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

Mortgage Lenders - How to Choose the Right One For You

So most mortgage brokers in Rye 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.

Lender's Mortgage Insurance Explained

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.

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

Rural Development Loan

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

Arm 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.

Mortgages in 2015

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.

Mortgage Lenders Near Me

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.

10 Questions You Should Ask Your Mortgage Broker (Ep268)

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.

Refinancing Your Home

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.

Rural Development Loan

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.

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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.

15 Year Mortgage

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.

Best Home Equity Loans

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.

Usda Guaranteed Loan

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.

Usda Rural Housing Loan

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.

Mortgage Bank

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.

If you are in the market, looking at properties and you want to see some high rental yield properties, 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 positive cash flow.

Did You Know – You Can Get Pre-Approved for a USDA Loan in Rye?

Arm Mortgage

Hi everybody, your real estate expert, LanceMohr.

And in this series, I'm talking about how to buy a house.

Today, I'm going to talkabout how to pick a mortgage lender.

If you don't need financing, don't worry aboutwatching this video unless you just want more information.

Alright, so how to pick a lender.

First off, if you've already chosen a real estate agent, this is a good place to start.

You could also ask some friends and family members, co-workers, get an idea who theywould choose.

Now personally, I was in the mortgage banking industry for several yearsand I was a co-owner of a mortgage company.

There's three types of lenders out there;number one is your big bank, your Bank of America, Wells Fargo and then you have yourmortgage bankers and then you have your mortgage brokers.

Now I'm not a real big fan of thebig banks or credit unions for that matter.

I think there's a lot of credit unions thatare really good, don't get me wrong and I'm not saying that there is anything wrong withbig banks.

I'm not a fan of them and the reason is – the reason why I don't like big banksis because if you go into a bank like Bank of America or say a Wells Fargo, you are onlyusing their money.

So if you go in and you have a very unusual circumstance and maybeyou don't qualify for their loan, they're not going to tell you "you don't qualify forour loan, go somewhere else".

They're just going to say, "You don't qualify for a loan.

Sorry.

" Now you may go to a mortgage banker or a broker and qualify for theirs.

So that's the problem, they are very, very limited because they only lend their money.

If you are round, you're not going to be able to fit in their square hole.

So it's not areally good way.

Now if you do use a bank, if you say Bank of America which I'm not afan at all, I haven't had them close a transaction on time in years, if they even close it atall.

So I got to say that, the only bank I can say that about.

But let's say you go toa Wells Fargo or you go to a Bank of America, always try to use a local loan office or don'tuse someone out of state, because you've heard of the term, "out-of-state, out of mind","out of area, out of mind".

That's really how it is.

You want someone local that knowsthe local ways in Florida, and more specifically I'm in Florida, I'm in Tampa, so the cityyou live in.

So that would be my first personal recommendation and I know a lot of lendersout there might be getting mad if they're watching this right now, especially if theywork for Bank of America.

But that's my opinion, I've worked with a lot of credit unions whenI was in the lending business and certainly not all of them.

Credit unions, the good thingis they really care about their customer.

The problem is they don't really do a lotof training to their loan officers unfortunately.

And you know, a lot of times when you're goinginto and getting a loan with a bank or credit union, a lot of times the loan officer ison a salary plus bonuses, and you want someone who, if they don't get you a loan, they don'tget paid any money.

That's the best way you are going to get a loan.

So I am a big fanof bankers.

Now really the difference between a bankerand a broker, is a banker lends their own money and will underwrite the file, usuallyin-house.

They are also called correspondent lenders.

Now I've worked for bankers before,and if bankers just don't have a competitive program – let's say you go in and maybeyou are a veteran and they're not real competitive on VA loans, let's just say.

They will usuallyhave brokers that they work with as well as and they could do different things.

So theyare usually good.

Brokers, I've worked for brokers when I wasn't lending as well andit's the same thing, but the difference is brokers have access to dozens and dozens oflenders.

Don't get fooled by that.

Most brokers only have about 5 to 7 lenders they work withat any given time; they might have a lender for their conventional financing, they havea lender for their government financing, they have a lender for their jumbo finances.

So don't get caught up into all that.

But the difference between bankers and brokers,if they don't find a way to say yes, they don't get paid.

And a lot of time what peoplewill do, is they will go out and they will be picking say maybe three companies, andthey will call up for a rate quote.

But you really, when you are calling up for a ratequote, you need to ask very specific questions and you need to do it all on the same day.

Because you could call one institution on Tuesday and rates could have changed up ordown on Wednesday.

And then you need to call the same day, you need to give the same parametersfor each one of them, "So I'm calling, I want to get a loan amount of $200,000 and what'syour rate lock?" Now I'm not a big advocate of going around and doing rate shopping becauseat the end of the day, lenders all get their money from the same place at the same price.

If you call 10 lenders, probably nine of them are going to give you the same quote for themost part.

Now banks will generally be a little bit more in the interest rate, but less inthe fees because everything is in-house, where a broker, they get their pricing at wholesale.

