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Archive for mortgage broker
January 25, 2009 at 4:54 pm · Filed under Home Loan and tagged: best home loan deal, home loan, home loan tip, home mortgage, loan, mortgage, mortgage bank, mortgage broker
Concluding the series on obtaining a home loan I would like to re-emphasize the importance of shopping, comparing, and negotiating for a home loan. Compare the costs and terms and don’t be afraid to negotiate for the best deal. The local newspaper and Internet are good places to start shopping for a home loan. They typically display information on both interest rates and points for several lending institutions. Check your sources often since rates and points can change daily.
Don’t be affraid to make lenders and brokers compete with each other for your business by letting them know that you are shopping for the best deal.
January 8, 2009 at 9:41 pm · Filed under General Real Estate, Home Loan and tagged: fees, home buying, home loan, home mortgage, interest rate, lending, mortgage, mortgage broker, points, real estate
When it comes to a home loan, points are fees paid to the lending institution, or mortgage broker, for the loan and are often linked to the interest rate. Usually the more points you pay the lower the rate. A useful tip when shopping for a home loan and they begin to discuss points is to have them quoted to you as a dollar figure rather than just as the number of points. This way you will know exactly how much you will have to pay in the end.
January 7, 2009 at 7:02 pm · Filed under General Real Estate, Home Loan and tagged: adjustable rate, apr, home buying, home loan, loan shopping, mortgage bank, mortgage broker, mortgage loan, real estate
When looking for a home loan it is even more important these days to look around, especially with all the problems the economy has been having. Banks that have been accused of predatory lending have been exposed and bought out by bigger banks who hopefully would not endorse such practices. Nevertheless when shopping around for a loan there are some critical questions to ask the lender or broker about:
- Ask each place you go for a list of its current mortgage interest rates and if the rates which are being quoted are the lowest for that week or day.
- Don’t get caught with changing mortgage payments that can put you behind. Make sure you ask whether the rate is fixed or adjustable.
- If you are considering an adjustable rate loan ask how your rate and mortgage payment will vary, including whether your loan payment will be reduced when rates go down.
- Ask about the mortgage’s annula percentage rate. The APR takes into account not only the interest rate but also points, broker fees and possibly other credit charges that you may have to pay, expressed in a yearly rate.
Boise Home Loan Information
January 4, 2009 at 2:51 pm · Filed under General Real Estate, Home Loan and tagged: home loan, mortgage broker, real estate
Mortgage brokers can help you get a home loan. Many times you may already be working with one and just don’t know it. Mortgage brokers arrange loans by finding lenders for you instead of lending you the funds directly. They typically have access to several lending institutions that can provide a wider selection of loan products to select from. Things to consider when using a mortgage broker:
- They are not required to find the best loan program for you unless you have contracted with them to act as your agent.
- Contact more than one broker as you would a bank.
- Clarify that the person you are working with is a broker.
- Brokers are paid a fee for their services that may be separate from the lenders fees.
- Ask how these fees are to be paid, is it points paid at closing, added on to your interest rate, etc..
Always shop and compare and get the best deal you can, many fees are negotiable.
