USDA Loan in Watervliet (888) 464-8732

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

Mortgage Lenders - How to Choose the Right One For You

So most mortgage brokers in Watervliet 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 To Choose A Mortgage Lender When Buying a Home

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.

Interest Only Loan

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

Mortgage Payment

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

Rural Home Loans

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.

Lender's Mortgage Insurance Explained

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.

Hi everybody, your real estate expert, LanceMohr. And in this series, I'm talking about how to buy a house. Today, I'm going to talkabout how to pick a mortgage lender. If you don't need financing, don't worry aboutwatching this video unless you just want more information. Alright, so how to pick a lender. First off, if you've already chosen a real estate agent, this is a good place to start. You could also ask some friends and family members, co-workers, get an idea who theywould choose. Now personally, I was in the mortgage banking industry for several yearsand I was a co-owner of a mortgage company. There's three types of lenders out there;number one is your big bank, your Bank of America, Wells Fargo and then you have yourmortgage bankers and then you have your mortgage brokers. Now I'm not a real big fan of thebig banks or credit unions for that matter. I think there's a lot of credit unions thatare really good, don't get me wrong and I'm not saying that there is anything wrong withbig banks. I'm not a fan of them and the reason is – the reason why I don't like big banksis because if you go into a bank like Bank of America or say a Wells Fargo, you are onlyusing their money. So if you go in and you have a very unusual circumstance and maybeyou don't qualify for their loan, they're not going to tell you "you don't qualify forour loan, go somewhere else". They're just going to say, "You don't qualify for a loan. Sorry. " Now you may go to a mortgage banker or a broker and qualify for theirs. So that's the problem, they are very, very limited because they only lend their money. If you are round, you're not going to be able to fit in their square hole. So it's not areally good way. Now if you do use a bank, if you say Bank of America which I'm not afan at all, I haven't had them close a transaction on time in years, if they even close it atall. So I got to say that, the only bank I can say that about. But let's say you go toa Wells Fargo or you go to a Bank of America, always try to use a local loan office or don'tuse someone out of state, because you've heard of the term, "out-of-state, out of mind","out of area, out of mind". That's really how it is. You want someone local that knowsthe local ways in Florida, and more specifically I'm in Florida, I'm in Tampa, so the cityyou live in. So that would be my first personal recommendation and I know a lot of lendersout there might be getting mad if they're watching this right now, especially if theywork for Bank of America. But that's my opinion, I've worked with a lot of credit unions whenI was in the lending business and certainly not all of them. Credit unions, the good thingis they really care about their customer. The problem is they don't really do a lotof training to their loan officers unfortunately. And you know, a lot of times when you're goinginto and getting a loan with a bank or credit union, a lot of times the loan officer ison a salary plus bonuses, and you want someone who, if they don't get you a loan, they don'tget paid any money. That's the best way you are going to get a loan. So I am a big fanof bankers. Now really the difference between a bankerand a broker, is a banker lends their own money and will underwrite the file, usuallyin-house. They are also called correspondent lenders. Now I've worked for bankers before,and if bankers just don't have a competitive program – let's say you go in and maybeyou are a veteran and they're not real competitive on VA loans, let's just say. They will usuallyhave brokers that they work with as well as and they could do different things. So theyare usually good. Brokers, I've worked for brokers when I wasn't lending as well andit's the same thing, but the difference is brokers have access to dozens and dozens oflenders. Don't get fooled by that. Most brokers only have about 5 to 7 lenders they work withat any given time; they might have a lender for their conventional financing, they havea lender for their government financing, they have a lender for their jumbo finances. So don't get caught up into all that. But the difference between bankers and brokers,if they don't find a way to say yes, they don't get paid. And a lot of time what peoplewill do, is they will go out and they will be picking say maybe three companies, andthey will call up for a rate quote. But you really, when you are calling up for a ratequote, you need to ask very specific questions and you need to do it all on the same day. Because you could call one institution on Tuesday and rates could have changed up ordown on Wednesday. And then you need to call the same day, you need to give the same parametersfor each one of them, "So I'm calling, I want to get a loan amount of $200,000 and what'syour rate lock?" Now I'm not a big advocate of going around and doing rate shopping becauseat the end of the day, lenders all get their money from the same place at the same price. If you call 10 lenders, probably nine of them are going to give you the same quote for themost part. Now banks will generally be a little bit more in the interest rate, but less inthe fees because everything is in-house, where a broker, they get their pricing at wholesale. So there you could usually be more competitive on the interest rates, but they are a littlehigher on closing costs because they have to sort of outsource it and get it underwrittenover here in the process and all that stuff. So get the information and call them all up,talk to them, ask them again the question, why should I work with you, what makes youdifferent, what makes your company different. Whatever you do, whatever they tell you, onceyou lock in the rate, get a rate lock. You don't want to be on different pages and theytell you one interest rate and then all of the sudden, you show up at closing and it'sa completely different interest rate, maybe it's a quarter percent higher. Because theseller doesn't really care about your loan, all they know is you have to close. So getit in writing from the lender, I can't tell you how many people – when I used to bein lending, pretty much everybody that I worked with, I always put everything in writing. No one ever asked me but I wanted it all in writing for the documentation. So always askfor it in writing and really try to take the person who you feel is looking out for yourbest interest, because at the end of the day, you could have the best interest rate in theworld, but if you are on the wrong loan program, the interest rate is sort of irrelevant. SoI hope this helps you. Leave a comment, if you have any questions, if you have anythingto say, you work for Bank of America – please leave a comment because I think it's goingto be real nice, but it is what it is. And if you like my videos, subscribe to my channel,give me a thumbs up. I appreciate it. I wish you the best of luck in buying a home. Havea great day.

