Be Prepared when Seeking a Mortgage
When you're looking for a mortgage, whether it's a first time
loan or you're taking advantage of an opportunity to refinance an
existing mortgage, it may seem that you're wading through a
quagmire of uncharted territory. If you're prepared ahead of
time, you'll avoid some of the common pitfalls and know how to
find the best deal for your situation.
Remember that you are the consumer and that you are shopping
for a service. That means that you have the right to be treated
as a customer. Ask questions and keep asking until you get all
the answers you are looking for. If a potential lender is
reluctant to spend the time addressing your concerns, you don't
have to do business with that particular company. In today's
market with the opportunities to shop for a mortgage online,
finding a lender is the least of your worries.
Look for the best interest rates, but also search for a lender
who offers the mortgage without the high closing costs. There are
likely to be some requirements for closing the loan. You may be
asked to pay for an appraisal, home inspection and even a survey
if property is involved in the transaction. Those are fairly
standard but be wary of a company that charges a large additional
fee for closing costs though you can expect a moderate fee. A
lender is a business and as such, is in business to make money.
That means that you as the consumer should expect to pay for the
service, but comparing fees and interest rates will help you find
the best possible deal on your mortgage.
Finally, be aware of unbelievable claims. A company that
promises you'll be approved for a loan regardless of credit is
probably making promises that they can't keep. If you're asked to
pay an application fee with this guarantee, you could be wasting
your money. In some cases, the lender will approve the loan, but
will make unreasonable requirements for repayment or down
payment. If you then can't meet the terms, the company will have
fulfilled their promise - they did offer you the loan. Your
application fee is typically non-refundable and you've simply
lost that money.
Mark Lambie is the founder of The Loan House a website that
allows consumers to quickly and easily get mortgage quotes and mortgage
MORE RESOURCES updated Mon. October / 23 / 2017
4 ways to get the best mortgage refinance rateBankrate.comIf you can shave at least one-half of 1 percentage point off your current mortgage rate, it can be worth your while to trade in your existing home loan for a new one. Here are some tips for getting the very best refinance rate.and more »
Gotta Do It: Oct. 22 through Oct. 29The Herald-NewsElevator accessible in back of lodge. • Mortgage Refinance Seminars – 6 to 8 p.m., NuMark Credit Union, 951 E Lincoln Hwy., New Lenox. Free. For more information, call 815-729-3211 or visit www.numarkcu.org. • Bingo – 6:45 p.m., Knights of Columbus, ...
Kieber: What are your numbers? (column)Summit Daily NewsThat is how we are being tracked and the same is true when applying for a home mortgage refinance or a new home mortgage. When it comes time to start the process to obtain a new mortgage there are three numbers that I look at first: your credit score ...
Rising Home Values Can Boost Your Mortgage RefinanceHuffington PostRising mortgage rates are cutting the flow of mortgage refinances to a trickle. By now, many people who could have benefited from a lower rate have done so. However, if you're thinking about refinancing but are hesitating because of interest rates ...and more »
RELATED MORTGAGE AND REFINANCING ARTICLES:
Poor Credit Mortgage
Reigns High Among Mortgages Available to Bad Credit
Like a big brother keeping notes of the erring behaviour of
his younger sibling, credit reference agencies like
Experian and Equifax maintain a record of each person
entering into credit transaction. While a few instances of
arrears are considered admissible, as the incidence of bad
credit behaviour increases, creditors start considering
these as a lack of reliability.
A Mortgage Loan For
Everybody wants to own a house because it is something that
portrays your success in life. Some people make some ways
on how to own one by considering a lot of things including
borrowing money from banks, lending offices and finance
Bad Credit Home Equity
A home equity loan allows you to borrow against the equity
you have built in your house. Even if you have no equity,
you may be able to borrow up to 125% of the value of your
Buying A Home After
Bankruptcy - Get A Mortgage Loan After
If you have a recent bankruptcy on your credit and are
looking to get financing for a home, there is hope. Buying
a home with bad credit will just put more emphasis on the
other two factors needed to get a mortgage loan, which are;
income verification and a down payment.
Home Mortgages: Does a
No-closing-cost Loan Make Sense for You?
