specifics can vary from location to location.


Many lenders may also require a potential borrower have one or more months of "reserve assets" available. This means that the borrower may be required to show the availability of enough assets to pay for the housing costs (including mortgage, taxes, etc.) for a period of time in the event of the job loss or other loss of income.


A standard or conforming mortgage is animportant concept as it often defines whether or not the mortgage can be easily sold or securitized. In the United States, a conforming mortgage is one which meets the established rules and procedures of the two major government-sponsored bodies in the housing finance market. This can include some legal requirements. On the other hand, lenders who decide to make nonconforming loans are exercising a higher risk tolerance and do so knowing that they face more challenge in reselling a loan. Many countries have similar concepts or agencies that define what are "standard" mortgages. Regulated lenders may be subject to limits or higher risk weightings for non-standard mortgages.


At one Dallas mortgage bank Frank Jesse is primed and ready to assist any prospective home buyer in finding the right loan for the situation, with a little stress as possible. https://fcbhomeloans.com/frankjesse


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Contact Dallas Mortgage Company Frank Jesse | First Choice Loan Services
15303 N Dallas Parkway #150 Addison, , Dallas, Texas, 75001, United States
phone: (214) 306-8388 fax: (214) 206-9366
http://fcbhomeloans.com/frankjesse
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Dallas Mortgage Company Frank Jesse
Dallas Mortgage Company Frank Jesse (30+ days ago)
Usually, when making a mortgage loan for the purchase of a property, lenders will require that the ... Read More