USDA Loan in New York (888) 464-8732

In this post, USDALoanInfoNewYork wants to talk about hiring a really good loan officer or Mortgage Lender in New York and the importance of doing that, especially when searching for a USDA Loan in New York.

We want to give you a real-life scenario that happened to a buyer who was searching for a mortgage lender in New York this week. This should serve as a sample to really drive home the point on how important it is to hire and make sure you get a really good loan officer.

USDALoanInfoNewYork believes that you should search for an honest mortgage lender, no matter where your house buying adventure takes you.

To get started with our Mortgage Lender example, we find ourselves taking a buyer call with what happened. One of our officers had just got back from vacation and found out that there was a problem with the USDA Loan in New York. The lender that the prospect had hired actually made an errorĀ  which delayed three days of the process!

>>> WELCOME BACK. WHETHER IT IS TIME TO OWN YOUR DREAM HOME, FINDING THE RIGHT HOUSE IS ONLY THE BEGINNING. >> FIGURING OUT HOW TO PAY FOR IT IS EVEN MORE IMPORTANT. JOINING ME NOW IS JEFF MCCARTHY AND PAT GOSA FROM FIRST BANK FINANCIAL CENTRE WITH SOME IMPORTANT QUESTIONS THAT YOU SHOULD WHEN YOU ARE LOOKING AROUND FOR A MORTGAGE LENDER. GOOD TO SEE YOU GUYS THANKS FOR BEING HERE. AS I MENTIONED FINDING THE HOME IS LIKE THE FIRST GOOD LIKE MOMENT. THAT'S WHAT YOU GOT TO DO, BUT AFTER THAT, KNOWING THE RIGHT QUESTIONS TO TALK ABOUT WITH YOUR MORTGAGE LENDER OR SUCH IS IMPORTANT. >> ABSOLUTELY. SO MANY PEOPLE SPEND YOU KNOW MONTHS LOOKING FOR THE DREAM HOME, THAT THEY ARE GOING TO RETIRE IN OR RAISE THEIR FAMILY IN, BUT A LOT OF PEOPLE DON'T TAKE THE TIME TO FIND THE RIGHT MORTGAGE LENDER FOR THEM. IT'S ALMOST AN AFTERTHOUGHT FOR A LOT OF PEOPLE. THAT CAN BE A BIG MISTAKE IN THE PROCESS. >> WHEN SHOULD PEOPLE START LOOKING FOR THE RIGHT LENDERS? IS THERE A SPECIFIC TIME? >> I TELL YOU, SOONER THAN LATER BECAUSE, YOU WOULD HATE TO HAVE TIFFANY SOMEBODY FIND THEIR DREAM HOME AND FIND OUT LATER THEY DON'T QUALIFY FOR THAT MORTGAGE LOAN. THE SOONER CAN YOU GET IN TO TALK TO A LENDER THE BETTER. AND PREPARE. WHETHER IT IS YOUR FIRST TIME BUYING A HOME OR FOURTH TIME, OUR GUIDELINES ARE ALWAYS CHANGING, THE LOAN PROGRAMS CHANGING, SO IT'S GOOD TO GET IN AND TALK ABOUT YOUR INDIVIDUAL SITUATION WHETHER IT BE INCOME, CREDIT, DOWN PAYMENT WHAT HAVE YOU. >> I KNEE BEING PRO APPROVED AND KNOWING WHAT YOU CAN AFFORD ARE IMPORTANT. WHAT ARE THE VERY FIRST THINGS YOU SHOULD ASK YOUR LENDER? IF I COME IN TO MEET WITH YOU OR ONE OF YOUR SALES STAFF WHAT SHOULD I BASICALLY SAY? >> USUALLY. PEOPLE HEAR FROM THEIR FAMILY AND FRIENDS AND SAY FIND OUT WHAT THE RATES ARE AND CLOSING COSTS ARE. A IMPORTANT ASPECT OF COURSE. MORE IMPORTANT IS REALLY, ASKING ABOUT THE DIFFERENT LOAN PROGRAMS THEY MAY QUALIFY FOR. ALSO THEIR INCOME. YOU KNOW WE HAVE TO SOURCE THAT. IS IT JUST W2 INCOME, COMMISSION INCOME. WE NEWS INCOME THEY ARE TRYING TO COUNT TO QUALIFY. SAME WITH ASOCIETIES WE HAVE TO TRACK THOSE ASSETS A PAPER TRAIL WHERE ARE THEY COMING FROM. THE SALE OF A HOME OR ASSET. MONEY THAT IS GIFTED TO THEM. WE HAVE TO