Cathy Purdham, Underwriting Manager of NFM Lending discusses the do's and don'ts for borrowers looking to make their first home purchase or refinance. What is debt-to-income ratio (DTI)? Why should you avoid large purchases? How important is your credit report and score?
What is payment shock? Residual income? Non-sufficient funds? And how do they factor in getting approved for a home loan?
If you are a first time homebuyer, looking to move up, or refinance, Cathy offers some great tips for making sure the transaction goes smoothly.
You Might also like
-
Biggest Underwriting Pitfalls for Loan Originators
Underwriting may be one of the most mysterious parts of the loan process for consumers, but it can be the same way for loan originators as well.
What should a loan originator look for when evaluating the 1003 mortgage application in order to advise their clients on potential hurdles they can face?
From work history to bank statements to incomplete 1003s, NFM Lending Underwriting Manager, Cathy Purdham discusses what to look for and how to communicate with your underwriter should issues arise. She also talks about the systems NFM Lending has in place to streamline the underwriting process and make it more transparent, an approach that has helped dramatically reduce time loans spend in underwriting and problems with the 1003.
Post Views: 3,194 -
Which Home Improvements Give You The Best Bang For Your Buck?
Ever wonder which home improvements bring the greatest return on your investment? NFM Lending's Chief Appraiser, John Liberatore discusses remodeling and contributory value with NFM Chief Business Development Officer, Greg Sher.
Post Views: 2,107 -
How Experience Affects Leadership at NFM Lending
NFM Lending President, Jan Ozga visits NFM TV and discusses how his background affects his leadership style, the culture he is building at NFM and his vision for the future of the company.
For more from Jan Ozga, please watch his interview with NFM TV where he discusses technology in the mortgage industry and how he foresees it affecting the future of the loan originator. He also discusses how NFM plans to implement technology in it's future plans. Man Versus Machine – The Infiltration of Technology in the Mortgage Industry
Post Views: 3,466