What is the most important part of a mortgage loan application?

The declarations page is the most important part of a loan application! 

Why you ask?
Because it opens up a conversation about some of the major red flags and problems a Mortgage loan can run into. By going over the declarations page of the application with the applicant you can address and alleviate many of the pitfalls later in the process.
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Remember there are 2 families depending on you and your pre -qualification letter
  1. Buyer (family)
  2. Seller (seller)

The worst thing in the world is to

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What are LLPA and how do they effect mortgage rates?

Lately I have received a few questions on LLPAs and I wanted to share some thoughts with you incase they come up with a client.

Loan Level Price Adjustments (LLPAs) are on all Fannie Mae and Freddie Mac loans. Based on LTV, Credit Score, Number of units, occupancy type, and Loan Type/Purpose.
Fannie and Freddie started these LLPAs some 6 years ago to add risk adjustments to their loans. The higher the risk on the loan the higher the LLPA maybe to mitigate that risk.

Continue reading What are LLPA and how do they effect mortgage rates?