NAVIGATE THROUGH ALL OF THAT. THEN GIVE THEM A GREAT IDEA WHICH LOAN PROGRAM IS BEST FIT FOR THEM. >> THERE ARE DIFFERENT LOANS THAT CAN HELP YOU THAT ARE SO IMPORTANT. WHY DO YOU THINK IT IS IMPORTANT THAT A LENDER HAS EXPERIENCE? >> I THINK A LOT OF TIMES BECAUSE THEY ARE ASKING THOSE QUESTIONS. THEY ARE ASKING ABOUT THE INCOME, THE ASSETS AND WHAT HAVE YOU. THEY KNOW THE LOAN PROGRAMS, THE LOPE GUIDELINES. YOU WANT SOMEONE THAT IS VERY EXPERIENCED IN THOSE TO ASK THE RIGHT QUESTIONS NOT SO MUCH THE CUSTOMER ASKING YOU THE QUESTIONS, BUT SO THEN YOU CAN CREATE THAT PRODUCT FOR THEM, THAT FITS THEIR NEEDS. >> UH-HUH. DO YOU SEE OFTENTIMES PEOPLE COME IN AND THEY DON'T REALLY KNOW WHAT TO ASK OR THEY DON'T KNOW WHAT THEY CAN AFFORD? >> EXACTLY. >> I BET. >> I REALLY SUGGEST PEOPLE TO GET IN AND GET PREQUALIFIED. EVEN BETTER TO GET PREAPPROVED THEN IT GOES TO THE UNDERWRITER TO MAKE SURE WE HAVE ALL OF OUR DUCKS IN THE ROW. >>> A LOT OF PEOPLE I WOULD GUESS JUST GO IT THEIR PRIMARY BANK. THEY THINK OKAY I ALREADY HAVE AN ACCOUNT WITH THESE PEOPLE THAT WORKS. I'M JUST GOING TO GO THERE BECAUSE I'M FAMILIAR WITH IT. THAT'S NOT ALWAYS THE RIGHT DECISION. CORRECT? >> IT VERY WELL COULD BE. IT MIGHT NOT BE YOU'RE RIGHT. DOES THAT LENDER USE GRANTS THAT ARE AVAILABLE TO FIRST TIME HOME BUYERS? DO THEY DO CONSTRUCTION LENDING. COULD THEY DO PORTFOLIO LENDING. FHA, VA. DO THEY HAVE ALL OF THE COATS IN THE RACK SO TO SPEAK WITH THE DIFFERENT LOAN PROGRAMS OUT THERE AND DO THEY UNDERSTAND THEM IF THEY DON'T DO A LOT OF THEM THEY MIGHT NOT BE THE BEST CHOICE. >> UH-HUH. >> ARE THEY COMPETITIVE WITH THEIR RATES OF COURSE AND CLOSING COSTS. >> LIKE YOU SAID THE FIRST THING PEOPLE THINK OF IS WHAT IS THAT PERCENTAGE AT. THAT'S WHAT IS MOST IMPORTANT. IT IS NOT ALWAYS WHAT IS THE MOST IMPORTANT PIECE OF IT ALL. WHAT DO YOU GUYS THINK SETS YOU APART AT FIRST BANK FINANCIAL CENTER? >> FOR ME MY SALES TEAM. WE HAVE AN EXPERIENCED GROUP THEY KNOW TO ASK THE RIGHT QUESTIONS. THEY ALSO HAVE A PASSION FOR THE BUSINESS LIKE I DO. THY THINK THEY WANT TO HELP THAT CUSTOMER HAVE A GREAT EXPERIENCE THROUGH THE LOAN PROCESS AND, NAVIGATE AGAIN, TO BE YOU KNOW LIKE A FUN EXPERIENCE TOO. >> OWNING HOME IS STILL I THINK THE AMERICAN DREAM WHETHER IT IS A CONDO, A HOME, A TOWN HOME WHATEVER THAT MEANS TO YOU, OWNING I STILL THINK IS THE BIGGEST THING. YOU HAVE A GREAT OFFER FOR PEOPLE WHO ARE WATCHING TODAY TO WORK WITH YOU GUYS. >> WE DO FOR MORNING BLEND VIEWERS IF THEY GO TO FVFCWI. COM/300 CLOSING THEY CAN DOWNLOAD A COUPON FOR $300 OFF CLOSING COSTS. THEY CAN USE THAT MONEY FOR PAINT OR A RAKE, TO RAKE NEW LEAVES IN THEIR YARD. WHATEVER THEY NEED FOR THEIR NEW HOME. >>I LOVE IT IT'S GREAT YOU GUYS. PEOPLE CAN COME IN AND MEET WITH ANY OF YOUR GREAT STAFF. FIND OUT A LITTLE MORE ABOUT WHAT THEY ARE QUALIFIED FOR OR DIFFERENT TYPES OF LOANS THAT WILL HELP THEM GET THE DREAM HOME THEY HAVE ALWAYS WANTED. >> ABSOLUTELY. >> HERE'S INFORMATION FOR FIRST FOR     FOR     FOR FIRST BANK FINANCIAL CENTER. THERE IS A COUPON ON THERE AS JEFF MENTIONED FOR $300 OFF OF CLOSING COSTS. MAKE SURE YOU DO THAT, GET THOSE $300 AND LIKE YOU SAID YOU CAN USE THAT FOR PAINT OR WHATEVER YOU WANT MAYBE TOWARDS THE NEW.

