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Property Type
The property type can refer to a single family home, a condominium, town home, or co-op, a manufactured home or a multi-family (1-4 unit) property. There may be different underwriting and appraisal requirements for certain property types.
ZIP Code
The zip code of the property to be financed is important, because not all mortgage lenders lend in all areas. The property location also impacts FHA loan limits, title and escrow charges and other factors.
Property Value
For a home purchase, property value means the home's sales price or its appraised value, whichever is lower. For a refinance, it's the appraised value. Together, the property value and loan (this relationship is called loan-to-value) amount help determine the mortgage rate, loan fees, and the types of loans that may be available.
Down Payment
The down payment is your out-of-pocket contribution toward the home purchase. In most cases, buyers who put up less than 20 percent down have to pay for mortgage insurance - either through a government mortgage guarantee program or a private insurer. The larger your down payment, the greater your chance of being approved for your mortgage, and the lower your mortgage rate is likely to be. Required down payments are generally higher for vacation homes or investment properties, which are riskier for mortgage lenders to finance.
Loan Balance
Your loan balance is the amount you owe on your mortgage. It may also be called your mortgage payoff amount. You may estimate this amount, or you can get the exact number by calling your lender. If you have a second mortgage, you'll click the "+ More Options" link and enter its balance in the "second loan amount" field . Loans with negative amortization work differently, but these are rare.
Estimated Credit Score
Your credit score is a number assigned to you by one of the major credit bureaus - Experian, Equifax, or TransUnion. It's calculated with a formula that incorporates many factors and is used by lenders to predict your likelihood of foreclosure. Applicants with higher scores generally pay less for their mortgages and have better chances for loan approval. Choose the range of scores that you think best represents your situation.
How is this home used?
A home can be your primary residence (main home), a vacation property (second home), or an investment property (rental). Primary residences are cheaper to finance because there is less risk to the lender.
Eligible for VA loans?
Most active duty and veteran military personnel (including Guard and Reserves) are eligible to apply for a VA mortgage. You'll need a Certificate of Eligibility (COE) before applying. If your information is in the VA's digital system, a VA-approved mortgage lender can get your certificate for you. You can also apply online yourself through the VA's eBenefits portal, or by mail.
Had a foreclosure?
Foreclosure happens when you can't pay your mortgage and the lender repossesses the house. If you lost a home to foreclosure, short sale or deed-in-lieu of foreclosure, most mortgage programs impose a waiting period before you're eligible to apply. For FHA home loans, that's three years, with VA it's two years, and for Fannie Mae and Freddie Mac, it's seven years. Most of these programs have reduced waiting periods (12 - 36 months) if you can prove that the foreclosure was beyond your control and not your fault.
Filed bankruptcy?
Most mortgage programs require applicants with bankruptcies to wait before applying for home loans. If you completed a Chapter 7 (liquidation) bankruptcy, you'll have to wait at least two years before you're eligible for an FHA loan, two years for a VA loan, or four years before applying for a Fannie Mae or Freddie Mac home loan. If you're in a Chapter 13 (reorganization) bankruptcy, you'll need to have made at least 12 payments before you can apply for an FHA loan or VA mortgage and wait two years after discharge before you're eligible for Fannie Mae or Freddie Mac financing.
Second Loan Amount
If you have a second mortgage (or other lien against your home), enter its balance here. When you refinance a home, you either have to include the second mortgage in the new loan, or leave the second mortgage alone and subordinate it to the new first mortgage (the title company or closing agent usually takes care of this).
Additional Cash Out
"Cash out" refers to the difference between the payoff amount of the loan being refinanced and the balance of the new loan (the "cash out"), which is paid to the borrower. If a homeowner refinances a $100,000 mortgage with a $120,000 home loan, he or she receives $20,000 "cash out" at closing. "Limited cash out" means the borrower has added the costs of refinancing to the new loan balance but does not receive cash at closing.

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Mortgage rate quotes displayed on LendingTree LoanExplorer℠, including loan pricing data, rates and fees, are provided by third party data providers including, but not limited to, Mortech®, a registered trademark of Zillow®, LoanXEngine, a product of Mortgage Builder Software, Inc., and LoanTek, Inc.
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