What questions should I ask a mortgage lender in Frankford Township ? If you’re dealing with a mortgage broker there’s some questions that you should ask both on your first meeting with the mortgage broker and throughout working with your mortgage broker to make sure that you’re getting the best service possible.
USDALoanInfoNJ is going to go through 10 different questions that you can ask your mortgage lender in Frankford Township. Be aware that your USDA Loan or Mortgage broker will be getting the loan that you need and the service that you want.
The first question that I think everyone should ask a mortgage broker is a pretty straightforward one.
How Much Will a Mortgage Broker Cost?
Most mortgage lenders in Frankford Township actually work for free.
So it doesn’t actually cost you anything in order to do it.
They get money because they are paid by the banks when you successfully get a loan.
So they get a small commission of the loan that you apply for and if you get it.
Home buyers seeking USDA loan 'on hold' during government shutdown
So most mortgage brokers in Frankford Township will work for free and it won’t cost you anything.
However, there are some mortgage brokers out there who do require deposits or who do require you to pay.
So, it’s important to ask, “How much will this cost me?” when assessing which mortgage broker you want to go with.
How much do Mortgage Lenders earn in commission from me and from my loan?
This is less to understand exactly how much they make.
You can see what percentage of commissions they make and things like that by visiting USDALoanInfo.
But it’s more to understand whether or not they’ll be willing to give you this information.
A transparent mortgage broker is someone that’d be willing to give you this information and you know that they have your best interest at heart.
If they skirt around this issue and they don’t tell you how much they earn.
Well then that would send out red flags for me because I can’t trust them to put my best interest at heart because there are some circumstances where one loan will earn them more money than a loan that could potentially be better for me but not as good for them.
So, I’m just trying to establish whether or not this mortgage broker in Frankford Township is someone that I can trust.
And by asking them the big question, the money question,”How much will you earn from me?” That’s a great way to understand whether or not you can trust the mortgage lender.
So ask that question and see how they respond.
Do Mortgage Lenders Invest Themselves?
Now, I don’t think a mortgage broker has to be a property investor in order for them to be able to get you a good loan and for them to help you successfully invest in property.
However, if they are interested in property in Frankford Township, if they do invest themselves, then that is going to go a long way to help you because they understand what it’s like to be in your shoes.
They understand what you’re trying to get out of this and they’ve done it themselves so they can help you miss some of the pitfalls and things like that.
If they don’t invest themselves, then I would want to ask them, “Have you worked with many people that invest in property?” Because as mortgage brokers, some of them just work with people who are buying their own home.
USDA Sub-Prime Loans - Are They For Real?
Some of the mortgage lender folk who work with people who are doing particular investment strategies.
So, some might work with people who invest in positive cash flow property or who invest in rural areas, who invest using developments.
What is the deal with USDA Financing? We’re going to take a look at that in this week’s The Mortgage Minute.
The Mortgage Minute presented by me Laura Borja, Your San Diego Home Loan Expertv A USDA loan is a loan that is guaranteed by the US Department of Agriculture It allows for 100% financing for owner-occupied properties that are located in the less populated or more rural areas of the county.
---blowing wind sound--- Let’s look at the current areas surrounding San Diego County.
Any properties in the lighter tan areas are eligible for USDA financing.
That includes places like Fallbrook, Bonsall, Valley Center, Ramona, Alpine and Julian There are income limits, however, they are pretty high.
They based on the number of people in the household In San Diego County they begin at $100,500 for a household of one person.
The program does have both an upfront guarantee fee of 1% plus monthly mortgage insurance of currently.
Now, that upfront guarantee fee does not have to be paid in cash at closing.
You are allowed to roll it into your financing >>>squeeling tires>>> Wait, wait, wait! I totally forgot to include include in the video that you do not have to be a first-time homebuyer to use USDA financing Are USDA loans want to explore further ? By all means, reach out to me.
send me an email Give me a call shoot me a text or connect with me through social media Don't forget to hit the like button and subscribe to my channel and of course share the video with your friends.
Thanks for watching this week's The Mortgage Minute I'll see you next time.
So I would want to find a mortgage broker who either had that experience themselves or who had clients that they had got similar deals for cause that way I know that they can negotiate on my behalf and they can get this deal across the line.
What details do Lenders need from me?
