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va mortgages - New York NY: Loans & Mortgages :: Refinancing :: Bad credit loans :: First time buyers home loans :: Advice on the best loan for you :: Mortgage advisor.

Check the lifecap on your equity line Many credit lines have lifecaps of 18%. Be prepared to make high interest payments if rates move upwards.

Get the best quote under those conditions, then call the lender who was referred to you. Tell him what you found out and he will tell you if it is real or not -- and whether he will match it. Then you choose your lender.

The right kind of loan at a competitive rate is obviously important. So are prompt and thorough underwriting procedures that result in rapid progress through the approval process.

What Is A Loan To Value (LTV) And How Does It Determine The Size Of The Loan? The loan to value ratio is the amount of money you borrow compared with the price or appraised value of the home you are purchasing. Each loan has a specific LTV limit. For example: With a 95% LTV loan on a home priced at $50,000, you could borrow up to $47,500 (95% of $50,000), and would have to pay $2,500 as a down payment. The LTV ratio reflects the amount of equity borrowers have in their homes. The higher the LTV the less cash homebuyers are required to payout of their own funds. So, to protect lenders against potential loss in case of default, higher LTV loans (80% or more) usually require mortgage insurance policy.

Last-minute maneuvers Closer to closing, borrowers also have to watch out for counteroffers from their current mortgage servicers or lenders. When borrowers refinance their loans, their new lenders request payoff letters from their old lenders. These letters spell out exactly how much the old lenders are entitled to at closing and are often the only indication that a borrower is refinancing.

It is important that you review what the closing costs will be with your lender and attorney. This should take place far enough in advance of the closing to allow yourself time to obtain the necessary funds to pay the closing costs.

Principal The original balance of money loaned, excluding interest; also, the remaining balance of a loan, excluding interest.

VA Financing

What’s the difference between conforming and non-conforming loans? Most loan rates that you hear quoted are for conforming loans. A conforming loan is one with an original balance of $275,000 or less for a single-family home. Any loan amount larger than that is called non-conforming.

Home equity line of credit (HELOC):

If the seller wishes to be released from liability on a loan which is freely assumable, the buyer and seller may request we complete a qualifying assumption. If we give credit approval of the buyer, we will release the seller from liability.