Text Box: Calverton Connections from Pat ThornbergText Box: There are many types of mortgage loan programs available to homebuyers and homeowners wishing to refinance or take out an Equity Line. Every mortgage Lender has their own qualifications for the each program, although most lenders follow a majority of the big mortgage companies and use government guidelines. Loan-to-value or LTV is an important term to know when considering these loan programs. The Loan-to-Value or LTV % is the percentage of the mortgage loan as part of the appraised value of the property. An 80% LTV loan is 80% of the value or sales price of the property, and one of the most typical programs. If you have 20% of the sales price plus closing costs to put into the purchase, you should be able to get an excellent interest rate and terms. If you have an 80% LTV loan you would not have to pay the extra Mortgage Insurance each month with your loan. This insurance protects the Text Box: lenders when there is a high LTV loan. In cases where borrowers have good credit scores, lenders usually allow a combination loan program. The 80% LTV portion is a typical program plus a second loan for the 20% of the value is also obtained at the same time as closing. Most settlement companies will give a discount for doing both loan packages together. Some lenders have extra fees involved but this is a way to get 100% of the funds needed for the purchase. Of course, borrowers need to discuss their particular financial situation with their loan officer and look at several loan programs that would be available. Since I have been in the mortgage business for many years, I will happily assist you during your purchase or selling process. Give me a call……….. PatText Box: Mortgage Loan Programs — Popular ChoicesText Box: How to Correct Errors on your Credit Report – by Pat and Sharon Jones (Loan Processor)

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Text Box: Contact me by Phone or Email : Cell Phone: 301-996-6941 pat.thornberg@ longandfoster.com Text Box: “Loan interest rates are still very low. Don’t wait to take advantage of these low rates, you might miss them. Also, the interest rate may not be the most important consideration in picking a mortgage program. Compare several options. Let’s talk about it!!!” - Mortgage TipsText Box: You have the right, under the Fair Credit Reporting Act, to dispute the completeness and accuracy of information in your credit file. When a credit reporting agency receives a dispute, it must reinvestigate and record the current status of the disputed items within a "reasonable period of time," unless it believes the dispute is "frivolous or irrelevant." If the credit reporting agency cannot verify a disputed item, it must delete it. If your report contains erroneous information, the credit reporting agency must correct it. If an item is incomplete, the agency must complete it. For example, if your file showed that you were late in making payments on accounts, but failed to show that you were no longer delinquent, the credit reporting agency must show that your payments are now current. If your file showed an account that belongs only to another person, the credit reporting agency would Text Box: Also, at your request, the credit reporting agency must send a notice of correction to any report recipient who has checked your file in the past six months. For those items in your credit profile which you feel deserve further explanation (such as an account that was paid late due to the loss of job, military call-up, or unexpected medical bills), you may send a brief statement to the appropriate credit reporting agency. The information will be placed on your credit profile and will be disclosed each time your credit profile is accessed.
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