Mortgage Broker Marketing » Right Mortgage

Mortgage Refinance Tips And Advice – Part1

admin — Wed, 06 Jan 2010 22:36:56 +0000

For the average person who does not work in the mortgage industry, the mortgage jungle is very overwhelming. Mortgages are complicated! This article is a small collections of tips and advice of what an average person should know when looking for a mortgage. We kept it simply, but informative.
Reverse Mortgage Funding
As we grow older, living expenses seem to increase drastically, it is for this reason a great number of elders choose to seek a reverse mortgage to provide help with these expenses. This option typically works well for those who have fully paid for their home, and have no mortgage upon it. Simply speaking, when you take advantage of a reverse mortgage you will receive a monthly stipend from the equity that your home carries. This is especially useful to the elderly, sometimes securing a reverse mortgage aides them with living expenses, that alone could help in allowing them to remain within their own home. It is wise to request to a mortgage broker that the cost of closing should be paid out of the money received from the reverse mortgage loan. Essentially meaning, no expenses directly out of pocket.
Mortgage Options – Interest Only
Interest only mortgages are specifically designed to substantially decrease your payment amount over the first years of the mortgage term. The way this program works is that for these first few years you are only making payments towards the interest of the mortgage. This keeps the mortgage payments lower than other mortgage options because you are not required to pay on the principal of the loan. Eventually the time will come that you will be required to pay both the interest and the principal. It is wise to fully investigate this mortgage option prior to choosing it. Very carefully make some calculations and determine rather or not you will be able to afford the payments once both interest and principal are required.
The Right Mortgage Broker for you.
With the vast presence of the internet, obtaining the proper mortgage broker has never been easier. Additionally the internet allows you to locate mortgage brokers from all over your area. You are not limited to using a local broker or company in any way. The mortgage brokers you can find on the internet are in great competition with each other. What does this mean for you? It is simple because they are so competitive, you will win with excellent program and competitive rates. To choose the proper mortgage broker for you, you first must be comfortable in choosing them. Choose a mortgage broker that gives you confidence in their guidance. Take your time in finding the perfect mortgage broker for you; make sure their goals and your goals match, thoroughly research all your options before making a choice.
Obtaining a Mortgage Loan the Fast way.
Obtaining a mortgage loan through the internet is easier than ever before. The benefit of an online mortgage broker is that generally, they have a wider spectrum of lenders and various programs that a typical mortgage broker might have. More often than not, they have the ability to process request more quickly, as well. Online mortgage brokers can even aid you if there is urgency because of a fast approaching closing date or you are in need of speedy refinancing. All of this is thanks to the technology of automated credit checks, verification of income and online loan applications. You can find mortgage brokers through various measures such as using a popular search engine like Google, simply type in mortgage broker and you will be amazed with the results. A better option is to search for reviews about the mortgage broker or seek the advice and referrals from your friends and family. The best mortgage broker will possess the seal of the Better Business Bureau.
Adjustable Rate Mortgage and What you should know about it.
If you opt for an adjustable rate mortgage ensure that you are fully aware of these facts , this will help you be ready when the time comes for your fixed rate mortgage ceases.
1. You should know when the first rate adjustment will occur and how much the adjustment will be. Knowing the specific date will prepare you for the event.
2. You should know that the adjustable mortgage rate fluctuates with the changes of interest rates. Find out what index your rate is associated with, so you can investigate the interest rates on your own.
3. Know all of your options when it comes to refinancing. If a adjustable rate mortgage proves to be unbeneficial for you, you have the option of refinancing with a fixed rate mortgage. To get a good interest rate on a fixed mortgage you should watch the rates closely and if you choose to refinance, do so when the rates are comfortable to you.
Obtaining Flexible Interest Only Mortgages
For those that practice self-discipline, a flexible interest only may be practical. This option provides a payment arrangement that is flexible in regards to the payments that you make. This does not mean they are flexible on the timely manner in which you pay them, this simply means when your payment date arrives you are required to make a minimum payment of at least an amount towards the interest on the loan. However, with this flexible option you can opt to pay an additional amount towards the principle of your mortgage. Generally, your flexible interest only coupon book will include an area that determines the amount needed to be applied towards the principle if you should choose to do so. This is where that self-discipline comes in handy, it is wise to apply as much as possible towards the principle, bringing the amount down and coming that much closer to paying off your mortgage.

