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What
is an Upfront Mortgage Broker?
How
do you get pre approved using your own Credit Report?
1000+
Down Payment Assistance Programs
Buying
your home - Settlement costs and helpful information.
Knowing
and Understanding Your Credit
Opening
the Door to a Home of Your Own
Choosing
the Mortgage that’s Right for You
Borrowing
Basics: What You Don’t Know Can Hurt You
Mortgage Guide for the
week ending June 6, 2005
.............................
Are you a Rate Shopper?
As you are shopping for a loan,
make sure you are working with an experienced, professional loan officer.
The large financial investment you are making is far too important to place
in the hands of someone who is not capable of advising you properly and
troubleshooting the issues that may arise along the way. But how can you
tell?
First, make sure the loan officer will guarantee IN WRITING
their closing costs, interest rate and points charged. Unfortunately, there
are too many unscrupulous people in the mortgage business. If they wont put
it in writing, they don't know what they are doing or they are trying to
bait and switch.
In addition here are FOUR SIMPLE QUESTIONS THE LOAN
OFFICER ABSOLUTELY MUST BE ABLE TO ANSWER CORRECTLY. IF THEY DO NOT KNOW
THE ANSWERS RUN DON'T WALK RUN TO SOMEONE WHO DOES!
1) What are
mortgage interest rates based on? (The only correct answer is Mortgage
Backed Securities or Mortgage Bonds, NOT the 10-year Treasury Note. While
the 10-year Treasury Note sometimes trends in the same direction as Mortgage
Bonds, it is not unusual to see them move in completely opposite directions.
DO NOT work with someone who has their eyes on the wrong indicators.)
2) What is the next Economic Report or event that could cause
interest rate movement? (A professional lender will have this at their
fingertips. For an up-to-date calendar of weekly economic reports and
events that may cause rates to fluctuate sign up for my newsletter above)