I have heard a number of radio ads and have seen many
newspaper ads offering "no closing cost" home mortgages.
These ads will tell you that you can get a new mortgage or
refinance your existing mortgage at absolutely with
absolutely no closing costs.
Mortgage Cycling -
Brilliant or Risky
With mortgage rates near 20-year lows, competition in the
mortgage industry is fierce. It seems like every day a new
mortgage loan strategy comes out that is suppose to be the
best thing since sliced bread.
How to Get a Cheap
If you're looking for a cheap homeowner loan, you might be
wondering what you can do to reduce the amount that you
have to pay. The simplest answer lies in two things?
shopping around to find the lender that offers the lowest
interest rates on a cheap homeowner loan, and maximizing
the value of your loan against the equity in your home
that's being used as collateral.
Home Equity Loans
A secured home loan differs from an unsecured loan in that
the secured loan borrows against one's home as collateral,
thereby reducing the risk to the lender.As such, secured
home loans often offer better interest rates than unsecured
loans, but offer higher risk to the borrower, as defaulting
on these loans can have greater consequences, such as
fines, or even possible repossession of the home originally
put up as the secured collateral (subject to the amount of
the loan, of course).
Fixed Versus Adjustable
Which One Should You Choose? Choosing between a fixed rate
loan and an adjustable rate loan is one of the most
perplexing choices anyone can make. With a fixed rate loan,
you know exactly where you stand today, and where you'll
stand any number of years from today.
What is a Buy To Let
A buy to let mortgage is a mortgage on a property which is
to be let out or rented, rather than occupied by the owner.
A buy to let mortgage is exactly as it sounds - a mortgage
that allows you to buy a property in order to let if out to
Interest Only Home Loan
- Is It Right For You?
There are many benefits to interest-only mortgage loans.
There are many situations where an interest-only mortgage
loan could be best for you.
Here in Spain the concept of a mortgage period of 20 or 25
years is something new. The general feeling by the banks is
that want their money back more quickly than banks in
countries in which they are accustomed to longer periods.
Mortgage Can Really Save You Money
Refinancing a mortgage is simply taking out a new mortgage.
It means paying off one or more old debts by getting a new
Refinance Your Property
By refinancing your property online you can take advantage
of competitive rates in the convenience of your home. You
should consider refinancing your property if interest rates
are lower, your financial situation has improved, or your
credit rating has improved.
Subprime Mortgage Loans
Online - What To Expect
Applying for a subprime mortgage loan online can seem
intimidating at first. With so many lenders to choose from,
it can appear difficult to find the best mortgage loan.
Mortgage Info You Can
This is a great time to Refinance Your Home or Buy a New
Home -- the Mortgage Rates are so low, these days! It's
always worth a shot to find out what the costs of switching
over to a new mortgage would be, to see if that's the right
move for you. Whether you are building your own house,
buying a new property, gathering funds to do a renovation
project, or Refinancing your current Mortgage at a much
Lower Rate, you'll be looking for Funding -- Money, Money
& More Money! Here are some commonly asked questions
regarding funding for a Mortgage or a Home Improvement
Refinancing - What's in Your Contract?
Are you one of the millions of Americans who will be
refinancing their home mortgage loan this year? When you
sign your contract and the other papers for your refinance,
will you know what your signing? Your Contract: This one is
simple, but I would guess very few people do it. READ THE
Adjustable Rate Mortgage
- How They Work?
How does an ARM work. The borrowers interest rate is
determined initially by the cost of money and the time the
loan is made.
Taking the Time to Find
the Best Home Improvement Loans
The best home improvement loans usually aren't going to be
the first loans that you encounter, but if you're in the
market for a loan to pay for repairs, expansions, or
improvements to your home or other real estate then it
might be worth your time to shop around before you decide
on one loan or another.Shopping around for the best home
improvement loans isn't a lot of work, though it can be a
bit time consuming and requires quite a bit of legwork.
What Exactly Is A
Reverse Mortgage And How Does It Work?
A reverse mortgage is a certain loan that allows the older
generation to take their home equity and turn it into cash.
With this type of loan the bank is actually paying you
monthly out of the equity in your home.
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