It’s one thing to call up a mortgage broker and just to get an estimate of your borrowing capacity but if you’re going through pre-approval and stuff like that, then you’re going to need to provide the mortgage broker with more in-depth details.
You might need pay slips; you might need proof of identity, all of that sort of stuff.
If you ask them up front, “What details do you need from me?” And when you go to your meeting with them you actually provide them with those details, well that just makes things so much easier.
Guide to Self Employed Loans UK
Remember, a mortgage lender is only paid once the deal goes through and once you actually get financing.
So the easier you make it for them, the more likely you are going to get better service.
What can I do as a client to make this go as smoothly as possible?
You have the goal of getting financed for your property, the mortgage lender has a goal of you getting financed for your property and no one wants it to be difficult.
And so, if you can ask the mortgage broker, “Look, how can I work with you? How can I make things easy for you?” They’re the experts; they know what they’re doing.
They can tell you exactly what they need and then you can work hard to provide that for them so that they can get everything across the line as quickly as possible.
You know, I have customers,I deal with customers and even though I’m not a mortgage broker myself, I know that when there’s difficult customers that you don’t want to deal with, it just makes life so much harder and you don’t want to work hard for those people.
And when there’s customers who are really nice to you and who try really hard to help you provide them with the service you provide, you will bend over backwards to do anything you can for those customers to get them across the line, to help them as much as possible.
So, be one of those customers that the mortgage broker wants to bend over backwards to help you because you have their interest at heart as well.
You want to see them get paid.
You want to see them do an easy mortgage so they get paid easily.
And so you can develop a relationship into the future.
Which lenders can I borrow the most from?
Most people go into a mortgage broker looking for the cheapest interest rate possible.
What is the cheapest interest rate I can get? And the fact of the matter is a mortgage broker is likely to show you the banks that will lend you the amount of money you need and will also have the cheapest interest rate as well.
However, they might not showy ou banks that will lend you more money than you potentially need at the moment.
Now, it’s important to ask, “Which lenders can I borrow the most from?” because this will help you to project into the future.
Maybe you don’t need to know that for this loan right now but maybe, in the future, you might need to borrow money again and you know, or roughly my borrowing capacity is this.
Or if you find out which lenders you can borrow more from, and you find that you can actually borrow an extra $300,000, well you might split up your deposit and invest in two investment properties instead of just one.
And so asking them, “Which lenders can I borrow the most from?” is a great question to ask to really understand your position.
Because, yes, interest rate is important but how much you can borrow is also important as well.
Can I see a full list of my borrowing options?
Most mortgage brokers will provide you with, usually, like a top three or sometimes only a top one.
And I always like to think, “Can I see a full list of my borrowing options?”Again, this is less to say you want to go through all of this in minute detail and see.
You’re probably going to still choose from one of the top three ones.
But you just want to see that they’re giving you the full amount of information.
And most mortgage brokers are good people but there are some dodgy mortgage brokers out there who are just trying to get the deal that gives them the biggest commission.
And so by asking to see a full list of what your borrowing options, you can then look at that and you can then assess, “Okay, well which loan do I think is going to be best for me?” rather than just taking the recommendation of the mortgage broker who may or may not be thinking about themselves.
So, again, most mortgage brokers are great people out there to help you but it’s always a good idea to get a full list of your borrowing options that are available.
Will this put a mark against my credit file?
And so this is when you’re trying to work out how much you’re going to borrow and stuff like that.
When you go into a bank and you try and find out how much you can borrow, often, the bank will do a credit check and this puts a mark against your credit file.
And what happens is if you have a lot of these marks against your credit file, even though it’s nothing bad, this can actually stop you getting a loan.
So, talk to your mortgage broker and when you’re looking at, “What can I borrow?”or your looking at getting pre-approval, just understand, “Will this put a mark against my credit file?” ‘Cause it’s not bad to have a couple or whatever.
But if you’re getting lots and lots of marks against your credit file, then that could be an issue.
So just make sure and you know when a mark’s being put against your credit file and when a mark isn’t being put against your credit file.
How soon can I revalue or borrow again?
So if you’re investing in a property to renovate it or to develop it or even if you’re investing in a property that’s potentially under market value, you want to know how quickly can you revalue that property so you can get equity and then hopefully draw equity out of the property to go ahead and invest again.
There are a lot of lenders out there who don’t allow you to revalue within a 12-month period.
So, speak to your mortgage broker about the lenders that will allow you to revalue faster.
