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!
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.
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
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.
How To Choose A Mortgage Lender
>>> WELCOME BACK.
WHETHER IT IS TIME TO OWN YOUR DREAM HOME, FINDING THE RIGHT HOUSE IS ONLY THE BEGINNING.
>> FIGURING OUT HOW TO PAY FOR IT IS EVEN MORE IMPORTANT.
JOINING ME NOW IS JEFF MCCARTHY AND PAT GOSA FROM FIRST BANK FINANCIAL CENTRE WITH SOME IMPORTANT QUESTIONS THAT YOU SHOULD WHEN YOU ARE LOOKING AROUND FOR A MORTGAGE LENDER.
GOOD TO SEE YOU GUYS THANKS FOR BEING HERE.
AS I MENTIONED FINDING THE HOME IS LIKE THE FIRST GOOD LIKE MOMENT.
THAT'S WHAT YOU GOT TO DO, BUT AFTER THAT, KNOWING THE RIGHT QUESTIONS TO TALK ABOUT WITH YOUR MORTGAGE LENDER OR SUCH IS IMPORTANT.
SO MANY PEOPLE SPEND YOU KNOW MONTHS LOOKING FOR THE DREAM HOME, THAT THEY ARE GOING TO RETIRE IN OR RAISE THEIR FAMILY IN, BUT A LOT OF PEOPLE DON'T TAKE THE TIME TO FIND THE RIGHT MORTGAGE LENDER FOR THEM.
IT'S ALMOST AN AFTERTHOUGHT FOR A LOT OF PEOPLE.
THAT CAN BE A BIG MISTAKE IN THE PROCESS.
>> WHEN SHOULD PEOPLE START LOOKING FOR THE RIGHT LENDERS? IS THERE A SPECIFIC TIME? >> I TELL YOU, SOONER THAN LATER BECAUSE, YOU WOULD HATE TO HAVE TIFFANY SOMEBODY FIND THEIR DREAM HOME AND FIND OUT LATER THEY DON'T QUALIFY FOR THAT MORTGAGE LOAN.
THE SOONER CAN YOU GET IN TO TALK TO A LENDER THE BETTER.
WHETHER IT IS YOUR FIRST TIME BUYING A HOME OR FOURTH TIME, OUR GUIDELINES ARE ALWAYS CHANGING, THE LOAN PROGRAMS CHANGING, SO IT'S GOOD TO GET IN AND TALK ABOUT YOUR INDIVIDUAL SITUATION WHETHER IT BE INCOME, CREDIT, DOWN PAYMENT WHAT HAVE YOU.
>> I KNEE BEING PRO APPROVED AND KNOWING WHAT YOU CAN AFFORD ARE IMPORTANT.
WHAT ARE THE VERY FIRST THINGS YOU SHOULD ASK YOUR LENDER? IF I COME IN TO MEET WITH YOU OR ONE OF YOUR SALES STAFF WHAT SHOULD I BASICALLY SAY? >> USUALLY.
PEOPLE HEAR FROM THEIR FAMILY AND FRIENDS AND SAY FIND OUT WHAT THE RATES ARE AND CLOSING COSTS ARE.
A IMPORTANT ASPECT OF COURSE.
MORE IMPORTANT IS REALLY, ASKING ABOUT THE DIFFERENT LOAN PROGRAMS THEY MAY QUALIFY FOR.
ALSO THEIR INCOME.
YOU KNOW WE HAVE TO SOURCE THAT.
IS IT JUST W2 INCOME, COMMISSION INCOME.
WE NEWS INCOME THEY ARE TRYING TO COUNT TO QUALIFY.
SAME WITH ASOCIETIES WE HAVE TO TRACK THOSE ASSETS A PAPER TRAIL WHERE ARE THEY COMING FROM.
THE SALE OF A HOME OR ASSET.
MONEY THAT IS GIFTED TO THEM.
WE HAVE TO NAVIGATE THROUGH ALL OF THAT.
THEN GIVE THEM A GREAT IDEA WHICH LOAN PROGRAM IS BEST FIT FOR THEM.
>> THERE ARE DIFFERENT LOANS THAT CAN HELP YOU THAT ARE SO IMPORTANT.
WHY DO YOU THINK IT IS IMPORTANT THAT A LENDER HAS EXPERIENCE? >> I THINK A LOT OF TIMES BECAUSE THEY ARE ASKING THOSE QUESTIONS.
THEY ARE ASKING ABOUT THE INCOME, THE ASSETS AND WHAT HAVE YOU.
THEY KNOW THE LOAN PROGRAMS, THE LOPE GUIDELINES.
