Looking for the Top Mortgage Lender in New York City?
When you’re searching for your first home, you’re also searching for your first mortgage lender.
Now, it’s difficult to make specific recommendations on lenders because it’s way too tough to stay up to date on the many thousands of lenders who work in the New York State Area
However, USDALoanInfoNewYork can give you some very useful tips for how to approach your search for a lender.
When you’re looking for a mortgage lender you want start off by talking to a mortgage broker who has a good reputation in your area.
Mortgage Lender provides financing to an individual for the purchase of property, or refinances a mortgage. There are many mortgage lenders. It is a jungle out there. It is hard to choose the best mortgage lender. This article teaches how to choose a mortgage lender.
Mortgage Lender analyses your current financial situation that is the needs, assets, liabilities, and income. Taking all the necessary information, the mortgage lender determines mortgage affordability. Then, the mortgage lender creates the best deal for the match the borrower needs.
Talk to friends and family about their favorite mortgage lender. From their experience, they will be able to rate the mortgage lender. At the same time, the borrower learns the pros and cons of each mortgage lender.
After you create a list of possible choices, you must compare rates for identical mortgage loans. There may be a catch on the lowest interest rate. You should also take note of the Annual Percentage Rate (APR). With the knowledge of APR, you will see the different fees, and cost associated with the mortgage loans.
Check for certification of the mortgage lender or broker. Certified mortgage broker has vast knowledge of many mortgage, and current regulations. Dealing a certified mortgage broker, you are in safer hands.
Ask for the terms, fees, discount points, penalties, and costs involve on the mortgage deal. The life of the mortgage is broken into several mortgage terms. For example, three, four, or five year term are common. Mortgage Lenders charges fees for a specific mortgage. Each mortgage lender may charge differently. Discount points are paid upfront to bring down the mortgage. Each point equals one percent of the principal which is total amount owing. And, the costs on mortgage could be appraisal fee and more.
The internet is a good source of information about mortgage lenders. In the internet, you can surf for customer reviews, and testimonials. Also, most stable, and reputable mortgage lender have a website. In the website, you can see what they offer.
To choose a mortgage lender is a daunting task. When you are in doubt, you can always avail for the most financially stable and highly reputable mortgage lender.
You should also, at the same time, talk to a regional lender, a credit union (if you belong to one or you can join one) and a small local bank.
Each of these different types of lenders will offer different loan programs at different prices.
You should also ask friends and relatives who they’ve used for their home loans and how the experience went.
But emphasis is on the experience.
I have a great friend who once asked her sister for a lender recommendation, and the sister gave her a name and my friend had this horrific experience.
And when she went back to her sister to see what kind of experience her sister had had with this person, the sister confirmed that she, too, had a horrific experience.
“Hello! Why did you give me that lender’s name?” my friend asked, and the sister said, “Well you weren’t specific that you wanted someone good.
Sounds like a Seinfeld episode, right? And yet, this kind of stuff goes on all the time.
So here are some questions you should ask the person providing the recommendation that will help separate the wheat from the chaff:
- Did the lender repeatedly ask for the same documents?
- Is the lender organized?
A good lender should enable you to close on a home within about forty-five days – unless there’s some real serious problems with the house – so make sure to ask your friends and relatives if their lenders were able to meet that standard.
It may sound obvious, but it’s a good idea to look for a lender who specializes in making residential loans and has a reputation in your area for coming through with these loans.
Banks that aren’t generally known for their mortgage lending can be tougher to work with than some of the really big lenders.
And while you may be thinking to yourself, “I want to avoid the big banks,” you’re probably going to end up with one anyway.
Even if you go with a mortgage broker, that mortgage broker may actually work with a whole bunch of big lenders to fund your loan.
Above all, you need to find a lender that helps you understand the mortgage application process in a way that makes you feel comfortable and secure.
This is a huge decision.
You’re going to finance this property for the long run, and you want to do that with the right kind of partner.
And I just want to give a shoutout to anybody who is closing around October of 2015.
If you are, please watch the videos that I’ve made on the TILA-RESPA changes that are coming your way.
Right now they’re scheduled to go into effect October 3rd of 2015.
If you are looking to close around that, either before or after, you may have to build in some extra time to make sure that you don’t get caught up in all the craziness that’s going to go on I think when TILA-RESPA actually goes into effect.
Mortgage lenders lend the money for making profit. They do not have any issues and they just wants to make profit. You can get the money back from the borrower if he is present. You might have to give the relaxation to the borrower to some extent. In this way you will be affected to the least extent only. However what will you do if the borrower dies before paying the mortgage? You might feel helpless in such cases.However as a lender you will definitely be in dilemma that what you can do? Though, you will be quite happy to note that you have some options in such cases as well.Suppose you feel that the borrower is not going to live for long then you can ask him to sign a deal with you. In that deal you will have to mention that the person whom the property is transferred after the death of the borrower will be responsible for paying back the mortgage. This is extremely important for you. You need to realize this fact.Some times it does happen that the borrower becomes helpless as he goes into the coma due to some disease or injury. He is virtually handicapped and one cannot really ask him to pay back the mortgage. But as a lender you should have in your mind that this might happen in the future and hence you should get the deal prepared in the same way.In such cases when the borrower is physically or mentally not in a position to talk about the mortgage, on his behalf a power of attorney is given to some relative. Hence you should make sure that in the POA it is also written that that person will be responsible for paying back the mortgage.These are some of the ways. But you will realize that you need to help the borrower as well. That is why most of the lenders give some relaxation to those borrowers. If the amount is low then the lender usually discards such loans. Even if the lender finds that he can bear the loss then he usually discards the loan after the death of the borrower.However sometimes the borrower is economically sound and the problem is just that he has died. In such cases the lender definitely goes for the justice and asks the new owner of the property to sign the deal.