USDA Loan in Pittsburgh (888) 464-8732

What questions should I ask a mortgage lender in Pittsburgh ? If you’re dealing with a mortgage broker there’s some questions that you should ask both on your first meeting with the mortgage broker and throughout working with your mortgage broker to make sure that you’re getting the best service possible.

USDALoanInfoPA is going to go through 10 different questions that you can ask your mortgage lender in Pittsburgh. Be aware that your USDA Loan or Mortgage broker  will be getting the loan that you need and the service that you want.

The first question that I think everyone should ask a mortgage broker is a pretty straightforward one.

How Much Will a Mortgage Broker Cost?

Most mortgage lenders in Pittsburgh actually work for free.

So it doesn’t actually cost you anything in order to do it.

They get money because they are paid by the banks when you successfully get a loan.

So they get a small commission of the loan that you apply for and if you get it.

Top Mistake People Make When Applying for a Mortgage | Home Loan Application Mistakes

So most mortgage brokers in Pittsburgh will work for free and it won’t cost you anything.

However, there are some mortgage brokers out there who do require deposits or who do require you to pay.

So, it’s important to ask, “How much will this cost me?” when assessing which mortgage broker you want to go with.

How much do Mortgage Lenders earn in commission from me and from my loan?

This is less to understand exactly how much they make.

You can see what percentage of commissions they make and things like that by visiting USDALoanInfo.

But it’s more to understand whether or not they’ll be willing to give you this information.

A transparent mortgage broker is someone that’d be willing to give you this information and you know that they have your best interest at heart.

Federal Mortgage And IRS Relief For Floridians Impacted By Hurricane Irma

If they skirt around this issue and they don’t tell you how much they earn.

Well then that would send out red flags for me because I can’t trust them to put my best interest at heart because there are some circumstances where one loan will earn them more money than a loan that could potentially be better for me but not as good for them.

Balloon Mortgage

So, I’m just trying to establish whether or not this mortgage broker in Pittsburgh is someone that I can trust.

And by asking them the big question, the money question,”How much will you earn from me?” That’s a great way to understand whether or not you can trust the mortgage lender.

So ask that question and see how they respond.

Do Mortgage Lenders Invest Themselves?

Now, I don’t think a mortgage broker has to be a property investor in order for them to be able to get you a good loan and for them to help you successfully invest in property.

However, if they are interested in property in Pittsburgh, if they do invest themselves, then that is going to go a long way to help you because they understand what it’s like to be in your shoes.

They understand what you’re trying to get out of this and they’ve done it themselves so they can help you miss some of the pitfalls and things like that.

If they don’t invest themselves, then I would want to ask them, “Have you worked with many people that invest in property?” Because as mortgage brokers, some of them just work with people who are buying their own home.

How to Find a Good Mortgage Broker or Lender

Some of the mortgage lender folk who work with people who are doing particular investment strategies.

So, some might work with people who invest in positive cash flow property or who invest in rural areas, who invest using developments.

When shopping for a mortgage lender, it is absolutely imperative that you obtain more than one quote. You should also ensure that every lender provides you with a Good Faith Estimate (GFE) to substantiate each offer. When reviewing these quotes, here are five important factors to think about:

1. Fixed or Adjustable

If a rate seems very low compared to other offers, make sure that you are not getting an adjustable rate when you requested a fixed mortgage. Brokers will often try to bait you with a low, adjustable rate.

2. Cash to Close

Look closely at how much cash each lender is requiring you to bring to the closing table. Sometimes a slightly higher rate is fine if it means that you need les money to close.

3. Escrow

Look carefully to see if the quoted loan requires you to escrow your taxes and insurance. If so, make sure your lender estimated the reserves that you will need to pay in order to set up the escrow account.

4. Origination Fees

Generally, the top line on a GFE will show how many origination points you are paying the lender for obtaining the loan on your behalf. It will always be to your advantage to negotiate this amount. Remember, most loan officers are paid on commission so they would rather make a little less than nothing at all.

5. Complete GFE

Make sure all fees are disclosed that you will be required to pay, i.e. origination fees, lender fees, processing fees, taxes, title insurance, transfer tax, etc. Some brokers/lenders will attempt to leave off non-fixed costs like taxes in an attempt to make their loan look more attractive.

These thoughts should prepare you quite well when seeking out a fair and affordable mortgage loan.

So I would want to find a mortgage broker who either had that experience themselves or who had clients that they had got similar deals for ’cause that way I know that they can negotiate on my behalf and they can get this deal across the line.

What details do Lenders need from me?

It’s one thing to call up a mortgage broker and just to get an estimate of your borrowing capacity but if you’re going through pre-approval and stuff like that, then you’re going to need to provide the mortgage broker with more in-depth details.

You might need pay slips; you might need proof of identity, all of that sort of stuff.

If you ask them up front, “What details do you need from me?” And when you go to your meeting with them you actually provide them with those details, well that just makes things so much easier.

USDA Maps Changing on June 4th | Home Buyer Tips

Remember, a mortgage lender is only paid once the deal goes through and once you actually get financing.

So the easier you make it for them, the more likely you are going to get better service.

What can I do as a client to make this go as smoothly as possible?

You have the goal of getting financed for your property, the mortgage lender has a goal of you getting financed for your property and no one wants it to be difficult.

And so, if you can ask the mortgage broker, “Look, how can I work with you? How can I make things easy for you?” They’re the experts; they know what they’re doing.

They can tell you exactly what they need and then you can work hard to provide that for them so that they can get everything across the line as quickly as possible.

Usda Farm Loans

You know, I have customers,I deal with customers and even though I’m not a mortgage broker myself, I know that when there’s difficult customers that you don’t want to deal with, it just makes life so much harder and you don’t want to work hard for those people.

And when there’s customers who are really nice to you and who try really hard to help you provide them with the service you provide, you will bend over backwards to do anything you can for those customers to get them across the line, to help them as much as possible.

So, be one of those customers that the mortgage broker wants to bend over backwards to help you because you have their interest at heart as well.

You want to see them get paid.

You want to see them do an easy mortgage so they get paid easily.

And so you can develop a relationship into the future.

Which lenders can I borrow the most from?

Most people go into a mortgage broker looking for the cheapest interest rate possible.

What is the cheapest interest rate I can get? And the fact of the matter is a mortgage broker is likely to show you the banks that will lend you the amount of money you need and will also have the cheapest interest rate as well.

However, they might not showy ou banks that will lend you more money than you potentially need at the moment.

Now, it’s important to ask, “Which lenders can I borrow the most from?” because this will help you to project into the future.

Maybe you don’t need to know that for this loan right now but maybe, in the future, you might need to borrow money again and you know, or roughly my borrowing capacity is this.

Or if you find out which lenders you can borrow more from, and you find that you can actually borrow an extra $300,000, well you might split up your deposit and invest in two investment properties instead of just one.

And so asking them, “Which lenders can I borrow the most from?” is a great question to ask to really understand your position.

Because, yes, interest rate is important but how much you can borrow is also important as well.

Can I see a full list of my borrowing options?

Most mortgage brokers will provide you with, usually, like a top three or sometimes only a top one.

And I always like to think, “Can I see a full list of my borrowing options?”Again, this is less to say you want to go through all of this in minute detail and see.

You’re probably going to still choose from one of the top three ones.

But you just want to see that they’re giving you the full amount of information.

And most mortgage brokers are good people but there are some dodgy mortgage brokers out there who are just trying to get the deal that gives them the biggest commission.

Fha Mortgage Rates

And so by asking to see a full list of what your borrowing options, you can then look at that and you can then assess, “Okay, well which loan do I think is going to be best for me?” rather than just taking the recommendation of the mortgage broker who may or may not be thinking about themselves.

So, again, most mortgage brokers are great people out there to help you but it’s always a good idea to get a full list of your borrowing options that are available.

Will this put a mark against my credit file?

And so this is when you’re trying to work out how much you’re going to borrow and stuff like that.

When you go into a bank and you try and find out how much you can borrow, often, the bank will do a credit check and this puts a mark against your credit file.

And what happens is if you have a lot of these marks against your credit file, even though it’s nothing bad, this can actually stop you getting a loan.

House Loan

So, talk to your mortgage broker and when you’re looking at, “What can I borrow?”or your looking at getting pre-approval, just understand, “Will this put a mark against my credit file?” ‘Cause it’s not bad to have a couple or whatever.

But if you’re getting lots and lots of marks against your credit file, then that could be an issue.

So just make sure and you know when a mark’s being put against your credit file and when a mark isn’t being put against your credit file.

How soon can I revalue or borrow again?

So if you’re investing in a property to renovate it or to develop it or even if you’re investing in a property that’s potentially under market value, you want to know how quickly can you revalue that property so you can get equity and then hopefully draw equity out of the property to go ahead and invest again.

There are a lot of lenders out there who don’t allow you to revalue within a 12-month period.

So, speak to your mortgage broker about the lenders that will allow you to revalue faster.

And basically, this will give you an idea of how quickly you can revalue to consider going again.

Home Lenders

You’re also going to want to ask them, “After I invest in this property, how soon can I borrow again or what do I need to do to put myself in a position to be able to borrow again and to purchase the next property?” Because hopefully, your goal isn’t just to purchase one property but to grow your property portfolio and to achieve that financial freedom and that financial security that you’re striving for.

Will My Loans be ‘cross-collateralised’?

Now, I have heard a lot of stories about investors whose loans have been cross-collateralised and it’s cause major problems when they’ve gone and sold their property because the bank shave been able to take that money and pay off debt.

And basically, you want to avoid this at all costs from what I hear.

And so, it’s good to ask your mortgage broker, “Will my loans be cross-collateralised in any way?” Generally going with the same lender for two loans does it by default, even though it doesn’t say they’re cross-collateralised.

So, it’s just something that you want to look at the fine print, you want to understand, “Are these cross-collateralised?” And if they are, try and avoid it, try and get loans that aren’t going to be cross-collateralised.

Manufactured Home Loans

So there you have some questions to ask your mortgage broker next time you go and see a broker to find out how much you can borrow or get pre-approval or get financed for another property.

If you are in the market, looking at properties and you want to see some high rental yield properties, then I’ve got 10 property listings that I’ve gone out and found for you guys.

You can see what high rental yield properties look like that are likely to generate a positive cash flow.

Did You Know – You Can Get Pre-Approved for a USDA Loan in Pittsburgh?

Usda Programs

Hi everybody, your real estate expert, LanceMohr.

And in this series, I'm talking about how to buy a house.

Today, I'm going to talkabout how to pick a mortgage lender.

If you don't need financing, don't worry aboutwatching this video unless you just want more information.

Alright, so how to pick a lender.

First off, if you've already chosen a real estate agent, this is a good place to start.

You could also ask some friends and family members, co-workers, get an idea who theywould choose.

Now personally, I was in the mortgage banking industry for several yearsand I was a co-owner of a mortgage company.

There's three types of lenders out there;number one is your big bank, your Bank of America, Wells Fargo and then you have yourmortgage bankers and then you have your mortgage brokers.

Now I'm not a real big fan of thebig banks or credit unions for that matter.

I think there's a lot of credit unions thatare really good, don't get me wrong and I'm not saying that there is anything wrong withbig banks.

I'm not a fan of them and the reason is – the reason why I don't like big banksis because if you go into a bank like Bank of America or say a Wells Fargo, you are onlyusing their money.

So if you go in and you have a very unusual circumstance and maybeyou don't qualify for their loan, they're not going to tell you "you don't qualify forour loan, go somewhere else".

They're just going to say, "You don't qualify for a loan.

Sorry.

" Now you may go to a mortgage banker or a broker and qualify for theirs.

So that's the problem, they are very, very limited because they only lend their money.

If you are round, you're not going to be able to fit in their square hole.

So it's not areally good way.

Now if you do use a bank, if you say Bank of America which I'm not afan at all, I haven't had them close a transaction on time in years, if they even close it atall.

So I got to say that, the only bank I can say that about.

But let's say you go toa Wells Fargo or you go to a Bank of America, always try to use a local loan office or don'tuse someone out of state, because you've heard of the term, "out-of-state, out of mind","out of area, out of mind".

That's really how it is.

You want someone local that knowsthe local ways in Florida, and more specifically I'm in Florida, I'm in Tampa, so the cityyou live in.

So that would be my first personal recommendation and I know a lot of lendersout there might be getting mad if they're watching this right now, especially if theywork for Bank of America.

But that's my opinion, I've worked with a lot of credit unions whenI was in the lending business and certainly not all of them.

Credit unions, the good thingis they really care about their customer.

The problem is they don't really do a lotof training to their loan officers unfortunately.

And you know, a lot of times when you're goinginto and getting a loan with a bank or credit union, a lot of times the loan officer ison a salary plus bonuses, and you want someone who, if they don't get you a loan, they don'tget paid any money.

That's the best way you are going to get a loan.

So I am a big fanof bankers.

Now really the difference between a bankerand a broker, is a banker lends their own money and will underwrite the file, usuallyin-house.

They are also called correspondent lenders.

Now I've worked for bankers before,and if bankers just don't have a competitive program – let's say you go in and maybeyou are a veteran and they're not real competitive on VA loans, let's just say.

They will usuallyhave brokers that they work with as well as and they could do different things.

So theyare usually good.

Brokers, I've worked for brokers when I wasn't lending as well andit's the same thing, but the difference is brokers have access to dozens and dozens oflenders.

Don't get fooled by that.

Most brokers only have about 5 to 7 lenders they work withat any given time; they might have a lender for their conventional financing, they havea lender for their government financing, they have a lender for their jumbo finances.

So don't get caught up into all that.

But the difference between bankers and brokers,if they don't find a way to say yes, they don't get paid.

And a lot of time what peoplewill do, is they will go out and they will be picking say maybe three companies, andthey will call up for a rate quote.

But you really, when you are calling up for a ratequote, you need to ask very specific questions and you need to do it all on the same day.

Because you could call one institution on Tuesday and rates could have changed up ordown on Wednesday.

And then you need to call the same day, you need to give the same parametersfor each one of them, "So I'm calling, I want to get a loan amount of $200,000 and what'syour rate lock?" Now I'm not a big advocate of going around and doing rate shopping becauseat the end of the day, lenders all get their money from the same place at the same price.

If you call 10 lenders, probably nine of them are going to give you the same quote for themost part.

Now banks will generally be a little bit more in the interest rate, but less inthe fees because everything is in-house, where a broker, they get their pricing at wholesale.

So there you could usually be more competitive on the interest rates, but they are a littlehigher on closing costs because they have to sort of outsource it and get it underwrittenover here in the process and all that stuff.

So get the information and call them all up,talk to them, ask them again the question, why should I work with you, what makes youdifferent, what makes your company different.

Whatever you do, whatever they tell you, onceyou lock in the rate, get a rate lock.

You don't want to be on different pages and theytell you one interest rate and then all of the sudden, you show up at closing and it'sa completely different interest rate, maybe it's a quarter percent higher.

Because theseller doesn't really care about your loan, all they know is you have to close.

So getit in writing from the lender, I can't tell you how many people – when I used to bein lending, pretty much everybody that I worked with, I always put everything in writing.

No one ever asked me but I wanted it all in writing for the documentation.

So always askfor it in writing and really try to take the person who you feel is looking out for yourbest interest, because at the end of the day, you could have the best interest rate in theworld, but if you are on the wrong loan program, the interest rate is sort of irrelevant.

SoI hope this helps you.

Leave a comment, if you have any questions, if you have anythingto say, you work for Bank of America – please leave a comment because I think it's goingto be real nice, but it is what it is.

And if you like my videos, subscribe to my channel,give me a thumbs up.

I appreciate it.

I wish you the best of luck in buying a home.

Havea great day.

Mortgages in 2019

Mortgage Prequalification

The Business and Industry (B&I) loan program administered by the United States Department of Agriculture (USDA or Agency) guarantees loans by qualified lenders to benefit rural businesses. For eligible projects, community banks can obtain an 80% guarantee for loans up to $5 million, a 70% guarantee for loans between $5 million and $10 million and a 60% guarantee for loans between $10 million and $25 million. The B&I guaranteed loan program allows lenders to expand their loan portfolio, obtain a deficiency guarantee, increase earnings by participating in the secondary market, make loans in smaller communities with traditionally lower collateral values and extend loans above their legal lending limits.

For each loan, lenders submit a detailed guarantee application to the Agency office in the state where the project is located. Approval or denial decisions generally take several weeks. Projects eligible for B&I financing include business acquisitions, commercial real estate purchases, startup costs and working capital, machinery and equipment purchases and some refinances.

On December 17, 2008, the USDA published a new interim rule pertaining to the B&I loan program in the Federal Register. Effective October 1, 2009, the new rule is designed to streamline the application, accelerate the guarantee approval process and expand the types of eligible projects. The Agency ultimately decided to abandon the new rule and instead focus on working within the existing regulatory framework to improve the B&I loan program.

Under the previous rule, the B&I loan program required lenders to compile burdensome applications and to deal with lengthy approval timelines and limited loan features. For example, a common lender complaint has been the laborious guarantee application process. For every loan under the previous regulations, B&I lenders had to submit to the local Agency all of their underwriting and loan approval documents, at least three B&I application forms, the draft loan agreement, copies of loan origination and servicing policies and procedures, and details concerning lending history, experience and their relationship with regulators. The Agency also awarded guarantees on a "priority scoring" basis, which gave loans in particularly rural areas with compelling purposes priority over otherwise eligible loans that earned a lower "score". An approval or denial decision for lower scoring loans could take months from the application submission.