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 Principal

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.

How To Pick A Mortgage Lender When Buying A House

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.

Home Loan Mortgage Calculator

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.

Mortgage Application

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.

Refinance House

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.

Refinance House

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.

Home Equity Line

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.

Best Home Equity Loan 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.

Mortgage Loan Interest Rates

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 Watervliet?

Equity Line Of Credit

If you are in the market for a home mortgage, there are plenty of places to find one. You simply need to look on the Internet, turn on your TV, or open up a newspaper to see all kinds of Los Angeles mortgage lenders offering their services. You may even receive a cold call from a bank inquiring about your mortgage needs. There are, however, huge disparities between a decent LA mortgage lender and a great mortgage lender. Let's take a look at a few differentiators that set top lenders apart from the rest.

Are They Being Referred?

One of the best and easiest ways to find a trustworthy and reliable Los Angeles mortgage lender is to ask your friends, family, neighbors, or co-workers which lender they've had a positive experience with. Another good person to ask is a real estate agent, as he or she works in the field and therefore has a good idea of who's good and who's not.

Look At More Than Just Rates

Do not simply choose the Los Angeles mortgage lender offering the lowest interest rate. You also need to find an LA mortgage lender with excellent customer service, otherwise your loan may go unapproved, or you may pay unnecessary fees. Help yourself make the home-buying experience as seamless as possible by researching and selecting an LA mortgage lender offering both quality service and low, low rates.

Experienced LA Lender, Experienced LA Loan Originator

A lender is the bank, credit union, or mortgage company through which you receive your Los Angeles mortgage. A loan originator is the person at the institution who works with you to draw up your mortgage. It is imperative that you not only select a reputable, financially-sound lender, but also an experienced, trustworthy LA loan originator.

Be sure that your loan originator has at least five years experience in the field, fully understands the market, and offers good customer service. Be aware that you may select the best Los Angeles mortgage lender in town, but if your LA loan originator is new on the job, or a disgruntled employee, you may not receive the loan rates and terms you want.

Do They Listen to Your Needs?

Top Los Angeles loan originators know their stuff, but they also take the time to listen to your needs, goals, and limitations. They will offer sound advice on the different Los Angeles mortgage programs to choose from, offer good-faith estimates on closing costs and interest rates (and then lock them in), and provide comprehensive answers to any mortgage questions you may have. Choosing the right option from all the available Los Angeles mortgage programs may seem like a stressful, daunting task, but if you have a patient, trustworthy, and competitive LA lender and loan originator, you'll walk away satisfied.

Important Tips On Mortgage Lending

Compare Mortgage Rates

What is the best loan program for a first-timehomebuyer? How's it going everyone, Matt Leighton welcomeback to another video.

In this video we're going to go over the bestloan program for a first-time homebuyer.

I'm here with Sean Glennon.

Sean, take it away, what's the best programfor a first-time homebuyer? Well, beauty is in the eye of the beholder.

So it depends.

Now there's a lot of first-time homebuyerpopular loan programs and it really depends on what you're capabilities are in terms ofdownpayment, whether or not you have gift funds to use toward the downpayment or closingcosts, what your income limit is, that's a big one.

How many people are going to be on the loan,because a lot of these first-time homebuyer loans, what the big difference is betweenthem and other typical loan products is that there are restrictions.

They don't want to be given 100% financingproducts to people who aren't making a ton of money and things like that so income limits,sales price limits, credit score limits, all that is going to be apart of these programsbut we can dive into some of the more specific.

Let me ask you this, if you are a Veteran,and also a first-time homebuyer, is it a no-brainer that the VA loan program is the best program? Yes.

Absolutely.

Alright so obviously if you're a Veteran,first of all THANK YOU, and then go with the VA loan program, there is no competition.

So with that being said, let's just focuson conventional and FHA because with FHA 3.

5% down, compared to Conventional, you can goas low as 5%? Or can you go lower than that? There's actually a new loan program you cango lower.

When we talk loan programs, the first thingyou're going to want to do is get pre-approved to determine what you're qualifications areand what doors are opening or closing to you depending on whether you fit the bill forcertain programs.

