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 error which delayed three days of the process!
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.
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.
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!
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:
-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
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.
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.
USDA Sub-Prime Loans - Are They For Real?
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.
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