The USDA aims to reduce these drawbacks with the revised rule. The new rule attempts to streamline the original application process. Lenders must apply to participate in the guaranteed loan program by submitting background information such as descriptions of lending history and experience, policy and procedures and documentation concerning regulatory compliance (7 CFR 5001.9). Although lenders had to submit this information under the old rule, they are now permitted to submit summaries instead of copies of their policies and procedures (§5001.9(a)(1)). Once approved by the agency, lenders will no longer have to submit this background information when applying for loan guarantees (§5001.9(b)(4)). The revised rule also reduces the number of guarantee application forms (§ 5001.12(a)) and eliminates the draft loan agreement (§5001.34). In addition to simplifying the application process, the new rule endeavors to reduce the guarantee approval timeline.

Two changes aim to accelerate the guarantee approval process. The Agency has eliminated its "priority scoring" system in favor of a simpler first-come-first-serve approach (§5001.103(f)(1)). Additionally, the Agency has created a preferred lender program (PLP) (§5001.9(d)). The benefits of obtaining PLP status include a ten day approval or denial decision (§5001.11(c)), a smaller guarantee application package (§5001.12(b)) and the opportunity to obtain preferred status in more than one state with a single PLP application (§5001.9(d)(2)). In addition to streamlining the application process, the Agency has introduced some new loan features to the B&I loan program.

B&I guarantees may now be issued for additional uses and purposes. Under the previous regulations, lines of credit were ineligible. Lines of credit are now eligible when used for annual operating/business expenses, debts advanced for the current operating cycle, scheduled non-delinquent term borrower debt or closing costs (§5001.103(b)(2)(xix)). Projects involving leasehold improvements and the purchase of mixed use commercial and residential buildings are also now eligible for B&I guarantees (§5001.103(b)(2)(xviii, xx)). Another new feature removes the prohibition that interest rates change no more often than quarterly, and allows lenders to set a variable rate that adjusts as often as daily (§5001.31(a)). These new features allow lenders to obtain a valuable B&I guarantee for projects that previously were ineligible.

Although these features are now available to lenders, some revisions to the rule are less clear and useful tools have been eliminated. For example, the Agency has replaced the proposed cash equity criterion with a debt-to-tangible net worth ratio criterion (§5001.6(c)), but has failed to define this calculation other than referring to Generally Accepted Accounting Principles. Additionally, the rule eliminates the Agency's limited authority to issue 90% guarantees. Again, the Agency ultimately decided to abandon the new rule and instead focus on working within the existing regulatory framework to improve the B&I loan program.

Usda Farm Loans

USDA Loan in Pennsylvania (888) 464-8732

Mortgage Lender in Hazleton (888) 464-8732

What questions should I ask a mortgage lender in Hazleton ? If you’re dealing with a mortgage broker there’s some questions that you should ask both on your first meeting with the mortgage broker and throughout working with your mortgage broker to make sure that you’re getting the best service possible.

USDALoanInfoPA is going to go through 10 different questions that you can ask your mortgage lender in Hazleton. Be aware that your USDA Loan or Mortgage broker  will be getting the loan that you need and the service that you want.

The first question that I think everyone should ask a mortgage broker is a pretty straightforward one.

How Much Will a Mortgage Broker Cost?

Most mortgage lenders in Hazleton actually work for free.

So it doesn’t actually cost you anything in order to do it.

They get money because they are paid by the banks when you successfully get a loan.

So they get a small commission of the loan that you apply for and if you get it.

Top Mistake People Make When Applying for a Mortgage | Home Loan Application Mistakes

So most mortgage brokers in Hazleton will work for free and it won’t cost you anything.

However, there are some mortgage brokers out there who do require deposits or who do require you to pay.

So, it’s important to ask, “How much will this cost me?” when assessing which mortgage broker you want to go with.

How much do Mortgage Lenders earn in commission from me and from my loan?

This is less to understand exactly how much they make.

You can see what percentage of commissions they make and things like that by visiting USDALoanInfo.

But it’s more to understand whether or not they’ll be willing to give you this information.

A transparent mortgage broker is someone that’d be willing to give you this information and you know that they have your best interest at heart.

USDA opening Philadelphia offices during shutdown to help with farm loans

If they skirt around this issue and they don’t tell you how much they earn.

Well then that would send out red flags for me because I can’t trust them to put my best interest at heart because there are some circumstances where one loan will earn them more money than a loan that could potentially be better for me but not as good for them.

Fha Mortgage Rates

So, I’m just trying to establish whether or not this mortgage broker in Hazleton is someone that I can trust.

And by asking them the big question, the money question,”How much will you earn from me?” That’s a great way to understand whether or not you can trust the mortgage lender.

So ask that question and see how they respond.

Do Mortgage Lenders Invest Themselves?

Now, I don’t think a mortgage broker has to be a property investor in order for them to be able to get you a good loan and for them to help you successfully invest in property.

However, if they are interested in property in Hazleton, if they do invest themselves, then that is going to go a long way to help you because they understand what it’s like to be in your shoes.

They understand what you’re trying to get out of this and they’ve done it themselves so they can help you miss some of the pitfalls and things like that.

If they don’t invest themselves, then I would want to ask them, “Have you worked with many people that invest in property?” Because as mortgage brokers, some of them just work with people who are buying their own home.

Is a USDA Loan Right For You?

Some of the mortgage lender folk who work with people who are doing particular investment strategies.

So, some might work with people who invest in positive cash flow property or who invest in rural areas, who invest using developments.

When shopping for a mortgage lender, it is absolutely imperative that you obtain more than one quote. You should also ensure that every lender provides you with a Good Faith Estimate (GFE) to substantiate each offer. When reviewing these quotes, here are five important factors to think about:1. Fixed or AdjustableIf a rate seems very low compared to other offers, make sure that you are not getting an adjustable rate when you requested a fixed mortgage. Brokers will often try to bait you with a low, adjustable rate.2. Cash to CloseLook closely at how much cash each lender is requiring you to bring to the closing table. Sometimes a slightly higher rate is fine if it means that you need les money to close.3. EscrowLook carefully to see if the quoted loan requires you to escrow your taxes and insurance. If so, make sure your lender estimated the reserves that you will need to pay in order to set up the escrow account.4. Origination FeesGenerally, the top line on a GFE will show how many origination points you are paying the lender for obtaining the loan on your behalf. It will always be to your advantage to negotiate this amount. Remember, most loan officers are paid on commission so they would rather make a little less than nothing at all.5. Complete GFEMake sure all fees are disclosed that you will be required to pay, i.e. origination fees, lender fees, processing fees, taxes, title insurance, transfer tax, etc. Some brokers/lenders will attempt to leave off non-fixed costs like taxes in an attempt to make their loan look more attractive.These thoughts should prepare you quite well when seeking out a fair and affordable mortgage loan.

So I would want to find a mortgage broker who either had that experience themselves or who had clients that they had got similar deals for ’cause that way I know that they can negotiate on my behalf and they can get this deal across the line.

What details do Lenders need from me?

It’s one thing to call up a mortgage broker and just to get an estimate of your borrowing capacity but if you’re going through pre-approval and stuff like that, then you’re going to need to provide the mortgage broker with more in-depth details.

You might need pay slips; you might need proof of identity, all of that sort of stuff.

If you ask them up front, “What details do you need from me?” And when you go to your meeting with them you actually provide them with those details, well that just makes things so much easier.

Mortgage Lenders, How To Choose The Right Accredited Home Lender

Remember, a mortgage lender is only paid once the deal goes through and once you actually get financing.

So the easier you make it for them, the more likely you are going to get better service.

What can I do as a client to make this go as smoothly as possible?

You have the goal of getting financed for your property, the mortgage lender has a goal of you getting financed for your property and no one wants it to be difficult.

And so, if you can ask the mortgage broker, “Look, how can I work with you? How can I make things easy for you?” They’re the experts; they know what they’re doing.

They can tell you exactly what they need and then you can work hard to provide that for them so that they can get everything across the line as quickly as possible.

Real Estate Loans

You know, I have customers,I deal with customers and even though I’m not a mortgage broker myself, I know that when there’s difficult customers that you don’t want to deal with, it just makes life so much harder and you don’t want to work hard for those people.

And when there’s customers who are really nice to you and who try really hard to help you provide them with the service you provide, you will bend over backwards to do anything you can for those customers to get them across the line, to help them as much as possible.

So, be one of those customers that the mortgage broker wants to bend over backwards to help you because you have their interest at heart as well.

You want to see them get paid.

You want to see them do an easy mortgage so they get paid easily.

And so you can develop a relationship into the future.

Which lenders can I borrow the most from?

Most people go into a mortgage broker looking for the cheapest interest rate possible.

What is the cheapest interest rate I can get? And the fact of the matter is a mortgage broker is likely to show you the banks that will lend you the amount of money you need and will also have the cheapest interest rate as well.

However, they might not showy ou banks that will lend you more money than you potentially need at the moment.

Now, it’s important to ask, “Which lenders can I borrow the most from?” because this will help you to project into the future.

Maybe you don’t need to know that for this loan right now but maybe, in the future, you might need to borrow money again and you know, or roughly my borrowing capacity is this.

Or if you find out which lenders you can borrow more from, and you find that you can actually borrow an extra $300,000, well you might split up your deposit and invest in two investment properties instead of just one.

And so asking them, “Which lenders can I borrow the most from?” is a great question to ask to really understand your position.

Because, yes, interest rate is important but how much you can borrow is also important as well.

Can I see a full list of my borrowing options?

Most mortgage brokers will provide you with, usually, like a top three or sometimes only a top one.

And I always like to think, “Can I see a full list of my borrowing options?”Again, this is less to say you want to go through all of this in minute detail and see.

You’re probably going to still choose from one of the top three ones.

But you just want to see that they’re giving you the full amount of information.

And most mortgage brokers are good people but there are some dodgy mortgage brokers out there who are just trying to get the deal that gives them the biggest commission.

Best Home Equity Loans

And so by asking to see a full list of what your borrowing options, you can then look at that and you can then assess, “Okay, well which loan do I think is going to be best for me?” rather than just taking the recommendation of the mortgage broker who may or may not be thinking about themselves.

So, again, most mortgage brokers are great people out there to help you but it’s always a good idea to get a full list of your borrowing options that are available.

Will this put a mark against my credit file?

And so this is when you’re trying to work out how much you’re going to borrow and stuff like that.

When you go into a bank and you try and find out how much you can borrow, often, the bank will do a credit check and this puts a mark against your credit file.

And what happens is if you have a lot of these marks against your credit file, even though it’s nothing bad, this can actually stop you getting a loan.

Mortgage Loan Rates

So, talk to your mortgage broker and when you’re looking at, “What can I borrow?”or your looking at getting pre-approval, just understand, “Will this put a mark against my credit file?” ‘Cause it’s not bad to have a couple or whatever.

But if you’re getting lots and lots of marks against your credit file, then that could be an issue.

So just make sure and you know when a mark’s being put against your credit file and when a mark isn’t being put against your credit file.

How soon can I revalue or borrow again?

So if you’re investing in a property to renovate it or to develop it or even if you’re investing in a property that’s potentially under market value, you want to know how quickly can you revalue that property so you can get equity and then hopefully draw equity out of the property to go ahead and invest again.

There are a lot of lenders out there who don’t allow you to revalue within a 12-month period.

So, speak to your mortgage broker about the lenders that will allow you to revalue faster.

And basically, this will give you an idea of how quickly you can revalue to consider going again.

Best Home Equity Loans

You’re also going to want to ask them, “After I invest in this property, how soon can I borrow again or what do I need to do to put myself in a position to be able to borrow again and to purchase the next property?” Because hopefully, your goal isn’t just to purchase one property but to grow your property portfolio and to achieve that financial freedom and that financial security that you’re striving for.

Will My Loans be ‘cross-collateralised’?

Now, I have heard a lot of stories about investors whose loans have been cross-collateralised and it’s cause major problems when they’ve gone and sold their property because the bank shave been able to take that money and pay off debt.

And basically, you want to avoid this at all costs from what I hear.

And so, it’s good to ask your mortgage broker, “Will my loans be cross-collateralised in any way?” Generally going with the same lender for two loans does it by default, even though it doesn’t say they’re cross-collateralised.

So, it’s just something that you want to look at the fine print, you want to understand, “Are these cross-collateralised?” And if they are, try and avoid it, try and get loans that aren’t going to be cross-collateralised.

Second Mortgage Rates

So there you have some questions to ask your mortgage broker next time you go and see a broker to find out how much you can borrow or get pre-approval or get financed for another property.

If you are in the market, looking at properties and you want to see some high rental yield properties, then I’ve got 10 property listings that I’ve gone out and found for you guys.

You can see what high rental yield properties look like that are likely to generate a positive cash flow.

Did You Know – You Can Get Pre-Approved for a USDA Loan in Hazleton?

Usda Mortgage Rates

Grant SternBlockedUnblockFollowFollowingSep 13, 2017Florida homeowners impacted by Hurricane Irma who are in a federally declared disaster area — which is most of the state — are eligible for mortgage loan deferments without penalty from the country’s three largest lending agencies.Additionally, the IRS has announced that people who extended their 2016 income tax filings can submit their paperwork next year.Mortgage agencies Fannie Mae and Freddie Mac who issue what are known as conventional bank loans or “A paper” loans have both told loan servicers to extend a 90-day forbearance to anyone who calls and requests it, just click here and here to find out more about their programs.You can lookup your loan agency here for Fannie and here for Freddie.That means you can skip making your next three payments and they’ll be added to the end of the loan without any negative marks on your credit.Quicken Home Loans (disclosure: My mortgage brokerage business is partners with Quicken) is offering that, or to allow all three payments to be made in 90 days, or to divide the payments over a 12-month period after the forbearance period ends.Individual banks are making different arrangements, but if your loan is serviced by one of the national agencies, they’ll all honor the 90-day payment deferment which is mandatory for FHA insured home loans (click here for questions).“Anyone who extended their business or personal tax filings due September 15th and October 15th respectively have additional extensions through January 31st to file their tax returns,” says Florida CPA Steven Price of the Fuoco Group in Boca Raton.“You literally write Hurricane Irma on the top the filings,” Price said, “and they’ll give you relief.”The IRS isn’t a payment extension (you were supposed to do that when extending), but rather a filing extension.Also, many credit card companies will offer a similar disaster forbearance upon request.For anyone who needs additional mortgage assistance, up to 12 months of mortgage forbearance is available upon request.Call your mortgage servicer for more details.

Is a USDA Loan Right For You?

Usda Financing

What is the best loan program for a first-timehomebuyer? How's it going everyone, Matt Leighton welcomeback to another video.

In this video we're going to go over the bestloan program for a first-time homebuyer.

I'm here with Sean Glennon.

Sean, take it away, what's the best programfor a first-time homebuyer? Well, beauty is in the eye of the beholder.

So it depends.

Now there's a lot of first-time homebuyerpopular loan programs and it really depends on what you're capabilities are in terms ofdownpayment, whether or not you have gift funds to use toward the downpayment or closingcosts, what your income limit is, that's a big one.

How many people are going to be on the loan,because a lot of these first-time homebuyer loans, what the big difference is betweenthem and other typical loan products is that there are restrictions.

They don't want to be given 100% financingproducts to people who aren't making a ton of money and things like that so income limits,sales price limits, credit score limits, all that is going to be apart of these programsbut we can dive into some of the more specific.

Let me ask you this, if you are a Veteran,and also a first-time homebuyer, is it a no-brainer that the VA loan program is the best program? Yes.

Absolutely.

Alright so obviously if you're a Veteran,first of all THANK YOU, and then go with the VA loan program, there is no competition.

So with that being said, let's just focuson conventional and FHA because with FHA 3.

5% down, compared to Conventional, you can goas low as 5%? Or can you go lower than that? There's actually a new loan program you cango lower.

When we talk loan programs, the first thingyou're going to want to do is get pre-approved to determine what you're qualifications areand what doors are opening or closing to you depending on whether you fit the bill forcertain programs.

100% financing, VA, USDA, and USDA is a ruralhousing loan so if you're looking in and around cities, it really won't be applicable to you.

And VA only if you're a Veteran; are goingto be your best 100% financing products.

Now there are certain loan programs in eachstate that usually have first-time homebuyer 100% financing needs.

In Virginia, VHDA is the one that comes tomind as the most popular.

But most people are going to fall into theumbrella as FHA or conventional loans.

FHA is going to be 3.

5% down and is very friendlyon underwriting guidelines.

Conventional is a little bit more strict,but recently they actually came out with a program that is trying to compete with FHA.

It's called Fannie Mae's Home Ready Programthat allows for a 3% downpayment instead of the typical 5% downpayment.

Yeah a lot of times you're seeing people diveto what's the lowest downpayment I can have? That has to be the best loan, maybe that'sright, maybe not because with FHA you do have the monthly insurance on the loan there'sanother program with the conventional.

And let me ask you this, are people re-financingout of these loans? For instance, I had a client a couple weeksago they went in with a VHDA loan which is Virginia-specific, so if you're not in Virginia,you may not be aware, but they went in with that and I don't know a week later or whateverthe minimum time is that you can re-finance, they said oh yeah, that's what we're goingto do.

Are you seeing this? Or is this kind of a unique situation? No, I've seen a lot of it.

What a typical game plan is for a lot of peopleis, a disclaimer that you can't always bank on re-financing because you never know whererates are headed.