The Mortgage Lender wasn’t using the builders lender so what happened is the Builder was charging them $300 per day for every day they did not close.

Refinance Loan

The prospective client was getting hit with a $900 bill the good thing is they had a really good loan officer with a really good company and they basically stepped up to the plate and paid that bill!

Loan Lenders

Here, you might be thinking to yourself well yeah of course they should and you’re absolutely right. They should but, we have been on the end where these lending companies not they’re just like ‘hey we’re sorry this stuff happens it’s not our fault we’ll get the loan done as quick as we can’.

There’s situations, especially in this market right here in Pennsylvania that we’re in – meaning we are in a seller’s market – where, if you don’t close on time and there’s a backup offer that’s better than yours on a pre-owned home.

If that happens, they might just cancel the contract and they let it expire and take the other offer.

If you’re working with a builder or if it’s on a relocation company, there’s a per diem every day if you don’t close and it could wind up into hundreds if not thousands of dollars.

If you’re searching for a Mortgage Lender in New York, you need to make sure the lending company that you hire is:

-Good
-Reputable
-Honest
-Understands the USDA Eligibility Guidelines

AND is someone who’s going to do the right thing. USDALoanInfoNewYork suggests that you always ask for references.

The best place to start is your real estate agent if they’ve been in the business a while they should have a really good relationship with a really good loan officer and mortgage lender company.