And basically, this will give you an idea of how quickly you can revalue to consider going again.
You’re also going to want to ask them, “After I invest in this property, how soon can I borrow again or what do I need to do to put myself in a position to be able to borrow again and to purchase the next property?” Because hopefully, your goal isn’t just to purchase one property but to grow your property portfolio and to achieve that financial freedom and that financial security that you’re striving for.
Will My Loans be ‘cross-collateralised’?
Now, I have heard a lot of stories about investors whose loans have been cross-collateralised and it’s cause major problems when they’ve gone and sold their property because the bank shave been able to take that money and pay off debt.
And basically, you want to avoid this at all costs from what I hear.
And so, it’s good to ask your mortgage broker, “Will my loans be cross-collateralised in any way?” Generally going with the same lender for two loans does it by default, even though it doesn’t say they’re cross-collateralised.
So, it’s just something that you want to look at the fine print, you want to understand, “Are these cross-collateralised?” And if they are, try and avoid it, try and get loans that aren’t going to be cross-collateralised.
So there you have some questions to ask your mortgage broker next time you go and see a broker to find out how much you can borrow or get pre-approval or get financed for another property.
If you are in the market, looking at properties and you want to see some high rental yield properties, then I’ve got 10 property listings that I’ve gone out and found for you guys.
You can see what high rental yield properties look like that are likely to generate a positive cash flow.
Did You Know – You Can Get Pre-Approved for a USDA Loan in Frankford Township?
Wedding is a moment of commitment, trust and being together. And it is one of the special moments for which everyone waits. It is true that wedding being a memorable and special moment of life cannot be measured in terms of money. Still, in todays scenario nothing can be done without sufficient finances; as finances are regarded as a pillar to support the dreams of a person. Thus, they prop up the person to transform all their desires into an effective action. No one wants their wedding moments to become awful just due to the shortage of funds. By keeping in mind these emotional moments of life consumer finance has now come up with wedding loans. Wedding Loans are the specialized loan service which caters to the person, in need of money for marriage or wedding. The borrower can be the person; getting married or the parents of the couple. Wedding loan enables the person to pay the expenses of wedding in the form of monthly payments. Wedding loan carries a rate of interest, which basically depends on certain factors. These factors may include the loan amount, credit history and the prevailing market. Other than these factors, the interest rate is also affected by the fact whether the person is availing the loan by placing collateral or not. Because by placing collateral, the person is able to get the loan at lower rate as compared to the loan availed without security. Before going for a wedding loan there are certain tasks which are to be performed in order to make your wedding a successful event. The first step is planning for all the expenses. And adequate consideration must be provided to plan the budget of wedding. While planning the budget, various concerned family members should sit together and should discuss the various expenses. A proper list or the priority list must be prepared in order to avoid wasteful expenditure. After making the budget, the search for wedding loan begins. The general characteristics of best wedding loan are that they must be flexible and cheap. Today due to the advancements in information technology, the person can also procure the funds through online method. There are number of lenders providing loan through online method and such competition also lets the person to get a competitive rate of interest. After testing the lenders on various aspects, make the choice as per your needs and requirements. Even after evaluating the lenders of your own, you still have the doubt. Then its better to consult to the credit or financial advisor because its better not to take risk with matters regarding your wedding.