But as long as rates stay solid or at leastin the range that we've seen them right now, or around where you originally purchased yourhome, it's very common for people to bite the bullet and get the VHDA or FHA loan whichcarries with it a little more in fees and mortgag insurance and things like that.

But it allows them to get in the propertywith very little out-of-pocket and then once they get a little equity in the property orsave up a little money, they try to re-finance into a conventional loan to eliminate someof that burden with the mortgage insurance and things like that.

Get themselves a much more healthy and manageablemonthly payment.

Yeah the VHDA loan program is becoming morepopular here in Virginia but sometimes with these loan programs it's really hard to getinto, you have to be making $82k - $85k, be born in a certain ZIP code, and be left handedand live on Main Street or something like that where it's like it shouldn't have tobe that hard.

Quickly go over maybe a broad overview ofwhat it takes to be eligible for a certain grant program like the VHDA.

Well some of these grant programs, most ofthem are all going to have income limits.

So that's the big one.

If you're making $250,000, there's a goodchance you're not going to qualify for the local first-time homebuyer and grant programs.

Income limits, sales price limits, heightenedcredit score minimums.

When they're giving out 100% financing, that'sa high-risk loan so they want to give it to borrowers that are well qualified.

There are a lot of niche things that go alongwith it and the grant program.

VHDA is a little more broad, but county and local grant programseven more, very niche, sometimes you're in a lottery with others.

It's a nice thing to have in your back pocketbut nothing I would recommend anyone bank on.

Good to know.

So we're going to wrap this video up withone final question.

But you know obviously this is more Virginia-centered,there's VHDA loan program, in your own state, there might be other grants available.

So maybe FHA is right for you or maybe talkto your lender and find out the grants available.

Sean my question is, if you were to imagineyour last 100 first-time homebuyers, out of those 100, what's the most popular loan programthat you're seeing for first-time homebuyers? I would say if you had asked me for any yearin the last 8 or 9 years I've been in the business, the answer would be FHA.

I would say since Fannie Mae last year rolledout there Home Ready Program with 3% down, most homebuyers do qualify for it and fallwithin the income limit.

The area median income limit, you can actuallylook it up on Fannie Mae's website.

As long as you fall under that, you qualifyfor, it does give a little more beneficial terms on the mortgage insurance terms, it'sa half percent lower on downpayment, and there's a little more flexibility with some of thethings that you can do down the line with the loan like remove the mortgage insurance.

I would say FHA, historically, Fannie MaeHome Ready Program recently.

Things are changing.

So FHA for the longest time was the best optionout there, it may still be the best option depending on your circumstance, but you mayknow the best option, but your lender will know the best option.

Be sure you're talking with local lendersout there and know all your options because a lot of things are changing in terms of guidelines,what I'll do is link and list a video up here in the corner that talks about recent changesin the market place that may affect which loan program that you being available to getinto and get a loan.

You got it out.

T-t-t-t-today Junior.

What movie is that from? Billy Madison.

Well on that note Sean, why don't you tellthe people where they can connect with you.

You can email me at sglennon@hstmortgage.

Comor call the office.

Myself or anyone else in The Glennon Groupwill be happy to answer your call and help you with any questions.

703-766-4630.

And my man Matt will hook it up down loan.

Thank you very much for watching.

Until next time, create a productive day.

Take care.

Usda Financing

USDA Loan in Pennsylvania (888) 464-8732

USDA Loan in Oil City (888) 464-8732

What questions should I ask a mortgage lender in Oil City ? If you’re dealing with a mortgage broker there’s some questions that you should ask both on your first meeting with the mortgage broker and throughout working with your mortgage broker to make sure that you’re getting the best service possible.

USDALoanInfoPA is going to go through 10 different questions that you can ask your mortgage lender in Oil City. Be aware that your USDA Loan or Mortgage broker  will be getting the loan that you need and the service that you want.

The first question that I think everyone should ask a mortgage broker is a pretty straightforward one.

How Much Will a Mortgage Broker Cost?

Most mortgage lenders in Oil City actually work for free.

So it doesn’t actually cost you anything in order to do it.

They get money because they are paid by the banks when you successfully get a loan.

So they get a small commission of the loan that you apply for and if you get it.

Alternative Commercial Mortgage Lenders - Hedge Funds & Private Equity

So most mortgage brokers in Oil City will work for free and it won’t cost you anything.

However, there are some mortgage brokers out there who do require deposits or who do require you to pay.

So, it’s important to ask, “How much will this cost me?” when assessing which mortgage broker you want to go with.

How much do Mortgage Lenders earn in commission from me and from my loan?

This is less to understand exactly how much they make.

You can see what percentage of commissions they make and things like that by visiting USDALoanInfo.

But it’s more to understand whether or not they’ll be willing to give you this information.

A transparent mortgage broker is someone that’d be willing to give you this information and you know that they have your best interest at heart.

First Time Home Buyer BEST MORTGAGE DEALS When Buying a House

If they skirt around this issue and they don’t tell you how much they earn.

Well then that would send out red flags for me because I can’t trust them to put my best interest at heart because there are some circumstances where one loan will earn them more money than a loan that could potentially be better for me but not as good for them.

Home Loan Pre Approval

So, I’m just trying to establish whether or not this mortgage broker in Oil City is someone that I can trust.

And by asking them the big question, the money question,”How much will you earn from me?” That’s a great way to understand whether or not you can trust the mortgage lender.

So ask that question and see how they respond.

Do Mortgage Lenders Invest Themselves?

Now, I don’t think a mortgage broker has to be a property investor in order for them to be able to get you a good loan and for them to help you successfully invest in property.

However, if they are interested in property in Oil City, if they do invest themselves, then that is going to go a long way to help you because they understand what it’s like to be in your shoes.

They understand what you’re trying to get out of this and they’ve done it themselves so they can help you miss some of the pitfalls and things like that.

If they don’t invest themselves, then I would want to ask them, “Have you worked with many people that invest in property?” Because as mortgage brokers, some of them just work with people who are buying their own home.

First Time Home Buyer BEST MORTGAGE DEALS When Buying a House | First Time Home Buyer Loan Programs

Some of the mortgage lender folk who work with people who are doing particular investment strategies.

So, some might work with people who invest in positive cash flow property or who invest in rural areas, who invest using developments.

What is the best loan program for a first-timehomebuyer? How's it going everyone, Matt Leighton welcomeback to another video. In this video we're going to go over the bestloan program for a first-time homebuyer. I'm here with Sean Glennon. Sean, take it away, what's the best programfor a first-time homebuyer? Well, beauty is in the eye of the beholder. So it depends. Now there's a lot of first-time homebuyerpopular loan programs and it really depends on what you're capabilities are in terms ofdownpayment, whether or not you have gift funds to use toward the downpayment or closingcosts, what your income limit is, that's a big one. How many people are going to be on the loan,because a lot of these first-time homebuyer loans, what the big difference is betweenthem and other typical loan products is that there are restrictions. They don't want to be given 100% financingproducts to people who aren't making a ton of money and things like that so income limits,sales price limits, credit score limits, all that is going to be apart of these programsbut we can dive into some of the more specific. Let me ask you this, if you are a Veteran,and also a first-time homebuyer, is it a no-brainer that the VA loan program is the best program? Yes. Absolutely. Alright so obviously if you're a Veteran,first of all THANK YOU, and then go with the VA loan program, there is no competition. So with that being said, let's just focuson conventional and FHA because with FHA 3. 5% down, compared to Conventional, you can goas low as 5%? Or can you go lower than that? There's actually a new loan program you cango lower. When we talk loan programs, the first thingyou're going to want to do is get pre-approved to determine what you're qualifications areand what doors are opening or closing to you depending on whether you fit the bill forcertain programs. 100% financing, VA, USDA, and USDA is a ruralhousing loan so if you're looking in and around cities, it really won't be applicable to you. And VA only if you're a Veteran; are goingto be your best 100% financing products. Now there are certain loan programs in eachstate that usually have first-time homebuyer 100% financing needs. In Virginia, VHDA is the one that comes tomind as the most popular. But most people are going to fall into theumbrella as FHA or conventional loans. FHA is going to be 3. 5% down and is very friendlyon underwriting guidelines. Conventional is a little bit more strict,but recently they actually came out with a program that is trying to compete with FHA. It's called Fannie Mae's Home Ready Programthat allows for a 3% downpayment instead of the typical 5% downpayment. Yeah a lot of times you're seeing people diveto what's the lowest downpayment I can have? That has to be the best loan, maybe that'sright, maybe not because with FHA you do have the monthly insurance on the loan there'sanother program with the conventional. And let me ask you this, are people re-financingout of these loans? For instance, I had a client a couple weeksago they went in with a VHDA loan which is Virginia-specific, so if you're not in Virginia,you may not be aware, but they went in with that and I don't know a week later or whateverthe minimum time is that you can re-finance, they said oh yeah, that's what we're goingto do. Are you seeing this? Or is this kind of a unique situation? No, I've seen a lot of it. What a typical game plan is for a lot of peopleis, a disclaimer that you can't always bank on re-financing because you never know whererates are headed. But as long as rates stay solid or at leastin the range that we've seen them right now, or around where you originally purchased yourhome, it's very common for people to bite the bullet and get the VHDA or FHA loan whichcarries with it a little more in fees and mortgag insurance and things like that. But it allows them to get in the propertywith very little out-of-pocket and then once they get a little equity in the property orsave up a little money, they try to re-finance into a conventional loan to eliminate someof that burden with the mortgage insurance and things like that. Get themselves a much more healthy and manageablemonthly payment. Yeah the VHDA loan program is becoming morepopular here in Virginia but sometimes with these loan programs it's really hard to getinto, you have to be making $82k - $85k, be born in a certain ZIP code, and be left handedand live on Main Street or something like that where it's like it shouldn't have tobe that hard. Quickly go over maybe a broad overview ofwhat it takes to be eligible for a certain grant program like the VHDA. Well some of these grant programs, most ofthem are all going to have income limits. So that's the big one. If you're making $250,000, there's a goodchance you're not going to qualify for the local first-time homebuyer and grant programs. Income limits, sales price limits, heightenedcredit score minimums. When they're giving out 100% financing, that'sa high-risk loan so they want to give it to borrowers that are well qualified. There are a lot of niche things that go alongwith it and the grant program. VHDA is a little more broad, but county and local grant programseven more, very niche, sometimes you're in a lottery with others. It's a nice thing to have in your back pocketbut nothing I would recommend anyone bank on. Good to know. So we're going to wrap this video up withone final question. But you know obviously this is more Virginia-centered,there's VHDA loan program, in your own state, there might be other grants available. So maybe FHA is right for you or maybe talkto your lender and find out the grants available. Sean my question is, if you were to imagineyour last 100 first-time homebuyers, out of those 100, what's the most popular loan programthat you're seeing for first-time homebuyers? I would say if you had asked me for any yearin the last 8 or 9 years I've been in the business, the answer would be FHA. I would say since Fannie Mae last year rolledout there Home Ready Program with 3% down, most homebuyers do qualify for it and fallwithin the income limit. The area median income limit, you can actuallylook it up on Fannie Mae's website. As long as you fall under that, you qualifyfor, it does give a little more beneficial terms on the mortgage insurance terms, it'sa half percent lower on downpayment, and there's a little more flexibility with some of thethings that you can do down the line with the loan like remove the mortgage insurance. I would say FHA, historically, Fannie MaeHome Ready Program recently. Things are changing. So FHA for the longest time was the best optionout there, it may still be the best option depending on your circumstance, but you mayknow the best option, but your lender will know the best option. Be sure you're talking with local lendersout there and know all your options because a lot of things are changing in terms of guidelines,what I'll do is link and list a video up here in the corner that talks about recent changesin the market place that may affect which loan program that you being available to getinto and get a loan. You got it out. T-t-t-t-today Junior. What movie is that from? Billy Madison. Well on that note Sean, why don't you tellthe people where they can connect with you. You can email me at sglennon@hstmortgage. Comor call the office. Myself or anyone else in The Glennon Groupwill be happy to answer your call and help you with any questions. 703-766-4630. And my man Matt will hook it up down loan. Thank you very much for watching. Until next time, create a productive day. Take care.

So I would want to find a mortgage broker who either had that experience themselves or who had clients that they had got similar deals for ’cause that way I know that they can negotiate on my behalf and they can get this deal across the line.

What details do Lenders need from me?

It’s one thing to call up a mortgage broker and just to get an estimate of your borrowing capacity but if you’re going through pre-approval and stuff like that, then you’re going to need to provide the mortgage broker with more in-depth details.

You might need pay slips; you might need proof of identity, all of that sort of stuff.

If you ask them up front, “What details do you need from me?” And when you go to your meeting with them you actually provide them with those details, well that just makes things so much easier.

Lender's Mortgage Insurance Explained

Remember, a mortgage lender is only paid once the deal goes through and once you actually get financing.

So the easier you make it for them, the more likely you are going to get better service.

What can I do as a client to make this go as smoothly as possible?

You have the goal of getting financed for your property, the mortgage lender has a goal of you getting financed for your property and no one wants it to be difficult.

And so, if you can ask the mortgage broker, “Look, how can I work with you? How can I make things easy for you?” They’re the experts; they know what they’re doing.

They can tell you exactly what they need and then you can work hard to provide that for them so that they can get everything across the line as quickly as possible.

Home Loan Pre Approval

You know, I have customers,I deal with customers and even though I’m not a mortgage broker myself, I know that when there’s difficult customers that you don’t want to deal with, it just makes life so much harder and you don’t want to work hard for those people.

And when there’s customers who are really nice to you and who try really hard to help you provide them with the service you provide, you will bend over backwards to do anything you can for those customers to get them across the line, to help them as much as possible.

So, be one of those customers that the mortgage broker wants to bend over backwards to help you because you have their interest at heart as well.

You want to see them get paid.

You want to see them do an easy mortgage so they get paid easily.

And so you can develop a relationship into the future.

Which lenders can I borrow the most from?

Most people go into a mortgage broker looking for the cheapest interest rate possible.

What is the cheapest interest rate I can get? And the fact of the matter is a mortgage broker is likely to show you the banks that will lend you the amount of money you need and will also have the cheapest interest rate as well.

However, they might not showy ou banks that will lend you more money than you potentially need at the moment.

Now, it’s important to ask, “Which lenders can I borrow the most from?” because this will help you to project into the future.

Maybe you don’t need to know that for this loan right now but maybe, in the future, you might need to borrow money again and you know, or roughly my borrowing capacity is this.

Or if you find out which lenders you can borrow more from, and you find that you can actually borrow an extra $300,000, well you might split up your deposit and invest in two investment properties instead of just one.

And so asking them, “Which lenders can I borrow the most from?” is a great question to ask to really understand your position.

Because, yes, interest rate is important but how much you can borrow is also important as well.

Can I see a full list of my borrowing options?

Most mortgage brokers will provide you with, usually, like a top three or sometimes only a top one.

And I always like to think, “Can I see a full list of my borrowing options?”Again, this is less to say you want to go through all of this in minute detail and see.

You’re probably going to still choose from one of the top three ones.

But you just want to see that they’re giving you the full amount of information.

And most mortgage brokers are good people but there are some dodgy mortgage brokers out there who are just trying to get the deal that gives them the biggest commission.

Home Loan Rates

And so by asking to see a full list of what your borrowing options, you can then look at that and you can then assess, “Okay, well which loan do I think is going to be best for me?” rather than just taking the recommendation of the mortgage broker who may or may not be thinking about themselves.

So, again, most mortgage brokers are great people out there to help you but it’s always a good idea to get a full list of your borrowing options that are available.

Will this put a mark against my credit file?

And so this is when you’re trying to work out how much you’re going to borrow and stuff like that.

When you go into a bank and you try and find out how much you can borrow, often, the bank will do a credit check and this puts a mark against your credit file.

And what happens is if you have a lot of these marks against your credit file, even though it’s nothing bad, this can actually stop you getting a loan.

Refinancing Your Home

So, talk to your mortgage broker and when you’re looking at, “What can I borrow?”or your looking at getting pre-approval, just understand, “Will this put a mark against my credit file?” ‘Cause it’s not bad to have a couple or whatever.

But if you’re getting lots and lots of marks against your credit file, then that could be an issue.

So just make sure and you know when a mark’s being put against your credit file and when a mark isn’t being put against your credit file.

How soon can I revalue or borrow again?

So if you’re investing in a property to renovate it or to develop it or even if you’re investing in a property that’s potentially under market value, you want to know how quickly can you revalue that property so you can get equity and then hopefully draw equity out of the property to go ahead and invest again.

There are a lot of lenders out there who don’t allow you to revalue within a 12-month period.

So, speak to your mortgage broker about the lenders that will allow you to revalue faster.

And basically, this will give you an idea of how quickly you can revalue to consider going again.

Home Refinance

You’re also going to want to ask them, “After I invest in this property, how soon can I borrow again or what do I need to do to put myself in a position to be able to borrow again and to purchase the next property?” Because hopefully, your goal isn’t just to purchase one property but to grow your property portfolio and to achieve that financial freedom and that financial security that you’re striving for.

Will My Loans be ‘cross-collateralised’?

Now, I have heard a lot of stories about investors whose loans have been cross-collateralised and it’s cause major problems when they’ve gone and sold their property because the bank shave been able to take that money and pay off debt.

And basically, you want to avoid this at all costs from what I hear.

And so, it’s good to ask your mortgage broker, “Will my loans be cross-collateralised in any way?” Generally going with the same lender for two loans does it by default, even though it doesn’t say they’re cross-collateralised.