Mortgage Lenders in New York: Here’s how to Apply for a USDA Loan

Mortgage Down Payment

What questions should I ask a mortgage broker?If you're dealing with a mortgage broker there's some questions that you should ask both onyour first meeting with the mortgage broker and throughout working with your mortgagebroker to make sure that you're getting the best service possible. I'm going to go through10 different questions that you can ask your broker to make sure you're getting the loanthat you need and the service that you want. The first question that I think everyone shouldask a mortgage broker is a pretty straightforward one. And that's, "How much will it cost me?"Most mortgage brokers actually work for free. So it doesn't actually cost you anything inorder to do it. They get money because they are paid by the banks when you successfullyget a loan. So they get a small commission of the loan that you apply for and if youget it. So most mortgage brokers 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 requireyou to pay. So, it's important to ask, "How much will this cost me?" when assessing whichmortgage broker you want to go with. Another question that you want to ask themortgage broker is simply, "How much do you earn in commission from me and from my loan?"This is less to understand exactly how much they make. If you want to understand how muchmortgage brokers make, I've done an episode on that, which you can check out at onproperty. Com. Au/172. And you can see what percentage of commissions they make and things like that. But it's moreto understand whether or not they'll be willing to give you this information. A transparentmortgage broker is someone that'd be willing to give you this information and you knowthat they have your best interest at heart. If they skirt around this issue and they don'ttell you how much they earn. Well then that would send out red flags for me because Ican't trust them to put my best interest at heart because there are some circumstanceswhere one loan will earn them more money than a loan that could potentially be better forme but not as good for them. So, I'm just trying to establish whether or not this mortgagebroker 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 youcan trust them. So ask that question and see how they respond. Question number three is, "Do you invest yourself?"Now, I don't think a mortgage broker has to be a property investor in order for them tobe able to get you a good loan and for them to help you successfully invest in property. However, if they are interested in property, if they do invest themselves, then that isgoing to go a long way to help you because they understand what it's like to be in yourshoes. They understand what you're trying to get out of this and they've done it themselvesso they can help you miss some of the pitfalls and things like that. If they don't investthemselves, then I would want to ask them, "Have you worked with many people that investin property?" Because as mortgage brokers, some of them just work with people who arebuying their own home. Some of them work with people who are doing particular investmentstrategies. So, some might work with people who invest in positive cash flow propertyor who invest in rural areas, who invest using developments. So I would want to find a mortgagebroker who either had that experience themselves or who had clients that they had got similardeals for 'cause that way I know that they can negotiate on my behalf and they can getthis deal across the line. The next question will be, "What details doyou need from me?" It's one thing to call up a mortgage broker and just to get an estimateof 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 mightneed pay slips; you might need proof of identity, all of that sort of stuff. If you ask themupfront, "What details do you need from me?" And when you go to your meeting with themyou actually provide them with those details, well that just makes things so much easier. Remember, a mortgage broker is only paid once the deal goes through and once you actuallyget financing. So the easier you make it for them, the more likely you are going to getbetter service. Which leads me to my next question is, "Howcan I make your life easier?" Or "What can I do as a client to make this go as smoothlyas possible?" You have the goal of getting financed for your property, the mortgage brokerhas 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 Imake things easy for you?" They're the experts; they know what they're doing. They can tellyou exactly what they need and then you can work hard to provide that for them so thatthey 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 thatwhen there's difficult customers that you don't want to deal with, it just makes lifeso much harder and you don't want to work hard for those people. And when there's customerswho are really nice to you and who try really hard to help you provide them with the serviceyou provide, you will bend over backwards to do anything you can for those customersto get them across the line, to help them as much as possible. So, be one of those customersthat the mortgage broker wants to bend over backwards to help you because you have theirinterest at heart as well. You want to see them get paid. You want to see them do aneasy mortgage so