Residential Mortgage Loan Officer/NMLS#278119
Meet Themba Titley
I have worked in the mortgage industry for 20+ years. I started out as a mortgage processor which allowed me to gain valuable knowledge essentially as the liaison between the lender and the borrower. This behind-the-scenes experience was further built upon once I became a direct underwriter with a major bank.
Mortgage Basics
Jump in and get an overview on common mortgage terms
Appraisals
An appraisal is an estimate of a property's fair market value and is required by a lender to ensure the loan amount is not more than the property value. Appraisals used for mortgage transactions must be ordered from an approved appraisal management company and payment is typically non-refundable even if your loan is not viable.
Private Mortgage Insurance (PMI)
Private Mortgage Insurance or PMI is insurance that protects a lender from increased risk when borrowers put less than 20% down on a house. Depending on the type of mortgage program one uses, the PMI portion of the mortgage payment can be removed after the property balance reflects 20% equity. FHA loans, however require mortgage insurance for the life of the loan.
Foreclosure
Foreclosure is the process of a lender seizing a property in accordance with the terms stipulated in the mortgage contract. Once a loan is foreclosed, it affects the timing of one's ability to be approved for a mortgage in the future. There are strict waiting periods in place once a person experiences a foreclosure, bankruptcy or a short sale.