So, it’s just something that you want to look at the fine print, you want to understand, “Are these cross-collateralised?” And if they are, try and avoid it, try and get loans that aren’t going to be cross-collateralised.

Fha Mortgage

So there you have some questions to ask your mortgage broker next time you go and see a broker to find out how much you can borrow or get pre-approval or get financed for another property.

If you are in the market, looking at properties and you want to see some high rental yield properties, then I’ve got 10 property listings that I’ve gone out and found for you guys.

You can see what high rental yield properties look like that are likely to generate a positive cash flow.

Did You Know – You Can Get Pre-Approved for a USDA Loan in Oil City?

2nd Mortgage

When shopping for a mortgage lender, it is absolutely imperative that you obtain more than one quote. You should also ensure that every lender provides you with a Good Faith Estimate (GFE) to substantiate each offer. When reviewing these quotes, here are five important factors to think about:

1. Fixed or Adjustable

If a rate seems very low compared to other offers, make sure that you are not getting an adjustable rate when you requested a fixed mortgage. Brokers will often try to bait you with a low, adjustable rate.

2. Cash to Close

Look closely at how much cash each lender is requiring you to bring to the closing table. Sometimes a slightly higher rate is fine if it means that you need les money to close.

3. Escrow

Look carefully to see if the quoted loan requires you to escrow your taxes and insurance. If so, make sure your lender estimated the reserves that you will need to pay in order to set up the escrow account.

4. Origination Fees

Generally, the top line on a GFE will show how many origination points you are paying the lender for obtaining the loan on your behalf. It will always be to your advantage to negotiate this amount. Remember, most loan officers are paid on commission so they would rather make a little less than nothing at all.

5. Complete GFE

Make sure all fees are disclosed that you will be required to pay, i.e. origination fees, lender fees, processing fees, taxes, title insurance, transfer tax, etc. Some brokers/lenders will attempt to leave off non-fixed costs like taxes in an attempt to make their loan look more attractive.

These thoughts should prepare you quite well when seeking out a fair and affordable mortgage loan.

USDA Mortgage Loans

Private Mortgage Lenders

What is the best loan program for a first-timehomebuyer? How's it going everyone, Matt Leighton welcomeback to another video.

In this video we're going to go over the bestloan program for a first-time homebuyer.

I'm here with Sean Glennon.

Sean, take it away, what's the best programfor a first-time homebuyer? Well, beauty is in the eye of the beholder.

So it depends.

Now there's a lot of first-time homebuyerpopular loan programs and it really depends on what you're capabilities are in terms ofdownpayment, whether or not you have gift funds to use toward the downpayment or closingcosts, what your income limit is, that's a big one.

How many people are going to be on the loan,because a lot of these first-time homebuyer loans, what the big difference is betweenthem and other typical loan products is that there are restrictions.

They don't want to be given 100% financingproducts to people who aren't making a ton of money and things like that so income limits,sales price limits, credit score limits, all that is going to be apart of these programsbut we can dive into some of the more specific.

Let me ask you this, if you are a Veteran,and also a first-time homebuyer, is it a no-brainer that the VA loan program is the best program? Yes.

Absolutely.

Alright so obviously if you're a Veteran,first of all THANK YOU, and then go with the VA loan program, there is no competition.

So with that being said, let's just focuson conventional and FHA because with FHA 3.

5% down, compared to Conventional, you can goas low as 5%? Or can you go lower than that? There's actually a new loan program you cango lower.

When we talk loan programs, the first thingyou're going to want to do is get pre-approved to determine what you're qualifications areand what doors are opening or closing to you depending on whether you fit the bill forcertain programs.

100% financing, VA, USDA, and USDA is a ruralhousing loan so if you're looking in and around cities, it really won't be applicable to you.

And VA only if you're a Veteran; are goingto be your best 100% financing products.

Now there are certain loan programs in eachstate that usually have first-time homebuyer 100% financing needs.

In Virginia, VHDA is the one that comes tomind as the most popular.

But most people are going to fall into theumbrella as FHA or conventional loans.

FHA is going to be 3.

5% down and is very friendlyon underwriting guidelines.

Conventional is a little bit more strict,but recently they actually came out with a program that is trying to compete with FHA.

It's called Fannie Mae's Home Ready Programthat allows for a 3% downpayment instead of the typical 5% downpayment.

Yeah a lot of times you're seeing people diveto what's the lowest downpayment I can have? That has to be the best loan, maybe that'sright, maybe not because with FHA you do have the monthly insurance on the loan there'sanother program with the conventional.

And let me ask you this, are people re-financingout of these loans? For instance, I had a client a couple weeksago they went in with a VHDA loan which is Virginia-specific, so if you're not in Virginia,you may not be aware, but they went in with that and I don't know a week later or whateverthe minimum time is that you can re-finance, they said oh yeah, that's what we're goingto do.

Are you seeing this? Or is this kind of a unique situation? No, I've seen a lot of it.

What a typical game plan is for a lot of peopleis, a disclaimer that you can't always bank on re-financing because you never know whererates are headed.

But as long as rates stay solid or at leastin the range that we've seen them right now, or around where you originally purchased yourhome, it's very common for people to bite the bullet and get the VHDA or FHA loan whichcarries with it a little more in fees and mortgag insurance and things like that.

But it allows them to get in the propertywith very little out-of-pocket and then once they get a little equity in the property orsave up a little money, they try to re-finance into a conventional loan to eliminate someof that burden with the mortgage insurance and things like that.

Get themselves a much more healthy and manageablemonthly payment.

Yeah the VHDA loan program is becoming morepopular here in Virginia but sometimes with these loan programs it's really hard to getinto, you have to be making $82k - $85k, be born in a certain ZIP code, and be left handedand live on Main Street or something like that where it's like it shouldn't have tobe that hard.

Quickly go over maybe a broad overview ofwhat it takes to be eligible for a certain grant program like the VHDA.

Well some of these grant programs, most ofthem are all going to have income limits.

So that's the big one.

If you're making $250,000, there's a goodchance you're not going to qualify for the local first-time homebuyer and grant programs.

Income limits, sales price limits, heightenedcredit score minimums.

When they're giving out 100% financing, that'sa high-risk loan so they want to give it to borrowers that are well qualified.

There are a lot of niche things that go alongwith it and the grant program.

VHDA is a little more broad, but county and local grant programseven more, very niche, sometimes you're in a lottery with others.

It's a nice thing to have in your back pocketbut nothing I would recommend anyone bank on.

Good to know.

So we're going to wrap this video up withone final question.

But you know obviously this is more Virginia-centered,there's VHDA loan program, in your own state, there might be other grants available.

So maybe FHA is right for you or maybe talkto your lender and find out the grants available.

Sean my question is, if you were to imagineyour last 100 first-time homebuyers, out of those 100, what's the most popular loan programthat you're seeing for first-time homebuyers? I would say if you had asked me for any yearin the last 8 or 9 years I've been in the business, the answer would be FHA.

I would say since Fannie Mae last year rolledout there Home Ready Program with 3% down, most homebuyers do qualify for it and fallwithin the income limit.

The area median income limit, you can actuallylook it up on Fannie Mae's website.

As long as you fall under that, you qualifyfor, it does give a little more beneficial terms on the mortgage insurance terms, it'sa half percent lower on downpayment, and there's a little more flexibility with some of thethings that you can do down the line with the loan like remove the mortgage insurance.

I would say FHA, historically, Fannie MaeHome Ready Program recently.

Things are changing.

So FHA for the longest time was the best optionout there, it may still be the best option depending on your circumstance, but you mayknow the best option, but your lender will know the best option.

Be sure you're talking with local lendersout there and know all your options because a lot of things are changing in terms of guidelines,what I'll do is link and list a video up here in the corner that talks about recent changesin the market place that may affect which loan program that you being available to getinto and get a loan.

You got it out.

T-t-t-t-today Junior.

What movie is that from? Billy Madison.

Well on that note Sean, why don't you tellthe people where they can connect with you.

You can email me at sglennon@hstmortgage.

Comor call the office.

Myself or anyone else in The Glennon Groupwill be happy to answer your call and help you with any questions.

703-766-4630.

And my man Matt will hook it up down loan.

Thank you very much for watching.

Until next time, create a productive day.

Take care.

Adjustable Rate Mortgage

USDA Loan in Pennsylvania (888) 464-8732

Mortgage Lender in Clairton (888) 464-8732

What questions should I ask a mortgage lender in Clairton ? If you’re dealing with a mortgage broker there’s some questions that you should ask both on your first meeting with the mortgage broker and throughout working with your mortgage broker to make sure that you’re getting the best service possible.

USDALoanInfoPA is going to go through 10 different questions that you can ask your mortgage lender in Clairton. Be aware that your USDA Loan or Mortgage broker  will be getting the loan that you need and the service that you want.

The first question that I think everyone should ask a mortgage broker is a pretty straightforward one.

How Much Will a Mortgage Broker Cost?

Most mortgage lenders in Clairton actually work for free.

So it doesn’t actually cost you anything in order to do it.

They get money because they are paid by the banks when you successfully get a loan.

So they get a small commission of the loan that you apply for and if you get it.

Top Mistake People Make When Applying for a Mortgage | Home Loan Application Mistakes

So most mortgage brokers in Clairton will work for free and it won’t cost you anything.

However, there are some mortgage brokers out there who do require deposits or who do require you to pay.

So, it’s important to ask, “How much will this cost me?” when assessing which mortgage broker you want to go with.

How much do Mortgage Lenders earn in commission from me and from my loan?

This is less to understand exactly how much they make.

You can see what percentage of commissions they make and things like that by visiting USDALoanInfo.

But it’s more to understand whether or not they’ll be willing to give you this information.

A transparent mortgage broker is someone that’d be willing to give you this information and you know that they have your best interest at heart.

How To Choose A Mortgage Lender

If they skirt around this issue and they don’t tell you how much they earn.

Well then that would send out red flags for me because I can’t trust them to put my best interest at heart because there are some circumstances where one loan will earn them more money than a loan that could potentially be better for me but not as good for them.

Mortgage Rates Florida

So, I’m just trying to establish whether or not this mortgage broker in Clairton is someone that I can trust.

And by asking them the big question, the money question,”How much will you earn from me?” That’s a great way to understand whether or not you can trust the mortgage lender.

So ask that question and see how they respond.

Do Mortgage Lenders Invest Themselves?

Now, I don’t think a mortgage broker has to be a property investor in order for them to be able to get you a good loan and for them to help you successfully invest in property.

However, if they are interested in property in Clairton, if they do invest themselves, then that is going to go a long way to help you because they understand what it’s like to be in your shoes.

They understand what you’re trying to get out of this and they’ve done it themselves so they can help you miss some of the pitfalls and things like that.

If they don’t invest themselves, then I would want to ask them, “Have you worked with many people that invest in property?” Because as mortgage brokers, some of them just work with people who are buying their own home.

How Mortgages Work in the Primary and Secondary Market

Some of the mortgage lender folk who work with people who are doing particular investment strategies.

So, some might work with people who invest in positive cash flow property or who invest in rural areas, who invest using developments.

Mortgage Lender provides financing to an individual for the purchase of property, or refinances a mortgage. There are many mortgage lenders. It is a jungle out there. It is hard to choose the best mortgage lender. This article teaches how to choose a mortgage lender.

Mortgage Lender analyses your current financial situation that is the needs, assets, liabilities, and income. Taking all the necessary information, the mortgage lender determines mortgage affordability. Then, the mortgage lender creates the best deal for the match the borrower needs.

Talk to friends and family about their favorite mortgage lender. From their experience, they will be able to rate the mortgage lender. At the same time, the borrower learns the pros and cons of each mortgage lender.

After you create a list of possible choices, you must compare rates for identical mortgage loans. There may be a catch on the lowest interest rate. You should also take note of the Annual Percentage Rate (APR). With the knowledge of APR, you will see the different fees, and cost associated with the mortgage loans.

Check for certification of the mortgage lender or broker. Certified mortgage broker has vast knowledge of many mortgage, and current regulations. Dealing a certified mortgage broker, you are in safer hands.

Ask for the terms, fees, discount points, penalties, and costs involve on the mortgage deal. The life of the mortgage is broken into several mortgage terms. For example, three, four, or five year term are common. Mortgage Lenders charges fees for a specific mortgage. Each mortgage lender may charge differently. Discount points are paid upfront to bring down the mortgage. Each point equals one percent of the principal which is total amount owing. And, the costs on mortgage could be appraisal fee and more.

The internet is a good source of information about mortgage lenders. In the internet, you can surf for customer reviews, and testimonials. Also, most stable, and reputable mortgage lender have a website. In the website, you can see what they offer.

To choose a mortgage lender is a daunting task. When you are in doubt, you can always avail for the most financially stable and highly reputable mortgage lender.

So I would want to find a mortgage broker who either had that experience themselves or who had clients that they had got similar deals for ’cause that way I know that they can negotiate on my behalf and they can get this deal across the line.

What details do Lenders need from me?

It’s one thing to call up a mortgage broker and just to get an estimate of your borrowing capacity but if you’re going through pre-approval and stuff like that, then you’re going to need to provide the mortgage broker with more in-depth details.

You might need pay slips; you might need proof of identity, all of that sort of stuff.

If you ask them up front, “What details do you need from me?” And when you go to your meeting with them you actually provide them with those details, well that just makes things so much easier.

Lender's Mortgage Insurance Explained

Remember, a mortgage lender is only paid once the deal goes through and once you actually get financing.

So the easier you make it for them, the more likely you are going to get better service.

What can I do as a client to make this go as smoothly as possible?

You have the goal of getting financed for your property, the mortgage lender has a goal of you getting financed for your property and no one wants it to be difficult.

And so, if you can ask the mortgage broker, “Look, how can I work with you? How can I make things easy for you?” They’re the experts; they know what they’re doing.

They can tell you exactly what they need and then you can work hard to provide that for them so that they can get everything across the line as quickly as possible.

Home Mortgage Loans

You know, I have customers,I deal with customers and even though I’m not a mortgage broker myself, I know that when there’s difficult customers that you don’t want to deal with, it just makes life so much harder and you don’t want to work hard for those people.

And when there’s customers who are really nice to you and who try really hard to help you provide them with the service you provide, you will bend over backwards to do anything you can for those customers to get them across the line, to help them as much as possible.

So, be one of those customers that the mortgage broker wants to bend over backwards to help you because you have their interest at heart as well.

You want to see them get paid.

You want to see them do an easy mortgage so they get paid easily.

And so you can develop a relationship into the future.

Which lenders can I borrow the most from?

Most people go into a mortgage broker looking for the cheapest interest rate possible.

What is the cheapest interest rate I can get? And the fact of the matter is a mortgage broker is likely to show you the banks that will lend you the amount of money you need and will also have the cheapest interest rate as well.

However, they might not showy ou banks that will lend you more money than you potentially need at the moment.

Now, it’s important to ask, “Which lenders can I borrow the most from?” because this will help you to project into the future.

Maybe you don’t need to know that for this loan right now but maybe, in the future, you might need to borrow money again and you know, or roughly my borrowing capacity is this.

Or if you find out which lenders you can borrow more from, and you find that you can actually borrow an extra $300,000, well you might split up your deposit and invest in two investment properties instead of just one.

And so asking them, “Which lenders can I borrow the most from?” is a great question to ask to really understand your position.

Because, yes, interest rate is important but how much you can borrow is also important as well.

Can I see a full list of my borrowing options?

Most mortgage brokers will provide you with, usually, like a top three or sometimes only a top one.

And I always like to think, “Can I see a full list of my borrowing options?”Again, this is less to say you want to go through all of this in minute detail and see.

You’re probably going to still choose from one of the top three ones.

But you just want to see that they’re giving you the full amount of information.

And most mortgage brokers are good people but there are some dodgy mortgage brokers out there who are just trying to get the deal that gives them the biggest commission.

Mortgage Interest

And so by asking to see a full list of what your borrowing options, you can then look at that and you can then assess, “Okay, well which loan do I think is going to be best for me?” rather than just taking the recommendation of the mortgage broker who may or may not be thinking about themselves.

So, again, most mortgage brokers are great people out there to help you but it’s always a good idea to get a full list of your borrowing options that are available.

Will this put a mark against my credit file?

And so this is when you’re trying to work out how much you’re going to borrow and stuff like that.

When you go into a bank and you try and find out how much you can borrow, often, the bank will do a credit check and this puts a mark against your credit file.

And what happens is if you have a lot of these marks against your credit file, even though it’s nothing bad, this can actually stop you getting a loan.

Home Loan Rates

So, talk to your mortgage broker and when you’re looking at, “What can I borrow?”or your looking at getting pre-approval, just understand, “Will this put a mark against my credit file?” ‘Cause it’s not bad to have a couple or whatever.

But if you’re getting lots and lots of marks against your credit file, then that could be an issue.

So just make sure and you know when a mark’s being put against your credit file and when a mark isn’t being put against your credit file.

How soon can I revalue or borrow again?

So if you’re investing in a property to renovate it or to develop it or even if you’re investing in a property that’s potentially under market value, you want to know how quickly can you revalue that property so you can get equity and then hopefully draw equity out of the property to go ahead and invest again.

There are a lot of lenders out there who don’t allow you to revalue within a 12-month period.

So, speak to your mortgage broker about the lenders that will allow you to revalue faster.

And basically, this will give you an idea of how quickly you can revalue to consider going again.

