Mortgage Lender in Binghamton (888) 464-8732

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

How To Pick A Mortgage Lender When Buying A House

So most mortgage brokers in Binghamton 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.

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

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.

Refinance House

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

Loan Lenders

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

Subprime Mortgage

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.

Mortgage Lenders - How to Choose the Right One For You

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.

Hey, everybody.

When you're sarching for your first home, you're also searching for your first mortgage lender.

Now, I dn't 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 U.

S.

But I can give you some very useful tips for how to approach your search for a lender.

I'm Ilyce Glink.

Here's today's Real Estate Minute.

When youre looking for a mortgage lender you want start off by talking to a mortgage broker who has a good reputation in your area.

You should also, at the same time, talk to a regional lender, a credit union (if you belogn 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.

Thanks for watching this video.

If you've got a question about buying real estate, investing in real estate, or financing real estate, you can send it to me at questions@thinkglink.

Com or you can sent it to twitter @Glink.

Check out my next Real Estate Minute video on Monday for information on how to prepare for your first mortgage application.

See you next time.

I'm Ilyce Glink.

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.

Best Home Equity Loan Rates

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 Mortgages Work in the Primary and Secondary Market

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.

Equity Line Of Credit

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 Loan Rates

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.

Current Home Mortgage Rates

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.

Subprime Mortgage

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.

Refinance House

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.

Loan Rates

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.

Usda Guaranteed Loan

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.

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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 Binghamton?

Home Loan Mortgage Calculator

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.

Mortgages in 2015

No Down Payment Mortgage

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.

Subprime Mortgage Lenders

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