What a Mortgage Lender Provides
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Posted On :
Jan-28-2010
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Article Word Count :
777
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Today’s low mortgage rates mean refinancing is more popular than ever, and more and more homeowners and home buyers are looking for the best mortgage rates and terms for their budgets.
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Today’s low mortgage rates mean refinancing is more popular than ever, and more and more homeowners and home buyers are looking for the best mortgage rates and terms for their budgets. But wading through the paperwork associated with mortgages and refinancing can take a lot of time and care, and the process of reviewing multi-page documents is often confusing and frustrating.
Fortunately, mortgage lenders are in an ideal position to help potential borrowers negotiate the maze of terms and jargon that comprise the average mortgage document.
Most mortgage lenders, or brokers, work with multiple lenders to ensure you get the best deal for your needs. As a result, these lenders or brokers are well educated in terms of the types of mortgages, terms and other fees that may be associated with a mortgage.
Once he or she is familiar with your needs and your budget, your lender will act as an intermediary between you and the bank or other financial institution providing your loan, and will help guide you through the mortgage or refinance process, from applying for the loan through qualification and signing the final mortgage documents.
Before meeting or speaking with your mortgage lender, consider the following ideas to ensure you take advantage of all your mortgage lender has to offer:
Research mortgage loans to get a general understanding of the products that are available, as well as available interest rates and terms. While your mortgage lender is a great source of information regarding these topics, having a general understanding of the field before speaking with your lender can help make sure you get the specific information you’re looking for. Websites are great sources of basic background information, as are metropolitan newspapers.
Check your credit scores and credit reports. Every U.S. citizen is eligible to receive one free copy of his or her credit report each year, from each of the three major credit reporting agencies (TransUnion, Experian, and Equifax). You can request your report by mail or online, with a simple online application. Once requested, you can have a copy of your report mailed to you, as well as view it immediately online. Once you have a copy of your report, review it for any errors. If you do find an error, each agency offers specific steps for dispute. In addition to your credit reports, you may also want to request a copy of your credit score. Be sure to request your FICO score, the score lenders turn to when determining if a potential borrower is a good risk or not.
For a refinance where you will be looking to withdraw equity from your home, be sure to determine the amount of money you hope to take out during the refinance procedure. Once that amount is determined, your mortgage lender will be able to help you determine if the new mortgage payments will work in your personal budget.
Have a general understanding of your monthly income and financial obligations. By letting your mortgage lender know your monthly bottom line, as well as your other financial obligations, he or she can seek out loans and loan terms that will help you afford your new mortgage without burdening your budget.
Check with your state’s mortgage lender licensing agency, as well as your better business bureau, to determine if any complaints have been issued against the lender you’re considering using. This is also a great opportunity to ensure that your lender is, in fact, licensed within your state to write mortgages and work with lenders.
By reviewing your personal finances, a mortgage lender can also advise you regarding your ability to qualify for the best mortgage rates and terms. In some cases, mortgage lenders can help you determine your credit score and can offer advice for improving your score prior to applying for a loan.
Mortgage lenders are also a great source of information regarding the types of loans that may be available to you, including traditional fixed-rate loans and mortgages that offer adjustable rates. For purchasers of very expensive homes, a mortgage lender can also provide sources of jumbo loans, which are especially designed to meet the needs of high-end home buyers.
With an in-depth and up to the minute knowledge of the mortgage and lending industry, a mortgage lender can be a great companion when wending your way through the highly technical and often confusing mortgage documents. Taking some time to review your mortgage options and to learn about your lender can make your loan process smooth and stress-free. A few hours spent now can prevent years of headaches throughout the life of your mortgage.
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Article Source :
http://www.articleseen.com/Article_What a Mortgage Lender Provides_9642.aspx
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Author Resource :
Karen Zabel is a freelance writer who writes about real estate and working with a mortgage lender.
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Keywords :
Mortgage Lender, Real Estate, Mortgage Quote, Adjustable Rate Mortgage, Credit, Line of Credit, Home Equity, Mortgage Rate,
Category :
Finance
:
Mortgage
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