Free Mortgage Calculator !!!!!! Mortgage can be described as a loan to purchase a home, where the property is considered to guarantee repayment of the loan. A legal contract or written document by which real property is put as security for the repayment of a loan.
Mortgage Refinance can be described as you search for a new lender who is willing to lend you the whole property value from which you can repay your existing mortgage lender and the remaining can be utilize in any manner you wish.
Refinancing can save money and make your Budget more manageable but there is disadvantages and risks associates with refinancing your mortgage.
The main disadvantage is that you are back to square one with your loan amortization. This means your payment will primarily go to interest and you will build very little equity in your home. There is a way around this; you can keep your original pay off date and reduce your finance charges.
Getting a Mortgage Loan involves many aspects from the lenders point of view basically
Free Mortgage Calculator !!!!!!!! Basic Lenders look at your employment in the following way:
- Experience
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Employment history
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Job type
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Ability to document employment
Lenders can ask for:
- pay stubs and tax records
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a written verification of employment
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a phone verification of employment
Lenders basically pre-qualify potential borrowers by assessing their background and capacity to pay. The process starts by initial gathering of background and personal information such as purpose for the loan, your income and existing debts. To formalize and commence the loan process, you must then fill-up and complete a loan application form.
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