Capital and Repayment Mortgages

admin — Mon, 04 Jan 2010 14:34:32 +0000

What Is Capital and Repayment Mortgage?
“Repayment mortgage (also called a capital-and interest loan)
Your monthly payments gradually pay off the amount you owe as well as paying the interest charged on the loan. Provided you make all the agreed payments, the loan will be fully paid off by the end of the mortgage term. “
- Consumer Information, FSA, June 2006

Repayment mortgage and capital mortgage (or capital loan) are the exact same thing, made more confusing by the fact that this type of mortgage is known by more than one name. But don’t let that confuse you! Capital and repayment mortgage is, in fact, the same thing.

How Do I Know Capital, or Repayment, Mortgage Is Right For Me?
Repayment/Capital mortgage is great for those who want to get their entire mortgage, capital and interest, paid off by the end of their mortgage term. Once the term is up on this type of mortgage, you’re done and fully paid off. Many mortgage policies focus on the interest that you owe. Capital and repayment mortgages are popular because they allow homeowners to pay off everything that they owe.

The bank or company that you work with to determine your mortgage policy and payments can give you all sorts of options. Make sure to ask what the interest rate and payment structure on a Capital or repayment mortgage would be. The numbers will help you decide what’s right for you. After all, the right mortgage is the one that you can afford.

Do Capital and Repayment Mortgages Cost More Than Other Types of Mortgages?
“You usually pay off mostly interest in the early years and then gradually more of the capital debt. It may seem as if this is costing more but that’s because unlike the other types of mortgages you’re paying off the capital and not just the interest. “
- Repayment Mortgages, Mortgage Sorter web site, June 2006

While capital and repayment mortgages do not necessarily cost more than other types of mortgages, you may feel that you are paying out for a longer period of time with a capital and repayment mortgage. This is not true, however. Capital and repayment mortgages just allow you to pay off your entire mortgage in one complete payment cycle. And once you’re done, you’re done. That’s the beauty of a capital and repayment mortgage, one of the most popular types of mortgages used by homeowners.

I Still Don’t Know What Kind of Mortgage I Need. What Should I Do?
If you know that you want to finance or re-finance your home or property, it’s an easy decision to take out a mortgage policy. The only problem is, what kind of mortgage will suit your needs best? With so many options out there, and so much information about different types of mortgages available, it can make your head swim. When you’ve never had a mortgage before and don’t know that much about mortgages in general, how do you decide what’s best for you?

The only way to know what type of mortgage will fit your needs is to run the numbers. Have your bank, financial advisor, or the company that you’re re-financing with gives you examples of payment plans for many types of mortgages, and be sure to get your questions answered about each policy. You will think up many different questions, some of which can only be answered by those you’re working with to establish your mortgage. You’ll know what’s right for you when you see the plan in black and white, because you’re the only one who truly understands what your financial situation is.

