How do Qualified Mortgage Loans differ from Non-Qualified ones in Phoenix? If you’re looking for a home loan but aren’t sure where you should start, you’ll probably hear the terms “qualified mortgage loans” and non-qualified mortgage loans.” So what exactly is the difference between these two types of loans? Here is a quick explanation: Qualified mortgage loans provide lenders with certain legal protections once they can show that you’re financially able to repay your loan. There are stricter guidelines for these types of mortgage loans that were put in place to protect homebuyers and reduce the risk of default. Under their guidelines, interest-only payments or balloon payments aren’t allowed. In addition to the limits placed on upfront fees and points, the guidelines establish how much of the buyer’s income can go towards their mortgage debt. Non-qualified mortgage loans are loans that don’t meet the criteria of qualified loans. These are non-traditional loans that are ideal for home buyers whose income fluctuates, is paid in a lump sum, or who are self-employed as independent: from https://local.google.com/place?id=6744959272592205627&use=posts&lpsid=4111235317426583369
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About UsDesert Springs Mortgage, LLC is a mortgage lending company in Phoenix that is dedicated to making the mortgage borrowing process easier for anyone looking for ways to finance the purchase of a new home. We have a team of experienced loan originators and processors that will guide you through the whole application process from start to finish. They will also give you advice on what loan products best suits your situation and ambitions. Aside from that, we also help with loan refinancing where we can adjust the terms of your loan to suit current market conditions. For more information, give us a call today on (623) 432-1309. ArchivesNo Archives Categories |