How to choose the best lender?

0.10 Dollars($)

Hi Mortgagefit Community,

Continuation of the last post :Common Question on Pre-Approval

Ask these questions to find the best lender:

Choosing the right lender is indeed very difficult. Analyze your financial situation and then proceed with information about the lender and loan process. The following questions will make your task easier.

Information about Lender:

For how many years have you been in the mortgage industry?
If needed, can you process the loan faster?
What are the different types of mortgage programs offered?
Can you give me the references of those people whose loans you have processed?

About Loan Process:

Where is the mortgage loan processed?
What is the total time required to process a mortgage loan?
Can the Lock-in also be extended if closing gets delayed?
Are the latest updates on loan processing available?
How long does it take to get a loan approved?

Analyze your Financial Situation:

Do you offer any special programs with lower interest rates or reduced closing cost for the first time buyers?
How much of a loan amount can be borrowed on a mortgage?
What can be done to fix the past credit problems?
What can be done to qualify for the required loan?

Please include these points on your guide. Hope it will helps more.

Thanking the Community,
Samantha

Sam · Posted: Tue Aug 16, 2005 11:43 pm Post subject: Hi Samantha

Thanks again, these are very helpful. Why don't you join our Mentor Club and start compiling it more formerly? I will take these questions into account.

To know more about Mentor club , please visit ....

Thanks
Sam

Guest 0.10 Dollars($)

Hi MortgageFit Community,

Know about mortgage fees and Insurance

A mortgage requires the payment of a number of fees. A borrower should ask a few basic questions before he pays for his mortgage. Here is a list of some of the obvious questions.

Knowing fee structure

Is the originating fee a part of the closing costs?
When can the Interest Rate and Discount Points be locked?
For how long is the Lock-In period valid?
What is the durability of the point quoted by you verbally?
What will be the total of closing costs?
How much do you charge as 'junk' fees?
How many days of interest are figured by you in prepaid?
Can any of the fees be negotiated at the time loan process?
What are the fees that need to be paid at the time of application?
Are the credit report fee and the appraisal fee required at the time of application?
What will be the principle amount and its interest that needs to be paid every month?
Is any extra fee required if the rate goes down?
Can the fixed rate be converted without refinancing, if yes what is the conversion fee?
Can a loan be pre-paid at any point of time?
Is there any pre-payment penalty associated with this loan?

About Home Insurance

Do you think that an individual inspection is required to rate the property?
Do you provide any premium discounts if homeowner's insurance is carried with you?
Does the Home owner insurance policy have any provision that covers personal property that is lost, stolen or damaged within the premises?
How much will the insurance company pay and for how long if the house is completely destroyed?

Please try to include these queries in your guide. I hope it will help others.

Thanks,
Samantha

Guest 0.10 Dollars($)

Im confused. What is/are mortage financing?

Niicss · Joined: 03 Oct 2005 Posts: 927 137.44 Dollars($)

Welcome Alisa,

When you are taking loan against you property or buying a property with a loan but the loan is secured by the property, then it is called the mortgage financing. I think some lender can phrase it better.

Hope you understand. So before you choosing any lender to take out a mortgage loan, you should ask these above mention questions to the lender to find the best lender.

jasonpolito · Posted: Mon Jul 14, 2008 7:28 am Post subject:

Some great tips in this thread...Thanks for sharing, this will be sure to help many people here with questions.

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