Mortgage Solutions

You’re also going to want to ask them, “After I invest in this property, how soon can I borrow again or what do I need to do to put myself in a position to be able to borrow again and to purchase the next property?” Because hopefully, your goal isn’t just to purchase one property but to grow your property portfolio and to achieve that financial freedom and that financial security that you’re striving for.

Will My Loans be ‘cross-collateralised’?

Now, I have heard a lot of stories about investors whose loans have been cross-collateralised and it’s cause major problems when they’ve gone and sold their property because the bank shave been able to take that money and pay off debt.

And basically, you want to avoid this at all costs from what I hear.

And so, it’s good to ask your mortgage broker, “Will my loans be cross-collateralised in any way?” Generally going with the same lender for two loans does it by default, even though it doesn’t say they’re cross-collateralised.

So, it’s just something that you want to look at the fine print, you want to understand, “Are these cross-collateralised?” And if they are, try and avoid it, try and get loans that aren’t going to be cross-collateralised.

Home Refinance

So there you have some questions to ask your mortgage broker next time you go and see a broker to find out how much you can borrow or get pre-approval or get financed for another property.

If you are in the market, looking at properties and you want to see some high rental yield properties, then I’ve got 10 property listings that I’ve gone out and found for you guys.

You can see what high rental yield properties look like that are likely to generate a positive cash flow.

Did You Know – You Can Get Pre-Approved for a USDA Loan in Clairton?

Rural Home Loans

People are often overwhelmed by the many different types of loans available today. Are you contemplating buying a property? If you have an idea of what you are looking for and your desired price range, consider a USDA Loan.

USDA Loans are supported by the United States Department of Agriculture. In the past this type of loan was referred to as a "farmer's loan." However, contrary to what many people may think, this loan is not just for farmers. This Loan is only used for homes purchased in rural areas. Note that some homes are considered rural even when the population is 10,000 or less. In some cases home ins cities with a population of 10,000 to 25,000 are also eligible.

Benefits to USDA Loan applicants:
• No Down payment required
• 30-year Fixed Rate Mortgages (low rates)
• Loans may cover up to 100% of appraisal

Are you eligible for a USDA Loan?
• Must be U.S. citizen, or legally permitted resident
• Adjusted annual income less than limit established by United States Dept. of Agriculture
• Have average credit history (provides proof of repayments)

Why is a USDA Loan right for me?
• Provide an opportunity for individuals who do not have a high credit score, but show capability to make payments.
• No mortgage insurance payment each month
• No down payment which can save you money for home renovations and improvements.

Take advantage now of the benefits available for USDA Loans and finally settle into the dream home you have been looking for.

Lender's Mortgage Insurance Explained

No Closing Cost Refinance

A question I hear quite a bit about the USDA Loan looks at collections. It's pretty common to hear "I have a few old collections, are they going to keep me from being able to get the Rural USDA Program."It's always a good idea to know what is on your credit report and so it could be a good idea to head on over to annual credit report dot com and pick up a free copy. Then you can be sure that all the info on it is correct, if it isn't you can dispute it immediately.Anytime you see a collection on your credit report you'll want to let your USDA Home Loan Representative know about them right away because certain types of collections can have a damaging impact on if your lending agency can get clear title. Which basically means that individual collection could end up as a lien on the property. Normally, simply paying off an old collection before you close will be okay. Just be sure to speak with your loan officer before paying off any old negative credit items, because it could work against you.And any lien on title is required to be paid off before the USDA Loan can fund.Now the Rural USDA Program relies on the lender to provide good quality loans and the USDA requirements say that the LENDER must make a decision if an open collection account would need to be paid at closing or before closing. In the current mortgage market, these rules will be different from lender to lender and will also change as time goes on as tougher regulations hold the specific loan agent responsible for their loan determinations.Any time there is a collection on the credit report, be sure to provide a written letter explaining the what caused the collection and that those problems have been eliminated.

Usda Rural Development Loan

USDA Loan in Pennsylvania (888) 464-8732

Mortgage Lender in Allentown (888) 464-8732

What questions should I ask a mortgage lender in Allentown ? If you’re dealing with a mortgage broker there’s some questions that you should ask both on your first meeting with the mortgage broker and throughout working with your mortgage broker to make sure that you’re getting the best service possible.

USDALoanInfoPA is going to go through 10 different questions that you can ask your mortgage lender in Allentown. Be aware that your USDA Loan or Mortgage broker  will be getting the loan that you need and the service that you want.

The first question that I think everyone should ask a mortgage broker is a pretty straightforward one.

How Much Will a Mortgage Broker Cost?

Most mortgage lenders in Allentown actually work for free.

So it doesn’t actually cost you anything in order to do it.

They get money because they are paid by the banks when you successfully get a loan.

So they get a small commission of the loan that you apply for and if you get it.

Top Ten List of Bad Mortgage Lenders

So most mortgage brokers in Allentown will work for free and it won’t cost you anything.

However, there are some mortgage brokers out there who do require deposits or who do require you to pay.

So, it’s important to ask, “How much will this cost me?” when assessing which mortgage broker you want to go with.

How much do Mortgage Lenders earn in commission from me and from my loan?

This is less to understand exactly how much they make.

You can see what percentage of commissions they make and things like that by visiting USDALoanInfo.

But it’s more to understand whether or not they’ll be willing to give you this information.

A transparent mortgage broker is someone that’d be willing to give you this information and you know that they have your best interest at heart.

5 Things to Look For in a Mortgage Quote

If they skirt around this issue and they don’t tell you how much they earn.

Well then that would send out red flags for me because I can’t trust them to put my best interest at heart because there are some circumstances where one loan will earn them more money than a loan that could potentially be better for me but not as good for them.

Home Loan Rates

So, I’m just trying to establish whether or not this mortgage broker in Allentown is someone that I can trust.

And by asking them the big question, the money question,”How much will you earn from me?” That’s a great way to understand whether or not you can trust the mortgage lender.

So ask that question and see how they respond.

Do Mortgage Lenders Invest Themselves?

Now, I don’t think a mortgage broker has to be a property investor in order for them to be able to get you a good loan and for them to help you successfully invest in property.

However, if they are interested in property in Allentown, if they do invest themselves, then that is going to go a long way to help you because they understand what it’s like to be in your shoes.

They understand what you’re trying to get out of this and they’ve done it themselves so they can help you miss some of the pitfalls and things like that.

If they don’t invest themselves, then I would want to ask them, “Have you worked with many people that invest in property?” Because as mortgage brokers, some of them just work with people who are buying their own home.

How To Pick A Mortgage Lender When Buying A House

Some of the mortgage lender folk who work with people who are doing particular investment strategies.

So, some might work with people who invest in positive cash flow property or who invest in rural areas, who invest using developments.

There are many institutions that loan money to home buyers. Commercial banks, private lenders, credit unions, mortgage bank companies, insurance companies and pension funds. It can get confusing as things are always changing in the mortgage industry.

Policies, interest rates, mortgage programs, where the funds come from, and investors are all changing and can affect where, from who, and the type of mortgage you will get to purchase the property you have chosen. Certain entities may offer you better rates depending on your credit history, debt, income, and expenses. It is a good idea to shop many different resources so you can get the best deal possible.

The mortgage market is comprised of a primary and secondary market. These two markets work together to give money to a borrower and offer returns on investments to investors.

The primary market occurs on the retail end, meaning a mortgage lender sells directly to the consumer. You may use the services of a broker or loan officer in order to have this transaction run smoothly. This is the place where mortgages are originated and the money is given directly to the borrower. In the primary market, mortgage lenders make there money on processing fees. There are often many fees associated with getting a mortgage that the buyer is responsible for.

Because there can be many fees as charged by the mortgage lender, it is important to know exactly where your money is being spent. You should ask for an itemized report for every fee. Unfortunately there dishonest mortgage lenders and they will make up charges and fees that really don't have any effort or actual action behind them. This is how some borrowers can get scammed, and often they may not even know it!

The secondary market manages mortgages that have already been originated in the primary market. What occurs here is the mortgage lenders package many mortgages together and sell the notes to investors. Mortgage lenders replenish their cash reserves that can be used towards the origination of more mortgages. The investors make money off of the interest that is charged on the mortgages.

There are both private and public investors that buy these notes. Public investors include Fannie Mae, Ginnie Mae and Fannie Mac that are all government supported. Private investors may include banks, thrift institutions and other individual private investors.

The mortgage lender really has a circular pattern, originating loans, selling them to investors and then using that money from the sales to issue more loans.

Many times, you do not even know that your mortgage is going to be sold into the secondary market. However, the mortgage lender should always notify you of this transaction if the mortgage is sold to someone else. If you have questions about this process, you can ask your mortgage lender as to what his or her process is.

So when you purchase a mortgage, then you are working in the primary market. The secondary market is for mortgages that have already been originated by the mortgage lender and they are being bought and sold as investments for either private or public investors. This mortgage process keeps money flowing through the industry and makes more money available to the public to continue property.

So I would want to find a mortgage broker who either had that experience themselves or who had clients that they had got similar deals for ’cause that way I know that they can negotiate on my behalf and they can get this deal across the line.

What details do Lenders need from me?

It’s one thing to call up a mortgage broker and just to get an estimate of your borrowing capacity but if you’re going through pre-approval and stuff like that, then you’re going to need to provide the mortgage broker with more in-depth details.

You might need pay slips; you might need proof of identity, all of that sort of stuff.

If you ask them up front, “What details do you need from me?” And when you go to your meeting with them you actually provide them with those details, well that just makes things so much easier.

USDA Loans, Mortgages For Rural Farmers and Low Income Farming Households

Remember, a mortgage lender is only paid once the deal goes through and once you actually get financing.

So the easier you make it for them, the more likely you are going to get better service.

What can I do as a client to make this go as smoothly as possible?

You have the goal of getting financed for your property, the mortgage lender has a goal of you getting financed for your property and no one wants it to be difficult.

And so, if you can ask the mortgage broker, “Look, how can I work with you? How can I make things easy for you?” They’re the experts; they know what they’re doing.

They can tell you exactly what they need and then you can work hard to provide that for them so that they can get everything across the line as quickly as possible.

Loan Interest Rates

You know, I have customers,I deal with customers and even though I’m not a mortgage broker myself, I know that when there’s difficult customers that you don’t want to deal with, it just makes life so much harder and you don’t want to work hard for those people.

And when there’s customers who are really nice to you and who try really hard to help you provide them with the service you provide, you will bend over backwards to do anything you can for those customers to get them across the line, to help them as much as possible.

So, be one of those customers that the mortgage broker wants to bend over backwards to help you because you have their interest at heart as well.

You want to see them get paid.

You want to see them do an easy mortgage so they get paid easily.

And so you can develop a relationship into the future.

Which lenders can I borrow the most from?

Most people go into a mortgage broker looking for the cheapest interest rate possible.

What is the cheapest interest rate I can get? And the fact of the matter is a mortgage broker is likely to show you the banks that will lend you the amount of money you need and will also have the cheapest interest rate as well.

However, they might not showy ou banks that will lend you more money than you potentially need at the moment.

Now, it’s important to ask, “Which lenders can I borrow the most from?” because this will help you to project into the future.

Maybe you don’t need to know that for this loan right now but maybe, in the future, you might need to borrow money again and you know, or roughly my borrowing capacity is this.

Or if you find out which lenders you can borrow more from, and you find that you can actually borrow an extra $300,000, well you might split up your deposit and invest in two investment properties instead of just one.

And so asking them, “Which lenders can I borrow the most from?” is a great question to ask to really understand your position.

Because, yes, interest rate is important but how much you can borrow is also important as well.

Can I see a full list of my borrowing options?

Most mortgage brokers will provide you with, usually, like a top three or sometimes only a top one.

And I always like to think, “Can I see a full list of my borrowing options?”Again, this is less to say you want to go through all of this in minute detail and see.

You’re probably going to still choose from one of the top three ones.

But you just want to see that they’re giving you the full amount of information.

And most mortgage brokers are good people but there are some dodgy mortgage brokers out there who are just trying to get the deal that gives them the biggest commission.

Home Equity

And so by asking to see a full list of what your borrowing options, you can then look at that and you can then assess, “Okay, well which loan do I think is going to be best for me?” rather than just taking the recommendation of the mortgage broker who may or may not be thinking about themselves.

So, again, most mortgage brokers are great people out there to help you but it’s always a good idea to get a full list of your borrowing options that are available.

Will this put a mark against my credit file?

And so this is when you’re trying to work out how much you’re going to borrow and stuff like that.

When you go into a bank and you try and find out how much you can borrow, often, the bank will do a credit check and this puts a mark against your credit file.

And what happens is if you have a lot of these marks against your credit file, even though it’s nothing bad, this can actually stop you getting a loan.

Best Home Equity Loan Rates

So, talk to your mortgage broker and when you’re looking at, “What can I borrow?”or your looking at getting pre-approval, just understand, “Will this put a mark against my credit file?” ‘Cause it’s not bad to have a couple or whatever.

But if you’re getting lots and lots of marks against your credit file, then that could be an issue.

So just make sure and you know when a mark’s being put against your credit file and when a mark isn’t being put against your credit file.

How soon can I revalue or borrow again?

So if you’re investing in a property to renovate it or to develop it or even if you’re investing in a property that’s potentially under market value, you want to know how quickly can you revalue that property so you can get equity and then hopefully draw equity out of the property to go ahead and invest again.

There are a lot of lenders out there who don’t allow you to revalue within a 12-month period.

So, speak to your mortgage broker about the lenders that will allow you to revalue faster.

And basically, this will give you an idea of how quickly you can revalue to consider going again.

Home Loan Interest Rates Today

You’re also going to want to ask them, “After I invest in this property, how soon can I borrow again or what do I need to do to put myself in a position to be able to borrow again and to purchase the next property?” Because hopefully, your goal isn’t just to purchase one property but to grow your property portfolio and to achieve that financial freedom and that financial security that you’re striving for.

Will My Loans be ‘cross-collateralised’?

Now, I have heard a lot of stories about investors whose loans have been cross-collateralised and it’s cause major problems when they’ve gone and sold their property because the bank shave been able to take that money and pay off debt.

And basically, you want to avoid this at all costs from what I hear.

And so, it’s good to ask your mortgage broker, “Will my loans be cross-collateralised in any way?” Generally going with the same lender for two loans does it by default, even though it doesn’t say they’re cross-collateralised.

So, it’s just something that you want to look at the fine print, you want to understand, “Are these cross-collateralised?” And if they are, try and avoid it, try and get loans that aren’t going to be cross-collateralised.

Home Loan Pre Approval

So there you have some questions to ask your mortgage broker next time you go and see a broker to find out how much you can borrow or get pre-approval or get financed for another property.

If you are in the market, looking at properties and you want to see some high rental yield properties, then I’ve got 10 property listings that I’ve gone out and found for you guys.

You can see what high rental yield properties look like that are likely to generate a positive cash flow.

Did You Know – You Can Get Pre-Approved for a USDA Loan in Allentown?

Rural Development Loan

People are often overwhelmed by the many different types of loans available today. Are you contemplating buying a property? If you have an idea of what you are looking for and your desired price range, consider a USDA Loan.

USDA Loans are supported by the United States Department of Agriculture. In the past this type of loan was referred to as a "farmer's loan." However, contrary to what many people may think, this loan is not just for farmers. This Loan is only used for homes purchased in rural areas. Note that some homes are considered rural even when the population is 10,000 or less. In some cases home ins cities with a population of 10,000 to 25,000 are also eligible.

Benefits to USDA Loan applicants:
• No Down payment required
• 30-year Fixed Rate Mortgages (low rates)
• Loans may cover up to 100% of appraisal

Are you eligible for a USDA Loan?
• Must be U.S. citizen, or legally permitted resident
• Adjusted annual income less than limit established by United States Dept. of Agriculture
• Have average credit history (provides proof of repayments)

Why is a USDA Loan right for me?
• Provide an opportunity for individuals who do not have a high credit score, but show capability to make payments.
• No mortgage insurance payment each month
• No down payment which can save you money for home renovations and improvements.

Take advantage now of the benefits available for USDA Loans and finally settle into the dream home you have been looking for.

Top Ten List of Bad Mortgage Lenders

Manufactured Home Loans

Hey, everybody.

When you're sarching for your first home, you're also searching for your first mortgage lender.

Now, I dn't make specific recommendations on lenders because it's way too tough to stay up to date on the many thousands of lenders who work in the U.

S.

But I can give you some very useful tips for how to approach your search for a lender.

I'm Ilyce Glink.

Here's today's Real Estate Minute.

When youre looking for a mortgage lender you want start off by talking to a mortgage broker who has a good reputation in your area.

You should also, at the same time, talk to a regional lender, a credit union (if you belogn to one or you can join one) and a small local bank.

Each of these different types of lenders will offer different loan programs at different prices.

You should also ask friends and relatives who they've used for their home loans and how the experience went.

But emphasis is on the experience.

I have a great friend who once asked her sister for a lender recommendation, and the sister gave her a name and my friend had this horrific experience.

And when she went back to her sister to see what kind of experience her sister had had with this person, the sister confirmed that she, too, had a horrific experience.

"Hello! Why did you give me that lender's name?" my friend asked, and the sister said, "Well you weren't specific that you wanted someone good.

" Sounds like a Seinfeld episode, right? And yet, this kind of stuff goes on all the time.

So here are some questions you should ask the person providing the recommendation that will help separate the wheat from the chaff: Did the lender repeatedly ask for the same documents? Is the lender organized? A good lender should enable you to close on a home within about forty-five days - unless there's some real serious problems with the house - so make sure to ask your friends and relatives if their lenders were able to meet that standard.

