What does loan-to-value (LTV) mean?
A. This is the ratio of how much money you want to borrow against how much your home is worth. For example, if you want a mortgage for $200,000 and your home is worth $285,000 your LTV is 71%. You calculate this by dividing your loan amount by the value. The value of your home is the appraised value or purchase price, whichever is less. Q. How much money can I afford to borrow? A. There are many factors that go into getting qualified for a loan. All you need to do is call us and your Thomas Family Mortgage loan officer will pre-approve you for a mortgage. There is no application fee and there is no obligation. We give same day pre-approvals. Q. How can I purchase a home with no money? A. We have many programs for people that do not have money to put down on a home and in some cases our customers do not have to bring any money to the closing including closing costs. You can call your Thomas Family Mortgage loan officer and in minutes we can qualify you for the program. Q. Should I find