they get paid easily. And so you can develop a relationship into thefuture. So ask them, "How can I make your life easier?" Next question is, "Which lenders can I borrowthe most from?" Most people go into a mortgage broker looking for the cheapest interest ratepossible. What is the cheapest interest rate I can get? And the fact of the matter is amortgage broker is likely to show you the banks that will lend you the amount of moneyyou need and will also have the cheapest interest rate as well. However, they might not showyou banks that will lend you more money than you potentially need at the moment. Now, it'simportant to ask, "Which lenders can I borrow the most from?" because this will help youto project into the future. Maybe you don't need to know that for this loan right nowbut maybe, in the future, you might need to borrow money again and you know, or roughlymy 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 upyour deposit and invest in two investment properties instead of just one. And so askingthem, "Which lenders can I borrow the most from?" is a great question to ask to reallyunderstand your position. Because, yes, interest rate is important but how much you can borrowis also important as well. Another question to ask your mortgage brokeris, "Can I see a full list of my borrowing options?" Most mortgage brokers will provideyou with, usually, like a top three or sometimes only a top one. "This is the one that I recommendfor you. " 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 wantto see that they're giving you the full amount of information. And most mortgage brokersare good people but there are some dodgy mortgage brokers out there who are just trying to getthe deal that gives them the biggest commission. And so by asking to see a full list of whatyour borrowing options, you can then look at that and you can then assess, "Okay, wellwhich loan do I think is going to be best for me?" rather than just taking the recommendationof the mortgage broker who may or may not be thinking about themselves. So, again, mostmortgage brokers are great people out there to help you but it's always a good idea toget a full list of your borrowing options that are available. Next question to ask is, "Will this put amark against my credit file?" And so this is when you're trying to work out how muchyou're going to borrow and stuff like that. When you go into a bank and you try and findout how much you can borrow, often, the bank will do a credit check and this puts a markagainst your credit file. And what happens is if you have a lot of these marks againstyour credit file, even though it's nothing bad, this can actually stop you getting aloan. 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 againstmy credit file?" 'Cause it's not bad to have a couple or whatever. But if you're gettinglots and lots of marks against your credit file, then that could be an issue. So justmake sure and you know when a mark's being put against your credit file and when a markisn't being put against your credit file. Second last question to ask is, "How sooncan I revalue or borrow again?" So if you're investing in a property to renovate it orto develop it or even if you're investing in a property that's potentially under marketvalue, you want to know how quickly can you revalue that property so you can get equityand then hopefully draw equity out of the property to go ahead and invest again. Thereare 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. Andbasically, this will give you an idea of how quickly you can revalue to consider goingagain. You're also going to want to ask them, "After I invest in this property, how sooncan I borrow again or what do I need to do to put myself in a position to be able toborrow again and to purchase the next property?" Because hopefully, your goal isn't just topurchase one property but to grow your property portfolio and to achieve that financial freedomand that financial security that you're striving for. And last question is, "Will my loans be cross-collateralised?"Now, I have heard a lot of stories about investors whose loans have been cross-collateralisedand it's cause major problems when they've gone and sold their property because the bankshave been able to take that money and pay off debt. And basically, you want to avoidthis at all costs from what I hear. And so, it's good to ask your mortgage broker, "Willmy loans be cross-collateralised in any way?" Generally going with the same lender for twoloans does it by default, even though it doesn't say they're cross-collateralised. So, it'sjust something that you want to look at the fine print, you want to understand, "Are thesecross-collateralised?" And if they are, try and avoid it, try and get loans that aren'tgoing to be cross-collateralised. So there you have some questions to ask yourmortgage broker next time you go and see a broker to find out how much you can borrowor get pre-approval or get financed for another property. So I hope that has been helpful to you. Ifyou are in the market, looking at properties and you want to see some high rental yieldproperties, 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 positivecash flow. So I got a short list for you, absolutely free. Go to onproperty. Com. Au/freeto get access to that. So until next time, guys, stay positive.