Finding The Right Mortgage Broker Online – The Facts

admin — Sun, 03 Jan 2010 03:36:59 +0000

The advent of the Internet has really revolutionised the mortgage industry. Now days you do not need to visit your local mortgage broker or bank to arrange a home loan, everything can be done sitting in front of your computer.
Not only does this make the whole process quicker and easier but also means you have much more choice and power. Now you can use a mortgage broker hundreds of miles away if their offerings are better.
More and more mortgage brokers are setting up online in order to generate leads as their traditional marketing methods are no longer that effective. Although the majority of online mortgage brokers are reliable and honest, there are still a number that are dodgy.
To find a good mortgage broker or lender you need to compare rates and do some thorough research to find reputable companies. Mortgage magazines and online reviews can often be a place to start.
Mortgage Broker Services
A mortgage broker will typically work with several lenders to find the best rates and deals. Whether you have a good or bad credit history, a mortgage broker will be able to find you a lower rate than if you went to your local bank. Do make sure that you use a mortgage broker that has access to a wide range of lenders.
Online mortgage broker quotes are very similar to the quotes given by mortgage brokers in the offline environment, except lower. With the reduced cost due to a simplified application process and reduce overhead for office space and personnel, online mortgage brokers can offer loans with small fees and/or lower interest rates.
It is important to remember that brokers are paid by adding on a fee to the loan, so when shopping around find out what fee they charge as well.
Online and traditional mortgage brokers differ in their sales style when relaying quotes to you. A traditional mortgage broker will use sales tactics to pressure you to complete the mortgage application right there. Many people feel the need to make a quick decision rather than taking the time to process the information.
Online mortgage brokers offer a different approach in that they will provide the information and then wait for you to take the next step. After requesting a mortgage quote, you will receive rates either through the web site, email or over the phone that you can then review at your own pace.
You can choose to apply with a specific mortgage lender, or decide that none of them are best for you and approach another broker. You have much more control and power with an online mortgage broker.
Online mortgage brokers have reduced the time it takes to compare lenders by consolidating information about several lenders into one site. Through such mortgage sites, you only enter your information once to receive interest rates from several different mortgage lenders. Just remember that these rates may not be 100% accurate.
Both traditional and online mortgage brokers can give you an instant generic interest rate quote to narrow your choices from a mortgage lender. However, to get a true quote, you will need to provide detailed personal and financial information.
With a traditional mortgage broker, the process can take a couple of days to process the information and meet with the mortgage broker to review rates.
Online mortgage brokers are connected to lender databases that are updated in real time. This allows them to give you a near instant quote and process the application very quickly.
Compare Rates And Fees
While online mortgage brokers make getting quotes easy, it is important to still take the time to compare rates and deals carefully.
Your mortgage rate will be based on current interest rates, the propertys location, your credit score, and employment history. If you receive a rate quote without providing this detailed information, then you will be just getting a rough estimate.
Rough estimates for mortgage rates are still useful, as you can use them to narrow your search down to a handful of lenders. You can then apply for a real mortgage estimate with the most appealing lenders. With these true mortgage quotes, look at both the rates and fees to determine the actual cost of the loan.
Interest rates arent the only factor to consider when comparing mortgage lenders. You should also be comfortable with the lenders reputation. Unfortunately, there is not a list of reputable mortgage lenders, but common sense can protect you from a bad mortgage lender.
Online mortgage brokers have automated much of the mortgage process, reducing overheads and costs. As a way to stay competitive, many of these brokers and lenders have eliminated or reduced their fees.
Fees are the hidden costs of loans. Mortgage brokers are paid a fee from the lender and possibly from you as well. The advantage of a mortgage broker is that they find the best mortgage rates for you. So even with their fee added into the loan, you still can expect to save money.
They will also have access to a number of lenders that are not available to the general public. The only way you have access to such lenders is by using a mortgage broker.
So next time you are in the market for a mortgage be sure to contact a number of mortgage brokers and find out what lenders they have on their panel, their fees, all other fees (such as solicitor, valuation, etc) and turnaround time.
Set aside some time to do this and never rush into signing anything until you know the facts and have had a good shop around.

Mortgage:choosing the Best Loan Program

admin — Sat, 02 Jan 2010 13:33:38 +0000

Mortgage is wealth. Are you making a search on mortgage or searching for the following: mortgage refinancing,mortgage calculator,mortgage loan,adjustable rate mortgage,yahoo mortgage calculator,mortgage company,mortgage uk,mortgage rate,mortgage banker,home mortgage,mortgage lender,mortgage broker,bad credit Are you making a search on mortgage or searching for the following:second mortgage,mortgage lead,subprime mortgage,california mortgage,mortgage quote,mortgage payment,california mortgage loan,national city mortgage,yahoo real estate mortgage calculator,mortgage marketing,texas mortgage,online mortgage,well fargo mortgage,nevada mortgage,florida mortgage,low mortgage rate and best mortgage rate,then you should read this article.

Loan Program Choices

Learn about your options in choosing a loan program that is best for you whether you want to qualify to buy more home, get the lowest rate, or shorten your term. Includes information about ARM’s (adjustable rate), FHA (Federal Housing Administration), VA (Veterans Association), and commercial (investment property) loan programs.

About Interest Rates

Get educated about quotes, locks, floats, points, rate sheets, and other helpful lingo to help you get the best rate for your particular program. Includes information about the factors affecting your interest, determine if you should pay points, and learn about adjustable rate mortgages .

