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mortgages - New York NY: Loans & Mortgages :: Refinancing :: Bad credit loans :: First time buyers home loans :: Advice on the best loan for you :: Mortgage advisor.

What is the property worth? The lender will want to know the value of the prospective home. The loan amount approved will depend on the value of the property to be determined by an appraiser. This appraisal is to ensure that the lender can recover the money he lends, even if you stop making payments. If the borrower fails to repay the loan, the lender has the right to sell the home to pay off the loan -- a process known as foreclosure.

Some homeowners manage to cancel PMI early by getting their houses re-appraised. If the value has risen enough, they can add the appreciation to the equity they have paid and get above the 20 percent threshold for paying PMI.

In fact, mortgage servicing is where lenders make the real money. The entire system of originating mortgages, including wholesale lenders, mortgage brokers and mortgage bankers is designed so that servicers get loans into their portfolio -- hopefully at a break even level -- but often at a loss. Mortgage servicing is where they make their profit.

Will you pay my taxes in time to obtain the discount? Yes. If your tax agency offers a discount for taxes paid by a certain date, we will make certain to take advantage of the full discount amount when paying your taxes.

In the olden days, when someone wanted a home loan they walked downtown to the neighborhood bank or savings & loan. If the bank had extra funds laying around and considered you a good credit risk, they would lend you the money from their own funds.

With the latter option, they might struggle with higher payments for 20 years, just to save less than $4,000 over 30 years. Which option they take is a matter of personal preference.

Mortgage bankers may have problems just because they are too big or they may operate like well oiled machines. A lot depends on the branch or office you deal with.

Last time rates were this low was May 1966, when the average FHA rate was 6 percent.

Due on Sale - Some loans do not allow assumption by another party, and are referred to as due on sale. If your loan contains a due on sale provision, the loan must be paid in full if your property is transferred in violation of the loan documents.

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.

Types of Mortgage Lenders

What Are Discount Points? Discount points allow you to lower your interest rate. They are essentially prepaid interest, with each point equaling 1% of the total loan amount. Generally, for each point paid on a 30-year mortgage, the interest rate is reduced by 1/8 (or .125) of a percentage point. When shopping for loans, ask lenders for an interest rate with 0 points and then see how much the rate decreases with each point paid

Is anything added to my new loan amount to cover fees? No.