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5 Questions to Ask A Mortgage Advisor To
make sure you bank is doing the best it can for you, contact
a few mortgage companies. How? It's as simple as looking through
our directory!
Look through the advertisements and see whose pitch most closely
fits your needs. For example, some companies make a point
of emphasizing that they welcome first-time homebuyers, while
others specialize in much juumbo loans. Once you've identified
a mortgage advisor who seems appropriate, contact him or her
and make an appointment with them to dicsuss your situation.
Following is a list of questions to ask the mortgage advisors
you contact. Keep in mind that selecting the right mortgage
can be the biggest financial decision you'll ever make - shaving
just 1 percent off your interest rate on a $200,000 mortgage
will save you nearly $50,000 over the life of the loan! So
take the time to choose the best mortgage advisor you can |
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5 Questions to Ask A Mortgage Advisor |
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Not
all mortgage advisors are the same. You want to
work with a top-notch professional you can trust.
How to find one? Ask for a recommendation from
a friend in the business, a real estate agent,
an attorney, or someone who recently had a good
experience getting a mortgage.
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Have
you found your dream home? Part of a successful
home purchase includes finding the best possible
home loan. Our experienced brokers and lenders
can guide you along the way to finding the best
deal possible.....
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here>> |
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Whether
it's the right time to refinance your home mortgage
depends on a few specific factors, and a hefty
amount of your own good judgment. While there's
no formula or spreadsheet that will tell you what
to do, the following....
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1.
How Long Have They Been In The Business
They should have a minimum of 3 years experience in the Mortgage
business. A good Mortgage Advisor should have arranged at least
24 purchase mortgages in the previous year, if not more.
2. What Is Your Process For Getting Me A Mortgage?
Ask the broker to spell out the process he or she will go through
to help you through the application process. You should aslo
ask whether they will help you get pre-approved for a mortgage,
how long it will take, and whether or not a fee is involved.
3. What kind of Loans Do You Recommend?
Good advisors will recommend loans based on the client's particular
needs and situation. Of course, there are some who say this
and then offer the same kind of mortgage to everyone, so ask
which kind of mortgages they recommend and why.
If you're not comfortable with their explanations, or if you
can't understand them, find someone else in our directory. |
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4.
Do You Specialize In A Certain Kind Of Client Or Product?
Some mortgage professionals welcome first-time homebuyers, while
others work mainly with sophisticated investors. The key is
to find a mortgage specialist who works with the same type of
borrower as yourself. The size and type of loan he or she tends
to do should be consistent with the kind of mortgage you're
looking for. If you have limited funds and intend to purchase
a modest home, you don't want to choose an advisor who specializes
in high end, multi million dollar mansions. Also, if you're
interested in a low down payment or interest only mortgage,
you want a broker with demonstrated experience and knowledge
in this area. |
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5.
Can I Count On Good Service Before & After I Get My Mortgage?
Before:
Getting approved for a mortgage and closing on the purchase
of a home is a process that usually takes weeks, and sometimes
months, to complete. During this time you will
want to be in regular contact with your mortgage advisor and/or
lender.
Here's some things you should ask to determine if you will be
treated properly while you're waiting to be approved:
• How often will you contact me during the approval process?
• How can I get in touch with you if I need information?
This should include office & cell telephone numbers and
e-mail addresses.
• If you're not available, who else can I talk to for
help or assistance?
• Does your company conduct customer satisfaction surveys?
What are the results?
After:
Here's what you should ask a potential lender to determine if
you will be treated properly after you've gotten you mortgage
and closed on your house.
• Will you be servicing my mortgage after it colses, or
will you be selling the services to another company? You usually
get the best service from lenders who continue to service their
mortgages after closing.
• Are your monthly statements easy to read?
• Can I access my mortgage statements online?
• Can I make extra payments on my principal? Will my statement
clearly show how extra payments have been applied to my mortgage?
• If there's a problem with my mortgage, who do I call?
• What happens if I'm late on my mortgage payments?
• What happens if I have a long-term financial issue such
as job loss or natural disaster?
• Do you stay in touch regarding financing options?
• Will you look for ways to save me money on my mortgage
should rates go down? |
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