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!

A second mortgage lender provides a secured loan on your property. This is a popular method of buying a house or commercial property without having to pay the full amount in cash in advance. Second mortgage is open to persons with bad credit history even. It offers you a chance to repair your bad credit too. Lots of financial companies provide second mortgage services.

The maximum amount available on a second mortgage is the full market value of the collateral security you provide. The second mortgage lender holds the legal title of your property. This legal title is known as equity of redemption. However, equity redemption holds good only as a security for the amount of loan. It does not carry any real ownership powers.

Many companies offer a fee for providing you a second mortgage loan. The fee is usually calculated to a certain percentage of the loan amount. If you opt for a fixed rate loan, the interest rate is fixed for the life of the loan. Many mortgage companies offer variable rate mortgages called adjustable rate mortgages (ARM's.)

Mortgage lenders are big companies often involved in a number of financial businesses. They often appoint brokers to attract customers. Brokers work as mediators between the borrower and lender. The main advantage of approaching a broker is his experience in dealing with mortgages. The long experience and professionalism of the broker allow the borrower to choose the right lender and overcome the blemishes of his bad credit.

Lenders do set some special conditions on second mortgages. Depending on the conditional clauses set by lenders, you can refinance a second mortgage or may have additional cash on the second mortgage. Since second mortgages are fixed rate mortgages, they are available for a period of up to 30 years.

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.

Refi

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!

Refi

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 Qualification

When shopping for a mortgage lender, it is absolutely imperative that you obtain more than one quote. You should also ensure that every lender provides you with a Good Faith Estimate (GFE) to substantiate each offer. When reviewing these quotes, here are five important factors to think about:

1. Fixed or Adjustable

If a rate seems very low compared to other offers, make sure that you are not getting an adjustable rate when you requested a fixed mortgage. Brokers will often try to bait you with a low, adjustable rate.

2. Cash to Close

Look closely at how much cash each lender is requiring you to bring to the closing table. Sometimes a slightly higher rate is fine if it means that you need les money to close.

3. Escrow

Look carefully to see if the quoted loan requires you to escrow your taxes and insurance. If so, make sure your lender estimated the reserves that you will need to pay in order to set up the escrow account.

4. Origination Fees

Generally, the top line on a GFE will show how many origination points you are paying the lender for obtaining the loan on your behalf. It will always be to your advantage to negotiate this amount. Remember, most loan officers are paid on commission so they would rather make a little less than nothing at all.

5. Complete GFE

Make sure all fees are disclosed that you will be required to pay, i.e. origination fees, lender fees, processing fees, taxes, title insurance, transfer tax, etc. Some brokers/lenders will attempt to leave off non-fixed costs like taxes in an attempt to make their loan look more attractive.

These thoughts should prepare you quite well when seeking out a fair and affordable mortgage loan.

Top Mistake People Make When Applying for a Mortgage | Home Loan Application Mistakes

Second Mortgage

If you are looking into buying a home, a home mortgage might be the most viable option for you. It is an important investment which will affect you for a considerable portion of your life. A home mortgage is a loan which you can take out when purchasing a primary or investment residence. When you get a mortgage usually it will take 20-30 years to pay off the principal as well as the interest. You will get a bill every month, thereby paying off the loan over time.

There are two kinds of interest rates when it comes to a home mortgage: fixed and floating. If it is fixed it will remain the same throughout the years. If it is floating, however, the interest rate may be subject to change depending on a number of factors in the economy. The Federal Reserve sets the FFR (federal funds rate) which affect mortgage rates. If you are someone with good credit you have a much better chance of getting a lower interest rate on your mortgage.

There are a lot of advantages which come when you take out a mortgage to buy a home. The first and most obvious is that you will be the proud owner of a home without paying a lump sum of money. You won't have to pay the full amount of the house up front, which can be much more convenient because generally houses are a very large purchase. You can then use the other money which you are saving for other projects and investments. Mortgage loans also improve your credit score and reduce tax liability. You may also get a home equity loan to get some needed cash if you are in a bind. There are a lot of ways you can benefit from our services.

You can experience all of these advantages when you get a home mortgage with a professional. Instead of finding your own way through the financial world trying to get the right mortgage from you, you can utilize options and talk with professionals in order to find the right plan. Professional home mortgage lenders genuinely care about your financial future and they are happy to work with you and cater to your unique financial situation. As a borrower you will be given more options when it comes to your real estate purchases.

By coming to a professional firm you can also benefit from refinancing your home and you get cash back. If you have a lot of equity you can do a cash-out refinance. This can be a very useful tool, one which they offer, and will allow you to use that money when you are in a financial bind or you are doing some other important project and lack the financial means.

As mortgage lenders they will offer you all of the services and the choices of any other business in our field, but you can also count on our knowledge and expertise. Those working for these firms are truly dedicated to your financial needs. You can't go wrong selecting our mortgage lender firm, because these professionals guarantee quality service.