5 Common Misconceptions About Mortgage PreQualification #mortgage #relief #act


#mortgage prequalification

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5 Common Misconceptions About Mortgage Pre-Qualification

Flickr / Keoni Cabral

Nothing seems to trip up first-time homebuyers more than pre-qualification agreements.

Often confused with a loan pre-approval, the pre-qualification is an estimate of how large a mortgage you can afford based on your financial situation over the past two years.

“It’s important because it helps you narrow down your options and focus on how much house you can really afford,” said Erin Lantz, director of Zillow Mortgage Marketplace. “But it’s not a commitment between you and the lender whatsoever.”

For serious homebuyers, the pre-qualification process represents an important first-step prospective buyers tend to overlook. But as lending guidelines have gotten more strict, it’s crucial to know where you stand before setting your sights on a McMansion you just can’t afford.

With Lantz’s help, we’ve outlined some common misconceptions first-time homebuyers typically have about pre-qualifications:

It’s the same as a loan. “First-time homebuyers tend to think pre-qualifications and loans are one and the same, but they’re not,” said Lantz. “Once you’re approved for a loan, that’s a commitment.”

You don’t need to research the lender. The pre-qualification will help determine your mortgage, so you’d do well to find a lender who puts you at ease, Lantz said. “You want to talk to one with really high ratings and reviews, who’s experienced in the industry and can explain things thoroughly.” Put simply, you’re looking for an advisor to coach you through the process.

You’re obligated to work with the lender who provides it. “Just because you choose one lender to work with doesn’t mean you’ll have to use them to take out the loan,” Lantz said. Most lenders will encourage you to work with them on the mortgage, but by no means should you feel obligated to.

You don’t need to prepare. First-time homebuyers should always prepare for a pre-qualification just as they would for securing a mortgage, said Lantz. Even though they’re not often not required to bring paperwork, “the more precise they can be, the more precise the lender can be to them about what size mortage they can afford.”

Here’s what you’ll need: Last month’s pay stub or other proof of employment; tax returns from the previous two years (if you’re self-employed) and a credit report from all three bureaus-Experian, TransUnion and Equifax.

It’s OK to fudge a little. “This is never OK,” Lantz said. “I tell all first-time homebuyers they have to be forthright and accurate.” Otherwise you’ll risk damaging your credibility and your shot at the mortgage (and home). Tell the lender everything they’ll need to know, from any rental properties you’ve owned to what’s really lurking on your credit report.

And speaking of credit, make sure you’re paying all your bills on time. Lenders aren’t keen on delinquent bills or unstable unemployment.

“Your goal is to show your financial picture has remained consistent over the past two years,” said Lantz. “You want to keep your profile in tip-top shape.”


Common Mortgage and Tax Forms #commercial #mortgage #loans


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Common Forms

Equal Housing Opportunity © 2008-2016 PennyMac Loan Services, LLC, 3043 Townsgate Rd, Suite 200, Westlake Village, CA 91361, 818- 224-7442. NMLS ID # 35953 (NMLS Consumer Access ). Trade/service marks are the property of PennyMac Loan Services, LLC and/or its subsidiaries or affiliates.

Arizona Mortgage Banker License # 0911088. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act. Colorado: Regulated by the Division of Real Estate. Colorado office: 700 17th St, Suite 200, Denver, CO 80202, (866) 436-4766. Georgia Residential Mortgage Licensee #33027. Illinois Residential Mortgage Licensee # MB.6760595. Massachusetts Mortgage Lender License # ML35953. Minnesota: This is not an offer to enter into an agreement and an offer may only be made pursuant to Minn. Stat. §47.206 (3) (4). Licensed by the New Hampshire Banking Department. Licensed by the N.J. Department of Banking and Insurance. North Carolina Permit No. 104753, 112228. Rhode Island Lender License # 20092600LL. Washington Consumer Loan License # CL-35953. For a complete listing of state licenses and important notices, please click here. Loans not available in New York. Some products may not be available in all states. Information, rates and pricing are subject to change without prior notice at the sole discretion of PennyMac Loan Services, LLC. All loan programs subject to borrowers meeting appropriate underwriting conditions. This is not a commitment to lend. Other restrictions apply. All rights reserved.


