Tag Archives: Mortgage

Avoid DIYs: The Reasons to Hire a Mortgage Broker

a Mortgage broker talking to a coupleThe past decade has witnessed swift modifications when it comes to purchasing a property. Gone are the days when building society managers or banks managed it because mortgage brokers have now taken over. A number of factors, including the decreasing number of building societies and banks, caused this shift. This is why several finance firms shifted their attention to home loans, particularly because of their connections in this competitive market.

By getting the services of a mortgage broker in Tempe, you will reap the benefits of their widespread network in the real estate loan market. Here are other ways you can take advantage of their expertise:

Avoid making expensive judgment calls

A homebuyer who blindly rushes into a mortgage agreement without completely comprehending its terms and conditions could be paying more than its actual cost. With the array of loan conditions, the only means to guarantee that you get the best deal is to appoint a broker who understands the industry.

Dodge hidden charges

Trying to understand your mortgage agreement’s terms and conditions can become frustrating, but you can avoid this hiring an intermediary. You can easily cut to the chase as soon as you notify the broker regarding your needs. They will be able to determine the current availability and assist you in choosing the best deal.

The mortgage market is constantly changing, which is precisely why you require the capabilities of a broker for they always keep themselves updated. With their straightforward advice, you will be able to dodge hidden charges.

Probably the main reason you would hire a broker is that you won’t really need to pay them. Their work is based on commission, which they get from the lender. Think about it; you will be getting the expertise of these brokers and get the best loan available without having to pay anything.

What Do I Need to Get Preapproved for a Mortgage?

A couple discussing mortgage It’s often best to start shopping for a house only after getting preapproved for a mortgage. Once a lender preapproves you, you can perform a home search based on the preapproval amount or less. You will also be able to prove to sellers that you are not wasting their time and you can afford their house.

Here are the documents City Creek Mortgage suggests you prepare if you hope to get preapproved for a mortgage in Sandy:

Proof of Income

Lenders will want some documentation to prove your income. Requisite documents include W-2 statements and tax returns for the past two years, latest paycheck stubs that show your present and year-to-date income, and proof of any extra income.

Proof of Assets

You may need to demonstrate to your lender that you have enough funds for both the down payment and closing costs. You’ll also need to provide a list of your assets. Useful documents include bank statements, investment accounts statements, auto titles, real estate, or a gift letter if you’ll be funded by a loved one or friend.

A Good Credit Score

You may not need to hit a perfect credit score before shopping for a mortgage in Sandy. Still, good credit is important when applying for a mortgage. Serious borrowers start working to improve their credit rating several months before they visit a lender.

Employment Verification

You may have already presented your paycheck stubs. But your lender may need to have a chat with your employer to confirm your employment status and salary. If you’re self-employed, you will need to provide documents concerning your business and income.

Other Applicable Documentation

Most lenders ask for the borrower’s social security number, a copy of driver’s license, and signature allowing the lender to get a credit report. Your lender may also request additional paperwork before preapproving you and even after the approval session.

You don’t want to torture yourself looking for a house only to be told you can’t afford the dream home you just found. Get mortgage ready. Talk to a mortgage planner or lender before you begin your home search.

Take Years Off Your Mortgage Loan

Mortgage LoanA mortgage loan with a term of 30 to 40 years can be a daunting commitment for a few individuals. Not only it takes up longer terms of payment but it also gives one the risks of being unable to pay due to injuries or loss of a job. If you feel this way, you are not alone. For this reason, you have to figure out some tips to minimize debt and knock years off a mortgage loan. Here are some of them:

1. Pay more than your monthly payment

You can take years off your mortgage loan by paying a little extra each month. The more you pay, the bigger chunk of payment taken off your balance. You may also consider making more payments than the usual every year to take a couple of years off your mortgage loan.

2. Pay a large amount once or twice a year

If you have a job and you received a bonus, you can always make a large amount of payment to reduce the years substantially. Doing this could easily turn your 30-year mortgage into a 10-year mortgage.

3. Choose a shorter term

It is important to know that you can always choose a shorter term for your mortgage. Although the monthly payments are high, your overall loan, however, will be cheaper since you’ll pay lesser interest rates.

4. Spend less, pay more

This means that you have to spend less in order to pay more on your mortgage loan. You can do away with paying several leisure materials or activities to save more money to pay the loan.

If you are among those who are planning to get a mortgage loan, it is important to seek professional help to get the current mortgage rates in Ogden. You should simply follow the tips mentioned and make the most of every year paying off the loan.

Mortgage Lenders: What Are Your Options?

Mortgage Lenders

Mortgage LendersHome buying usually requires consumers to take out a mortgage, since not everyone has the means to pay upfront, or in cash. Buyers turn to mortgage lenders for financial help. But with so many lending companies, how do you choose the right one?

Lending Professionals You Will Encounter

Know the most common types of lending professionals mortgage borrowers will encounter. These include direct lenders, mortgage brokers, home builders, and real estate agencies.

Direct Lenders: The Most Commonly Sought-After Lenders

Most home buyers choose to work with a direct mortgage lender in Salt Lake City primarily because of reliability concerns. These are often the most trusted financial institutions in the city, so borrowers need not worry about shady transactions.

Choosing this type of lender also provides you the convenience of dealing directly with the loan source. Expect savings and quick processing times from these financial service providers.

Mortgage Brokers: Saving Time and Making Life Easier

You may also want to consider hiring a mortgage broker during your loan hunt. With a mortgage broker on your team, you get access to more options, including those that banks don’t offer. Mortgage brokers and lenders in Salt Lake City help you save both time and money, and increase your chances of finding loans with terms that work for you.

Real Estate Agencies and In-House Mortgage Lenders with Construction Companies

Salt Lake City is home to an array of construction companies and real estate firms boasting of their own or affiliated mortgage lending services. Buy a property from them and apply for one of their mortgage services, and you may just have an easier time qualifying.

Deciding which mortgage lender to choose should start with getting recommendations from people you trust. Has someone in your family or your  circle of friends recently applied for mortgage? Do they recommend the company? These endorsements will help shorten your list to include only those that are best for you.