No, a loan officer cannot influence an underwriter. The underwriter independently evaluates loan applications. When applying for a mortgage, the role of the loan officer and underwriter is crucial. While the loan officer assists clients in finding and applying for suitable loans, the underwriter evaluates the risk of approving a borrower based on various factors…
A family financing option is a way for families to cover college costs after considering financial aid. It helps finance the remaining expenses through loans, payment plans, or other financial assistance. Families can use this option to bridge the gap between the total cost of attendance and the aid offered. Securing the funds necessary for…
To return a financed car, you can either satisfy the loan terms or default on the loan, which may lead to repossession. Returning a financed car involves either meeting the loan terms or facing potential repossession. When you return the car to the lender, they will sell it and apply the proceeds to your loan…
RV financing works similarly to auto loans, but lenders often have stricter requirements due to the larger loan amounts. The loan is typically secured by the RV itself, acting as collateral to guarantee the loan. When applying for RV financing, the lender considers the borrower’s creditworthiness and income. The process involves the lender issuing the…
A time account is a type of savings account that requires you to keep your funds for a fixed term and may incur penalties for early withdrawal. These accounts often offer higher interest rates compared to regular savings accounts, making them a good option for long-term savings goals. When considering a time account, it’s important…
To pay off the principal on student loans, simply make an extra principal-only payment. This will reduce the principal balance and lower your overall loan amount. Paying off the principal on student loans is an important step in managing your finances and achieving financial freedom. By understanding the process and options available for making principal-only…
Yes, you can renegotiate a car loan by contacting the lender and discussing new terms. Renegotiating a car loan can provide opportunities to adjust payment schedules and interest rates to better fit your financial situation. It’s important to understand the available options and negotiate for terms that align with your needs. By exploring this process,…
A property survey is a detailed inspection of a property’s boundaries and any existing encroachments or easements. It is not legally required in Texas for property purchases, but lenders or title companies might request it. Property surveys are essential for understanding a property’s condition before purchase, potentially influencing the decision to proceed with the sale…
A 504 loan is a type of small business loan that provides long-term, fixed-rate financing for major fixed assets. This loan is offered through the U.S. Small Business Administration (SBA) and can be used for purchasing land, buildings, and equipment that promote business growth. Small businesses looking to invest in long-term assets like real estate…
Yes, you can bring cash to closing to cover your cash to close amount. It’s a common method of payment for your closing costs and down payment. When you attend your closing appointment, you can bring a cashier’s check or arrange for a wire transfer to cover the total amount due. This financial preparation is…
A Verification of Mortgage (VOM) is an official statement that verifies existing loan terms and payment history. Lenders use it to assess a borrower’s creditworthiness and financial stability. When applying for a new mortgage, lenders often require a Verification of Mortgage (VOM) to confirm a borrower’s previous loan details and payment history. This document provides…
A cab fee for a loan is a charge imposed by a credit access business (CAB) for obtaining a third-party loan, usually calculated as a percentage of the loan amount. In Texas, CABs obtain credit for consumers from independent third-party lenders in the form of deferred presentment transactions or motor vehicle title loans, commonly known…
Forbearance can impact your credit if relief payments are reported as delinquent, potentially harming your credit score. However, if payments are reported accurately, forbearance may not have a direct impact on your credit score. It’s essential to stay informed about how lenders report relief payments to credit bureaus. Mortgage forbearance offers immediate financial relief but…
At a real estate closing, you can expect all bills to be paid and receive a proceeds check if due. The buyer gets the keys and remotes, and possibly receipts for any agreed work. Are you preparing for a real estate closing in Austin, Texas? The closing day is an essential and exciting part of…
To transfer a car lease, you need to provide the necessary information, sign the documents, and take possession of the vehicle. Once the paperwork is signed and you have the keys, the process is complete. Transferring a car lease involves these essential steps to ensure a smooth and successful transfer. If you find yourself in…