USDA Loan in Lopatcong Township (888) 464-8732

What questions should I ask a mortgage lender in Lopatcong 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 Lopatcong 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 Lopatcong 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.

USDA Home Loan Explained - 5 Things You Need to Know About USDA Loans

So most mortgage brokers in Lopatcong 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.

Home buyers seeking USDA loan 'on hold' during government shutdown

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.

No Closing Cost Mortgage

So, I’m just trying to establish whether or not this mortgage broker in Lopatcong 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 Lopatcong 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.

2nd Mortgage Lenders

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.

Walk into any high street bank or building society and mention that you’re looking for a mortgage, and you’re likely to be bombarded with leaflets, if not hurried into a private office to meet their mortgage advisor. Mortgages are big business – and every large financial institution will offer several types of loan for buying property. It’s a good idea to check out as many different lenders as possible before making a decision – experts repeat the phrase ‘shop around’ like a mantra these days and you could save yourself a lot of money by comparing what’s on offer. Your own bank may be a good place to start – if you’ve banked with them for a while and have a good financial record they may be more confident about loaning you a large amount of money such as a mortgage. However, with relatively low interest rates and a booming market, these days the competition among lenders is fierce and you may find a better deal elsewhere. Don’t feel that you have to use the same bank for your mortgage as for your personal account. There are a number of websites that produce tables of comparative mortgage offers – just type ‘mortgage’ into your search engine and see the amount of results you pull up. ‘Which’, the magazine of the Consumer’s Association, is a reliable source of information on the current market. Check their website for guides on ‘Which mortgage’ at www.which.co.uk The financial pages in newspapers carry adverts as well as news on the latest deals – beware though of being seduced by adverts promising low rates without giving all the details – there’s more to finding the right mortgage than just picking the best rate. The bank are likely to advertise their lowest rate, and you are likely to have to meet certain criteria before qualifying for that particular deal. Check for things like hidden clauses or Higher Lending Charges – these are one-off charges applied to some deals that are supposedly to cover insurance protection for the bank when they lend to you. They will not, however, provide the lender with any security! Ethical investment is also a consideration for some borrowers – Muslim banks, for example, are forbidden from charging or paying interest. You can find out more about ethical banking and investments at www.eiris.org The Islamic Bank of Britain complies with Sharia Law, contact them at www.islamic-bank.com

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.

How Mortgages Work in the Primary and Secondary Market

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.

Mortgage Broker License

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.

Usda Loan Requirements

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.

House Mortgage

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.

Home Equity Loan Fixed Rates

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.

Private Mortgage Lenders

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 Lopatcong Township?

40 Year Mortgage

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.

35%.

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.

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Mortgage Prequalification

Marc Jablon, RealtorBlockedUnblockFollowFollowingFeb 1, 2017The South Florida real estate market has been trending upwards with great momentum for some time now, although that growth is likely to begin to slow in the near future. Likewise, interest rates have remained low for a number of years, but have recently begun edging up over the past few months and are expected to continue to rise in 2017.To put it another way, if you’ve been thinking about buying real estate — especially if you’d be a first-time homeowner — now is the time to take action before it’s too late.For many prospective buyers, however, it isn’t a lack of motivation which is keeping them from jumping into the real estate market; it’s the belief that they simply don’t have enough money saved up in order to afford a down payment.Sure, traditional mortgages have historically required a 20% down payment. If you were purchasing a $300,000 home, you would need to bring at least $60,000 to the closing table. But today there are a wide variety of different mortgages and financial products available to make homeownership a reality with as little as just 3% down for most people with decent credit, and even 0% down for buyers in certain situations.Conventional MortgagesConventional mortgages are the loans which are most often associated with needing a 20% down payment. Thanks to the help of Fannie Mae and Freddie Mac, however, conventional mortgages are available to buyers with as little as 3% down.Fannie Mae and Freddie Mac are government sponsored enterprises (GSEs) which help maintain stability in housing and open up liquidity in the mortgage market. One of the ways in which they accomplish this is by guaranteeing consumer mortgages which meet their minimum set of standards. This means that even if the borrower stops making their payments, the GSE will ensure that the lender recoups their investment — giving banks and other financial institutions incentive to lend to more buyers.Fannie Mae and Freddie Mac both have programs which provide up to 97% of a home’s value, allowing buyers to come to the closing table with just 3% down. For a $300,000 home, that means a down payment of just $9,000. One downside, however, is that these loans are usually only available for buyers with good to great credit — a minimum score of 660 is typically required.FHA LoansFor buyers who don’t qualify for a conventional loan backed by Fannie Mae or Freddie Mac, FHA loans offer a great alternative. As the name implies, FHA loans are backed by the Federal Housing Administration, and protected through mortgage insurance paid for by the borrowers.This allows lenders to offer financial products which require as little as 3.5% down to buyers with a credit score of 580 or higher. For hopeful homeowners with a credit score between 500 and 579, mortgages are available which require a reduced down payment of 10%.Another benefit of FHA loans is that while other mortgages require the down payment to come directly from the buyers, these products allow for alternative down payment sources, including receiving the funds as a gift from a family member or friend, from a government down-payment assistance program, and even from the seller in the form of a credit on the closing statement.VA LoansFor prospective homebuyers who have served or are currently serving in the military, VA loans are tough to beat. These mortgages are secured by the Veterans Administration for all active-duty and past service members who meet their list of eligibility requirements. These VA loans offer 0% down financing, and unlike most other types of low down payment loans, they do not require the borrowers to pay for mortgage insurance.Not every veteran will qualify for a VA loan, however: lenders still follow their own set of lending guidelines and in most cases will require a minimum credit score of 620 for approval.USDA LoansAnother great product available to buyers who are looking at suburban and rural properties is a USDA loan. These loans are backed by the United States Department of Agriculture and provide 100% financing for residential real estate outside of major urban areas. To put it in perspective, 97% of the land in the United States qualifies for a USDA loan.Similar to FHA loans, mortgages backed by the USDA allow closing costs to be gifted or paid for by family members, friends, or even the seller. Mortgage insurance is required on USDA loans, but is normally wrapped into the monthly mortgage payments. Since December 2014, the USDA has required a minimum credit score of 640 on all loans that they secure.Is It Really This Easy to Get a Loan?For the majority of buyers who have at least a decent credit score or better, yes, getting an affordable home loan at a reasonable rate is still pretty simple. That’s because there are so many different programs currently available to minimize the amount of money needed at closing. This helps the buyers who otherwise wouldn’t be able to afford the 20% down payment traditionally needed to purchase a home. And luckily, it doesn’t look like those programs are going anywhere anytime soon.But the market conditions we’re currently experiencing, on the other hand, are likely to undergo changes as we progress through 2017. Home values are continuing to trend upwards, and interest rates are steadily moving higher as well. This means that while low down payment mortgage options will still be available for some time to come, rising home and mortgage costs will cause housing affordability — and purchasing power — to decline in the near-to-mid future. In other words: if you’re thinking about buying, now is the time to do so.Marc JablonNew Harbor RealtyJablonTeam@gmail.com561–213–6139http://www.JablonTeam.com

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