Morgage Rates, Morgage Calculators, Morgage Refinancing
Verification of Employment (VOE) is the process by which Morgage lenders review both previous and current employment history of a borrower to determine both the job stability of a borrower and to cross-reference income history with what is stated on the Uniform Residential Loan Application (Form 1003).
Most Morgages are underwritten with both Written and Verbal VOE's. Once a lender receives the initial application, a Written Verification of Employment (Form 1005) is sent to all current and previous employers within the last two years listed on the application. This form is filled out by an authorized representative of the employer and includes dates of employment, positions held and a breakdown of compensation received. This information is compared to both the application and the income documentation, such as W2's and pay check stubs, to ensure the information is correct.
Once a Morgage has been approved and the borrowers have signed their Morgage documents, a Verbal Verification of Employment is conducted with all current employers prior to funding the loan. This is done to ensure that the borrower has not stopped working since the application was submitted, which would impact the terms on which the loan was approved.
VOE guidelines are different for self-employed borrowers, as they are not able to fill out a VOE for themselves. Self-employed borrowers are typically asked to either provide a current business license or, for borrowers who do not have a traditional business model, a letter from their Certified Public Accountant indicating that they have firsthand knowledge of their previous and continued employment as their tax preparer.
VOE guidelines are also different for Stated Income, No Income/No Asset and No Doc loans.
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Morgage Refinance Rate-Term vs. Cash-Out Morgage Refinance
A rate-term morgage refinance has a home loan amount that is just enough to re-pay the balance of your existing Morgage loan. The purpose of the morgage refinance could be to reduce your Morgage interest rate, adjust your home loan term, or both. Cash-out morgage refinancing, has a home loan amount that exceeds the current Morgage balance. The higher loan amount converts some of your home equity into cash that you receive at loan closing.
Home Equity Loan and Home Equity Line of Credit
A home equity loan has a fixed interest rate and term, your payment is the same every month. A home equity line of credit has a variable interest rate with a draw period of 10 years and a repayment period of 15 or 30 years. During the draw period, your monthly payment may be as low as the interest on your outstanding balance. Home equity loans offer terms between five and 30 years. Home equity lines of credit can be drawn on for 10 years.
morgage Calculator
Morgage calculators are often one of the first steps in the morgage refinance process. Use a morgage calculator to determine the morgage amount you can afford and the monthly Morgage payment. If you'd like to qualify for a larger morgage when refinancing, then use our morgage calculator and consider an adjustable rate morgage. An adjustable rate Morgage has a lower interest rate than a fixed rate morgage. The lower interest rate will allow you to qualify to borrow more money, for the same monthly Morgage payment.
morgage Qualification
To determine the maximum Morgage amount and monthly payment that you can afford for your new home or your morgage refinance, use our morgage calculator. morgage calculators can also be used to calculate payments for home equity loans or debt consolidation loans. Each Morgage calculator makes it simple to estimate how much you can afford to borrow and your monthly payment.
morgage Loan
If you know the monthly Morgage payment that you'd like for your morgage refinance, then use the morgage calculator to simply calculate the morgage loan amount based on the term of the loan and interest rate.
Morgage Prepayment
If you're thinking of refinancing your current morgage loan for a lower monthly Morgage payment, then enter the new morgage refinancing terms, add an additional amount to the monthly principal payment and calculate the interest saved by paying your Morgage loan balance in less time.
morgage Amortization
It's easy to keep track of the principal, interest and Morgage balance of your loan with our morgage calculator.
Morgage Refinance Calculator
If you are considering refinancing your present morgage loan, then use our morgage calculator to compare your present loan with the new morgage loan. Even though the monthly payment may be lower, the total of payments may be greater for the new loan.