VerSolis Lending Group

read moreSince we live in an automated world, it should come as no surprise that your ability to repay your mortgage loan comes down to a single number. The years of paying your various bills: your mortgage, car payments, and credit card bills can be analyzed, sliced, spindled and mutilated into a single indicator of whether you're likely to meet your future obligations. TransUnion, Equifax, and Experian, the three major credit agencies, each have a proprietary formula for building your credit score. The original FICO was developed by Fair Isaac and Company.

read moreBuying a home may be the biggest investment you make in your life. Before closing on the house, you'll want to know that no individual or entity has a lien or claim to the property. A title insurance company does all the research to insure that a property has clear title. Making sure that a property is clear of all legal encumbrances is the job of a title insurance company. You pay the title insurance company a single premium which includes the cost of verifying clear title and covers you in case some fault is later discovered in the title.

read moreHave you ever heard the pearl of wisdom that says you should only refinance if your new interest rate will be at least 2 points below your existing one? Perhaps several years ago that was wise advice, but since refinance costs have been getting lower, it could be a good time to look into it. Refinancing has a variety of benefits that can make it worth the initial cost several times over. You could be able to bring down your interest rate (sometimes significantly) and reduce your monthly payment amount with your refinanced mortgage.

read moreWhen you are promised a "rate lock" from your lender, it means that you are guaranteed to keep a specific interest rate over a certain number of days for your application process. This keeps you from getting through your entire application process and learning at the end that the interest rate has gotten higher. Although there are various lengths of rate lock periods (from 15 to 60 days), the longer ones are usually more expensive. The lender will agree to hold an interest rate and points for a longer span of time, say sixty days, but in exchange, the rate (and sometimes points) will be more than with a rate lock of a shorter period.

read moreLots of borrowers can easily qualify for a loan, but they can't afford a large down payment. Tighten your belt and save. Scrutinize the budget to uncover extra money to go toward your down payment. You also might enroll in an automatic savings plan to automatically have a predetermined portion of your take-home pay transferred into savings. Some practical ways to put together funds include moving into a residence that is less expensive, and skipping your vacation for a year or two. Sell things you do not need and find a part-time job.

read moreWith a fixed-rate loan, your payment remains the same for the life of the loan. The portion allocated to your principal (the actual loan amount) increases, however, the amount you pay in interest will go down accordingly. The property tax and homeowners insurance will go up over time, but for the most part, payment amounts on fixed rate loans vary little. Borrowers might choose a fixed-rate loan in order to lock in a low rate. Borrowers choose these types of loans because interest rates are low and they want to lock in the lower rate.

read moreMake no mistake, there's a lot to do when you get a mortgage loan. You wouldn't be visiting our site if you could complete a simple application and receive an excellent loan check cut in one day. We do most of the heavy lifting for you, so you can concentrate on what's important - preparing to move into your new home or saving money. A couple of factors determine this amount. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you?

read moreThere are certain standard costs associated with closing the sale of a home. Buyers usually pay these costs, as specified in the sales contract, however, depending on State law the seller will have to cover some of the closing costs. As you'll see below, many of the costs result from getting your mortgage. At Uptown Funding, we are highly experienced in residential mortgage lending, so we can compile a comprehensive list of costs related to your mortgage in your estimate. Shortly after you apply for a loan, we'll provide you with a Loan Estimate.