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Be prepared when seeking a mortgage
When you're looking for a mortgage, whether it's a first time loan or you're taking advantage of an opportunity to refinance an existing mortgage, it may seem that you're wading through a quagmire of uncharted territory. If you're prepared ahead of...
Know Your Mortgage Options
While trying to find the lowest rates, many homeowners fail to examine the type of mortgage, and which type of mortgage is best suited to their needs. Whether you are buying a new home or refinancing, it is important to understand the different...
Mortgage After Bankruptcy
Most people probably assume that obtaining a mortgage to purchase a home, refinance or to consolidate debt after a bankruptcy is out of the question. In fact, many people are able to obtain these mortgage services, even 1 day after a bankruptcy...
Mortgage Soup
You have permission to publish this article electronically or in print, free of charge, as long as the bylines are included. A courtesy copy of your publication would be appreciated. Mortgage Soup Looking for home mortgage loans can get confusing...
What Type Of Zero Down Mortgage Is Best For You?
Below are 9 different types of zero down mortgage that you can qualify for. Each one has positive and negative aspects. Read and learn about which zero down mortgage will suit you best. 80/20: The 80/20 loan is simply an 80% first mortgage with a...
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Knowledge is Power When Mortgage Shopping
Knowledge is Power When Mortgage Shopping
Knowledge is power when it comes to shopping for home mortgage loans. Shopping for the best rate doesn’t have to be frustrating provided you have the proper knowledge when comparing mortgage loans. Lenders love to play tricks in order to entice you to give them your business. However, when you compare loan programs it’s essential that you not only compare interest rates when choosing which lender to go with. For example a lender this afternoon offered me a rate of 5.625% fixed for thirty years with zero points. The loan sounded very good until he said there was a lender fee of $2,495 in addition to the credit report fee, government charges, local taxes, and appraisal and attorney fees. This particular lender said this fee was for the application and commitment fee. The loan amount was approximately $200,000 which was equivalent to almost a 1 point loan, (meaning 1 percent of the total loan amount). Therefore, the other lender that was charging 5.625% with a ½ point and a $395 application fee with no commitment fee was a much better deal. It’s essential to
request a good faith estimate and to compare all of the lenders offers side by side. The good faith estimate is an approximation of all of the fees associated with the loan. The good faith is required by law to be given to the potential borrower. Make sure to request one and to look at all the fees, because that low rate, may not be so low after all.
You may freely reprint this information on your website provided the following caption remains intact.
“This information courtesy of http://www.mortgagemoola.com Click here.”
John DiDomenico is the founder of Mortgage Moola who helps educate homebuyers and homeowners on their purchase and refinance needs via the http://www.mortgagemoola.com website. To find a home mortgage loan that best suits your needs visit http://www.mortgagemoola.com.
About the Author
John DiDomenico is the founder of Mortgage Moola who helps educate homebuyers and homeowners on their purchase and refinance needs via the http://www.mortgagemoola.com website. To find a home mortgage loan that best suits your needs visit http://www.mortgagemoola.com.
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