0
Buying a house is a wonderful accomplishment, and part of buying a house is negotiating your mortgage. With the recent crash of the housing market, it’s more important than ever to make sure that you are getting the best deal on your mortgage that you can. By listening to the right people and asking the right questions, you can rest assured that your mortgage will work for you.
1. Before going to get preapproved for a mortgage, sit down and have a look at your budget. Take into account the total take-home pay you have every month and list out all your fixed expenses, minus rent. Keep in mind that your housing expenses should be no more than 30% of your take-home pay. Taking into account mortgage, homeowners insurance, interest, and property tax, figure out how much home you can comfortably afford.
2. Now that you have this number in hand, take a trip to your local mortgage broker or credit union. Which place you go to depends on the interest rates and services they can provide; credit unions often have lower interest rates, but mortgage brokers have a greater variety of different mortgage types. Bring with you a month’s worth of paystubs, your last two tax returns, and your driver’s license. The mortgage specialist can help you get preapproved. In many cases, the amount you get preapproved for is higher than the amount that you figured to fit into your budget. In this case, stick with your number—you don’t want to end up house-poor.
3. Decide with your mortgage professional what kind of mortgage you want. There’s the fixed-rate mortgage, which keeps your mortgage rate the same for thirty years. This rate is often higher, but you don’t have to worry about it changing. A variable rate is typically locked in for three to five years, but may go up after that period.
4. Once you’re house hunting and you’ve settled on a house, you may have a time in which you can lock in your mortgage. In federal programs, such as the FHA, the mortgage rate fluctuates from day to day. Locking it in on a low day will keep that rate for you for the life of your mortgage. Your mortgage professional may have insight as to the current state of the market and when it’s best to lock in your rate.
What else can I help you with?
Where can one find the best mortgage advice?
One can obtain the best mortgage advice from their own personal financial manager at their home bank. For additional rates and information, one may also want to contact companies such as Rate Supermarket, Canada Lend and Mortgage Advice Bureau.
Where can one find the mortgage advice bureau?
The Mortgage Advice Bureau can be found in Pride Place, Derby in the UK. They also have a website which can help one find a mortgage that best suits their needs.
Where can you find a company that offers cheap mortgage with great ratings?
Best Mortgage is a great place to find advice Where can you find a company that offers cheap mortgage with great ratings. It is really good service and advice.
Who would be the best person to go for mortgage advice--a banker or a lawyer?
For mortgage advice it's best to go to a banker. If you are thinking about filing bankruptcy, then you would want to speak to a lawyer. You might also want to try a financial planner.
What do mortgage brokers do?
Mortgage brokers do not lend money. The have knowledge of the lending market, and guide potential buyers, who need to find a mortgage to purchase a property. The mortgage broker offers advice and recommends the most appropriate mortgage for the buyer. Advice is usually free, but the broker will take a commission from selling a mortgage, paid by the mortgage lender. Its best to seek advice from an independent broker in order that are not tied to one lender, or can only offer you a limited range of mortgage products. As well as mortgage advise, mortgage brokers will also offer other products such as insurance.
Who provides the best education for a consumer looking for a new mortgage?
You can find many websites on education for a new mortgage. The one that gives that seemingly gives the best advice is Lenders 411.
Who can give the best advice on how to get a mortgage?
Mortgage advice can be found online on consumer websites which will details the types of mortgages available, and allow the consumer to input their financial information to find out how much they could borrow. Independent financial advisers can also provide tailored and specific help on how to get a mortgage, and what different mortgage companies will require.
Where can mortgage advice be provided?
mortgage advice can be provided by retailers who provide mortgages or from retailers online also mortgage advice can be provided by professionals over phone and blogs run by people with experience with mortgages
Where can I find mortgage broker training?
Capstone instutute of Mortange Finance offers mortgage broker training. http://www.capstoneinstitute.com/ I think that your best bet would also be talking to a local Mortgage Broker and seeking their advice.
How does one apply for an ING direct mortgage?
There are many ways to apply for an ING direct mortgage. It would be best to ask the loan lender, such as Wells Fargo, CitiBank or Bank of America for advice on this.
Who could give advice on refinancing a mortgage?
There are many different kinds of financial professionals out there that provide advice specific to their field. If you are interested in learning more about refinancing a mortgage, visit a loan officer or a mortgage officer.
How do you become a mortgage broker?
Take a traing course. its posilbe to pass your mortgage advice qualifications in literally days after intensive traingin. You then need to apply for a license from the American mortgage licencing association or in the UK you need to pass the Certificate in Mortgage Advice & Practice (CeMAP).
