I need to know:
1) The maximum Loan to Value Ratio currently applied?
2) Do lenders typically conduct an appraisal on the property to determine the lending value? why or why not?
3) What is the maximum Gross Debt Service Ratio currently applied.
4) What is typically included in the lender’s Gross Debt Service Ratio?
5) What is typically included in the Total Debt Service Ratio formula? What other steps do the lenders undertake to ensure the credit worthiness of the mortgage applicants?
6) Under what circumstances will the lenders offer discount to the posted interest rates? What are the typical and maximum discounts offered?
How many credits are available to me for answering these questions?
This is my first time using Yahoo answers so I don’t know what you mean by "credits for answering these questions" so please elaborate.
Why are you taking this course if you’re not interested in acquiring the information related to it?
My course requires that I speak to a mortgage lender and get these answers for my project. I contacted a few lenders but they all claimed to be too busy so I’m trying this instead.
Some of the questions need to be specific as to lender, amount and credit rating of the borrower.
Correct, I’m supposed to contact two mortgage lenders with the assumption that I’m looking at loans for single family dwellings and employed applicants. and get the rates.
BTW thanks for the swift reply!
How many credits are available to me for answering these questions?
Why are you taking this course if you’re not interested in acquiring the information related to it?
Some of the questions need to be specific as to lender, amount and credit rating of the borrower.
How many credits are available to me for answering these questions?
Why are you taking this course if you’re not interested in acquiring the information related to it?
Some of the questions need to be specific as to lender, amount and credit rating of the borrower.
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