What questions should I ask a mortgage lender in Schenectady ? 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 Schenectady. Be aware that your USDA Loan or Mortgage broker will be getting the loan that you need and the service that you want.
How Much Will a Mortgage Broker Cost?
Most mortgage lenders in Schenectady 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.
Top Mistake People Make When Applying for a Mortgage | Home Loan Application Mistakes
So most mortgage brokers in Schenectady will work for free and it won’t cost you anything.
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.
Lender's Mortgage Insurance Explained
If they skirt around this issue and they don’t tell you how much they earn.
So, I’m just trying to establish whether or not this mortgage broker in Schenectady is someone that I can trust.
So ask that question and see how they respond.
Do Mortgage Lenders Invest Themselves?
However, if they are interested in property in Schenectady, 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.
Mortgage Lenders - How to Choose the Right One For You
In 2015 there are several types of different mortgage loans that are available. How do you wade through them to find out which one will be the best option for you? One way is to learn about the pros and cons for each type and then narrow the field from there. To that end, we will discuss a few of them and their pros and cons.Fixed Mortgages vs. Adjustable Rate MortgagesWhen you are looking at taking out a mortgage then you first need to decide whether you want one that has a fixed rate or one that has a rate that is adjustable. Every single type of mortgage will be either one or the other. Incidentally, you might also have a mortgage that combines the two. Here is a quick breakdown of the differences. Fixed Rate loans will have an interest rate that will remain the same for the duration of the loan. Due to this, your monthly payment will remain the same until the loan is completely repaid. Adjustable Rate loans have a rate of interest that can and will fluctuate. In many cases you will have a fixed rate of interest for the first year and then will change on a yearly basis. Loans that have this first 'fixed' period are the hybrid loans. Loans of both types do have their pros and cons just as all things do. A pro for adjustable rate loans is that the interest rate that they begin with is often lower than that of a fixed rate loan. However, the interest rates in the future will vary and this can turn into a con quickly. The monthly payments on an adjustable rate mortgage can and often do rise exponentially the longer they are carried. Alternatively, a pro for the fixed rate loan is that your monthly payment amount will never change. However, due to that the rate of interest is generally higher.Jumbo Loans or Conforming LoansAside from the basic types of loans there is another thing that must be considered. That is the actual size of the loan that you need. The amount of money that you are requesting will put your loan into one of two categories: jumbo loans or conforming loans. What is the difference? Jumbo Loans will be for an amount of money that exceeds the limits for conforming loans that are set forth by the Freddie Mac and Fannie Mae organizations. The lender of these types of loans will have a higher amount of risk than that which is experienced with a conforming loan. However, borrowers for this type of loan must have a credit history that is impeccable and must also come up with a substantial down payment as compared to what is necessary for a conforming loan. Additionally, interest rates for jumbo loans are typically higher when compared to the rates associated with a conforming loan. Conforming Loans are those that meet the parameters set forth by the Freddie Mac and Fannie Mae organizations. Typically these guidelines have to do with the size of the loan. Both Freddie Mac and Fannie Mae are entities that are controlled by the government. They both sell and purchase securities that are backed mortgages. In plain English, they buy the loans from various lenders where they are generated and then they sell those loans to various Wall Street investors. Conforming loans will be those that fall within their regulated size limits as well as those conforming to their other criteria. Now that you have this information, making the decision as to which type you need should be a little easier.
What details do Lenders need from me?
You might need pay slips; you might need proof of identity, all of that sort of stuff.
Alternative Commercial Mortgage Lenders - Hedge Funds & Private Equity
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 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.
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.
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.
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.
But if you’re getting lots and lots of marks against your credit file, then that could be an issue.
How soon can I revalue or borrow 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.
Will My Loans be ‘cross-collateralised’?
And basically, you want to avoid this at all costs from what I hear.
Did You Know – You Can Get Pre-Approved for a USDA Loan in Schenectady?
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.
USDA Sub-Prime Loans - Are They For Real?
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.
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.
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.
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.