mortgage advice, Utah UT
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mortgage advice, Utah UT |
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mortgage advice - Utah UT: Loans & Mortgages :: Refinancing :: Bad credit loans :: First time buyers home loans :: Advice on the best loan for you :: Mortgage advisor. Is it truly No-Cost? Yes. You pay absolutely no points, fees, or closing costs of any kind. Other lenders may advertise No-cost loans but they add fees to your loan balance or the loan has an expensive prepayment penalty. None of our loans are structured this way. At East West Mortgage, we pay your: - credit report**, - recording fees, - lender attorney review fee, - title insurance, - closing attorney fees, - appraisal**, - courier, - flood certification, - title search, - tax service fee, - and everything***.Below is a sample of one section of a rate sheet for thirty-year fixed rate loans. Rate Cost . . . 6.250% 2.000 6.375% 1.500 6.500% 1.000 6.625% 0.500 6.750% 0.000 6.875% (.500) 7.000% (1.000) 7.125% (1.500) 7.250% (1.875) 7.375% (2.125) 7.500% (2.375) The rate sheet shows the interest rate and the cost to the loan officer, expressed in points. One point is equal to one percent of the loan. Check your credit report regularly and review information placed on it, especially if you have had credit problems in the past. What are the qualifying guidelines for the particular loan? These might relate to your income, employment, assets and liabilities, and credit history. The right kind of loan at a competitive rate is obviously important. So are prompt and thorough underwriting procedures that result in rapid progress through the approval process. Seniors do not have to meet income or credit requirements to qualify for a reverse mortgage. Advice If the figure is less than you expected (or need), lenders know programs that will help boost you higher in qualifying. Plus, they will do what you just did for free, they are much more experienced at the various nuances involved, and you will have no obligation to use them as your lender. Once you have calculated your monthly income, multiply it by the back ratio for your particular loan. For generic purposes, it is fairly easy to work with thirty-eight. Take 38% of your monthly income or multiply it by .38. That tells you the maximum the lender wants you to spend on your housing costs and monthly consumer debt combined. What do the words amortization, escrow, principal, foreclosure, PITI, and closing mean?What Types Of Loans Are Available And What Are The Advantages Of Each? Pre-approving your loanIf you are asking the seller to pay all or part of your closing costs, you have to be certain your loan program allows what you are asking. For smaller down payments, lenders allow the seller to pay less closing costs than for larger down payments. Some loan programs will allow a seller to pay certain types of costs, but not others. Get a written good-faith estimate of closing costs Within 3 working days after receipt of your completed loan application, your mortgage company is required to provide you with a written good-faith estimate of closing costs. Which mortgage is best for me? |
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