Applying for a Mortgage

The internet has made it easier to get started when it is time to apply for your mortgage. Includes information about Choosing the right mortgage company, how to prepare for your initial meeting, and what to do after you complete your application . for instance,you can visit http://www. mortgage. ind. in to apply for a mortgage

Credit and Mortgages

Learn how your credit report can affect your ability to qualify and afford your new mortgage loan. Includes information about obtaining your credit report,how to report errors, and how credit guide scoring works .

Refinance Your Loan

Refinancing can lower your payment, shorten your term, or put money in your pocket. Includes information on how to analyze your savings, pay points to lower your rate, and strategies for consolidating your debt.

Mortgage Broker: a New Home for Your Skills?

admin — Mon, 28 Dec 2009 03:22:20 +0000

A mortgage broker is the advisor assigned to a customer in order to find the right mortgage product. It is mostly an advisory role, explaining complex mortgage options and products to an existing client or a first time buyer. The job also requires a mortgage broker to deal with estate agents, surveyors and mortgage lenders. This means that a mortgage broker needs to be constantly up to date with new or changing guidelines set out by the Financial Standards Agency (FSA) as they would need to communicate these changes to their clients. The mortgage broker job is often pressurised to meet sales targets but this is rewarded with high bonuses called ‘On Target Earnings’. A mortgage broker job can also come with a company car as well as special pension and insurance benefits.

As mortgages are offered in nearly all high street banks and building societies, they are the most obvious place to look for a mortgage broker job. Often mortgage brokers have worked their way up through the company, most often starting in customer services. This form of training will be tailor made to the company that is doing the training as they will only be able to offer in depth teaching on their own way of offering particular mortgage packages, so it is important to consider how you, as a trainee, understands other lender’s packages. However, there are other ways to train for the mortgage broker job. Employers usually run apprentice training schemes where on the job learning is paid for. On the job training schemes also start new employees on different jobs in areas such as insurance to learn all aspects of the mortgage market. Online learning is also becoming an increasingly popular way to study for qualifications and there are several accredited schemes available on the web. As the FSA’s standards on qualifications have become more stringent, it is important that new trainees quickly establish themselves in a particular area of mortgages to specialise in as this will increase employment opportunities.

To train as a mortgage broker, you will need to have gained industry recognised qualifications such as a CeFA (School of Finance Certificate for Financial Advisors) or Certificate and Diploma in Financial Planning. Once these qualifications are gained then a trainee mortgage advisor has an averaging basic salary of £18,000 per year, without commission or bonuses. To be classed as a fully trained mortgage broker, the trainee will need to have undergone further on the job training with supervised meetings with clients in order for employers to assess the progress of the trainee. Once the trainee has successfully underwritten the desired amount of mortgages and tasks, they will then be fully trained and offered promotion or a higher salary. In mortgage broker jobs employers do not select new recruits based on ‘A’ level or degree results, often it is personal motivation, previous customer service experience and most importantly on people skills as the job requires a lot of one on one meetings with a broad range of clients. As the mortgage broker job is people orientated, like any sales related work, the hours are often long with shift work at weekends as well as some evening work (especially if you take an independent, self employed mortgage broker job). Further qualifications are available as the mortgage broker job can lead on to becoming a financial advisor.

