Things to Look for in a Home Mortgage Loan Lender
Choosing a Home Mortgage Loan and Real Estate Lender can be one of the most important decisions you ever make. Because you need quick action when applying for a
home mortgage loan, find a mortgage lender who you can access easily. A
mortgage lender’s quick response signifies good service to follow.
Once you know your middle credit score, look for a
home mortgage lender appropriate to your specific needs. When ready to make offers to purchase, apply for credit. Choose at least three
home mortgage lenders to apply with and do it at the same time. Call all your prospective
home mortgage lenders during the same week. This counts as only one inquiry on your credit report. Credit bureaus expect borrowers to shop
around for a home mortgage loan.
The best way to find a good
home mortgage lender is to ask another home buyer for a referral. Also, escrow officers and real estate agents know
home mortgage lenders who close mortgage loans efficiently in a timely manner. Avoid advice from agents or others who receive a kick-back commission for referring you, as you may pay for this referral with added charges to your
mortgage loan.
Once you find an outstanding
home mortgage loan officer, establish a long term relationship for repeat business and better service. One of your most important connections is your
home mortgage lender.
Home Mortgage Lender’s Checklist
Ask potential
home mortgage lenders about the following requirements and costs according to a price range you think matches your needs.
This also helps determine what you need to look for in a property.
1. Credit Qualifications for the Home
Mortgage Loan
- Middle credit score
- Income required
2. Home Mortgage Loan costs
- Points
- Processing fees
- Additional "garbage" fees (underwriting fees, loan documentation preparation fee, filing fees, credit report)
- Hidden costs
- Prepayment penalty
-
Mortgage Interest Rate
- PMI (mortgage insurance)
- Prepayment penalties
- Are
mortgage loan costs added to loan or prepaid?
- Is the seller allowed to pay a percentage of nonrecurring closing costs for the borrower? What is the maximum allowable seller contribution?
3. Home Mortgage Loan Requirements
- Percentage of purchase price required down? Or loan to value ratio?
- What about the condition of the property? Do they finance "fixers"? A Better Way to Find Your
Home Mortgage Lender
After you work through all the details of the
home mortgage lender’s checklist, you understand better the available possibilities. Now, from a different point of view, work backwards. Instead of asking the
home mortgage lenders what they offer you -- tell them what you want and find the
home mortgage lender who best matches your terms. Create your own wish list of your personalized
home mortgage loan needs. Personalized
Home Mortgage Lender Checklist
- Is this purchase an owner-occupied or an investment property?
- What percentage do you want to put down
on the home mortgage loan?
- If you want to sell right away, can you avoid prepayment penalties?
- Do you need the
home mortgage loan to finance a fixer? How much of a fixer do you want to tackle?
- How flexible are the
home mortgage lender’s appraisers? Do you need a cooperative appraiser?
- Do you care about "garbage fees" and need costs to be added to the
home mortgage loan?
- Do you want to pay PMI, or a first and a second, or neither?
- Do you want the seller to pay
the closing costs of the home mortgage loan? How much?
- How many points do you agree to pay up front or add to the
home mortgage loan?
- Are super low payments available?
Make your own
Home Mortgage Lender Checklist according to your abilities and find the
home mortgage lender who comes closest to your needs. Remember, a good mortgage loan broker wants your business and works hard to find the right
home mortgage loan out of thousands to best suit your requirements. However, asking a
home mortgage lender for impossible demands wastes your time and theirs.
Notice the difference in real estate loan,
or home mortgage loan requirements, mortgage loan costs, and home mortgage lender’s attitudes. Figure out your qualifications, your
mortgage loan needs, and find a matching
home mortgage lender with first-class service.
Here are a few of the highest rated Internet
Home Mortgage Lender services. They use the information you provide and match your needs with
home mortgage lenders in your area. Most of the time after filling out a short form, you will be given a list with 3-5
home mortgage lenders and their quotes. This is helpful because you can research many different local
mortgage lenders in a short time, and find out quickly what their home mortgage rates are, and whether or not you are pre-qualified. The following links are in no particular order, as these are all reputable companies with excellent customer service histories: PlanetLoan.com- Provides a very quick turnaround. Fill out a one minute form, and they will get your quotes to you the same day in most cases. GoApply.com- One of the quickest and easiest ways to get quotes. Very little information required to get quotes. Ameriquest Mortgage- One of the largest lenders in America, currently offering some of the lowest interest rates for loans and refinance. www.LowerMyBills.com- New home loans, refinance, and equity loans. www.LowCostLending.com- Get no obligation rates from many different Lenders local to you. www.4LowRates.com- Large number of lenders in your area give free loan quotes. fullspectrumlending.com- Provides no obligation quotes for Mortgages, Home Equity Loans, and more. YourLoanHelper.com- Easy to submit page for free home loan quote.
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