Resource Management (RM) – PGPA Act #common #wealth #management


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Resource Management (RM) – PGPA Act

The Commonwealth Resource Management Framework governs how officials in the Commonwealth public sector use and manage public resources. The framework is an important feature of an accountable and transparent public sector and informs the Australian people of the daily work of Commonwealth entities and their employees.

The cornerstone of the framework is the Public Governance, Performance and Accountability Act 2013 (PGPA Act).

    Guidance to help…

  • Secretaries, Chief Executives, or governing boards (accountable authorities)
  • Officials in Commonwealth entities

    Legislation

  • PGPA Act
  • PGPA Rule
  • PGPA associated instruments and policy

    RM topics

  • Governance structures
  • Accountability and internal controls
  • Managing performance
  • Risk management
  • Working with others
  • Appropriations
  • Committing of relevant money
  • Grants
  • Procurement
  • Property management
  • Managing cash
  • Reporting accounting
  • Charging

    Quick links

  • RM topic index – numerical
  • RM topic index – alphabetical
  • RM reform – the Public Management Reform Agenda (PMRA)
  • Index of RM templates
  • RM glossary
  • Good practice examples
  • Australian Government Organisations Register (AGOR)
  • Accountable authority instructions (AAIs)

    Popular RM links


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  • JUNE 30 Last date to submit FAFSA for federal aid for 2014-15 school year
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  • SEPTEMBER 15 Last date to submit FAFSA corrections for federal aid for 2014-15 school year
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    Ohio state insurance #ohio, #business #portal, #starting #a #business, #hiring, #training, #employees, #licenses, #permits, #filings,


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    Bureau of Workers’ Compensation monthly employer webinars

    BWC is beginning a new series of brief, informative webinars on topics of interest to employers. Webinars will be offered twice a month and will be about 20-25 minutes. To kick things off, June webinars will cover policy year 2017 renewal, the 2-percent early pay discount and future dating of payments.

    Ohio Materials Marketplace

    The Ohio Materials Marketplace is a free online platform allowing businesses and organizations to connect and find reuse and recycling solutions for waste and by-product materials.

    Ohio Business Central

    File business documents online with Ohio Business Central. Available online forms include: articles of incorporation for domestic corporations, nonprofits, and professional associations; articles of organization for a domestic limited liability company; foreign for profit and nonprofit corporation application for license; foreign limited liability company registration; trade and fictitious name registration and renewal; and biennial reports for associations and limited liability partnerships, and more.

    view all Gateway topics


    Common Mortgage and Tax Forms #203k #mortgage


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    Common Forms

    Equal Housing Opportunity © 2008-2016 PennyMac Loan Services, LLC, 3043 Townsgate Rd, Suite 200, Westlake Village, CA 91361, 818- 224-7442. NMLS ID # 35953 (NMLS Consumer Access ). Trade/service marks are the property of PennyMac Loan Services, LLC and/or its subsidiaries or affiliates.

    Arizona Mortgage Banker License # 0911088. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act. Colorado: Regulated by the Division of Real Estate. Colorado office: 700 17th St, Suite 200, Denver, CO 80202, (866) 436-4766. Georgia Residential Mortgage Licensee #33027. Illinois Residential Mortgage Licensee # MB.6760595. Massachusetts Mortgage Lender License # ML35953. Minnesota: This is not an offer to enter into an agreement and an offer may only be made pursuant to Minn. Stat. §47.206 (3) (4). Licensed by the New Hampshire Banking Department. Licensed by the N.J. Department of Banking and Insurance. North Carolina Permit No. 104753, 112228. Rhode Island Lender License # 20092600LL. Washington Consumer Loan License # CL-35953. For a complete listing of state licenses and important notices, please click here. Loans not available in New York. Some products may not be available in all states. Information, rates and pricing are subject to change without prior notice at the sole discretion of PennyMac Loan Services, LLC. All loan programs subject to borrowers meeting appropriate underwriting conditions. This is not a commitment to lend. Other restrictions apply. All rights reserved.