By: Aaron Hill

How a Mortgage Rate is Calculated

admin — Sat, 26 Dec 2009 06:38:52 +0000

One of the most important parts of your mortgage is the mortgage rate – the rate of interest that you’ll pay on the money you borrow to buy your house. Often, ads for mortgage lenders make it sound as if they offer a single mortgage rate to all lenders. If that were the truth, it would be easy to find the right mortgage – just shop around for the lender advertising the lowest interest rate and apply for a mortgage with them. Unfortunately for simplicity, calculating a mortgage rate is far more complex than that. The truth is that the mortgage rate that you’re offered is influenced by many different things. Prime Lending Rate Mortgage lenders generally base their calculations of their mortgage rates on the prime lending rate. That’s not to say that the prime lending rate is the mortgage rate that they’ll offer to customers. Rather, it’s the starting point of their calculations for their mortgage rates. The prime lending rate is the interest rate that most commercial banks charge their most creditworthy customers. It is adjusted up or down, usually in increments of 1/8 or ¼ of a percentage point. It responds to both the availability of money to loan and the demand for loans in the marketplace. Because those things tend to be the same across the board, most of the major banks will be offering the same prime lending rate. First time borrower? If you’re a first time home buyer and your credit is good, banks and lenders will often offer mortgages at a discounted rate – one that is below the prime lending rate – in order to attract your business. First time home buyers who meet certain income guidelines may also qualify for first-time home buyer loans guaranteed by the federal government. One of the conditions of those loans is a very low interest rate, usually several points below the prime lending rate. Your credit rating One of the major factors that affects the mortgage rate a bank or lender will offer you is your credit rating or your credit score. Lenders use your credit score to determine whether or not they’ll lend you money, and how much they’ll charge you in interest for the money that you borrow. The better your credit rating, the lower the mortgage rate you’ll be offered. The type of mortgage Different types of mortgages carry different risks for lenders. The higher the perceived risk to the lender, the more interest they’ll charge you for your mortgage. Adjustable rate mortgages (ARMs) present the lowest risks to the lenders because your mortgage rate can rise if the interest rates rise. Fixed rate mortgages are riskier for lenders. They’re making the gamble that interest rates won’t rise above the mortgage rate that they charge you. Thus, fixed rate mortgages nearly always carry higher interest rates than adjustable rate mortgages. This can be affected by the size of the loan, and how adjustments are calculated. The amount and length of the mortgage It’s a general but not a hard and fast rule that the larger the amount borrowed, the lower the interest rate will be. In addition, the longer the term of your mortgage, the lower the rate will be. These differences can be very slight up front, but they add up over the life of the loan. A difference of an eight of a percent can save you tens of thousands over the course of thirty years. The amount of your down payment In many cases, the amount that you can offer up as down payment will affect your mortgage rate. The reason is simple enough – the more you put down on your house, the more likely it is that you will not default on your mortgage. Zero-down mortgages generally carry mortgage rates that are considerably higher than the prime lending rate. Depending on the lender and the state of the economy in general when you take out a mortgage, a down payment of as little as 5% or as high as 20% may make a difference in the amount of mortgage rate that you’re offered. What about the APR? The Annualized Percentage Rate is the total cost of the loan expressed as an annual percentage rate on the amount borrowed. The APR includes any fees that are paid in addition to the interest rate, so it may differ from the mortgage rate advertised by the lender. In the United States, lenders are required by law to disclose the cost of the loan as a standardized APR in order to make it easier for consumers to compare loans.

How to Find Honest Advice About Colorado Mortgages

admin — Mon, 07 Dec 2009 00:42:39 +0000

How to Find Honest Advice About Colorado Mortgages

It’s safe to say there are many places to find a deal for a Denver mortgage or Colorado mortgages these days. But the mortgage crisis has made things a little more complex. It’s not just about finding the best deal, but finding someone to work with who will give you honest advice and help you get into a mortgage that you can afford. But are there experts out there you can give you that sort of Colorado mortgage advice? Is there someone who will get you into the best Denver mortgage product, while still remaining ethical? The answer is yes.

Watch Out When Colorado Mortgage Experts Offer The World

One of the problems that got so many people into a mortgage mess is that their Denver mortgage expert or Colorado mortgage expert made them an offer that would fix all of their problems. These mortgage experts put customers into deals that just didn’t work out and now people are liable to lose their homes. If you want to get into the right mortgage product now, then you need to look for someone who will look at the Colorado home loans available and tell you the ones you can’t have.

Sounds strange, doesn’t it? But that’s the way you can tell a Denver mortgage lender with credibility from one who is more unethical.

In the recent past, when it seemed like everyone was buying a home, too many Colorado mortgage professionals weren’t being honest with their clients and the result was bad loans that have turned into foreclosures. The lenders involved weren’t looking out for their clients, instead they were just interested in getting them started on a loan which may have been low at first, but now has turned into trouble. Instead, a mortgage pro has to look at what will happen to a customer now and in the future.

How do Ethical Denver Mortgage Professionals Work?

In the midst of this crisis, ethical Denver mortgage professionals are working hard to gain back the reputation lost by bad lenders. Unfortunately, the names of everyone working in the business were hurt by the people who worked on bad loans. It will take hard (and ethical) work to repair that.

