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What questions should I ask a mortgage lender in Oswego ? 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.

USDALoanInfoNewYork is going to go through 10 different questions that you can ask your mortgage lender in Oswego. 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 Oswego 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.

How To Pick A Mortgage Lender When Buying A House

So most mortgage brokers in Oswego 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.

First Time Home Buyer BEST MORTGAGE DEALS When Buying a House | First Time Home Buyer Loan Programs

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.

Arm Mortgage

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

No Down Payment

However, if they are interested in property in Oswego, 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.

No Down Payment

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.

Choosing a Mortgage Lender That's Right for You

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.

How's it going everyone? Matt Leighton, welcome back to another video.

In this episode, we are talking mortgages,lending.

I'm here with Rich Conlon from Atlantic CoastMortgage.

Say what's up Rich.

Hi, Rich Conlon, Atlantic Coast Mortgage.

Loan Officer.

Born and raised in Vienna, Virginia.

Love the area.

Still live in the area.

Just here to help out with my man Matt andhelp answer any questions.

Awesome, whenever someone has a mortgage questionfurther than "What is the rate?", I just tell them to talk to Rich.

I know a little bit about mortgages.

Buttoday we're talking about the top mistake people are making when they're applying fora loan.

You see all these loan commercials.

It's funny, when we get the primer, one-sheeterson the list of things NOT to do.

One of them is like, "Don't go and buy a boat".

Don't buy a new car.

I'm thinking to myself, nobody in the historyof loans has ever gone under contract and then bought a boat the day after.

I'm sure it has happened.

But it obviously is not the number one mistakepeople are making when they're trying to buy a home.

That's where Rich comes in.

Rich, you're on the spot here.

What is the number one thing people are doing,that they shouldn't be doing when they're applying for a loan with you guys? It's simple, it's before you even get to contract.

It's just waiting until the last minute toget pre-approved.

We understand circumstances sometimes that'sjust how it is.

The big thing is, after meeting your agent,talking about price ranges and goals, the next step, it can't hurt to just reach outto a lender or two or three and start identifying what you can actually qualify for.

That's the best thing.

The earlier the better.

Main reason is that it allows time to findany potential pitfalls that can come back in the underwriting process a week beforeclosing.

Last minute surprises are the worst.

Nobody wants that.

Getting pre-approved early is always better.

It allows time to figure out if there areany extra hoops to jump through.

That just gives you better piece of mind.

When you're out with your agent.

Definitively what you can and can't qualifyfor.

In addition, we always like to provide youwith estimates on homes that you're going to go see so when you're looking at them,the wheels are turning.

What are my payments going to be like? There's a ton of benefits to getting preapprovedearly, rather than waiting for the last minute.

And it is beneficial from the very beginningall the way to settlement.

It will make your transaction much more transparent,seamless, and less stressful.

It takes a village.

And it just helps when everything is linedup.

Yeah certainly execution is the number onething.

You can look online at how to apply for amortgage, what pitfalls to avoid, how to do this, how to do that.

At the end of the day, actually going out,going on your lender's website and getting preapproved.

You know when I'm working with buyers, I alwaysask two very important questions.

Number one: are you already working with areal estate agent.

Very important.

I've not asked that in the past and it's comeback to bite me, believe it or not.

Well, it's very easy to believe actually.

And number two, are you pre-approved witha local lender? If you are looking for homes and you are notpre-qualified, you are not a serious buyer.

You are wasting your time.

You might say "well, I'll just get a letteronce I write a contract, it's fine".

Well, my buyers already have that letter andthey will beat you to the punch and get their offer in before you.

Nobody likes to get bad news.

You don't want to waste your time fallingin love with something that you ultimately don't qualify for.

We find that our clients 99% of the time arepre-approved early just makes your guy's time much more efficient and you know what youcan qualify for.

All of your processes are so streamlined justto a T that if you do them, you will get qualified, you will have your letter.

The reason you screw up is you go off astray,you don't return calls, you don't return emails.

We're a referral-based company so communicationis key.

Delivery, setting expectations and obviosulymeeting those expectations.

Pre-approvals we can do in as little as 24-hoursand especially in this market.

Spring time, summer time, that's what it takes.

Speed kills.

That's how we like to operate.

And communicating to you and your agent sowe can all move quickly.

Awesome, there you have it from Rich Conlon,Atlantic Coast Mortgage here in Northern Virginia.

If you have any questions about the top mistakeor any mortgage and lending related questions, I'll list Rich's information in the descriptionbelow.

Thank you very much for watching.

Until next time, create a productive day.

Take care.

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.

Usda Loan Eligibility

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.

Choosing a Mortgage Lender That's Right for You

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 Application

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.

Refinance Loan

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.

Home Equity Line

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.

First Home Mortgage

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.

Mortgage Loan Officer

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.

Arm Mortgage

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.

Mortgage Loan Officer

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.

Subprime Mortgage

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 Oswego?

Arm Mortgage

When a person is in bad credit, it depicts to the world that he is not worthy of credit. If he tries to take a personal loan, banks and financial institutions will shut their doors on him. Only sub prime bad credit lenders will give him money but they will charge exorbitant rates of interest. However, he can avoid all these problems if he goes in for a mortgage loan. In this type of loan, the borrower has to give same asset as a security for the loan. If he defaults on the loan, the lender can sell the asset and use that money to realize the loan.

Mortgage lenders charge very reasonable rates of interest as their own risk is very less. Bad mortgage lenders may charge a small premium fee as compared the ordinary mortgage lenders as it is considered a huge risk to lend money to a person in bad credit. Forbes and various other agencies conduct surveys and compile a top ten list of bad mortgage lenders. Based on these data, let us analyze the names that are on the list.