It may sound obvious, but it's a good idea to look for a lender who specializes in making residential loans and has a reputation in your area for coming through with these loans.

Banks that aren't generally known for their mortgage lending can be tougher to work with than some of the really big lenders.

And while you may be thinking to yourself, "I want to avoid the big banks," you're probably going to end up with one anyway.

Even if you go with a mortgage broker, that mortgage broker may actually work with a whole bunch of big lenders to fund your loan.

Above all, you need to find a lender that helps you understand the mortgage application process in a way that makes you feel comfortable and secure.

This is a huge decision.

You're going to finance this property for the long run, and you want to do that with the right kind of partner.

And I just want to give a shoutout to anybody who is closing around October of 2015.

If you are, please watch the videos that I've made on the TILA-RESPA changes that are coming your way.

Right now they're scheduled to go into effect October 3rd of 2015.

If you are looking to close around that, either before or after, you may have to build in some extra time to make sure that you don't get caught up in all the craziness that's going to go on I think when TILA-RESPA actually goes into effect.

Thanks for watching this video.

If you've got a question about buying real estate, investing in real estate, or financing real estate, you can send it to me at questions@thinkglink.

Com or you can sent it to twitter @Glink.

Check out my next Real Estate Minute video on Monday for information on how to prepare for your first mortgage application.

See you next time.

I'm Ilyce Glink.

Fha Mortgage Rates

USDA Loan in Pennsylvania (888) 464-8732

USDA Loan in New Castle (888) 464-8732

What questions should I ask a mortgage lender in New Castle ? If you’re dealing with a mortgage broker there’s some questions that you should ask both on your first meeting with the mortgage broker and throughout working with your mortgage broker to make sure that you’re getting the best service possible.

USDALoanInfoPA is going to go through 10 different questions that you can ask your mortgage lender in New Castle. Be aware that your USDA Loan or Mortgage broker  will be getting the loan that you need and the service that you want.

The first question that I think everyone should ask a mortgage broker is a pretty straightforward one.

How Much Will a Mortgage Broker Cost?

Most mortgage lenders in New Castle actually work for free.

So it doesn’t actually cost you anything in order to do it.

They get money because they are paid by the banks when you successfully get a loan.

So they get a small commission of the loan that you apply for and if you get it.

First Time Home Buyer BEST MORTGAGE DEALS When Buying a House

So most mortgage brokers in New Castle will work for free and it won’t cost you anything.

However, there are some mortgage brokers out there who do require deposits or who do require you to pay.

So, it’s important to ask, “How much will this cost me?” when assessing which mortgage broker you want to go with.

How much do Mortgage Lenders earn in commission from me and from my loan?

This is less to understand exactly how much they make.

You can see what percentage of commissions they make and things like that by visiting USDALoanInfo.

But it’s more to understand whether or not they’ll be willing to give you this information.

A transparent mortgage broker is someone that’d be willing to give you this information and you know that they have your best interest at heart.

Mortgage Lenders, How To Choose The Right Accredited Home Lender

If they skirt around this issue and they don’t tell you how much they earn.

Well then that would send out red flags for me because I can’t trust them to put my best interest at heart because there are some circumstances where one loan will earn them more money than a loan that could potentially be better for me but not as good for them.

Usda Mortgage Calculator

So, I’m just trying to establish whether or not this mortgage broker in New Castle is someone that I can trust.

And by asking them the big question, the money question,”How much will you earn from me?” That’s a great way to understand whether or not you can trust the mortgage lender.

So ask that question and see how they respond.

Do Mortgage Lenders Invest Themselves?

Now, I don’t think a mortgage broker has to be a property investor in order for them to be able to get you a good loan and for them to help you successfully invest in property.

However, if they are interested in property in New Castle, if they do invest themselves, then that is going to go a long way to help you because they understand what it’s like to be in your shoes.

They understand what you’re trying to get out of this and they’ve done it themselves so they can help you miss some of the pitfalls and things like that.

If they don’t invest themselves, then I would want to ask them, “Have you worked with many people that invest in property?” Because as mortgage brokers, some of them just work with people who are buying their own home.

Alternative Commercial Mortgage Lenders - Hedge Funds & Private Equity

Some of the mortgage lender folk who work with people who are doing particular investment strategies.

So, some might work with people who invest in positive cash flow property or who invest in rural areas, who invest using developments.

Hey, everybody.

When you're sarching for your first home, you're also searching for your first mortgage lender.

Now, I dn't make specific recommendations on lenders because it's way too tough to stay up to date on the many thousands of lenders who work in the U.

S.

But I can give you some very useful tips for how to approach your search for a lender.

I'm Ilyce Glink.

Here's today's Real Estate Minute.

When youre looking for a mortgage lender you want start off by talking to a mortgage broker who has a good reputation in your area.

You should also, at the same time, talk to a regional lender, a credit union (if you belogn to one or you can join one) and a small local bank.

Each of these different types of lenders will offer different loan programs at different prices.

You should also ask friends and relatives who they've used for their home loans and how the experience went.

But emphasis is on the experience.

I have a great friend who once asked her sister for a lender recommendation, and the sister gave her a name and my friend had this horrific experience.

And when she went back to her sister to see what kind of experience her sister had had with this person, the sister confirmed that she, too, had a horrific experience.

"Hello! Why did you give me that lender's name?" my friend asked, and the sister said, "Well you weren't specific that you wanted someone good.

" Sounds like a Seinfeld episode, right? And yet, this kind of stuff goes on all the time.

So here are some questions you should ask the person providing the recommendation that will help separate the wheat from the chaff: Did the lender repeatedly ask for the same documents? Is the lender organized? A good lender should enable you to close on a home within about forty-five days - unless there's some real serious problems with the house - so make sure to ask your friends and relatives if their lenders were able to meet that standard.

It may sound obvious, but it's a good idea to look for a lender who specializes in making residential loans and has a reputation in your area for coming through with these loans.

Banks that aren't generally known for their mortgage lending can be tougher to work with than some of the really big lenders.

And while you may be thinking to yourself, "I want to avoid the big banks," you're probably going to end up with one anyway.

Even if you go with a mortgage broker, that mortgage broker may actually work with a whole bunch of big lenders to fund your loan.

Above all, you need to find a lender that helps you understand the mortgage application process in a way that makes you feel comfortable and secure.

This is a huge decision.

You're going to finance this property for the long run, and you want to do that with the right kind of partner.

And I just want to give a shoutout to anybody who is closing around October of 2015.

If you are, please watch the videos that I've made on the TILA-RESPA changes that are coming your way.

Right now they're scheduled to go into effect October 3rd of 2015.

If you are looking to close around that, either before or after, you may have to build in some extra time to make sure that you don't get caught up in all the craziness that's going to go on I think when TILA-RESPA actually goes into effect.

Thanks for watching this video.

If you've got a question about buying real estate, investing in real estate, or financing real estate, you can send it to me at questions@thinkglink.

Com or you can sent it to twitter @Glink.

Check out my next Real Estate Minute video on Monday for information on how to prepare for your first mortgage application.

See you next time.

I'm Ilyce Glink.

So I would want to find a mortgage broker who either had that experience themselves or who had clients that they had got similar deals for ’cause that way I know that they can negotiate on my behalf and they can get this deal across the line.

What details do Lenders need from me?

It’s one thing to call up a mortgage broker and just to get an estimate of your borrowing capacity but if you’re going through pre-approval and stuff like that, then you’re going to need to provide the mortgage broker with more in-depth details.

You might need pay slips; you might need proof of identity, all of that sort of stuff.

If you ask them up front, “What details do you need from me?” And when you go to your meeting with them you actually provide them with those details, well that just makes things so much easier.

USDA Home Loan Program, USDA Loan Eligibility

Remember, a mortgage lender is only paid once the deal goes through and once you actually get financing.

So the easier you make it for them, the more likely you are going to get better service.

What can I do as a client to make this go as smoothly as possible?

You have the goal of getting financed for your property, the mortgage lender has a goal of you getting financed for your property and no one wants it to be difficult.

And so, if you can ask the mortgage broker, “Look, how can I work with you? How can I make things easy for you?” They’re the experts; they know what they’re doing.

They can tell you exactly what they need and then you can work hard to provide that for them so that they can get everything across the line as quickly as possible.

Equity Line Of Credit

You know, I have customers,I deal with customers and even though I’m not a mortgage broker myself, I know that when there’s difficult customers that you don’t want to deal with, it just makes life so much harder and you don’t want to work hard for those people.

And when there’s customers who are really nice to you and who try really hard to help you provide them with the service you provide, you will bend over backwards to do anything you can for those customers to get them across the line, to help them as much as possible.

So, be one of those customers that the mortgage broker wants to bend over backwards to help you because you have their interest at heart as well.

You want to see them get paid.

You want to see them do an easy mortgage so they get paid easily.

And so you can develop a relationship into the future.

Which lenders can I borrow the most from?

Most people go into a mortgage broker looking for the cheapest interest rate possible.

What is the cheapest interest rate I can get? And the fact of the matter is a mortgage broker is likely to show you the banks that will lend you the amount of money you need and will also have the cheapest interest rate as well.

However, they might not showy ou banks that will lend you more money than you potentially need at the moment.

Now, it’s important to ask, “Which lenders can I borrow the most from?” because this will help you to project into the future.

Maybe you don’t need to know that for this loan right now but maybe, in the future, you might need to borrow money again and you know, or roughly my borrowing capacity is this.

Or if you find out which lenders you can borrow more from, and you find that you can actually borrow an extra $300,000, well you might split up your deposit and invest in two investment properties instead of just one.

And so asking them, “Which lenders can I borrow the most from?” is a great question to ask to really understand your position.

Because, yes, interest rate is important but how much you can borrow is also important as well.

Can I see a full list of my borrowing options?

Most mortgage brokers will provide you with, usually, like a top three or sometimes only a top one.

And I always like to think, “Can I see a full list of my borrowing options?”Again, this is less to say you want to go through all of this in minute detail and see.

You’re probably going to still choose from one of the top three ones.

But you just want to see that they’re giving you the full amount of information.

And most mortgage brokers are good people but there are some dodgy mortgage brokers out there who are just trying to get the deal that gives them the biggest commission.

Refinancing Your Home

And so by asking to see a full list of what your borrowing options, you can then look at that and you can then assess, “Okay, well which loan do I think is going to be best for me?” rather than just taking the recommendation of the mortgage broker who may or may not be thinking about themselves.

So, again, most mortgage brokers are great people out there to help you but it’s always a good idea to get a full list of your borrowing options that are available.

Will this put a mark against my credit file?

And so this is when you’re trying to work out how much you’re going to borrow and stuff like that.

When you go into a bank and you try and find out how much you can borrow, often, the bank will do a credit check and this puts a mark against your credit file.

And what happens is if you have a lot of these marks against your credit file, even though it’s nothing bad, this can actually stop you getting a loan.

Mortgage Advisor

So, talk to your mortgage broker and when you’re looking at, “What can I borrow?”or your looking at getting pre-approval, just understand, “Will this put a mark against my credit file?” ‘Cause it’s not bad to have a couple or whatever.

But if you’re getting lots and lots of marks against your credit file, then that could be an issue.

So just make sure and you know when a mark’s being put against your credit file and when a mark isn’t being put against your credit file.

How soon can I revalue or borrow again?

So if you’re investing in a property to renovate it or to develop it or even if you’re investing in a property that’s potentially under market value, you want to know how quickly can you revalue that property so you can get equity and then hopefully draw equity out of the property to go ahead and invest again.

There are a lot of lenders out there who don’t allow you to revalue within a 12-month period.

So, speak to your mortgage broker about the lenders that will allow you to revalue faster.

And basically, this will give you an idea of how quickly you can revalue to consider going again.

2nd Mortgage Rates

You’re also going to want to ask them, “After I invest in this property, how soon can I borrow again or what do I need to do to put myself in a position to be able to borrow again and to purchase the next property?” Because hopefully, your goal isn’t just to purchase one property but to grow your property portfolio and to achieve that financial freedom and that financial security that you’re striving for.

Will My Loans be ‘cross-collateralised’?

Now, I have heard a lot of stories about investors whose loans have been cross-collateralised and it’s cause major problems when they’ve gone and sold their property because the bank shave been able to take that money and pay off debt.

And basically, you want to avoid this at all costs from what I hear.

And so, it’s good to ask your mortgage broker, “Will my loans be cross-collateralised in any way?” Generally going with the same lender for two loans does it by default, even though it doesn’t say they’re cross-collateralised.

So, it’s just something that you want to look at the fine print, you want to understand, “Are these cross-collateralised?” And if they are, try and avoid it, try and get loans that aren’t going to be cross-collateralised.

No Closing Cost Refinance

So there you have some questions to ask your mortgage broker next time you go and see a broker to find out how much you can borrow or get pre-approval or get financed for another property.

If you are in the market, looking at properties and you want to see some high rental yield properties, then I’ve got 10 property listings that I’ve gone out and found for you guys.

You can see what high rental yield properties look like that are likely to generate a positive cash flow.

Did You Know – You Can Get Pre-Approved for a USDA Loan in New Castle?

Usda Rural Development Loan

What questions should I ask a mortgage broker?If you're dealing with a mortgage broker there's some questions that you should ask both onyour first meeting with the mortgage broker and throughout working with your mortgagebroker to make sure that you're getting the best service possible.

I'm going to go through10 different questions that you can ask your broker to make sure you're getting the loanthat you need and the service that you want.

The first question that I think everyone shouldask a mortgage broker is a pretty straightforward one.

And that's, "How much will it cost me?"Most mortgage brokers actually work for free.

So it doesn't actually cost you anything inorder to do it.

They get money because they are paid by the banks when you successfullyget a loan.

So they get a small commission of the loan that you apply for and if youget it.

So most mortgage brokers will work for free and it won't cost you anything.

However,there are some mortgage brokers out there who do require deposits or who do requireyou to pay.

So, it's important to ask, "How much will this cost me?" when assessing whichmortgage broker you want to go with.

Another question that you want to ask themortgage broker is simply, "How much do you earn in commission from me and from my loan?"This is less to understand exactly how much they make.

If you want to understand how muchmortgage brokers make, I've done an episode on that, which you can check out at onproperty.

Com.

Au/172.

And you can see what percentage of commissions they make and things like that.

But it's moreto understand whether or not they'll be willing to give you this information.

A transparentmortgage broker is someone that'd be willing to give you this information and you knowthat they have your best interest at heart.

If they skirt around this issue and they don'ttell you how much they earn.

Well then that would send out red flags for me because Ican't trust them to put my best interest at heart because there are some circumstanceswhere one loan will earn them more money than a loan that could potentially be better forme but not as good for them.

So, I'm just trying to establish whether or not this mortgagebroker is someone that I can trust.

And by asking them the big question, the money question,"How much will you earn from me?" That's a great way to understand whether or not youcan trust them.

So ask that question and see how they respond.

Question number three is, "Do you invest yourself?"Now, I don't think a mortgage broker has to be a property investor in order for them tobe able to get you a good loan and for them to help you successfully invest in property.

However, if they are interested in property, if they do invest themselves, then that isgoing to go a long way to help you because they understand what it's like to be in yourshoes.

They understand what you're trying to get out of this and they've done it themselvesso they can help you miss some of the pitfalls and things like that.

If they don't investthemselves, then I would want to ask them, "Have you worked with many people that investin property?" Because as mortgage brokers, some of them just work with people who arebuying their own home.

Some of them work with people who are doing particular investmentstrategies.

So, some might work with people who invest in positive cash flow propertyor who invest in rural areas, who invest using developments.

So I would want to find a mortgagebroker who either had that experience themselves or who had clients that they had got similardeals for 'cause that way I know that they can negotiate on my behalf and they can getthis deal across the line.

The next question will be, "What details doyou need from me?" It's one thing to call up a mortgage broker and just to get an estimateof your borrowing capacity but if you're going through pre-approval and stuff like that,then you're going to need to provide the mortgage broker with more in-depth details.

You mightneed pay slips; you might need proof of identity, all of that sort of stuff.

If you ask themupfront, "What details do you need from me?" And when you go to your meeting with themyou actually provide them with those details, well that just makes things so much easier.

Remember, a mortgage broker is only paid once the deal goes through and once you actuallyget financing.

So the easier you make it for them, the more likely you are going to getbetter service.

Which leads me to my next question is, "Howcan I make your life easier?" Or "What can I do as a client to make this go as smoothlyas possible?" You have the goal of getting financed for your property, the mortgage brokerhas a goal of you getting financed for your property and no one wants it to be difficult.

And so, if you can ask the mortgage broker, "Look, how can I work with you? How can Imake things easy for you?" They're the experts; they know what they're doing.

They can tellyou exactly what they need and then you can work hard to provide that for them so thatthey can get everything across the line as quickly as possible.

You know, I have customers,I deal with customers and even though I'm not a mortgage broker myself, I know thatwhen there's difficult customers that you don't want to deal with, it just makes lifeso much harder and you don't want to work hard for those people.

And when there's customerswho are really nice to you and who try really hard to help you provide them with the serviceyou provide, you will bend over backwards to do anything you can for those customersto get them across the line, to help them as much as possible.

So, be one of those customersthat the mortgage broker wants to bend over backwards to help you because you have theirinterest at heart as well.

You want to see them get paid.

You want to see them do aneasy mortgage so they get paid easily.

And so you can develop a relationship into thefuture.

So ask them, "How can I make your life easier?" Next question is, "Which lenders can I borrowthe most from?" Most people go into a mortgage broker looking for the cheapest interest ratepossible.

