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home mortgage - Massachusetts MA: Loans & Mortgages :: Refinancing :: Bad credit loans :: First time buyers home loans :: Advice on the best loan for you :: Mortgage advisor.

How to Really Shop for a Lender The best way is to get a referral (from a Realtor or a friend), then shop other lenders. Do it properly, telling the lenders how much you are willing to pay in points and how long you want to lock in the rate. Make all your calls on the same day. Tell the lender you have already filled out an application and that you are willing to fax it in, so the rate has to be something he can deliver.

Adjustable Rate Mortgages (ARMS): Payments increase or decrease on a regular schedule with changes in interest rates; increases subject to limits Types: Balloon Mortgage: Offers very low rates for an initial period of time (usually 5, 7, or 10 years); when time has elapsed, the balance is due or refinanced (though not automatically) Two-Step Mortgage: Interest rate adjusts only once and remains the same for the life of the loan ARMS linked to a specific index or margin Advantages: Generally offer lower initial interest rates Monthly payments can be lower May allow borrower to qualify for a larger loan amount

Why is the Annual Percentage Rate (APR) on the Truth in Lending Disclosure higher than the rate shown on my mortgage note? The APR rate reflects the cost of your mortgage loan as a yearly rate. This rate is generally higher than the rate stated on your mortgage note because the APR includes other costs, such as origination fee, loan discount points, and pre-paid interest. The APR allows you to compare, in addition to the interest rate, the total cost of financing your loan, among various lenders.

What is Prepaid Interest? This is interim interest that accrues on the mortgage loan from the date of the settlement to the beginning of the period covered by the first monthly payment. Since interest is paid in arrears, a mortgage payment made in June actually pays for interest accrued in the month of May. Because of this, if your closing date is scheduled for June 15, the first mortgage payment is due August 1. The lender will calculate an interest amount per day that is collected at the time of closing. This amount covers the interest accrued from June 15 to July 1.

Will you adjust the amount of my mortgage payment if my tax bill is going to change? We base the monthly tax escrow collection for new loans on the information provided to us at the time your loan closed. For all other loans, we estimate your future tax bills based on the last amount we paid. If you believe the amount we have estimated is incorrect, you will need to contact your tax office for more information. Your tax office can either confirm the amount we have is correct, or provide you with something in writing which shows a different estimate.

Mortgage Brokers Mortgage Brokers are companies that originate loans with the intention of brokering them to wholesale lending institutions. A broker has established relationships with these companies. Underwriting and funding takes place at the wholesale lender. Many mortgage brokers are also correspondents, which is why many of them also claim to be mortgage bankers. Mortgage brokers deal with lending institutions that have a wholesale loan department.

What is the difference between a Home Equity Loan and a Home Equity Line of Credit?

What if I want to change insurance companies? You may choose to change insurance companies at any time, but the procedure you follow will depend on whether you make this change mid-term (before the current policy expires), or when your current policy is up for renewal: Changing Mid-term - If we collect funds through escrow for your insurance and have already paid the premium for your current policy, we do not have funds to pay the new policy. In this situation, you must pay the premium for the new policy yourself and send us a copy of the new policy along with a paid receipt so we may update our system. You should also cancel the old insurance policy, and request a refund of any unused premium. When changing insurance companies, the effective date of the new policy must be the same as the cancellation date of the old policy, so there is no lapse in coverage.

The front ratio is the percentage of your monthly gross income (before taxes) that is used to pay your housing costs, including principal, interest, taxes, insurance, mortgage insurance (when applicable) and homeowners association fees (when applicable). The back ratio is the same thing, only it also includes your monthly consumer debt. Consumer debt can be car payments, credit card debt, installment loans, and similar related expenses. Auto or life insurance is not considered a debt.

What points or origination fees are applied, if any? Points are prepaid mortgage interest, and you may have to pay points at closing in order to get a lower interest rate on your mortgage loan.

What is mortgage insurance?

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As stated above, both PMI and FHA Mortgage Insurance protect the investor who owns the loan in the event of a default on the loan. These types of mortgage insurance do not pay off the loan on your behalf if something should happen to you. For information on optional insurance which could pay off your loan or make your monthly payments if something happens to you, please refer to Optional Products.

LOAN offers the following stated income loans: Term Loan to value 30 Year Fixed (30 year) Up to 100% 15 Year Fixed (30 year) Up to 100% 7 Year Fixed (30 year) Up to 100% (conforming only) 5 Year Fixed (30 year) Up to 100% (conforming only)

What is an ARM loan? ARM stands for Adjustable Rate Mortgage. With an ARM loan, the interest rate and the monthly principal and interest payment change (adjust) periodically. The timing, frequency, and methodology of the adjustments are outlined in the loan documents.