Your mortgage broker should tell you about the costs of each mortgage option he offers you. Our brokers will detail the origination fees and points, and go over other costs like appraisal, title search, and inspection fees.
When balances on credit cards are lowered, this can improve your credit score. Your credit score is a factor when applying for a home loan.
You could search online for a lender, and you might find an excellent company. Even better, why not rely on our experience to do the searching for you, so you can focus on some of the many other details of getting a home?
The home buying process can be complex; however, it is key to understand what features you are looking for in a home. And, it's just as important to communicate this list to your realtor. The realtor will then be able to eliminate the houses that will not work for you.
What is motivating you to buy a new home at this particular time?
Many mortgage brokers, including our professionals, have the knowledge and resources to reach beyond the local lending marketplace and access a nationwide network of lenders, giving you more choices and a better chance of favorable mortgage terms.
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It’s important to remember that your income and credit won’t always be the only factors to a mortgage approval. When the home in question doesn’t pass inspection or meet appraisal thresholds, this could make an approval more difficult.
If possible, try paying extra money toward your home loan installment each month. This way, you would be able to pay your mortgage off years in advance, ultimately saving thousands of dollars on interest in the long run.
One of the benefits of using a mortgage broker is that we already have established contacts within the financial industry. As a result, we may be able to find you the kind of loan that caters to your financial needs.
Do you know that the lowest home loan interest rates ever issued were in 2012? Depending on your loan variation, the rates ranged from 3.5% to just below 3%.
If you are confused at all about some of lingo in the mortgage industry, we can explain discounted points, variable loan terms and everything else you'll need to know in order to secure a loan for a new home.
As required by state law, all of our mortgage brokers hold the appropriate licenses for this profession. These licensing requirements have continuing education components so that brokers can stay abreast of the most recent lending regulations to help consumers in their search for the best terms available.
Your credit score will be one of the key factors that determine whether you’re approved for a home loan or not. It will also have an impact on your interest rate and the loan terms. So, make sure to keep it in good standing.
After your loan goes into underwriting, it’s possible we may need additional documentation from you. This includes proof that outstanding collection accounts on your credit have been paid.
Whether you're considering buying a second home as a vacation getaway or to generate rental income, we recommend taking a hard look at your current budget first to ensure you know how much you can really afford. http://bit.ly/2P80u6l
Is bad credit getting in the way of your obtaining a home loan? consider applying for an FHA loan. The requirements are not as stringent and, if you qualify, the interest rates tend to be lower.
Are you wary of today’s volatile home-lending market? We can serve as safeguards throughout the entire mortgage application process, securing the best rate and dealing with any issues as they arise.
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If you need access to a loan, but your credit score isn’t as good as you’d like it to be, you may still be able to get one. For as long as you have property that you can use as a guarantee, your loan officer may be able to find a way to accommodate you.
While you do expose your property to some risk when you mortgage it, this doesn’t mean that you’re going to lose it. For as long as you keep up with your obligations, you need not worry about foreclosure and should even come out ahead.
If you’re eyeing another property but would rather not use the money you have saved up, you may want to look into mortgaging your existing real estate. Doing so will allow you to go after what you want while still maintaining control of the asset that you already have.
When buying a big-ticket item on credit, one of the first things that a financial institution will do is to look up your credit scores. As such, it’s important to keep up with even the smallest loans as regularly missed payments will generate red flags.
Did you know your mortgage broker can help you lock down a financing package before it gets away? Unfortunately, many mortgage loans have a time period within which to act, but you don’t have to worry about that when you hire a broker.
Did you know that the average mortgage broker saves the average homeowner as much as 125 hours of independent research? Translation: the mortgage shopping they do for you can save you hundreds, even thousands of dollars! How many hours of research were you saved?
Curious about mortgage points? One mortgage point is equal to one percent of the principal of the loan. Thus, one mortgage point on a $100,000 loan is $1,000. Each point purchased lowers the interest rate on a loan by approximately 0.125%. Most lenders place a purchase limit of four discount points.
A second mortgage is a method of borrowing against your property. The amount that is available to you is determined by multiplying the value of your home by eighty percent then subtracting the balance remaining on the first mortgage from that figure.
A fixed rate mortgage is a loan with an interest rate established at the beginning of the loan that does not change during the loan’s duration, regardless of the prevailing economic conditions. This feature allows the borrower the stability of set monthly payments.
People refinance their mortgages for all sorts of reasons. If you were to refinance, would you be more interested in lowering the monthly payment or the annual interest rate?
Adjustable Rate Mortgages (also known as variable rate or floating rate mortgages) are mortgages with an interest rate tied to an index and subject to change depending on the market conditions at designated times. At certain specified intervals in the mortgage contract, the interest rate adjusts up or down to meet the current indices.