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Mortgages: points to consider ...


More than likely, this is one of the largest and most important financial transactions you will ever make. You might do this four or five times in your entire life. Make sure you are working with an experienced, professional loan officer.

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This is perhaps the biggest and most important step. The largest financial transaction of your life is far too important to place into the hands of someone who is not capable of advising you properly and troubleshooting the issues that may arise along the way. But how can you tell?  Here are four simple questions your lender absolutely must be able to answer correctly.


1. What are mortgage interest rates based on?


2. What is the next Economic Report or event that could cause interest rate movements?


3. When the Fed "changes rates", what impact does this have on mortgage rates?


4. What is happening in the market today and what do you see in the near future?

If you have questions, ask them. There is no such thing as a stupid question. Your lender should be a trusted advisor. Advisers can offer tips that can help you save time and money. It is also important to know the tax implications that any financial decision will have, develop a team of trusted advisors, a CPA, a financial planner, and a loan officer. Overall, your team can help you make informed decisions.

What are the Terms?

If you are not familiar with home equity, then the terms can be a bit confusing. Make sure you go through the terms with a fine-toothed comb and if you come across terms that are not familiar, research them. Ask questions! If you need to ask for definitions, do so. Never be embarrassed…the more you know, the more comfortable you will be moving forward in the process.

What are Your Rights?

Make sure that you receive all the important information on your equity loan when you finally get through with the process. You need to read all the details and make sure everything you agreed to is there. You are allowed to cancel some real estate loans within three business days. This will also come without penalty. But when you deal with home equity loans you can only go back on the agreement when using your principal household as collateral.

To research a great resource for acquiring mortgage infomration, click the "Hot Topic:  Mortage Fraud"

 

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Using statistics doesn't have to be reserved for PhDs. We take the complexity out of the math and define industry terms in plain language. Valuation reports are developed using algorithms designed by experts with over 50 years of combined real estate experience. ......

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