• What are my closing costs for my mortgage? Here’s a list of the possible closing costs; Closing Costs are broken down into sections on the Good Faith Estimate. The Good Faith Estimate is a form that describes all the closing costs associated with closing your loan. It’s a good idea to compare and inquire to multiple mortgage companies to find the best deal.
• What is an Escrow Waiver? What is an escrow waiver and what does it mean to me? A mortgage escrow waiver is available on most mortgage options. Depending upon what type of mortgage product you receive may depend upon if you have to set up escrows or not.
• Mortgage Application Checklist Typically here are the items needed to get your mortgage started. This check list is very handy to follow to help with a speedy refi or a home purchase. Some lenders may vary in the items that they ask for depending upon your financial situation and type of loan applying for, but here are the basics.
• Good Faith Estimate. The good faith estimate is very important in the beginning of the mortgage process. While in the beginning stages of either home hunting or refinancing a current property, make sure you prepare for comparing good faith estimates. Good faith estimates are an excellent way for consumers to compare apples to apples for each lender you choose to compare. Be aware of the good faith estimate : IT’S VERY EASY FOR LENDERS/BROKERS TO HIDE FEES.
• Reading a 1003 and a mortgage application. Reading a 1003 can seem over bearing at first, but don’t worry it’s not. I hope your mortgage professional doesn’t refer your mortgage application as a 1003, but that is what the industry refers them as. A 1003 = a Mortgage Application. When filling out a mortgage application or a 1003 remember what you don’t know don’t fill it out a mortgage loan professional will ask you later. The mortgage application will have many signed drafts as you go along until you get the final copy at the closing. The more complete the 1003 the quicker the mortgage process will be. Be honest in the 1003 application it will make things run very smoothly during the 1003 process.
• Mortgage Payment. Your mortgage payment is very easy to figure out. Find an online calculator! There are many calculators out there to help you find your mortgage payment. Lendingtips.com has these calculators under the “calculator” section of the website. Please don’t try and figure out your mortgage payment by hand.
• Mortgage Calculator. Mortgage calculators are everywhere these days. On ledingtips.com you will find many resource links to your mortgage calculating needs! When you do your calculations for your own mortgage make sure you have the basics at hand. Here are some tips for helping you along with some calculations for your mortgage broker or lender that they will need from you. The mortgage broker or lender can calculate these numbers with a full mortgage application and paperwork filled out, but you can give them this to start with to find the best mortgage option.
• Local Mortgage Company. Are you searching for a local mortgage company? You have come to the right place. Local mortgage companies are all over this country from small “mom and pop” shops to large lending institutions. With the recent lows in mortgage rates combined with an outstanding housing boom local mortgage companies are popping up all over the place. In this article I would like to give you some advice on choosing a local mortgage company before choosing the local mortgage company who boasts “lowest mortgage rates guaranteed”.
• Mortgage Loan Consultant / Mortgage Loan Officer Finding a Mortgage Loan Consultant is an interview process much like interviewing a possible contractor to build your dream home. Take some time to get to know the person and company that you are selecting. Here’s what to look for in your new mortgage loan consultant:
• Buying a Home Buying a home is a very daunting task. If this is your first time with a new home purchase or your 5th home purchase it’s all the same. The process of buying a home remains the same, but sometimes it just seems like it doesn’t get any easier.
• Mortgage Process and the Loan Officer The mortgage process can be ugly if you are not well prepared. My first suggestion before you begin the mortgage process is do plenty of homework. Throughout the mortgage process you can get caught up in all the tedious paperwork, time to make the deal happen, and aggravation with someone along the way. Relax... the mortgage process can be very simple when laid out in steps.
• 15 Year Fixed loan / 15 year mortgage Having a 15 year fixed loan could be heavy at times! What I mean is the payments are considerably higher than a traditional 30 year fixed loan. A 15 year fixed loan is amortized over 180 months with final payment due at maturity.
• 30 year fixed loan / 30 year mortgage The 30 year fixed loan historically has been the most popular type of loan for consumers. The 30 year fixed loan is amortized over 360 months with payments due on the first of every month.
• 40 year fixed loan / 40 year mortgage A 40 year fixed loan? Who in there right mind would take out a 40 year mortgage? You’d be surprised! With rates on the move higher, the 40 year mortgage becomes a much more desirable mortgage (or people think). An easy way for most people to justify buying a house that they can’t truly afford is to take out a 40 year mortgage. When you amortize the 40 year mortgage the payments are divided among 480 months.
• Rent or Buy One of the questions that would often be asked, whenever people found out I was in the mortgage business was, should I rent or buy a house?
• Residential Mortgage Loan Application The Residential Mortgage Loan Application is a 3 page application consisting of ten subject items to be filled in.
• Looking for the Best Mortgage. Shopping around for a home loan or mortgage will help you to get the best financing deal. A mortgage—whether it's a home purchase, a refinancing, or a home equity loan—is a product, just like a car, so the price and terms may be negotiable. You'll want to compare all the costs involved in obtaining a mortgage. Shopping, comparing, and negotiating may save you thousands of dollars.
• Should you pay off your mortgage early? Many savvy homeowners know that making one extra mortgage payment per year, or paying an amount above that due each month, can save thousands of dollars in interest rates over the life of a mortgage. But is it always a good idea to pay off your mortgage early?
• Reverse Mortgages: Proceed with Care. Whether seeking money to pay for medical treatment, finance a home improvement, buy long-term care insurance, or supplement their income, many older Americans are turning to "reverse mortgages." They allow older consumers to convert the equity in their homes to cash while retaining home ownership.
• Choosing between an adjustable and fixed rate mortgage. Most homeowners, looking for long term financial security, are inclined to lock into a fixed mortgage rate, which remains the same over the life of a mortgage. But is that always the wisest choice? Sometimes, an adjustable-rate mortgage, which changes interest rates down the road depending on fluctuations in the prime rate, can be a wiser choice.
• Buying Your First Home? Keep these tips in mind, and you’re more likely to get through the process of buying your first home with a sense of joy and accomplishment!
• Afraid of not getting a mortgage? If you’re hoping to buy a home, but you’ve got a nagging fear that your application for a mortgage won’t be approved, why not take steps now to improve your changes?
Mortgage Calculators
• ARM vs. Fixed Rate Mortgage Use this calculator to compare a fixed rate mortgage to two types of ARMs, a Fully Amortizing ARM and an Interest Only ARM.
• Mortgage Loan Calculator Use this calculator to determine your monthly payment and amortization schedule.
• Mortgage Qualifier Can you buy your dream home? Find out just how much you can afford!.
• Refinance Breakeven Should you refinance your mortgage? Use this calculator to determine when you will breakeven!
• Rent vs. Buy Are you better off buying your home, or should you continue to rent?.
• Amortizing Loan Calculator Enter your desired payment - and let us calculate your loan amount. Or, enter in the loan amount and we will calculate your monthly payment!