If you are a potential customer, then you need to be looking out for the professionals who are out there, coming up Colorado mortgages while fighting to be ethical. They have good products that will help a homeowner and they are working in that person’s best interest. Seek out the Colorado mortgage experts who are client-focused and who have been in business for a long time thanks to that philosophy. You want an expert whose business focuses on:

• Selling reasonably priced Denver mortgage products

• Finding many good options in Colorado mortgages for customers that will last throughout the years

• Making sure the clients remain credit-worthy homeowners

• Putting customer service first, so their business grows thanks to referred and repeat customers

The mortgage crisis may have knocked some bad mortgage providers out of the business, but that doesn’t mean there aren’t still traps for customers. They need to keep looking for reliable home loan experts. The key is the kind of Denver mortgage advice you get and whether it’s honest enough to really tell you what kind of program you can get into. If an offer is too good to be true, it probably is.

This article is written by J. B. of 1st American Mortgage and Loan, LLC, a Colorado mortgage lender who offers access to information on obtaining a Colorado mortgage loan as well as other information on loans in Colorado online mortgage quotes, and rates through his website TrueMortgageQuote. com http://www. truemortgagequote. com).

Mortgage Brokers Help you Find the Right Mortgage

admin — Thu, 29 Oct 2009 13:50:37 +0000

Taking out a mortgage is usually the biggest financial transaction in most people’s lives. It is always important, but in these days of rising mortgage interest rates, higher mortgage fees and less certainty of getting a mortgage anywhere due to the squeeze on credit, it is more critical than ever to find the right mortgage product to suit you. To do this it is sensible to look for a mortgage broker to help you.

There are thousands of mortgage products to choose form and by no means all will be suitable for you or your personal circumstances, but narrowing the choice down is not easy, and that is why advice from a qualified mortgage broker with access to most of these mortgages, including some products that will not be available directly to the public is invaluable.

Strolling down your local High Street may give you a range of deals available from the top names in banking and building societies, but it does not necessarily give you the best choice of mortgages. It is better to get in touch with a qualified FSA mortgage broker.

Property prices have gone up in leaps and bounds over the past ten years. Although they are now showing signs of slowing down, it is possible that you may be looking for a bigger mortgage than has been the norm in the past. It is traditionally the case that most mortgage lenders have a ceiling of £250,000 for their mortgage loans, but there are some lender who specialise in very large mortgages. If High Street lenders deal in large mortgages, then their interest rates tend to be higher than normal. Most lenders only take into account an earned salary of either an individual or a couple. Often people looking for large mortgages will have other sources of income as well, and they need the lender to take these into account. These may include other investments, stocks, shares, and income from a business the borrower owns. It is important, therefore, to find a mortgage broker who understands these issues and can give you the best advice for your circumstances. Relevant questions concerned with large mortgages and larger properties may involve capital gains tax issues surrounding large cash back sums; insurance to cover the large sums involved; running costs for a large building, or even a grade I or II listed building.

It is tougher than ever for first-time buyers in the UK. The affordability gap has never been wider, with the increase in the price of property outstripping wage increases. With additional requirements for deposits, mortgage arrangement fees and stamp duty, first-time buyers are staying out of the property market longer than ever. A further problem has been caused by the global credit crunch as lenders tighten their lending criteria, so any slight problem with a would-be borrower’s credit record can result in a negative response from many lenders. A mortgage broker can help borrowers through the mortgage minefield, and assist in getting the best deal in the most difficult of times in the property market.

By: Nick Riviera

Your Mortgage Could be a Goldmine of Potential Savings

admin — Sun, 25 Oct 2009 15:13:11 +0000

“A penny saved is a penny earned”… or so the old proverb goes. Of course, the value of a penny has changed somewhat from the time when your mother offered her wisdom on the value of keeping what you earn. Today, you could save thousands of dollars by simply making the right mortgage decision. If you’re like most Canadian homeowners, your mortgage is a goldmine of potential savings.

In the past few articles, we’ve talked about the importance of your mortgage as one of your most significant financial decisions. We’ve explored the value of seeking the advice of a mortgage professional -whether you’re buying a home or renewing an existing mortgage.

Today, let’s take a look at the bottom line: the savings you can enjoy by making the right mortgage decisions.