100% financing, VA, USDA, and USDA is a ruralhousing loan so if you're looking in and around cities, it really won't be applicable to you.

And VA only if you're a Veteran; are goingto be your best 100% financing products.

Now there are certain loan programs in eachstate that usually have first-time homebuyer 100% financing needs.

In Virginia, VHDA is the one that comes tomind as the most popular.

But most people are going to fall into theumbrella as FHA or conventional loans.

FHA is going to be 3.

5% down and is very friendlyon underwriting guidelines.

Conventional is a little bit more strict,but recently they actually came out with a program that is trying to compete with FHA.

It's called Fannie Mae's Home Ready Programthat allows for a 3% downpayment instead of the typical 5% downpayment.

Yeah a lot of times you're seeing people diveto what's the lowest downpayment I can have? That has to be the best loan, maybe that'sright, maybe not because with FHA you do have the monthly insurance on the loan there'sanother program with the conventional.

And let me ask you this, are people re-financingout of these loans? For instance, I had a client a couple weeksago they went in with a VHDA loan which is Virginia-specific, so if you're not in Virginia,you may not be aware, but they went in with that and I don't know a week later or whateverthe minimum time is that you can re-finance, they said oh yeah, that's what we're goingto do.

Are you seeing this? Or is this kind of a unique situation? No, I've seen a lot of it.

What a typical game plan is for a lot of peopleis, a disclaimer that you can't always bank on re-financing because you never know whererates are headed.

But as long as rates stay solid or at leastin the range that we've seen them right now, or around where you originally purchased yourhome, it's very common for people to bite the bullet and get the VHDA or FHA loan whichcarries with it a little more in fees and mortgag insurance and things like that.

But it allows them to get in the propertywith very little out-of-pocket and then once they get a little equity in the property orsave up a little money, they try to re-finance into a conventional loan to eliminate someof that burden with the mortgage insurance and things like that.

Get themselves a much more healthy and manageablemonthly payment.

Yeah the VHDA loan program is becoming morepopular here in Virginia but sometimes with these loan programs it's really hard to getinto, you have to be making $82k - $85k, be born in a certain ZIP code, and be left handedand live on Main Street or something like that where it's like it shouldn't have tobe that hard.

Quickly go over maybe a broad overview ofwhat it takes to be eligible for a certain grant program like the VHDA.

Well some of these grant programs, most ofthem are all going to have income limits.

So that's the big one.

If you're making $250,000, there's a goodchance you're not going to qualify for the local first-time homebuyer and grant programs.

Income limits, sales price limits, heightenedcredit score minimums.

When they're giving out 100% financing, that'sa high-risk loan so they want to give it to borrowers that are well qualified.

There are a lot of niche things that go alongwith it and the grant program.

VHDA is a little more broad, but county and local grant programseven more, very niche, sometimes you're in a lottery with others.

It's a nice thing to have in your back pocketbut nothing I would recommend anyone bank on.

Good to know.

So we're going to wrap this video up withone final question.

But you know obviously this is more Virginia-centered,there's VHDA loan program, in your own state, there might be other grants available.

So maybe FHA is right for you or maybe talkto your lender and find out the grants available.

Sean my question is, if you were to imagineyour last 100 first-time homebuyers, out of those 100, what's the most popular loan programthat you're seeing for first-time homebuyers? I would say if you had asked me for any yearin the last 8 or 9 years I've been in the business, the answer would be FHA.

I would say since Fannie Mae last year rolledout there Home Ready Program with 3% down, most homebuyers do qualify for it and fallwithin the income limit.

The area median income limit, you can actuallylook it up on Fannie Mae's website.

As long as you fall under that, you qualifyfor, it does give a little more beneficial terms on the mortgage insurance terms, it'sa half percent lower on downpayment, and there's a little more flexibility with some of thethings that you can do down the line with the loan like remove the mortgage insurance.

I would say FHA, historically, Fannie MaeHome Ready Program recently.

Things are changing.

So FHA for the longest time was the best optionout there, it may still be the best option depending on your circumstance, but you mayknow the best option, but your lender will know the best option.

Be sure you're talking with local lendersout there and know all your options because a lot of things are changing in terms of guidelines,what I'll do is link and list a video up here in the corner that talks about recent changesin the market place that may affect which loan program that you being available to getinto and get a loan.

You got it out.

T-t-t-t-today Junior.

What movie is that from? Billy Madison.

Well on that note Sean, why don't you tellthe people where they can connect with you.

You can email me at sglennon@hstmortgage.

Comor call the office.

Myself or anyone else in The Glennon Groupwill be happy to answer your call and help you with any questions.

703-766-4630.

And my man Matt will hook it up down loan.

Thank you very much for watching.

Until next time, create a productive day.

Take care.

Mortgage Bank

USDA Loan in New York (888) 464-8732