Posts Tagged ‘Mortgage Basics’

Types of Lenders and Their Business Models

Saturday, June 7th, 2008

 

In order for you to get your best deal on a mortgage, we have found that it helps to understand how each mortgage company operates. Once you understand the types of companies offering mortgages and how they earn a profit you can begin to negotiate with greater certainty. There are different business models for mortgage companies they can be simplified as: (more…)

Mortgage Advice You Should Know Before You Apply

Saturday, June 7th, 2008

Lendfast.com – Having worked in the mortgage industry for some time I have come across some pretty informed borrowers, and they are usually the ones who get the best deals. Rarely do uninformed borrowers get the “best deal”, if they are working with reputable lenders they more than likely get a good deal. However, the difference between a good deal and your best deal could be many thousands of dollars over the life of a loan. For this reason I decided to put a list of things you should know before you go. (more…)

How Long will I be in this Loan?

Saturday, June 7th, 2008

Believe it or not, being able to answer this question correctly is the determining factor for how to get your best deal on your next mortgage.We have all heard about the no closing costs loans. I also believe that very few of us who have the ability to own a home believe that anything in this world is free. (more…)

Enter into a Mortgage with a Clear set of Goals

Saturday, June 7th, 2008

It is very important to enter into a mortgage with a clear set of goals which contain the best possible scenario and the least attractive scenario you are willing to take. As simple as this sounds, many people begin the mortgage process with the plan “get me your best deal”. This rarely works in the borrowers favor. The most important thing about setting goals prior to contacting a mortgage company is the ability to clearly communicate to your loan officer what your boundaries are for the transaction. (more…)

Calculating Gross Income

Saturday, June 7th, 2008

All earnings calculations are pretty straight forward, however there are some assumptions and rules you need to be aware of: (more…)