How To Pick A Mortgage Lender When Buying A House
Hi everybody, your real estate expert, LanceMohr. And in this series, I'm talking about how to buy a house. Today, I'm going to talkabout how to pick a mortgage lender. If you don't need financing, don't worry aboutwatching this video unless you just want more information. Alright, so how to pick a lender. First off, if you've already chosen a real estate agent, this is a good place to start. You could also ask some friends and family members, co-workers, get an idea who theywould choose. Now personally, I was in the mortgage banking industry for several yearsand I was a co-owner of a mortgage company. There's three types of lenders out there;number one is your big bank, your Bank of America, Wells Fargo and then you have yourmortgage bankers and then you have your mortgage brokers. Now I'm not a real big fan of thebig banks or credit unions for that matter. I think there's a lot of credit unions thatare really good, don't get me wrong and I'm not saying that there is anything wrong withbig banks. I'm not a fan of them and the reason is – the reason why I don't like big banksis because if you go into a bank like Bank of America or say a Wells Fargo, you are onlyusing their money. So if you go in and you have a very unusual circumstance and maybeyou don't qualify for their loan, they're not going to tell you "you don't qualify forour loan, go somewhere else". They're just going to say, "You don't qualify for a loan. Sorry. " Now you may go to a mortgage banker or a broker and qualify for theirs. So that's the problem, they are very, very limited because they only lend their money. If you are round, you're not going to be able to fit in their square hole. So it's not areally good way. Now if you do use a bank, if you say Bank of America which I'm not afan at all, I haven't had them close a transaction on time in years, if they even close it atall. So I got to say that, the only bank I can say that about. But let's say you go toa Wells Fargo or you go to a Bank of America, always try to use a local loan office or don'tuse someone out of state, because you've heard of the term, "out-of-state, out of mind","out of area, out of mind". That's really how it is. You want someone local that knowsthe local ways in Florida, and more specifically I'm in Florida, I'm in Tampa, so the cityyou live in. So that would be my first personal recommendation and I know a lot of lendersout there might be getting mad if they're watching this right now, especially if theywork for Bank of America. But that's my opinion, I've worked with a lot of credit unions whenI was in the lending business and certainly not all of them. Credit unions, the good thingis they really care about their customer. The problem is they don't really do a lotof training to their loan officers unfortunately. And you know, a lot of times when you're goinginto and getting a loan with a bank or credit union, a lot of times the loan officer ison a salary plus bonuses, and you want someone who, if they don't get you a loan, they don'tget paid any money. That's the best way you are going to get a loan. So I am a big fanof bankers. Now really the difference between a bankerand a broker, is a banker lends their own money and will underwrite the file, usuallyin-house. They are also called correspondent lenders. Now I've worked for bankers before,and if bankers just don't have a competitive program – let's say you go in and maybeyou are a veteran and they're not real competitive on VA loans, let's just say. They will usuallyhave brokers that they work with as well as and they could do different things. So theyare usually good. Brokers, I've worked for brokers when I wasn't lending as well andit's the same thing, but the difference is brokers have access to dozens and dozens oflenders. Don't get fooled by that. Most brokers only have about 5 to 7 lenders they work withat any given time; they might have a lender for their conventional financing, they havea lender for their government financing, they have a lender for their jumbo finances. So don't get caught up into all that. But the difference between bankers and brokers,if they don't find a way to say yes, they don't get paid. And a lot of time what peoplewill do, is they will go out and they will be picking say maybe three companies, andthey will call up for a rate quote. But you really, when you are calling up for a ratequote, you need to ask very specific questions and you need to do it all on the same day. Because you could call one institution on Tuesday and rates could have changed up ordown on Wednesday. And then you need to call the same day, you need to give the same parametersfor each one of them, "So I'm calling, I want to get a loan amount of $200,000 and what'syour rate lock?" Now I'm not a big advocate of going around and doing rate shopping becauseat the end of the day, lenders all get their money from the same place at the same price. If you call 10 lenders, probably nine of them are going to give you the same quote for themost part. Now banks will generally be a little bit more in the interest rate, but less inthe fees because everything is in-house, where a broker, they get their pricing at wholesale. So there you could usually be more competitive on the interest rates, but they are a littlehigher on closing costs because they have to sort of outsource it and get it underwrittenover here in the process and all that stuff. So get the information and call them all up,talk to them, ask them again the question, why should I work with you, what makes youdifferent, what makes your company different. Whatever you do, whatever they tell you, onceyou lock in the rate, get a rate lock. You don't want to be on different pages and theytell you one interest rate and then all of the sudden, you show up at closing and it'sa completely different interest rate, maybe it's a quarter percent higher. Because theseller doesn't really care about your loan, all they know is you have to close. So getit in writing from the lender, I can't tell you how many people – when I used to bein lending, pretty much everybody that I worked with, I always put everything in writing. No one ever asked me but I wanted it all in writing for the documentation. So always askfor it in writing and really try to take the person who you feel is looking out for yourbest interest, because at the end of the day, you could have the best interest rate in theworld, but if you are on the wrong loan program, the interest rate is sort of irrelevant. SoI hope this helps you. Leave a comment, if you have any questions, if you have anythingto say, you work for Bank of America – please leave a comment because I think it's goingto be real nice, but it is what it is. And if you like my videos, subscribe to my channel,give me a thumbs up. I appreciate it. I wish you the best of luck in buying a home. Havea great day.