What questions should I ask a mortgage lender in Batavia ? 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 Batavia. 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 Batavia 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 Batavia 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.
Choosing a Mortgage Lender That's Right for You
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 Batavia 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 Batavia, 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.
Top Ten List of Bad Mortgage Lenders
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.
What details do Lenders need from me?
You might need pay slips; you might need proof of identity, all of that sort of stuff.
What Can You Do As a Mortgage Lender If a Borrower Dies Before Paying
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 Batavia?
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. Loan Officer. 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. Very important. 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. Speed kills. 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. Take care.
5 Things to Look For in a Mortgage Quote
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.