Mortgage Basics
Know your Credit: Your credit scores are the most important items in determining you ability to obtain a mortgage loan. Here we explain the basics as well as provide information on obtaining your credit report.
How much can I afford? Every loan product except one has certain qualifying ratios that are required. These ratios help determine your capacity to pay. In this section you learn what these ratios are, how they are calculated, and what ratios are necessary for which mortgage loan products.
Mortgage Bankers vs. Brokers: Mortgage Banker? Mortgage Broker? HUH!? These two terms may sound as though they are the same thing, but they’re not. Find out about each, and what the difference really is.
What Type of Mortgage Should I Choose? There are literally hundreds of mortgage loan products, most come with numerous variants within each product type. Here you will learn simple explanations and general guidelines for the major ones, but definitely not all loan products.
What to Ask Your Loan Officer? Okay, so you’re ready to get started, and you have an appointment to meet with a loan officer tomorrow, but what questions should you ask? This section provides some questions to help you decide if this is the loan officer for you.
Mortgage Terms: Are you confused with all of the terms and abbreviations your loan officer is throwing at you? You just want a mortgage, not Alphabet soup. You’re not applying to work for NASA right? Well here you can find a glossary of terms used throughout this website and the mortgage industry, consider it your loan officer translation guide.
MCA offers a product to protect you against potential mortgage fraud and over-charging. It is called the Consumer Protection Plan. A Mortgage Professional will review your initial mortgage disclosure documentation and when the loan is ready to close the MCA professional will also review your closing settlement documents to make sure you received the correct program, rate and fees as initially disclosed.