It is the primary role of a mortgage broker to find you the right product for your personal situation. A mortgage broker is a financial professional and – like your investment advisor – he or she will want to understand your personal situation and payment preferences. Your mortgage broker has access to a broad spectrum of lending institutions, so you can do some valuable comparison shopping for the right combination of features, rates and mortgage options.

All these choices offer you substantial opportunities to save money over the life of your mortgage.

If you are like most homeowners, you are focused -for good reason – on finding the best possible rate for your mortgage. Your mortgage broker can offer you the best range of rate options and terms. If a mortgage broker can get you one per cent off the posted rate, that could translate into more than $13,000 in interest per $100,000 borrowed over a 25-year amortization schedule. If, however, you believe that most mortgage rates are basically the same from one institution to the next, then consider the fact that even an eighth of a point difference in the rate can offer significant savings over the duration of your mortgage.

But it’s also important to look beyond the rate. There are other ways to find savings in your mortgage. Your mortgage broker is up-to-date on market trends and new opportunities… as well as some of the tried-and-true ways to save money in a mortgage.

Do you get an annual bonus in your job? You may want to use that bonus to pay down the principal of your mortgage. If you pursue this strategy consistently over the life of your mortgage, you could save thousands of dollars in interest by paying your mortgage off sooner.

Are you paid bi-weekly or bi-monthly? Consider a change from the usual monthly mortgage payment. Set up your mortgage payment schedule to coincide with your pay period. Again, you can shave years off your mortgage, and enjoy thousands of dollars in savings.

In the coming weeks, we’ll look at some of these savings opportunities in more detail. In the meantime, consider the old penny proverb again. How much is your time worth? Time savings is one of the key, unexpected benefits that clients say they have enjoyed when they choose to work with a mortgage broker. Above all, a mortgage broker is an expert in customer service, and that means that your broker looks after every detail of your mortgage research and negotiations on your behalf.

By: The House Team Of Mortgage Intellingence

How Can You Find the Right Mortgage Broker?

admin — Wed, 16 Sep 2009 12:03:37 +0000

In today’s topsy-turvy real estate market, you may wonder if it is possible to locate a good mortgage broker who can truly represent your needs to potential lenders. Maybe you have been scared off by some of the recent news reports regarding falling real estate prices and higher interest rates.

If you have, it is interesting to know that there are also reports of mortgage rates hitting 46-month lows. Thus, don’t just think a loan is out of the question for you because of the more widely-spread news reports.

Perhaps you are concerned that the mortgage broker you choose will not be able to work with your current credit scores. Possibly, you are even concerned that the mortgage broker will tell you to forget getting a loan for a home at this time because of everything that has occurred in the real estate markets.

Again, despite what you have heard, the mortgage industry is still there, still doing loans, still alive and well. More importantly, good mortgage brokers with good programs still exist and are there to service you.

So how can you find the right Mortgage Broker?

You’ll need to locate mortgage brokers to call and then develop some key questions to ask them.

To locate the mortgage brokers to call, you can do web searches at Google or Yahoo! Or you can call mortgage brokers from the yellow pages of your phone book – although it is probably easier to use the internet. Of course personal referrals are also good. Remember though, just because the broker comes to you from a personal referral, be wise and ask your questions before choosing him. Keep in mind that he worked well for the person who referred him, but it doesn’t mean he will work well for you. Each person’s financial status is uniquely their own.

Once you have located a few brokers that you would like to interview, then move onto step two: prepare a list of questions that you can ask the potential Mortgage Broker. As you ask your questions, you will see more and more whether or not he will fit your needs.

If he or she doesn’t, go ahead and thank him or his for her time, and hang up the phone. Don’t waste anymore time talking to that Mortgage Broker.

In addition to any specific questions you already want to ask your potential mortgage broker, here are some questions that you should touch upon as well.

1. What types of lending programs do you currently offer?

2. What type of credit scores will I need in order to fit into your current programs?

3. Are you offering your own in-house loans?

4. What are the current interest rates you are offering?

5. How many discount points are you taking?

6. What are your origination fees?

7. What are all the costs associated with the loan?

8. Can you offer a loan rate lock?

9. Do the loans you are currently offering carry any prepayment penalties?

10. How much time do you normally require to fund a loan?

With a little bit of research and a good interview you should be able to find a mortgage broker who can be a real asset to you.

By: Lina Smith