I know about all the bad hype from the media about the mortgage market. And, of policy I have heard each of our presidential candidates run down the cheaper over and over again. This happens every selection year.
Unfortunately people with very busy lives hear and read all of this and begin to think it is true. We have all heard this: "If you tell a lie often sufficient people will believe it is true". There you go!
Va Loan 125 Ltv
Is our cheaper a minuscule slow right now? Yes, but it is not in the dumpster.
Are independent mortgage brokers and appraisers the cause of the mortgage scandals? of course Not. In fact, it is their integrity and concern for their client's well being that helped to fulfill the American Dream.
The real scoundrels are the large corporations, and giant lenders. Don't let me forget to mention the politicians like the New York Attorney General, Andrew Cuomo, who is using the situation to his benefit by "saving the consumer" with new laws that will only hurt the buyer by putting the independent appraiser and broker out of business. But of policy he is manufacture a name for himself. What does he care. Guess what his political asperations are?
Well, sufficient of that! I received a very simple query yesterday and I am writing about it here for a few reasons I think you will understand afterwards.
The query I was asked is: "What is Cltv and Lp?"
The answer is Cltv stands for Combined Loan To Value. This term refers to when there is more than one loan on a property. As an example, if the first mortgage is 80% of the appraised value and there is a 2nd loan of 15% of the value, the Cltv is 95%. In the commerce we call these aggregate Loans.
Lp is a term for Loan Prospector. Loan Prospector is a computerised schedule that reviews and approves or disapproves an Fha, Va, or Freddie Mac loan. Du, DeskTop Underwriting, is a similar schedule used for Fannie Mae, Fha, or Va loans. When an application has been run straight through these programs, they basically, ... Sort of, the live underwriter then only has to verify the documentation because the computer has given an approval. If a loan isn't beloved because of an unusual circumstance, a lender can chose to do a by hand underwriting in which case the loan may still be approved.
My first reason for writing about this is to let you know that Lenders Are lending money. The mortgage commerce is alive and well in spite of the media and presidential candidates.
As a buyer you should take full benefit of these unbelievably low interest rates. Refinancing to lower your interest rate will save you a ton of money.
In the case above, combining a 1st and 2nd mortgage is a very smart financial move and will also lower your payments.
If you are reasoning about buying a home there is no good time than now. I of course mean like, ... Now. As soon as a new president is elected, and it doesn't matter which one, the rates will go back up. I promise you this will happen. It happens Every selection year.
Just make sure you go to a reputable broker and don't buy more house than you can afford.
Cltv, Du, & Lp - What Is That?
