Mortgage Lender in Binghamton (888) 464-8732

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

Choosing a Mortgage Lender That's Right for You

So most mortgage brokers in Binghamton 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.

How Mortgages Work in the Primary and Secondary Market

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.

Mortgage Qualification

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

Rural Development Loan

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

Refinance Loan

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.

Mortgage Lenders - How to Choose the Right One 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.

Congratulations, on your decision to start the process of finding home lender. Now that you have made this life changing decision how do you differentiate between a good mortgage lender and a bad mortgage lender? To answer that question, first you will need to know what the qualities are in a good mortgage provider. Below is a list of things that you might find in a good accredited home lender:

a) They will provide information on the widest choice of options and terms available for your specific needs.

b) Your mortgage lender will serve as a personal guide in the mortgage marketplace.

c) They will counsel the homebuyer on the available financial alternatives.

d) A great lender will become creative to finding you solutions upon the unavailability of a traditional bank mortgage.

e) They will deal on your behalf with all other potential lenders.

f) A good home lender will then arrange for a mortgage loan that is best suited for your needs.

g) They will also arrange for the best rates for the home mortgage loan that you have chosen.

With that information, it is easier to search for a good sincere and honest mortgage lender. But, not stopping at that list of qualifications there're some extra things that will add to the list of benefits. Another advantage is that with certain types of loans a mortgage company may act as a mortgage lender, on others, it may simply play the role of a broker. A Mortgage lender may also operate from different locations, at certain times, they prove to be more beneficial than your local lender. Since the Internet has become everyone's favorite informational portal, lenders no longer operate within their own territories; instead, a nationwide service is what they look forward to. Providing future customers with more options, as that particular lender is well resourced.

Not stopping, there a good home lender does more than just going for the best loan rates available for their future homebuyer. For instance, if you were self-employed, you might not qualify for a traditional bank mortgage, for whatever the reason might be. Sometimes it might not be a fault of your own, but the financing bank is just unwilling to finance the home loan, because they think it will be a risk to their institution. This is where the home lender will step in, and act as liaison, or as a consultant if a cash-back, or a second mortgage is the requirement.

Here's a little bit of information on the different types of mortgage lenders, and providers:

I. Hard moneylender: They are known for short-term mortgages and in most cases offers worse rates than a traditional banking organization.

II. Traditional Mortgage Providers: Banking organizations and licensed mortgage dealers, operating both online and offline.

As stated earlier in the article a mortgage provider also works as a broker at times, it's important for the future homebuyer to know what will be covered within the brokerage service.

Apart from chalking effective marketing plans to attract future homebuyers, a mortgage provider also does the assessment of the borrowers circumstances including assessment of credit history, verifies affordability through documentation or alternative processes, and assesses the market to find a suitable mortgage loan fitting the future homebuyers requirements. Which will also help if the mortgage provider has to act as a liaison on your behalf.

Finally, an accredited home lender must take into consideration the affiliation from the top wholesale institutions, namely, Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage (Freddie Mac). Mortgage loans given out by an accredited home lender must comply with their jointly derived standard application form guidelines. This enables a home lender to become an eligible seller for the wholesale institutions and offer a larger scale of services to their future homebuyers, or investors. Packaging mortgage portfolios in the conformity that occurs with the secondary market does this. The agreement maintains the ability for the mortgage lender to sell mortgage loans for cash, so that if there's a drop in the interest rates and the portfolio features a higher average interest rate, it can be sold through a banker for a larger profit.

Now the next big question: When should you start looking for a mortgage lender?

To simply put it, when you feel that you're ready to take the steps to mortgage a property, and pursue ahead to get a mortgage loan that will make your life dreams a reality. To be honest no one can determine that for you, only you will know when you are financially, emotionally, mentally, and everything else that comes along with the "ally's" when you will be ready.

Good Luck on find the right accredited home lender. I hope that they will be able to assist you in purchasing the home of your dreams!

If you found this article beneficial to you, please share it at your favorite social bookmark site or email this article to a friend.

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.

Mortgage Loan Interest Rates

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.

What Can You Do As a Mortgage Lender If a Borrower Dies Before Paying

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.

No Down Payment Mortgage

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.

Home Loan Mortgage Calculator

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.

Private Mortgage Insurance

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.

Top Mortgage Lenders

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.

Best Mortgage Interest Rates

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.

Current Home Mortgage Rates

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 Down Payment

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.

Loan Lenders

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 Binghamton?

Refi

Hi everyone, This is you Tampa BayRealtor Lance Mohr.

In this video I want to talk about hiring a really good loanofficer in the importance of doing that I want to give you a real-life scenariothat happened to one of my buyers this week to really drive home the point onhow important it is to hire and make sure you get a really good loan officeran honest company all right so I had a buyer call me upand what happened I just got back from vacation and I found out that there wasa problem with the loan the lender that he hired actually screwed up and it wasbeing delayed three days and he wasn't they were not using the builders lenderso what happened is the Builder was charging them $300 per day for every daythey did not close and so he was getting hit with a $900 bill the good thing isthey had a really good loan officer a really good company and they basicallystepped up to the plate and paid that and you might be thinking to yourselfwell yeah of course they should and you're absolutely right they should butI've been on the end where I've seen these lending companies not they're justlike hey we're sorry this stuff happens it's not our faultwe'll get the loan done as quick as we can and there's situations especially inthis market right here that we're in in a seller's market where if you don'tclose on time and there's a backup offer that's better than yours on a pre-ownedhome they might just cancel the contract and they let it expire and take theother offer or if you're working with a builder or if it's on a relocationcompany there's a per diem every day if you don't close and it could wind upinto hundreds if not thousands of dollars so you need to make sure thelending company that you hire is good is reputable is honest and someone who'sgoing to do the right thing always ask for references the best place to startis your real estate agent if they've been in the business a while they shouldhave a really good relationship with a really good loan officer and mortgagecompany I hope this helps please give me a thumbs up if you like these videos andif you have any questions at all don't forget to leave them in the commentsbelow have a wonderful day you.

Lender's Mortgage Insurance Explained

Arm Mortgage

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.

Usda Land Loans

USDA Loan in New York (888) 464-8732