How To Pick A Mortgage Lender When Buying A House

Refinance Loan

What questions should I ask a mortgage broker?If you're dealing with a mortgage broker there's some questions that you should ask both onyour first meeting with the mortgage broker and throughout working with your mortgagebroker to make sure that you're getting the best service possible.

I'm going to go through10 different questions that you can ask your broker to make sure you're getting the loanthat you need and the service that you want.

The first question that I think everyone shouldask a mortgage broker is a pretty straightforward one.

And that's, "How much will it cost me?"Most mortgage brokers actually work for free.

So it doesn't actually cost you anything inorder to do it.

They get money because they are paid by the banks when you successfullyget a loan.

So they get a small commission of the loan that you apply for and if youget it.

So most mortgage brokers 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 requireyou to pay.

So, it's important to ask, "How much will this cost me?" when assessing whichmortgage broker you want to go with.

Another question that you want to ask themortgage broker is simply, "How much do you earn in commission from me and from my loan?"This is less to understand exactly how much they make.

If you want to understand how muchmortgage brokers make, I've done an episode on that, which you can check out at onproperty.

Com.

Au/172.

And you can see what percentage of commissions they make and things like that.

But it's moreto understand whether or not they'll be willing to give you this information.

A transparentmortgage broker is someone that'd be willing to give you this information and you knowthat they have your best interest at heart.

If they skirt around this issue and they don'ttell you how much they earn.

Well then that would send out red flags for me because Ican't trust them to put my best interest at heart because there are some circumstanceswhere one loan will earn them more money than a loan that could potentially be better forme but not as good for them.

So, I'm just trying to establish whether or not this mortgagebroker 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 youcan trust them.

So ask that question and see how they respond.

Question number three is, "Do you invest yourself?"Now, I don't think a mortgage broker has to be a property investor in order for them tobe able to get you a good loan and for them to help you successfully invest in property.

However, if they are interested in property, if they do invest themselves, then that isgoing to go a long way to help you because they understand what it's like to be in yourshoes.

They understand what you're trying to get out of this and they've done it themselvesso they can help you miss some of the pitfalls and things like that.

If they don't investthemselves, then I would want to ask them, "Have you worked with many people that investin property?" Because as mortgage brokers, some of them just work with people who arebuying their own home.

Some of them work with people who are doing particular investmentstrategies.

So, some might work with people who invest in positive cash flow propertyor who invest in rural areas, who invest using developments.

So I would want to find a mortgagebroker who either had that experience themselves or who had clients that they had got similardeals for 'cause that way I know that they can negotiate on my behalf and they can getthis deal across the line.

The next question will be, "What details doyou need from me?" It's one thing to call up a mortgage broker and just to get an estimateof 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 mightneed pay slips; you might need proof of identity, all of that sort of stuff.

If you ask themupfront, "What details do you need from me?" And when you go to your meeting with themyou actually provide them with those details, well that just makes things so much easier.

Remember, a mortgage broker is only paid once the deal goes through and once you actuallyget financing.

So the easier you make it for them, the more likely you are going to getbetter service.

Which leads me to my next question is, "Howcan I make your life easier?" Or "What can I do as a client to make this go as smoothlyas possible?" You have the goal of getting financed for your property, the mortgage brokerhas 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 Imake things easy for you?" They're the experts; they know what they're doing.

They can tellyou exactly what they need and then you can work hard to provide that for them so thatthey 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 thatwhen there's difficult customers that you don't want to deal with, it just makes lifeso much harder and you don't want to work hard for those people.

And when there's customerswho are really nice to you and who try really hard to help you provide them with the serviceyou provide, you will bend over backwards to do anything you can for those customersto get them across the line, to help them as much as possible.

So, be one of those customersthat the mortgage broker wants to bend over backwards to help you because you have theirinterest at heart as well.

You want to see them get paid.

You want to see them do aneasy mortgage so they get paid easily.

And so you can develop a relationship into thefuture.

So ask them, "How can I make your life easier?" Next question is, "Which lenders can I borrowthe most from?" Most people go into a mortgage broker looking for the cheapest interest ratepossible.