What is the cheapest interest rate I can get? And the fact of the matter is amortgage broker is likely to show you the banks that will lend you the amount of moneyyou need and will also have the cheapest interest rate as well.

However, they might not showyou banks that will lend you more money than you potentially need at the moment.

Now, it'simportant to ask, "Which lenders can I borrow the most from?" because this will help youto project into the future.

Maybe you don't need to know that for this loan right nowbut maybe, in the future, you might need to borrow money again and you know, or roughlymy borrowing capacity is this.

Or if you find out which lenders you can borrow more from,and you find that you can actually borrow an extra $300,000, well you might split upyour deposit and invest in two investment properties instead of just one.

And so askingthem, "Which lenders can I borrow the most from?" is a great question to ask to reallyunderstand your position.

Because, yes, interest rate is important but how much you can borrowis also important as well.

Another question to ask your mortgage brokeris, "Can I see a full list of my borrowing options?" Most mortgage brokers will provideyou with, usually, like a top three or sometimes only a top one.

"This is the one that I recommendfor you.

" And I always like to think, "Can I see a full list of my borrowing options?"Again, this is less to say you want to go through all of this in minute detail and see.

You're probably going to still choose from one of the top three ones.

But you just wantto see that they're giving you the full amount of information.

And most mortgage brokersare good people but there are some dodgy mortgage brokers out there who are just trying to getthe deal that gives them the biggest commission.

And so by asking to see a full list of whatyour borrowing options, you can then look at that and you can then assess, "Okay, wellwhich loan do I think is going to be best for me?" rather than just taking the recommendationof the mortgage broker who may or may not be thinking about themselves.

So, again, mostmortgage brokers are great people out there to help you but it's always a good idea toget a full list of your borrowing options that are available.

Next question to ask is, "Will this put amark against my credit file?" And so this is when you're trying to work out how muchyou're going to borrow and stuff like that.

When you go into a bank and you try and findout how much you can borrow, often, the bank will do a credit check and this puts a markagainst your credit file.

And what happens is if you have a lot of these marks againstyour credit file, even though it's nothing bad, this can actually stop you getting aloan.

So, talk to your mortgage broker and when you're looking at, "What can I borrow?"or your looking at getting pre-approval, just understand, "Will this put a mark againstmy credit file?" 'Cause it's not bad to have a couple or whatever.

But if you're gettinglots and lots of marks against your credit file, then that could be an issue.

So justmake sure and you know when a mark's being put against your credit file and when a markisn't being put against your credit file.

Second last question to ask is, "How sooncan I revalue or borrow again?" So if you're investing in a property to renovate it orto develop it or even if you're investing in a property that's potentially under marketvalue, you want to know how quickly can you revalue that property so you can get equityand then hopefully draw equity out of the property to go ahead and invest again.

Thereare a lot of lenders out there who don't allow you to revalue within a 12-month period.

So,speak to your mortgage broker about the lenders that will allow you to revalue faster.

Andbasically, this will give you an idea of how quickly you can revalue to consider goingagain.

You're also going to want to ask them, "After I invest in this property, how sooncan I borrow again or what do I need to do to put myself in a position to be able toborrow again and to purchase the next property?" Because hopefully, your goal isn't just topurchase one property but to grow your property portfolio and to achieve that financial freedomand that financial security that you're striving for.

And last question is, "Will my loans be cross-collateralised?"Now, I have heard a lot of stories about investors whose loans have been cross-collateralisedand it's cause major problems when they've gone and sold their property because the bankshave been able to take that money and pay off debt.

And basically, you want to avoidthis at all costs from what I hear.

And so, it's good to ask your mortgage broker, "Willmy loans be cross-collateralised in any way?" Generally going with the same lender for twoloans does it by default, even though it doesn't say they're cross-collateralised.

So, it'sjust something that you want to look at the fine print, you want to understand, "Are thesecross-collateralised?" And if they are, try and avoid it, try and get loans that aren'tgoing to be cross-collateralised.

So there you have some questions to ask yourmortgage broker next time you go and see a broker to find out how much you can borrowor get pre-approval or get financed for another property.

So I hope that has been helpful to you.

Ifyou are in the market, looking at properties and you want to see some high rental yieldproperties, then I've got 10 property listings that I've gone out and found for you guys.

You can see what high rental yield properties look like that are likely to generate a positivecash flow.

So I got a short list for you, absolutely free.

Go to onproperty.

Com.

Au/freeto get access to that.

So until next time, guys, stay positive.

Is a USDA Loan Right For You?

Best Home Loan Rates

>>> WELCOME BACK.

WHETHER IT IS TIME TO OWN YOUR DREAM HOME, FINDING THE RIGHT HOUSE IS ONLY THE BEGINNING.

>> FIGURING OUT HOW TO PAY FOR IT IS EVEN MORE IMPORTANT.

JOINING ME NOW IS JEFF MCCARTHY AND PAT GOSA FROM FIRST BANK FINANCIAL CENTRE WITH SOME IMPORTANT QUESTIONS THAT YOU SHOULD WHEN YOU ARE LOOKING AROUND FOR A MORTGAGE LENDER.

GOOD TO SEE YOU GUYS THANKS FOR BEING HERE.

AS I MENTIONED FINDING THE HOME IS LIKE THE FIRST GOOD LIKE MOMENT.

THAT'S WHAT YOU GOT TO DO, BUT AFTER THAT, KNOWING THE RIGHT QUESTIONS TO TALK ABOUT WITH YOUR MORTGAGE LENDER OR SUCH IS IMPORTANT.

>> ABSOLUTELY.

SO MANY PEOPLE SPEND YOU KNOW MONTHS LOOKING FOR THE DREAM HOME, THAT THEY ARE GOING TO RETIRE IN OR RAISE THEIR FAMILY IN, BUT A LOT OF PEOPLE DON'T TAKE THE TIME TO FIND THE RIGHT MORTGAGE LENDER FOR THEM.

IT'S ALMOST AN AFTERTHOUGHT FOR A LOT OF PEOPLE.

THAT CAN BE A BIG MISTAKE IN THE PROCESS.

>> WHEN SHOULD PEOPLE START LOOKING FOR THE RIGHT LENDERS? IS THERE A SPECIFIC TIME? >> I TELL YOU, SOONER THAN LATER BECAUSE, YOU WOULD HATE TO HAVE TIFFANY SOMEBODY FIND THEIR DREAM HOME AND FIND OUT LATER THEY DON'T QUALIFY FOR THAT MORTGAGE LOAN.

THE SOONER CAN YOU GET IN TO TALK TO A LENDER THE BETTER.

AND PREPARE.

WHETHER IT IS YOUR FIRST TIME BUYING A HOME OR FOURTH TIME, OUR GUIDELINES ARE ALWAYS CHANGING, THE LOAN PROGRAMS CHANGING, SO IT'S GOOD TO GET IN AND TALK ABOUT YOUR INDIVIDUAL SITUATION WHETHER IT BE INCOME, CREDIT, DOWN PAYMENT WHAT HAVE YOU.

>> I KNEE BEING PRO APPROVED AND KNOWING WHAT YOU CAN AFFORD ARE IMPORTANT.

WHAT ARE THE VERY FIRST THINGS YOU SHOULD ASK YOUR LENDER? IF I COME IN TO MEET WITH YOU OR ONE OF YOUR SALES STAFF WHAT SHOULD I BASICALLY SAY? >> USUALLY.

PEOPLE HEAR FROM THEIR FAMILY AND FRIENDS AND SAY FIND OUT WHAT THE RATES ARE AND CLOSING COSTS ARE.

A IMPORTANT ASPECT OF COURSE.

MORE IMPORTANT IS REALLY, ASKING ABOUT THE DIFFERENT LOAN PROGRAMS THEY MAY QUALIFY FOR.

ALSO THEIR INCOME.

YOU KNOW WE HAVE TO SOURCE THAT.

IS IT JUST W2 INCOME, COMMISSION INCOME.

WE NEWS INCOME THEY ARE TRYING TO COUNT TO QUALIFY.

SAME WITH ASOCIETIES WE HAVE TO TRACK THOSE ASSETS A PAPER TRAIL WHERE ARE THEY COMING FROM.

THE SALE OF A HOME OR ASSET.

MONEY THAT IS GIFTED TO THEM.

WE HAVE TO NAVIGATE THROUGH ALL OF THAT.

THEN GIVE THEM A GREAT IDEA WHICH LOAN PROGRAM IS BEST FIT FOR THEM.

>> THERE ARE DIFFERENT LOANS THAT CAN HELP YOU THAT ARE SO IMPORTANT.

WHY DO YOU THINK IT IS IMPORTANT THAT A LENDER HAS EXPERIENCE? >> I THINK A LOT OF TIMES BECAUSE THEY ARE ASKING THOSE QUESTIONS.

THEY ARE ASKING ABOUT THE INCOME, THE ASSETS AND WHAT HAVE YOU.

THEY KNOW THE LOAN PROGRAMS, THE LOPE GUIDELINES.

YOU WANT SOMEONE THAT IS VERY EXPERIENCED IN THOSE TO ASK THE RIGHT QUESTIONS NOT SO MUCH THE CUSTOMER ASKING YOU THE QUESTIONS, BUT SO THEN YOU CAN CREATE THAT PRODUCT FOR THEM, THAT FITS THEIR NEEDS.

>> UH-HUH.

DO YOU SEE OFTENTIMES PEOPLE COME IN AND THEY DON'T REALLY KNOW WHAT TO ASK OR THEY DON'T KNOW WHAT THEY CAN AFFORD? >> EXACTLY.

>> I BET.

>> I REALLY SUGGEST PEOPLE TO GET IN AND GET PREQUALIFIED.

EVEN BETTER TO GET PREAPPROVED THEN IT GOES TO THE UNDERWRITER TO MAKE SURE WE HAVE ALL OF OUR DUCKS IN THE ROW.

>>> A LOT OF PEOPLE I WOULD GUESS JUST GO IT THEIR PRIMARY BANK.

THEY THINK OKAY I ALREADY HAVE AN ACCOUNT WITH THESE PEOPLE THAT WORKS.

I'M JUST GOING TO GO THERE BECAUSE I'M FAMILIAR WITH IT.

THAT'S NOT ALWAYS THE RIGHT DECISION.

CORRECT? >> IT VERY WELL COULD BE.

IT MIGHT NOT BE YOU'RE RIGHT.

DOES THAT LENDER USE GRANTS THAT ARE AVAILABLE TO FIRST TIME HOME BUYERS? DO THEY DO CONSTRUCTION LENDING.

COULD THEY DO PORTFOLIO LENDING.

FHA, VA.

DO THEY HAVE ALL OF THE COATS IN THE RACK SO TO SPEAK WITH THE DIFFERENT LOAN PROGRAMS OUT THERE AND DO THEY UNDERSTAND THEM IF THEY DON'T DO A LOT OF THEM THEY MIGHT NOT BE THE BEST CHOICE.

>> UH-HUH.

>> ARE THEY COMPETITIVE WITH THEIR RATES OF COURSE AND CLOSING COSTS.

>> LIKE YOU SAID THE FIRST THING PEOPLE THINK OF IS WHAT IS THAT PERCENTAGE AT.

THAT'S WHAT IS MOST IMPORTANT.

IT IS NOT ALWAYS WHAT IS THE MOST IMPORTANT PIECE OF IT ALL.

WHAT DO YOU GUYS THINK SETS YOU APART AT FIRST BANK FINANCIAL CENTER? >> FOR ME MY SALES TEAM.

WE HAVE AN EXPERIENCED GROUP THEY KNOW TO ASK THE RIGHT QUESTIONS.

THEY ALSO HAVE A PASSION FOR THE BUSINESS LIKE I DO.

THY THINK THEY WANT TO HELP THAT CUSTOMER HAVE A GREAT EXPERIENCE THROUGH THE LOAN PROCESS AND, NAVIGATE AGAIN, TO BE YOU KNOW LIKE A FUN EXPERIENCE TOO.

>> OWNING HOME IS STILL I THINK THE AMERICAN DREAM WHETHER IT IS A CONDO, A HOME, A TOWN HOME WHATEVER THAT MEANS TO YOU, OWNING I STILL THINK IS THE BIGGEST THING.

YOU HAVE A GREAT OFFER FOR PEOPLE WHO ARE WATCHING TODAY TO WORK WITH YOU GUYS.

>> WE DO FOR MORNING BLEND VIEWERS IF THEY GO TO FVFCWI.

COM/300 CLOSING THEY CAN DOWNLOAD A COUPON FOR $300 OFF CLOSING COSTS.

THEY CAN USE THAT MONEY FOR PAINT OR A RAKE, TO RAKE NEW LEAVES IN THEIR YARD.

WHATEVER THEY NEED FOR THEIR NEW HOME.

>>I LOVE IT IT'S GREAT YOU GUYS.

PEOPLE CAN COME IN AND MEET WITH ANY OF YOUR GREAT STAFF.

FIND OUT A LITTLE MORE ABOUT WHAT THEY ARE QUALIFIED FOR OR DIFFERENT TYPES OF LOANS THAT WILL HELP THEM GET THE DREAM HOME THEY HAVE ALWAYS WANTED.

>> ABSOLUTELY.

>> HERE'S INFORMATION FOR FIRST FOR     FOR     FOR FIRST BANK FINANCIAL CENTER.

THERE IS A COUPON ON THERE AS JEFF MENTIONED FOR $300 OFF OF CLOSING COSTS.

MAKE SURE YOU DO THAT, GET THOSE $300 AND LIKE YOU SAID YOU CAN USE THAT FOR PAINT OR WHATEVER YOU WANT MAYBE TOWARDS THE NEW.

Refinance House

USDA Loan in Pennsylvania (888) 464-8732

USDA Loan in Uniontown (888) 464-8732

What questions should I ask a mortgage lender in Uniontown ? If you’re dealing with a mortgage broker there’s some questions that you should ask both on your first meeting with the mortgage broker and throughout working with your mortgage broker to make sure that you’re getting the best service possible.

USDALoanInfoPA is going to go through 10 different questions that you can ask your mortgage lender in Uniontown. Be aware that your USDA Loan or Mortgage broker  will be getting the loan that you need and the service that you want.

The first question that I think everyone should ask a mortgage broker is a pretty straightforward one.

How Much Will a Mortgage Broker Cost?

Most mortgage lenders in Uniontown actually work for free.

So it doesn’t actually cost you anything in order to do it.

They get money because they are paid by the banks when you successfully get a loan.

So they get a small commission of the loan that you apply for and if you get it.

USDA Loans, Mortgages For Rural Farmers and Low Income Farming Households

So most mortgage brokers in Uniontown will work for free and it won’t cost you anything.

However, there are some mortgage brokers out there who do require deposits or who do require you to pay.

So, it’s important to ask, “How much will this cost me?” when assessing which mortgage broker you want to go with.

How much do Mortgage Lenders earn in commission from me and from my loan?

This is less to understand exactly how much they make.

You can see what percentage of commissions they make and things like that by visiting USDALoanInfo.

But it’s more to understand whether or not they’ll be willing to give you this information.

A transparent mortgage broker is someone that’d be willing to give you this information and you know that they have your best interest at heart.

10 Questions You Should Ask Your Mortgage Broker

If they skirt around this issue and they don’t tell you how much they earn.

Well then that would send out red flags for me because I can’t trust them to put my best interest at heart because there are some circumstances where one loan will earn them more money than a loan that could potentially be better for me but not as good for them.

House Mortgage

So, I’m just trying to establish whether or not this mortgage broker in Uniontown is someone that I can trust.

And by asking them the big question, the money question,”How much will you earn from me?” That’s a great way to understand whether or not you can trust the mortgage lender.

So ask that question and see how they respond.

Do Mortgage Lenders Invest Themselves?

Now, I don’t think a mortgage broker has to be a property investor in order for them to be able to get you a good loan and for them to help you successfully invest in property.

However, if they are interested in property in Uniontown, if they do invest themselves, then that is going to go a long way to help you because they understand what it’s like to be in your shoes.

They understand what you’re trying to get out of this and they’ve done it themselves so they can help you miss some of the pitfalls and things like that.

If they don’t invest themselves, then I would want to ask them, “Have you worked with many people that invest in property?” Because as mortgage brokers, some of them just work with people who are buying their own home.

Home Loan Application Mistakes

Some of the mortgage lender folk who work with people who are doing particular investment strategies.

So, some might work with people who invest in positive cash flow property or who invest in rural areas, who invest using developments.

Mortgage lenders lend the money for making profit. They do not have any issues and they just wants to make profit. You can get the money back from the borrower if he is present. You might have to give the relaxation to the borrower to some extent. In this way you will be affected to the least extent only. However what will you do if the borrower dies before paying the mortgage? You might feel helpless in such cases.

However as a lender you will definitely be in dilemma that what you can do? Though, you will be quite happy to note that you have some options in such cases as well.

Suppose you feel that the borrower is not going to live for long then you can ask him to sign a deal with you. In that deal you will have to mention that the person whom the property is transferred after the death of the borrower will be responsible for paying back the mortgage. This is extremely important for you. You need to realize this fact.

Some times it does happen that the borrower becomes helpless as he goes into the coma due to some disease or injury. He is virtually handicapped and one cannot really ask him to pay back the mortgage. But as a lender you should have in your mind that this might happen in the future and hence you should get the deal prepared in the same way.

