Posts Tagged mortgage broker
Deskilling the Mortgage Industry; Mortgage Specialists are depreciating
Posted by Top Home Loans in Economy, Mortgage Advice on August 25, 2010
A house is the biggest purchase that you will make in your entire life. The decision will have a serious impact on all your decisions and will effect the rest of your life. When you make that decision, should you choose who is available or should you choose the right person?
The fact is that most people choose whoever is available without doing research, a background check, or a single fleeting thought. However, as many people know all real estate agents are not equal and all mortgage specialists are not equal either. A good mortgage broker can make a big difference in your transaction over a poor mortgage broker. The same goes for most other industries.
Banks want to pay the person you are working with less, so a decision to deskill the working mortgage specialists results in lower pay, lower skills, and less tenure. The mortgage specialist job is less of a career and more of a transition now.
Can you still get Talented Mortgage Professionals?
Of course you can; however, talented mortgage professionals are becoming harder and harder to find due to the increase in new bank mortgage specialists. You can ensure that you can get a talented mortgage professional by doing a bit of research and interviewing your mortgage professional before deciding on proceeding with a mortgage application with that individual.
A skilled mortgage professional will make the process seem easy and seamless; however, a non-professional will make your mortgage experience a disaster. The best thing to do is to research more upfront, instead of learning on the way.
Can I use a Mortgage Specialist that works for one bank?
You can use one of these mortgage specialists; however, it is impossible to know what you are getting into. It could be the specialists first day or week on the job, and they could have little to no idea what they are doing. They could also tell you incorrect information that would cost you a lot of money in the future. The best idea is to avoid little information, and research a strong mortgage professional before proceeding.
How did you find your mortgage professional? Where did you do your research? Leave your response in the comments below.
Save your Mortgage from the Bank. Simply Mortgages can Help!
Welcome back!
The 10 Mortgage Choices you Shouldn’t Need to Decide
Posted by Top Home Loans in General Banking, Mortgage Advice on August 23, 2010
When buying your own house, it is a complicated event. Which neighborhood, what type of house, what design are you looking for, how many bedrooms? So many questions that you need to answer to your real estate agent; however, with your mortgage broker, it should be easier. Here is a list of ten difficult questions your mortgage broker should be answering for you.
1. Fixed or Variable Mortgage Rates – Your mortgage broker knows you, they know the mortgage market, and they know where mortgage rates heading. The mortgage broker knows how to answer this question the best.
2. Short-term or Long-term – Your mortgage broker knows if now is a good time to stick with a long-term rate or to wait for something lower. Your mortgage broker should be able to easily make this decision for you.
3. Amortization – Your mortgage broker knows how much money you can put towards your mortgage without breaking the bank. Leave this decision to your mortgage broker.
4. Payment Frequency – Should you pay weekly or monthly? Should you be accelerated or not? Your broker will know how to optimize your mortgage payments for you.
5. Bank Account – Which bank account is best to have your mortgage payment coming out of? Ask your mortgage broker! He should know right away which account is best to avoid missed payments.
6. Down Payment – How much should you put as your down payment on your mortgage? Your mortgage broker will know the minimum and maximums. Tell your broker how much money you have, and they will make the optimal decision.
7. Options on your Mortgage – Do you need a basic mortgage with no options? Do you want prepayment options and lump sum payment options? Your mortgage broker will know what loan repayment option will work better for you.
8. Refinance – Should you refinance or wait for a better time? Do you need to refinance? Your mortgage broker will tell you if now is a good time to refinance.
9. Sell your Property – Your mortgage broker will know the peaks and the troughs of the mortgage market? They will know when is a good time to buy and sell. Ask them first before you make a decision on your property.
10. Changing Careers – Before deciding on a mid-life crisis, you may want to check with your mortgage broker. Your mortgage broker will tell you if doing that is sustainable, and what to expect from the future of your mortgage.
Choosing what property to buy is a difficult decision. It can take weeks, months, or years to find a house that suits your needs. The best thing to do is to find a broker that will answer all the questions for you so you don’t have to. The less hard decisions that you will need to make, the more comfortable the process will be.
Did you make a lot of decisions on your mortgage? Did you make wrong choices? Leave your response in the comments below.
Save your Mortgage from the Bank. Simply Mortgages can Help!
How do I know how much my Property is Worth?
Posted by Top Home Loans in Mortgage News, Property Management on August 18, 2010
Before speaking with a mortgage broker or calling your bank, it is critical that you know how much your property value is worth. The problem is that you have no idea how much your property is worth. You have never taken a class on property valuations and you are not a real estate agent, so how do you know.
You could hire a real estate agent or a real estate appraiser; however, there are several costs to getting this done, and it won’t be worth it in most cases.
You could look at your property tax statement for the property valuation; however, this is usually old, and it will be out of line in comparison with the actual property value. This is not the most accurate way to value your property.
The best way to value your property is by using MLS. The trick is to log on and search for houses in your neighborhood. These houses will be what you compare your house to. You will need to make adjustments on the price to match what you think your property value is worth. After you do a comparison to several houses, then you will have a rough estimate on what your property value is worth. Once you have an accurate value, then you need to increase that value by about 30%. This will allow you to accommodate for things you may have missed. Keep in mind that you will rarely get this value, but this will allow for your mortgage to get the best value.
What happens when there are no properties selling in your area?
If you cannot find any properties to compare against other properties, then you will need to determine the value on your own. You will need to think about how much you figure you could sell the property for, then you would want to increase this value by 20% or 30%. This will allow you to have an accurate value.
Once you know how much your property value is worth, then you can talk to the bank with confidence. When your bank asks you how much your property is worth, then you will be able to answer that question accurately and confidently.
How do you determine your property value? What do you think your house is worth? Leave your response in the comments below.