    Greatest Common Factor Calculator #greatest #common #factor #factoring


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    Greatest Common Factor Calculator

    In mathematics, the greatest common factor (GCF), also known as the greatest common divisor, of two (or more) non-zero integers a and b. is the largest positive integer by which both integers can be divided. It is commonly denoted as GCF(a, b). For example, GCF(32, 256) = 32.

    There are multiple ways to find the greatest common factor of given integers. One of these involves computing the prime factorizations of each integer, determining which factors they have in common, and multiplying these factors to find the GCD. Refer to the example below.

    GCF(16, 88, 104)
    16 = 2 2 2 2 = 24
    88 = 2 2 2 11 = 23 11
    104 = 2 2 2 13
    GCF(16, 88, 104) = 23 = 8

    Prime factorization is only efficient for smaller integer values. Larger values would make the prime factorization of each and the determination of the common factors, far more tedious.

    Another method used to determine the GCF involves using the Euclidean algorithm. This method is a far more efficient method than the use of prime factorization. The Euclidean algorithm uses a division algorithm combined with the observation that the GCD of two integers can also divide their difference. The algorithm is as follows:

    GCF(a, a) = a
    GCF(a, b) = GCF(a-b, b), when a > b
    GCF(a, b) = GCF(a, b-a), when b > a

    1. Given two positive integers, a and b, where a is larger than b. subtract the smaller number b from the larger number a. to arrive at the result c .
    2. Continue subtracting b from a until the result c is smaller than b .
    3. Use b as the new large number, and subtract the final result c. repeating the same process as in Step 2 until the remainder is 0.
    4. Once the remainder is 0, the GCF is the remainder from the step preceding the zero result.

    GCF(268442, 178296)
    268442 – 178296 = 90146
    178296 – 90146 = 88150
    90146 – 88150 = 1996
    88150 – 1996 44 = 326
    1996 – 326 6 = 40
    326 – 40 8 = 6
    6 – 4 = 2
    4 – 2 2 = 0

    From the example above, it can be seen that GCF(268442, 178296) = 2. If more integers were present, the same process would be performed to find the GCF of the subsequent integer and the GCF of the previous two integers. Referring to the previous example, if instead the desired value were GCF(268442, 178296, 66888), after having found that GCF(268442, 178296) is 2, the next step would be to calculate GCF(66888, 2). In this particular case, it is clear that the GCF would also be 2, yielding the result of GCF(268442, 178296, 66888) = 2.


    Common Mortgage and Tax Forms #streamline #mortgage


    #mortgage forms

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    Common Forms

    Equal Housing Opportunity © 2008-2016 PennyMac Loan Services, LLC, 3043 Townsgate Rd, Suite 200, Westlake Village, CA 91361, 818- 224-7442. NMLS ID # 35953 (NMLS Consumer Access ). Trade/service marks are the property of PennyMac Loan Services, LLC and/or its subsidiaries or affiliates.

    Arizona Mortgage Banker License # 0911088. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act. Colorado: Regulated by the Division of Real Estate. Colorado office: 700 17th St, Suite 200, Denver, CO 80202, (866) 436-4766. Georgia Residential Mortgage Licensee #33027. Illinois Residential Mortgage Licensee # MB.6760595. Massachusetts Mortgage Lender License # ML35953. Minnesota: This is not an offer to enter into an agreement and an offer may only be made pursuant to Minn. Stat. §47.206 (3) (4). Licensed by the New Hampshire Banking Department. Licensed by the N.J. Department of Banking and Insurance. North Carolina Permit No. 104753, 112228. Rhode Island Lender License # 20092600LL. Washington Consumer Loan License # CL-35953. For a complete listing of state licenses and important notices, please click here. Loans not available in New York. Some products may not be available in all states. Information, rates and pricing are subject to change without prior notice at the sole discretion of PennyMac Loan Services, LLC. All loan programs subject to borrowers meeting appropriate underwriting conditions. This is not a commitment to lend. Other restrictions apply. All rights reserved.


