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ASK YOUR MORTGAGE BROKER THESE VITAL QUESTIONS These are screening questions to see if you are comfortable enough with a broker to give him or her your business.
1. What kind of loan fits my situation?
You want the broker to ask you lots of questions before answering this one. You should understand these types of loans:
Fixed-rate
Adjustable-rate
Interest-only
Negative-amortization
2. How do adjustable rate mortgages work?
You will want the broker to explain:
How often the rate adjusts
How high your rate can go in a year
How high your rate could go over the life of the loan
Which index is being used to calculate the rate
3. What points and fees will you charge me?
A point is like a premium you are charged for getting the loan, and is tax deductible. One point = 1% of total loan. As your points go up, your interest rate goes down.
Try to find a lender who won’t charge origination fees, or who will reduce them to get your loan.
4. What will this loan cost me – grand total?
Lenders are legally required to supply you with a good faith estimate (GFE) that encompasses the following:
Appraisal
Credit report
Taxes
Title policy
Pest inspection
Escrow
Appraisal
Recording fees
5. Will you guarantee your GFE?
By law, a lender must give you the GFE within 3 days of your loan application. It is worthless unless it’s guaranteed, so you’re better off only patronizing lenders who will.
6. Do you lock rates for your clients?
If interest rates show signs of increasing, lock your loan! Some lenders don’t charge extra for a rate lock. Find out exactly which of the loan costs are covered by the lock, how long the rate can be locked and ask for a written agreement.
7. Is there a prepayment penalty?
First, check to see if your state has disallowed this penalty. Lenders charge prepayment penalties on the perceived loss of interest (which to them is income) if you repay your loan early.
If the penalty is still legal in your state, ask the amount, the terms and if it could be waived if you refinance through the same lender.
8. Do you underwrite your own loans?
Your loan will probably go through faster if the answer is yes. This factor is especially relevant if you are applying for an FHA or VA loan. If you are, you should ask specifically if the lender can approve either of these two without sending them to the relevant agencies.
9. How long will my loan take to fund?
The average amount of time is 3 to 7 weeks. In order to project a closing date, you need to know what might happen to hold up funding, and how long after your loan is approved it will fund.
10. Do you receive a bonus or commission on this loan (YSP)?
Try to find out if your loan officer’s YSP will make your loan more expensive.
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It seems really overwhelming, doesn’t it? Your homeowner friends spend every weekend doing fixit projects. And they seem to sink every penny into their homes. Better to remain a carefree renter, right? Wrong!
Freedom
No more overbearing landlord breathing down your neck. Get a dog. Get 9 dogs. Paint your rooms burnt umber. Blare your music. Drill a hole in the wall. Go nuts. It’s your place.
Value
It’s a sure thing. Your home will be worth more tomorrow than it was yesterday. It’s a good way to beat inflation.
Tax Advantages
One of the best tax shelters available today.
Property taxes: Deductible for both your primary and one vacation home
Mortgage Interest: Your may deduct mortgage interest if you owe less than you paid for your home. During the first years of your mortgage, when your payment is mostly interest, this is a huge deduction.
Capital Gains: You may deduct $250K if filing singly and $500K if married every two years. You must actually reside in the house for 2 out of 5 years.
Capital Asset: Deduct more than the capital gains limit if you’ve owned your home for more than one year.
Build Equity: Corny but true–every time you pay your mortgage, you’re building a nest egg to draw upon later. If you pay off additional principal, you build your nest egg faster. Equity loans can be used to pay down expensive credit card debt.
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