So there you could usually be more competitive on the interest rates, but they are a littlehigher on closing costs because they have to sort of outsource it and get it underwrittenover here in the process and all that stuff.

So get the information and call them all up,talk to them, ask them again the question, why should I work with you, what makes youdifferent, what makes your company different.

Whatever you do, whatever they tell you, onceyou lock in the rate, get a rate lock.

You don't want to be on different pages and theytell you one interest rate and then all of the sudden, you show up at closing and it'sa completely different interest rate, maybe it's a quarter percent higher.

Because theseller doesn't really care about your loan, all they know is you have to close.

So getit in writing from the lender, I can't tell you how many people – when I used to bein lending, pretty much everybody that I worked with, I always put everything in writing.

No one ever asked me but I wanted it all in writing for the documentation.

So always askfor it in writing and really try to take the person who you feel is looking out for yourbest interest, because at the end of the day, you could have the best interest rate in theworld, but if you are on the wrong loan program, the interest rate is sort of irrelevant.

SoI hope this helps you.

Leave a comment, if you have any questions, if you have anythingto say, you work for Bank of America – please leave a comment because I think it's goingto be real nice, but it is what it is.

And if you like my videos, subscribe to my channel,give me a thumbs up.

I appreciate it.

I wish you the best of luck in buying a home.

Havea great day.

Mortgage Lenders - How to Choose the Right One For You

Mortgage Services

Congratulations, on your decision to start the process of finding home lender. Now that you have made this life changing decision how do you differentiate between a good mortgage lender and a bad mortgage lender? To answer that question, first you will need to know what the qualities are in a good mortgage provider. Below is a list of things that you might find in a good accredited home lender:

a) They will provide information on the widest choice of options and terms available for your specific needs.

b) Your mortgage lender will serve as a personal guide in the mortgage marketplace.

c) They will counsel the homebuyer on the available financial alternatives.

d) A great lender will become creative to finding you solutions upon the unavailability of a traditional bank mortgage.

e) They will deal on your behalf with all other potential lenders.

f) A good home lender will then arrange for a mortgage loan that is best suited for your needs.

g) They will also arrange for the best rates for the home mortgage loan that you have chosen.

With that information, it is easier to search for a good sincere and honest mortgage lender. But, not stopping at that list of qualifications there're some extra things that will add to the list of benefits. Another advantage is that with certain types of loans a mortgage company may act as a mortgage lender, on others, it may simply play the role of a broker. A Mortgage lender may also operate from different locations, at certain times, they prove to be more beneficial than your local lender. Since the Internet has become everyone's favorite informational portal, lenders no longer operate within their own territories; instead, a nationwide service is what they look forward to. Providing future customers with more options, as that particular lender is well resourced.

Not stopping, there a good home lender does more than just going for the best loan rates available for their future homebuyer. For instance, if you were self-employed, you might not qualify for a traditional bank mortgage, for whatever the reason might be. Sometimes it might not be a fault of your own, but the financing bank is just unwilling to finance the home loan, because they think it will be a risk to their institution. This is where the home lender will step in, and act as liaison, or as a consultant if a cash-back, or a second mortgage is the requirement.

Here's a little bit of information on the different types of mortgage lenders, and providers:

I. Hard moneylender: They are known for short-term mortgages and in most cases offers worse rates than a traditional banking organization.

II. Traditional Mortgage Providers: Banking organizations and licensed mortgage dealers, operating both online and offline.

As stated earlier in the article a mortgage provider also works as a broker at times, it's important for the future homebuyer to know what will be covered within the brokerage service.

Apart from chalking effective marketing plans to attract future homebuyers, a mortgage provider also does the assessment of the borrowers circumstances including assessment of credit history, verifies affordability through documentation or alternative processes, and assesses the market to find a suitable mortgage loan fitting the future homebuyers requirements. Which will also help if the mortgage provider has to act as a liaison on your behalf.

Finally, an accredited home lender must take into consideration the affiliation from the top wholesale institutions, namely, Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage (Freddie Mac). Mortgage loans given out by an accredited home lender must comply with their jointly derived standard application form guidelines. This enables a home lender to become an eligible seller for the wholesale institutions and offer a larger scale of services to their future homebuyers, or investors. Packaging mortgage portfolios in the conformity that occurs with the secondary market does this. The agreement maintains the ability for the mortgage lender to sell mortgage loans for cash, so that if there's a drop in the interest rates and the portfolio features a higher average interest rate, it can be sold through a banker for a larger profit.

Now the next big question: When should you start looking for a mortgage lender?

To simply put it, when you feel that you're ready to take the steps to mortgage a property, and pursue ahead to get a mortgage loan that will make your life dreams a reality. To be honest no one can determine that for you, only you will know when you are financially, emotionally, mentally, and everything else that comes along with the "ally's" when you will be ready.

Good Luck on find the right accredited home lender. I hope that they will be able to assist you in purchasing the home of your dreams!

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