    Common Mortgage and Tax Forms #2nd #mortgages


    #mortgage forms

    #

    Common Forms

    Equal Housing Opportunity © 2008-2016 PennyMac Loan Services, LLC, 3043 Townsgate Rd, Suite 200, Westlake Village, CA 91361, 818- 224-7442. NMLS ID # 35953 (NMLS Consumer Access ). Trade/service marks are the property of PennyMac Loan Services, LLC and/or its subsidiaries or affiliates.

    Arizona Mortgage Banker License # 0911088. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act. Colorado: Regulated by the Division of Real Estate. Colorado office: 700 17th St, Suite 200, Denver, CO 80202, (866) 436-4766. Georgia Residential Mortgage Licensee #33027. Illinois Residential Mortgage Licensee # MB.6760595. Massachusetts Mortgage Lender License # ML35953. Minnesota: This is not an offer to enter into an agreement and an offer may only be made pursuant to Minn. Stat. §47.206 (3) (4). Licensed by the New Hampshire Banking Department. Licensed by the N.J. Department of Banking and Insurance. North Carolina Permit No. 104753, 112228. Rhode Island Lender License # 20092600LL. Washington Consumer Loan License # CL-35953. For a complete listing of state licenses and important notices, please click here. Loans not available in New York. Some products may not be available in all states. Information, rates and pricing are subject to change without prior notice at the sole discretion of PennyMac Loan Services, LLC. All loan programs subject to borrowers meeting appropriate underwriting conditions. This is not a commitment to lend. Other restrictions apply. All rights reserved.


    5 Common Misconceptions About Mortgage PreQualification #mortgage #calculator #monthly


    #mortgage prequalification

    #

    5 Common Misconceptions About Mortgage Pre-Qualification

    Flickr / Keoni Cabral

    Nothing seems to trip up first-time homebuyers more than pre-qualification agreements.

    Often confused with a loan pre-approval, the pre-qualification is an estimate of how large a mortgage you can afford based on your financial situation over the past two years.

    “It’s important because it helps you narrow down your options and focus on how much house you can really afford,” said Erin Lantz, director of Zillow Mortgage Marketplace. “But it’s not a commitment between you and the lender whatsoever.”

    For serious homebuyers, the pre-qualification process represents an important first-step prospective buyers tend to overlook. But as lending guidelines have gotten more strict, it’s crucial to know where you stand before setting your sights on a McMansion you just can’t afford.

    With Lantz’s help, we’ve outlined some common misconceptions first-time homebuyers typically have about pre-qualifications:

    It’s the same as a loan. “First-time homebuyers tend to think pre-qualifications and loans are one and the same, but they’re not,” said Lantz. “Once you’re approved for a loan, that’s a commitment.”

    You don’t need to research the lender. The pre-qualification will help determine your mortgage, so you’d do well to find a lender who puts you at ease, Lantz said. “You want to talk to one with really high ratings and reviews, who’s experienced in the industry and can explain things thoroughly.” Put simply, you’re looking for an advisor to coach you through the process.

    You’re obligated to work with the lender who provides it. “Just because you choose one lender to work with doesn’t mean you’ll have to use them to take out the loan,” Lantz said. Most lenders will encourage you to work with them on the mortgage, but by no means should you feel obligated to.

    You don’t need to prepare. First-time homebuyers should always prepare for a pre-qualification just as they would for securing a mortgage, said Lantz. Even though they’re not often not required to bring paperwork, “the more precise they can be, the more precise the lender can be to them about what size mortage they can afford.”

    Here’s what you’ll need: Last month’s pay stub or other proof of employment; tax returns from the previous two years (if you’re self-employed) and a credit report from all three bureaus-Experian, TransUnion and Equifax.

    It’s OK to fudge a little. “This is never OK,” Lantz said. “I tell all first-time homebuyers they have to be forthright and accurate.” Otherwise you’ll risk damaging your credibility and your shot at the mortgage (and home). Tell the lender everything they’ll need to know, from any rental properties you’ve owned to what’s really lurking on your credit report.

    And speaking of credit, make sure you’re paying all your bills on time. Lenders aren’t keen on delinquent bills or unstable unemployment.

    “Your goal is to show your financial picture has remained consistent over the past two years,” said Lantz. “You want to keep your profile in tip-top shape.”