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You have found a house that you had always wanted and now you want to buy it. Everything seems to be perfect except the $ $ $ PRICE $ $ $.
A person buying a new house may not have enough money to pay for the 20% value of the property value so he opts for a mortgage loan. These loans cover up for costs like homeowner's fees, mortgage insurance, closing costs, and other miscellaneous premiums and fees.
With mortgage companies mushrooming in the market it is very difficult to decide whom to cut a deal with. It is easier said than done to decide on the loan offers. There are quite a few things that you need to consider including your credit history and the amount of money accumulated for your down payment. Income of course will be your biggest deciding factor. When you apply for a mortgage loan the lenders evaluate your financial situation by calculating your debt to income ratio. By doing this they can approximate whether you will be able to pay back the loan or not.
Don’t get tensed so soon . . .
For the reason that you have chosen to pay off the loan at sub-optimal interest rates does not imply that you will be paying the same interest throughout the life period of your loan. In between there will be several options called as refinancing where you can get loans lower rates to pay off your first mortgage loan.
Types of Mortgage Lenders:
Now that you have decided onto buying your dream house with the help of a mortgage loan the next thing that you want to know is from where to get the loan. Everywhere you see advertisements for mortgages and you are confused what to do. Chill . . . what are we here for.
Read on to get more information on the type of lenders and which would be most appropriate for you.
Mortgage Banker: if you opt for a mortgage banker you will be trading with the same individual from the start to the closing stages of the loan process. Now you must be wondering as to what benefit will the mortgage banker get? He makes his money from the fees that you will shell out for the loan, for instance the points and closing fees.
Mortgage Broker: suppose you don’t have a good credit history and you are not willing to search for a mortgage agent on your own maybe due to lack of time then a mortgage broker may come as a blessing to you. He serves as the middleman connecting you (the borrower) and a mortgage banker, and by and large knows where the best deals are, or which mortgage bankers are more apposite to fund loans to riskier borrowers.
Credit Unions: if you are a member of a credit union then that is the first place where you should verify for your mortgage loan because they usually put forward lower interest rates. There are a lot of associations; unions and even workplaces have their own credit unions.
Savings and Loan: if you are associated with a local savings and loan make it a point to check their rates as well they are supposedly very good and offer great deals.
Government Loans: if you have the misconception that the government offers loan deals then it is better to get rid of it sooner. The government is not involved in the loan business however it backs certain loans, which make the lenders more suitable to extend them. It is best to consult your local banker to get more information on government-backed loans.
Out there in the wide market lots of mortgages companies exist which can help you find direct mortgage lenders and home loan brokers that will best suit your needs. This is a nippy way to find an excellent mortgage loan and compare rates and offers from multiple lenders. When lenders compete for your business, it works to your advantage as you can fetch for a cheaper loan.
How to get Quick Mortgage:
After you have decided on a mortgage company the next thing is that you submit an application with them.
you want to quicken your mortgage process there are some steps
that you can follow.
You should be prompt enough to return calls as soon as possible if at anytime the mortgage company calls you, and then endow them with whatever documentation or data they require. Keep in mind, that when they call you for something it by and large means that they won’t be able to process your application without those documents until they receive it.
When you apply for a loan make a file that has all the paper that may be needed by the mortgage company to process your application. Keep all the information handy and provide them with whatever they are looking for. Arrange all the documents in a manner that it is easy for them to access it and read it. Include documents like your tax returns, income statements, employment records, credit reports, explanation of bad marks on your credit reports, bank and investment records, the contract for your new home, all bank records, and cancelled checks or other evidence of your current mortgage or rental payments. This will save the time of the mortgage company having to ask you for all of this paperwork.
keep calling them from time to time to check whether your
application is progressing or not. Mortgage lenders process
thousands of loan applications, and you can make certain that
your application doesn’t sit on the bottom of the hoard
by calling them frequently.