Just like many things in this world, not all mortgage loans are created equal. In fact, there are numerous loan offers that you might find scouring the Internet or by visiting with multiple mortgage loan consultants. The question is: How do you determine which mortgage loans are great mortgages? Well, as the saying goes, great things come in threes…or in this case, in three steps.
The first step to finding a great mortgage loan is to hire a quality mortgage consultant. In the real estate business, that means having a mortgage loan consultant who operates with transparency so you’ll know every fee that you’ll be assessed and the amount of each fee. A transparent mortgage loan consultant will also explain everything—even the things you don’t ask but need to know—in plain language so that you fully understand everything related to obtaining a mortgage.
The second step to finding a great mortgage loan is to find an appropriate mortgage loan. What does “appropriate” mean? It means that the mortgage consultant you’ve chosen to work with has located a mortgage loan that has a feasible interest rate for the payments you can afford; the lower the mortgage rate, the better. There is a catch: Mortgage loan consultants in Florida, California, New York, or anywhere else in the US can only offer you the mortgage loans that you are eligible for, which is based on the current market rates and your credit score. Therefore, be sure to keep tabs on both.
The third step is to put on a pair of mortgage loan blinders. By that, I mean you need to narrow the scope of the types of loans you’ll entertain; only consider loans that are 100% buyer-friendly. Ideal buyer-friendly loans give you, not the lender or the mortgage broker the advantage. Buyer-friendly loans have flexible loan terms. For instance, the loan may be available as a one to ten year loan; it may be available as an open, closed, variable, or convertible mortgage. Another key sign of a buyer-friendly mortgage loan is that the mortgage allows you to have some control over the interest rate. If a mortgage loan consultant says that “points” is an option, it’s an offer worth considering. Mortgage loan points, in case you don’t know, allow you to decrease the interest rate on a given loan. Though buying points will increase your initial mortgage loan costs, it’ll save you money in the long run. That’s why it’s a great option to have, regardless of whether you utilize it.
If you follow the steps above as you begin hunting for your perfect mortgage loan, you won’t have any problems finding a loan that you can live with. Keep in mind that finding such a loan does take time. Be patient, plan ahead, and most importantly, find the right mortgage consultant or firm to help you along the way first!
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Help answer the question about mortgage loan
How do I report a private mortgage loan to the credit bureaus?I funded a private mortgage loan for two individuals. Can I report this loan to the credit bureaus so it will be included in their credit score?
To add insult to injury, Raines threatened lending institutions with discrimination lawsuits if they did not lend the money to minorities that could not afford the mortgages in the first place.
Regarding the bankruptcy on your husband's credit you should not worry.If you have been discharged from a Chapter 7 bankruptcy for two years or more, you are eligible to apply for an FHA home mortgage loan (same rules for VA loans, by the way). If you are in a Chapter 13 bankruptcy and have made all court approved payments on time and as agreed for at least one year, you are also eligible to make an FHA loan application.
If you are a first time home buyer you can still qualify for an FHA loan which gives you the opportunity to only put as much as 3% down payment for the house AND accept gift (money $$) from a relative to cover for the house. Also, as a first time homebuyer there are many grants available to you but they differ from state. Check to see what the state of FL offers for first time home buyers. Most offer down payment assistance and cover most of the closing cost without you having to pay that money back. (there are some stipulations though, ex. you may not sell it withing 3-5 yrs..etc).
For inspection you are looking at maybe $300-$500 depending on the inspector. Attorney fees go from $500-$1,000 max.
Lending tree helped me because they match you with a bank that offers FHA loans and are more lenient than the usual banks, i.e. Bank of America, etc.. most of those banks are more concerned in selling you a conventional loan which requires you to put 10% of the cost of the house versus FHA. Also, shop around for interest rates a great website is bankrate.com Good luck!!
Check out my channel: LandonTalksLoans
BIRDDOG ALERT: I’m offering 1% finders fee on my 63 unit apartment for sale in Thunderbay Ontario. That’s $22,500.00 in your pocket if you bring the buyer to the table. This is no joke. It will be a win win situation if I can sell my building so please try and find me a buyer and I’ll gladly pay you 1% of the purchase price which amounts to 22.5k. Please email this to all your friends who might need money. Details at: mshinvestments(.)com
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hoyl hell this guy is a good sales man, but being in the mortgage industry my sell i see right through alot of his bulshit. GETTING YOUR LOAN THROUGH A BROKER MEANS UR GOING TO PAY MORE IN FEES, BECAUSE THAT LOANS GOING TO JUST END UP AT ONE OF THE BIGGER BANKS IN THE LONG RUN ANWAYS…..
very professional response b of a.
Hey Bank of America! You didn’t do squat for me and my husband. You promised the world but delivered nothing. So why don’t you get off this website and go do somethingproductive??? Like….get an education!
Ampedee, I’m a mortgage broker and banker. I used to work for one of the largest banks in the country and to be honest our fees and costs were so much higher than brokers. Large banks spend money on advertising and pay salaries.
mortgageartist. com
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the choices you make today define your tommorow.
What is the Key disfavors by Having Your Mortgage
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