How People Pick Their Mortgage Companies

Posted on September 28, 2018 by Scott Li

Although most would assume that people picked their mortgage companies based on who had the lowest interest rates, this isn’t actually the case. In fact, it’s the determining factor with the least amount of pull in the final decision, according to recent surveys by the MortgageSAT Borrower Satisfaction Program.

While a lot of money could be saved by lower interest rates, other things were foremost in the minds of those consumers surveyed. Here we’ll look at what those things were.

2018 Tips for First Time Home Buyers

Posted on September 26, 2018 by Scott Li

Looking to purchase your first home in 2018? If this year is the one in which you make the huge leap into home ownership, you can utilize the following tips to ensure your successful in choosing a home and obtaining a mortgage.

Finding A Home

Before you begin searching for a home make sure you obtain pre-approval. This will give you an idea of what your actual budget will be.
Create a helpful list prior to your search. If you are a couple, sit down together. Write down the things you absolutely must have in your home, and those things you would like but are willing to do without.
If you aren’t familiar with a neighborhood do a drive by at the busiest points of the week – such as a Saturday afternoon, Sunday morning, or any day during rush hour. This will give you an idea of what to expect in terms of safety, busyness, and general life were you to choose that neighborhood.
Remember that asking prices are not definite. Many sellers are willing to take a little less, especially if the home has been on the market for a while. You may not get a $400K home for $75K, but you may be able to get it for $350K.

Obtaining A Mortgage

Have all of your paperwork gathered ahead of time. Make copies and place them in a folder for both the pre-approval and actual mortgage process. Paperwork should include your previous year’s taxes, at least three months of paystubs, photo ID, birth certificates, social security cards, and proof of income from any other sources.
Talk to your real estate agent about which programs you may qualify for. Many government-funded programs are available to help those with low credit, first time home buyers, or allow for lower down payments.
Ask your mortgage company whether there are fees for paying off your loan early or making early payments. If possible, opt for the one which does not penalize you. Paying off your mortgage as early as possible is always a promising idea.

General Tips read more

When Is A Ten-Year Mortgage Right for You?

Posted on August 30, 2018 by Scott Li

Several lenders offer a ten-year mortgage as their lowest available term. This means the mortgages taken out will be paid over the course of ten years versus fifteen, twenty, or thirty, on a schedule of regular payments in uniform size.

While the payments for these loans are much higher than their traditional longer-term counterparts, the interest rates are amongst the lowest available on any fixed-rate loan in the industry.

Here is an example for the different loan options for a $300K mortgage: read more

Income Verification Docs to Have Ready When Applying for A Mortgage

Posted on August 23, 2018 by Scott Li

Before you decide to fill out the paperwork for a mortgage you will want to ensure you have all your paperwork together. While it may seem like there is a substantial number of documents needed, they can all be broken down into two simple categories: identity verification, and income verification.

Identity Verification

Identity verification is straightforward, although lenders may vary slightly in how many documents are needed, which forms they will accept, or which they generally prefer. Examples of identity verification include your driver’s license, school or work ID card, birth certificate, social security card, or passport. It is wise to have at least three of these on hand. read more

How to Survive the Process of Getting A Home Mortgage

Posted on August 20, 2018 by Scott Li

Purchasing your first home is an exciting experience. It is the accumulative of years of hard work, effort, determination, and a lot of hope. It is, however, also a very stressful experience. One way to reduce this stress is by ensuring you are realistic, prepared, and educated on what is going on. Today we will talk about how these ways can help you to survive the process of getting a home mortgage.

Have Realistic Expectations

The very first expectation most people need to adjust is the idea that a preapproval guarantees you will be approved for the mortgage. While most people who can achieve a preapproval do end up getting the mortgage they are hoping for, it does not always happen this way. This is because additional paperwork and proof of income is necessary. The final numbers may vary from what was listed on your preapproval. read more

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