Citigroup: The largest financial services company not only in America but in the entire world-this honor goes to Citigroup, whose assets exceed $1trillion. It has more than 200 million customers in more than 100 countries. It is largest issuer of credit cards in the entire world. It survived the great Depression, innovated itself in the mid-20th century and feel into a series of scandals in the early 2000s. Still, it holds its ground because of its unparalleled service and total solutions. Its major competitors are J. P. Morgan chase & co., Bank of America Corporation and Merrill Lynch & co. Citigroup has a still longer way to go. It has set its aspiration for a 75% increase in dividends. Only time will tell if this dream is to become a reality.

Citigroup tops the Forbes list as the best mortgage company for bad credit. One main reason for this is the unparalleled customer service that this company provides. This corporate giant has a large network of support to ease the application and use of mortgage loans for its borrowers. It has a great reputation that it preserves untarnished. It operates in moose than 54 countries apart from America. In 2006 alone, it had revenue of $108 billion and current assets of $1.3 trillion.

Bank of America: Next in line appears the Bank of America. It ranks second in the Forbes list. This is America's leading bank. It is a leader in offering mortgage services and small loans to its customers. It is not only the third largest American bank but is also a guru in credit card dealing. The best part in availing a mortgage here is

i) There is no application fee and closing fees here

ii) There is no need for private mortgage insurance

iii) it has close on-time guarantee and the best value guarantee

iv) Bank of America have 24/7 support to check application status and get real time status updates.

Wells Fargo Bank: Wells Fargo is the major American mortgage company. It has more than thousand branches spread across the world. Out of its' revenue of $33 million in 2005, mortgage lending contributed a major portion. As per the market cap, this bank is the 9th largest in the world and it is the 5th largest bank in America as per its assets. It has more than 23 million customers and nearly 160, 000 employees.

Wachovia: Wachovia is the fourth largest mortgage bank in America. They have a 25% discount offer on the origination fee if you use their online service. Wachovia assists mortgage-takers in every step from buying a new house to moving in. In fact, they have a 'Move Easy with Wachovia' program wherein you can avail their moving service at no additional cost plus you can even win a cash reward if you use their network real estate agent to purchase your house.

Golden West Financial Corporation: The third largest savings and loan corporation in America is the Golden West Financial Corporation. It has nearly 450 locations. This is one of the best and largest bad mortgage lenders in America. It focuses mostly on the individual home buyers. One small disadvantage of this company is its traditional nature. It is not quick in taking up and offering the zillions of other little products and services that other companies offer. But, still it has held its ground even in difficult economic environment.

BB & T: BB & T provides total financial solutions for everyone-right from student loan and home loans to loans for raising capital and financing businesses. They offer credit cards, insurance, merchant services and all. It is the nation's 14th largest financial-holding company and has locations in over 11 states at 1500 places including the Washington D. C. It has nearly 29000 employees to provide a total comprehensive service solution.

Popular: Puerto Rico's largest bank is Banco Popular and this is a subsidiary of Popular Inc., a bank holding company. It is the largest vehicle-leasing and daily-rental company of Puerto Rico and issues mortgages and other loans. It has seen a rapid growth in US in last few years and now stands as one of the leading provider's of bad mortgage loans.

After this appear M & T, Marshall and ILSLEY, Amsouth Bancorp and Synovus Financial. They find a prominent place in most of the lists of bad mortgage lenders. This list is neither accurate for all times nor is it comprehensive.

So, always shop around and get quotations from various lenders before choosing the lender who is best suited for your financial situation. Remember the business maxim 'caveat emptor' - 'let the buyer be aware' applies to mortgage loans too.

Top Ten List of Bad Mortgage Lenders

Mortgage Qualification

Finding your dream home is usually the simplest part of the house buying process! Once you see somewhere you want to put in an offer for, you’ll want to move fast. It helps, therefore, to have your mortgage sorted before you find somewhere you want to buy. You can choose a lender and mortgage, apply for the loan and get your mortgage ‘approved on principle’ before you even start looking for a house. This means that you know what your budget will be and can be fairly certain that your mortgage will be accepted. The lender will still want to see the valuation survey, however, and there may be other checks that have to be completed before the deal is closed. While most people used to take out their mortgage with a building society or bank, these days there are a number of other options to consider. Smaller, specialist mortgage providers can offer good deals and are sometimes more flexible about terms. Banks and Building Societies Since the market has become much more competitive, the larger finance houses have adapted their practice to become much more flexible with their mortgage deals. You will have the advantage of knowing that a reputable lender provides your mortgage, and local branches can make your day-to-day banking more convenient. Insurance Companies Some companies now offer their own range of mortgage products, which can give good terms, along with insurance products and investments. Legal and General are a well-known example. Check that you are not committed to taking out insurance policies with the lender along with your mortgage. Specialist and Centralised Lenders Generally this type of lender operates from one location – you won’t be able to visit a local branch, but they may offer lower rates as a result of having fewer overheads to cover. Virgin Direct and Mortgage Trust are two lenders who can offer particularly flexible mortgages. Telephone and internet banking make this kind of borrowing more convenient. Local authorities Council house residents may wish to apply to their local authority for a mortgage. There are also some mortgages available from some authorities for people who wish to renovate derelict houses – contact your local council for more information. It’s good practise for a lender to subscribe to the Mortgage Code – this is a voluntary scheme that means the lender has promised to uphold commitments to good service.

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