YOU WANT SOMEONE THAT IS VERY EXPERIENCED IN THOSE TO ASK THE RIGHT QUESTIONS NOT SO MUCH THE CUSTOMER ASKING YOU THE QUESTIONS, BUT SO THEN YOU CAN CREATE THAT PRODUCT FOR THEM, THAT FITS THEIR NEEDS.
DO YOU SEE OFTENTIMES PEOPLE COME IN AND THEY DON'T REALLY KNOW WHAT TO ASK OR THEY DON'T KNOW WHAT THEY CAN AFFORD? >> EXACTLY.
>> I BET.
>> I REALLY SUGGEST PEOPLE TO GET IN AND GET PREQUALIFIED.
EVEN BETTER TO GET PREAPPROVED THEN IT GOES TO THE UNDERWRITER TO MAKE SURE WE HAVE ALL OF OUR DUCKS IN THE ROW.
>>> A LOT OF PEOPLE I WOULD GUESS JUST GO IT THEIR PRIMARY BANK.
THEY THINK OKAY I ALREADY HAVE AN ACCOUNT WITH THESE PEOPLE THAT WORKS.
I'M JUST GOING TO GO THERE BECAUSE I'M FAMILIAR WITH IT.
THAT'S NOT ALWAYS THE RIGHT DECISION.
CORRECT? >> IT VERY WELL COULD BE.
IT MIGHT NOT BE YOU'RE RIGHT.
DOES THAT LENDER USE GRANTS THAT ARE AVAILABLE TO FIRST TIME HOME BUYERS? DO THEY DO CONSTRUCTION LENDING.
COULD THEY DO PORTFOLIO LENDING.
DO THEY HAVE ALL OF THE COATS IN THE RACK SO TO SPEAK WITH THE DIFFERENT LOAN PROGRAMS OUT THERE AND DO THEY UNDERSTAND THEM IF THEY DON'T DO A LOT OF THEM THEY MIGHT NOT BE THE BEST CHOICE.
>> ARE THEY COMPETITIVE WITH THEIR RATES OF COURSE AND CLOSING COSTS.
>> LIKE YOU SAID THE FIRST THING PEOPLE THINK OF IS WHAT IS THAT PERCENTAGE AT.
THAT'S WHAT IS MOST IMPORTANT.
IT IS NOT ALWAYS WHAT IS THE MOST IMPORTANT PIECE OF IT ALL.
WHAT DO YOU GUYS THINK SETS YOU APART AT FIRST BANK FINANCIAL CENTER? >> FOR ME MY SALES TEAM.
WE HAVE AN EXPERIENCED GROUP THEY KNOW TO ASK THE RIGHT QUESTIONS.
THEY ALSO HAVE A PASSION FOR THE BUSINESS LIKE I DO.
THY THINK THEY WANT TO HELP THAT CUSTOMER HAVE A GREAT EXPERIENCE THROUGH THE LOAN PROCESS AND, NAVIGATE AGAIN, TO BE YOU KNOW LIKE A FUN EXPERIENCE TOO.
>> OWNING HOME IS STILL I THINK THE AMERICAN DREAM WHETHER IT IS A CONDO, A HOME, A TOWN HOME WHATEVER THAT MEANS TO YOU, OWNING I STILL THINK IS THE BIGGEST THING.
YOU HAVE A GREAT OFFER FOR PEOPLE WHO ARE WATCHING TODAY TO WORK WITH YOU GUYS.
>> WE DO FOR MORNING BLEND VIEWERS IF THEY GO TO FVFCWI.
COM/300 CLOSING THEY CAN DOWNLOAD A COUPON FOR $300 OFF CLOSING COSTS.
THEY CAN USE THAT MONEY FOR PAINT OR A RAKE, TO RAKE NEW LEAVES IN THEIR YARD.
WHATEVER THEY NEED FOR THEIR NEW HOME.
>>I LOVE IT IT'S GREAT YOU GUYS.
PEOPLE CAN COME IN AND MEET WITH ANY OF YOUR GREAT STAFF.
FIND OUT A LITTLE MORE ABOUT WHAT THEY ARE QUALIFIED FOR OR DIFFERENT TYPES OF LOANS THAT WILL HELP THEM GET THE DREAM HOME THEY HAVE ALWAYS WANTED.
>> HERE'S INFORMATION FOR FIRST FOR FOR FOR FIRST BANK FINANCIAL CENTER.
THERE IS A COUPON ON THERE AS JEFF MENTIONED FOR $300 OFF OF CLOSING COSTS.
MAKE SURE YOU DO THAT, GET THOSE $300 AND LIKE YOU SAID YOU CAN USE THAT FOR PAINT OR WHATEVER YOU WANT MAYBE TOWARDS THE NEW.
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