Limited Documentation (Low Documentation)

Limited doc program require minimal paperwork to apply for a loan. Limited doc is popular for applicants who are interested in supplying the least amount of paperwork to qualify for a loan. Typically, the program requires verifying the assets to equal 3 to 4 months of the monthly housing expense (principle, interest, taxes and insurance) and bank statements, and employment. The guidelines may vary depending on the lender. Limited documentation attracts individuals such as waitresses, bartenders, sales people who don’t draw a regular salary but receive the majority of income by cash or...

Lines of Credit

Also known as Home Equity Line of Credit (HELOC), A home equity line of credit is a credit line that is kept open and restored as you pay off what is owed. A home equity line of credit has a pre determined approved high credit limited similar to a credit card that you are allowed to draw (write checks against) upon as needed. Your monthly payments are based on what was used on the...

Lines of Credit also known as Home Equity Line of Credit (HELOC)

A home equity line of credit is a credit line that is kept open and restored as you pay off what is owed. A home equity line of credit has a pre determined approved high credit limited similar to a credit card that you are allowed to draw (write checks against) upon as needed. Your monthly payments are based on what was used on the line. In most cases, the program has a pre determined draw period and interest only...

Loan Estimate or LE

is a three-page form that you receive after applying for a mortgage. The Loan Estimate tells you important details about the loan you have requested that includes the estimated interest rate, monthly payment, and total closing cost and estimated costs for taxes and insurance, and how the interest rate and payments may change in the future and special features like...

Loan Term

The number of years over which you will repay the mortgage.

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