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Wisconsin WI - Loans & Mortgages :: Refinancing :: Bad credit loans :: First time buyers home loans :: Advice on the best loan for you :: Mortgage advisor

Pre-approving your loan

Here are two calculators you can use to determine the maximum monthly mortgage payment you can afford -- the total debt to income ratio calculator and the housing to income ratio calculator.

With interest-only mortgages, as the name suggests, each monthly repayment pays off some of the interest on the loan, but none of the capital. The idea is that, alongside your mortgage, you set up an investment vehicle into which you pay a regular sum with a view to building up a large enough investment to pay off the capital on your mortgage.

Private Mortgage Insurance What is it? Private Mortgage Insurance is a type of insurance that helps protect the mortgage company against losses due to foreclosure for conventional loans. This protection is provided by private mortgage insurance companies and allows mortgage companies to accept lower down payments than would normally be allowed.

Once your credit check, appraisals and verifications are complete, this “credit package” is reviewed by an underwriter who makes the loan decision. If your loan is approved, your lender will issue you a loan commitment (a binding agreement) to lend you the money. The commitment spells out all the details of the loan including all charges and fees, closing requirements, and any important conditions including: A list of documents you will need for closing; Information on when the commitment expires; and Important information you should know when closing on your home. The loan commitment may also may have certain conditions that you must meet before the loan is granted—bills you must pay off, or special requirements of the homeowners association, fox example.

Do I need title insurance? The lender will check the title to the property to make sure there are no outstanding liens or title problems. The lender requires, and sometimes will arrange for, title insurance to protect the property against unforeseen problems. This is called a “lender’s” title insurance policy. You may want to obtain title insurance to protect your own interest in the property. This is called an “owner’s” title insurance policy. These policies ensure that your property is free and clear of any title defects, claims or encumbrances.

Start by taking a careful look at your current assets (including income, savings, investments, IRAs, life insurance, pensions and corporate thrift plans, and equity in other real estate, etc.) and liabilities (including outstanding loans, credit card balances, etc.). Also, think about how your income—or household income, if there are two wage earners in the family—might change over the next several years.

What are closing costs? What is an Escrow Account? Closing costs and procedures vary from state to state and from county to county. In some jurisdictions, an attorney represents the lender. In others, the title company represents the lender. There may be state or county transfer taxes to be paid. There may also be fees for recording certain documents. There are also standard charges that are paid at all closings. Taxes, title insurance premiums, and interest on the loan pro-rated from the closing date to the end of the month.