What is the cheapest interest rate I can get? And the fact of the matter is amortgage broker is likely to show you the banks that will lend you the amount of moneyyou need and will also have the cheapest interest rate as well.

However, they might not showyou banks that will lend you more money than you potentially need at the moment.

Now, it'simportant to ask, "Which lenders can I borrow the most from?" because this will help youto project into the future.

Maybe you don't need to know that for this loan right nowbut maybe, in the future, you might need to borrow money again and you know, or roughlymy 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 upyour deposit and invest in two investment properties instead of just one.

And so askingthem, "Which lenders can I borrow the most from?" is a great question to ask to reallyunderstand your position.

Because, yes, interest rate is important but how much you can borrowis also important as well.

Another question to ask your mortgage brokeris, "Can I see a full list of my borrowing options?" Most mortgage brokers will provideyou with, usually, like a top three or sometimes only a top one.

"This is the one that I recommendfor you.

" 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 wantto see that they're giving you the full amount of information.

And most mortgage brokersare good people but there are some dodgy mortgage brokers out there who are just trying to getthe deal that gives them the biggest commission.

And so by asking to see a full list of whatyour borrowing options, you can then look at that and you can then assess, "Okay, wellwhich loan do I think is going to be best for me?" rather than just taking the recommendationof the mortgage broker who may or may not be thinking about themselves.

So, again, mostmortgage brokers are great people out there to help you but it's always a good idea toget a full list of your borrowing options that are available.

Next question to ask is, "Will this put amark against my credit file?" And so this is when you're trying to work out how muchyou're going to borrow and stuff like that.

When you go into a bank and you try and findout how much you can borrow, often, the bank will do a credit check and this puts a markagainst your credit file.

And what happens is if you have a lot of these marks againstyour credit file, even though it's nothing bad, this can actually stop you getting aloan.

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 againstmy credit file?" 'Cause it's not bad to have a couple or whatever.

But if you're gettinglots and lots of marks against your credit file, then that could be an issue.

So justmake sure and you know when a mark's being put against your credit file and when a markisn't being put against your credit file.

Second last question to ask is, "How sooncan I revalue or borrow again?" So if you're investing in a property to renovate it orto develop it or even if you're investing in a property that's potentially under marketvalue, you want to know how quickly can you revalue that property so you can get equityand then hopefully draw equity out of the property to go ahead and invest again.

Thereare 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.

Andbasically, this will give you an idea of how quickly you can revalue to consider goingagain.

You're also going to want to ask them, "After I invest in this property, how sooncan I borrow again or what do I need to do to put myself in a position to be able toborrow again and to purchase the next property?" Because hopefully, your goal isn't just topurchase one property but to grow your property portfolio and to achieve that financial freedomand that financial security that you're striving for.

And last question is, "Will my loans be cross-collateralised?"Now, I have heard a lot of stories about investors whose loans have been cross-collateralisedand it's cause major problems when they've gone and sold their property because the bankshave been able to take that money and pay off debt.

And basically, you want to avoidthis at all costs from what I hear.

And so, it's good to ask your mortgage broker, "Willmy loans be cross-collateralised in any way?" Generally going with the same lender for twoloans does it by default, even though it doesn't say they're cross-collateralised.

So, it'sjust something that you want to look at the fine print, you want to understand, "Are thesecross-collateralised?" And if they are, try and avoid it, try and get loans that aren'tgoing to be cross-collateralised.

So there you have some questions to ask yourmortgage broker next time you go and see a broker to find out how much you can borrowor get pre-approval or get financed for another property.

So I hope that has been helpful to you.

Ifyou are in the market, looking at properties and you want to see some high rental yieldproperties, 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 positivecash flow.

So I got a short list for you, absolutely free.

Go to onproperty.

Com.

Au/freeto get access to that.

So until next time, guys, stay positive.