In such cases when the borrower is physically or mentally not in a position to talk about the mortgage, on his behalf a power of attorney is given to some relative. Hence you should make sure that in the POA it is also written that that person will be responsible for paying back the mortgage.

These are some of the ways. But you will realize that you need to help the borrower as well. That is why most of the lenders give some relaxation to those borrowers. If the amount is low then the lender usually discards such loans. Even if the lender finds that he can bear the loss then he usually discards the loan after the death of the borrower.

However sometimes the borrower is economically sound and the problem is just that he has died. In such cases the lender definitely goes for the justice and asks the new owner of the property to sign the deal.

So I would want to find a mortgage broker who either had that experience themselves or who had clients that they had got similar deals for ’cause that way I know that they can negotiate on my behalf and they can get this deal across the line.

What details do Lenders need from me?

It’s one thing to call up a mortgage broker and just to get an estimate of your borrowing capacity but if you’re going through pre-approval and stuff like that, then you’re going to need to provide the mortgage broker with more in-depth details.

You might need pay slips; you might need proof of identity, all of that sort of stuff.

If you ask them up front, “What details do you need from me?” And when you go to your meeting with them you actually provide them with those details, well that just makes things so much easier.

Mortgage Lenders, How To Choose The Right Accredited Home Lender

Remember, a mortgage lender is only paid once the deal goes through and once you actually get financing.

So the easier you make it for them, the more likely you are going to get better service.

What can I do as a client to make this go as smoothly as possible?

You have the goal of getting financed for your property, the mortgage lender has a goal of you getting financed for your property and no one wants it to be difficult.

And so, if you can ask the mortgage broker, “Look, how can I work with you? How can I make things easy for you?” They’re the experts; they know what they’re doing.

They can tell you exactly what they need and then you can work hard to provide that for them so that they can get everything across the line as quickly as possible.

Second Mortgage Rates

You know, I have customers,I deal with customers and even though I’m not a mortgage broker myself, I know that when there’s difficult customers that you don’t want to deal with, it just makes life so much harder and you don’t want to work hard for those people.

And when there’s customers who are really nice to you and who try really hard to help you provide them with the service you provide, you will bend over backwards to do anything you can for those customers to get them across the line, to help them as much as possible.

So, be one of those customers that the mortgage broker wants to bend over backwards to help you because you have their interest at heart as well.

You want to see them get paid.

You want to see them do an easy mortgage so they get paid easily.

And so you can develop a relationship into the future.

Which lenders can I borrow the most from?

Most people go into a mortgage broker looking for the cheapest interest rate possible.

What is the cheapest interest rate I can get? And the fact of the matter is a mortgage broker is likely to show you the banks that will lend you the amount of money you need and will also have the cheapest interest rate as well.

However, they might not showy ou banks that will lend you more money than you potentially need at the moment.

Now, it’s important to ask, “Which lenders can I borrow the most from?” because this will help you to project into the future.

Maybe you don’t need to know that for this loan right now but maybe, in the future, you might need to borrow money again and you know, or roughly my borrowing capacity is this.

Or if you find out which lenders you can borrow more from, and you find that you can actually borrow an extra $300,000, well you might split up your deposit and invest in two investment properties instead of just one.

And so asking them, “Which lenders can I borrow the most from?” is a great question to ask to really understand your position.

Because, yes, interest rate is important but how much you can borrow is also important as well.

Can I see a full list of my borrowing options?

Most mortgage brokers will provide you with, usually, like a top three or sometimes only a top one.

And I always like to think, “Can I see a full list of my borrowing options?”Again, this is less to say you want to go through all of this in minute detail and see.

You’re probably going to still choose from one of the top three ones.

But you just want to see that they’re giving you the full amount of information.

And most mortgage brokers are good people but there are some dodgy mortgage brokers out there who are just trying to get the deal that gives them the biggest commission.

No Down Payment Mortgage

And so by asking to see a full list of what your borrowing options, you can then look at that and you can then assess, “Okay, well which loan do I think is going to be best for me?” rather than just taking the recommendation of the mortgage broker who may or may not be thinking about themselves.

So, again, most mortgage brokers are great people out there to help you but it’s always a good idea to get a full list of your borrowing options that are available.

Will this put a mark against my credit file?

And so this is when you’re trying to work out how much you’re going to borrow and stuff like that.

When you go into a bank and you try and find out how much you can borrow, often, the bank will do a credit check and this puts a mark against your credit file.

And what happens is if you have a lot of these marks against your credit file, even though it’s nothing bad, this can actually stop you getting a loan.

Stated Income Loans

So, talk to your mortgage broker and when you’re looking at, “What can I borrow?”or your looking at getting pre-approval, just understand, “Will this put a mark against my credit file?” ‘Cause it’s not bad to have a couple or whatever.

But if you’re getting lots and lots of marks against your credit file, then that could be an issue.

So just make sure and you know when a mark’s being put against your credit file and when a mark isn’t being put against your credit file.

How soon can I revalue or borrow again?

So if you’re investing in a property to renovate it or to develop it or even if you’re investing in a property that’s potentially under market value, you want to know how quickly can you revalue that property so you can get equity and then hopefully draw equity out of the property to go ahead and invest again.

There are a lot of lenders out there who don’t allow you to revalue within a 12-month period.

So, speak to your mortgage broker about the lenders that will allow you to revalue faster.

And basically, this will give you an idea of how quickly you can revalue to consider going again.

Mortgage Assistance

You’re also going to want to ask them, “After I invest in this property, how soon can I borrow again or what do I need to do to put myself in a position to be able to borrow again and to purchase the next property?” Because hopefully, your goal isn’t just to purchase one property but to grow your property portfolio and to achieve that financial freedom and that financial security that you’re striving for.

Will My Loans be ‘cross-collateralised’?

Now, I have heard a lot of stories about investors whose loans have been cross-collateralised and it’s cause major problems when they’ve gone and sold their property because the bank shave been able to take that money and pay off debt.

And basically, you want to avoid this at all costs from what I hear.

And so, it’s good to ask your mortgage broker, “Will my loans be cross-collateralised in any way?” Generally going with the same lender for two loans does it by default, even though it doesn’t say they’re cross-collateralised.

So, it’s just something that you want to look at the fine print, you want to understand, “Are these cross-collateralised?” And if they are, try and avoid it, try and get loans that aren’t going to be cross-collateralised.

Prequalify For Home Loan

So there you have some questions to ask your mortgage broker next time you go and see a broker to find out how much you can borrow or get pre-approval or get financed for another property.

If you are in the market, looking at properties and you want to see some high rental yield properties, then I’ve got 10 property listings that I’ve gone out and found for you guys.

You can see what high rental yield properties look like that are likely to generate a positive cash flow.

Did You Know – You Can Get Pre-Approved for a USDA Loan in Uniontown?

Best Mortgage Interest Rates

The USDA Home Loan Program is a government insured 100% program offered through the United States Department of Agriculture. This loan is available exclusively to USDA approved lenders. Most people living in rural areas qualify for USDA. Also, many people living in medium sized cities as well as those living on the outskirts of major metropolitan areas may also qualify. To find out if you qualify for a no down payment, or to learn more, use the contact form on the right side of the page.

USDA Home Loan Eligibility

The USDA program is the best option for those looking for a fixed rate, no money down mortgage with no mortgage insurance.

However, the USDA has restrictions on applicants' eligibility; most notably, income and location requirements. Use the resources below to see if you might qualified

To get answers for a specific question, or to begin the application process, use the contact form to the right.

Income Eligibility Calculator (new)
Income Requirement Details
Income Requirements by Location
General Eligibility Requirements
Credit Requirements
Guidelines Provided by the USDA

Top 6 Reasons you'll Love the USDA Home Loan
1. A True 100% No Money Down Loan
2. There are no Limits as to the Amount You Can Borrow
3. No Mortgage Insurance
4. No Credit Score Required
5. Seller Concessions Allowed
6. The Rural Areas Are Not Necessarily That Rural

If interest rates are low when you apply for your loan, the fixed rate variety will offer you the best value, and you can count on your loan payment staying the same year after year.

First Time Home Buyer BEST MORTGAGE DEALS When Buying a House

Mortgage Network

Buying a new home can be a significant financial commitment. New home-owners have to pay mortgage instalments for years after they purchase their house so they need to consider the instalment, rate of interest, and other factors carefully. Most clients have low instalments and low interest rates so they look for attractive loan offers that strike a happy medium between both. That’s why most potential home-owners are very attracted to FHA home loans.What are FHA Home Loans?Risk is a very important factor in deciding the mortgage and interest rates. Bankers and lending institutions will charge more interests and set higher instalment rates if they believe they take a greater risk by lending you the money. Most home loan rates are calculated based on market conditions, competition, and risk. If you can influence one factor, the rates can come down. That’s exactly what FHA or Federal Housing Administration does.This establishment allows you to insure your home loan, which minimizes the risk for the lender. If you default on the loan, the insurance will cover the amount and the lenders won’t lose any money on their investment. This assurance eases the mortgage application and approval by a considerable margin. You’re more likely to get the mortgage if you apply for FHA home loans.What are the Characteristics of FHA Home Loans?These loans are attractive because they offer a number of benefits to both the lenders and the borrowers. The insurance is provided by a government agency under U.S. Department of Housing and Urban Development so it’s trustworthy. Here are some of the distinct advantages these loans offer borrowers:You get the benefit of lower interest rates.The qualification requirements are much more flexible.You need to pay a monthly premium for your mortgage insurance. That can add to your monthly cost.You also minimize the risk of foreclosure if you can’t pay back the loan due to financial difficulties.What Do You Need to Know About FHA Home Loans?While FHA loans offer a great deal, it’s important to understand how they work and what they offer before you apply for them. Here’s what you need to know about these loans:The down payment amount is usually set at anywhere between 3.5% and 10% depending on the credit score.If the credit score is above 580, you might be asked to pay around 3.5%.Loans with lower down payment options are limited in availability.You need to get your loan from an FHA approved lender so you can’t just choose any bank or financial institution.For any more information about FHA Home Loans and assistance with applying for one, it’s important that you hire the services of an experienced and credible mortgage agent that will work with you and provide you all the information you need; this will help you make a more well-informed decision about this sizeable investment you are making.

Refinance House

USDA Loan in Pennsylvania (888) 464-8732

USDA Loan in Corry (888) 464-8732

What questions should I ask a mortgage lender in Corry ? If you’re dealing with a mortgage broker there’s some questions that you should ask both on your first meeting with the mortgage broker and throughout working with your mortgage broker to make sure that you’re getting the best service possible.

USDALoanInfoPA is going to go through 10 different questions that you can ask your mortgage lender in Corry. Be aware that your USDA Loan or Mortgage broker  will be getting the loan that you need and the service that you want.

The first question that I think everyone should ask a mortgage broker is a pretty straightforward one.

How Much Will a Mortgage Broker Cost?

Most mortgage lenders in Corry actually work for free.

So it doesn’t actually cost you anything in order to do it.

They get money because they are paid by the banks when you successfully get a loan.

So they get a small commission of the loan that you apply for and if you get it.

Choosing a Mortgage Lender That's Right for You

So most mortgage brokers in Corry will work for free and it won’t cost you anything.

However, there are some mortgage brokers out there who do require deposits or who do require you to pay.

So, it’s important to ask, “How much will this cost me?” when assessing which mortgage broker you want to go with.

How much do Mortgage Lenders earn in commission from me and from my loan?

This is less to understand exactly how much they make.

You can see what percentage of commissions they make and things like that by visiting USDALoanInfo.

But it’s more to understand whether or not they’ll be willing to give you this information.

A transparent mortgage broker is someone that’d be willing to give you this information and you know that they have your best interest at heart.

Importance of Hiring a Good Mortgage Lender - A TRUE Story

If they skirt around this issue and they don’t tell you how much they earn.

Well then that would send out red flags for me because I can’t trust them to put my best interest at heart because there are some circumstances where one loan will earn them more money than a loan that could potentially be better for me but not as good for them.

Home Loan Rates

So, I’m just trying to establish whether or not this mortgage broker in Corry is someone that I can trust.

And by asking them the big question, the money question,”How much will you earn from me?” That’s a great way to understand whether or not you can trust the mortgage lender.

So ask that question and see how they respond.

Do Mortgage Lenders Invest Themselves?

Now, I don’t think a mortgage broker has to be a property investor in order for them to be able to get you a good loan and for them to help you successfully invest in property.

However, if they are interested in property in Corry, if they do invest themselves, then that is going to go a long way to help you because they understand what it’s like to be in your shoes.

They understand what you’re trying to get out of this and they’ve done it themselves so they can help you miss some of the pitfalls and things like that.

If they don’t invest themselves, then I would want to ask them, “Have you worked with many people that invest in property?” Because as mortgage brokers, some of them just work with people who are buying their own home.

ALERT: Minimum FHA Credit Score Requirement Falls 60 Points

Some of the mortgage lender folk who work with people who are doing particular investment strategies.

So, some might work with people who invest in positive cash flow property or who invest in rural areas, who invest using developments.

There are many institutions that loan money to home buyers. Commercial banks, private lenders, credit unions, mortgage bank companies, insurance companies and pension funds. It can get confusing as things are always changing in the mortgage industry.

Policies, interest rates, mortgage programs, where the funds come from, and investors are all changing and can affect where, from who, and the type of mortgage you will get to purchase the property you have chosen. Certain entities may offer you better rates depending on your credit history, debt, income, and expenses. It is a good idea to shop many different resources so you can get the best deal possible.

The mortgage market is comprised of a primary and secondary market. These two markets work together to give money to a borrower and offer returns on investments to investors.

The primary market occurs on the retail end, meaning a mortgage lender sells directly to the consumer. You may use the services of a broker or loan officer in order to have this transaction run smoothly. This is the place where mortgages are originated and the money is given directly to the borrower. In the primary market, mortgage lenders make there money on processing fees. There are often many fees associated with getting a mortgage that the buyer is responsible for.

Because there can be many fees as charged by the mortgage lender, it is important to know exactly where your money is being spent. You should ask for an itemized report for every fee. Unfortunately there dishonest mortgage lenders and they will make up charges and fees that really don't have any effort or actual action behind them. This is how some borrowers can get scammed, and often they may not even know it!

The secondary market manages mortgages that have already been originated in the primary market. What occurs here is the mortgage lenders package many mortgages together and sell the notes to investors. Mortgage lenders replenish their cash reserves that can be used towards the origination of more mortgages. The investors make money off of the interest that is charged on the mortgages.

There are both private and public investors that buy these notes. Public investors include Fannie Mae, Ginnie Mae and Fannie Mac that are all government supported. Private investors may include banks, thrift institutions and other individual private investors.

The mortgage lender really has a circular pattern, originating loans, selling them to investors and then using that money from the sales to issue more loans.

Many times, you do not even know that your mortgage is going to be sold into the secondary market. However, the mortgage lender should always notify you of this transaction if the mortgage is sold to someone else. If you have questions about this process, you can ask your mortgage lender as to what his or her process is.

So when you purchase a mortgage, then you are working in the primary market. The secondary market is for mortgages that have already been originated by the mortgage lender and they are being bought and sold as investments for either private or public investors. This mortgage process keeps money flowing through the industry and makes more money available to the public to continue property.

So I would want to find a mortgage broker who either had that experience themselves or who had clients that they had got similar deals for ’cause that way I know that they can negotiate on my behalf and they can get this deal across the line.

What details do Lenders need from me?

It’s one thing to call up a mortgage broker and just to get an estimate of your borrowing capacity but if you’re going through pre-approval and stuff like that, then you’re going to need to provide the mortgage broker with more in-depth details.

You might need pay slips; you might need proof of identity, all of that sort of stuff.

If you ask them up front, “What details do you need from me?” And when you go to your meeting with them you actually provide them with those details, well that just makes things so much easier.

First Time Home Buyer BEST MORTGAGE DEALS When Buying a House | First Time Home Buyer Loan Programs

Remember, a mortgage lender is only paid once the deal goes through and once you actually get financing.

So the easier you make it for them, the more likely you are going to get better service.

What can I do as a client to make this go as smoothly as possible?

You have the goal of getting financed for your property, the mortgage lender has a goal of you getting financed for your property and no one wants it to be difficult.

And so, if you can ask the mortgage broker, “Look, how can I work with you? How can I make things easy for you?” They’re the experts; they know what they’re doing.

They can tell you exactly what they need and then you can work hard to provide that for them so that they can get everything across the line as quickly as possible.

Adjustable Rate Mortgage

You know, I have customers,I deal with customers and even though I’m not a mortgage broker myself, I know that when there’s difficult customers that you don’t want to deal with, it just makes life so much harder and you don’t want to work hard for those people.

And when there’s customers who are really nice to you and who try really hard to help you provide them with the service you provide, you will bend over backwards to do anything you can for those customers to get them across the line, to help them as much as possible.

So, be one of those customers that the mortgage broker wants to bend over backwards to help you because you have their interest at heart as well.

You want to see them get paid.

You want to see them do an easy mortgage so they get paid easily.

And so you can develop a relationship into the future.

Which lenders can I borrow the most from?

Most people go into a mortgage broker looking for the cheapest interest rate possible.

What is the cheapest interest rate I can get? And the fact of the matter is a mortgage broker is likely to show you the banks that will lend you the amount of money you need and will also have the cheapest interest rate as well.

However, they might not showy ou banks that will lend you more money than you potentially need at the moment.

Now, it’s important to ask, “Which lenders can I borrow the most from?” because this will help you to project into the future.

Maybe you don’t need to know that for this loan right now but maybe, in the future, you might need to borrow money again and you know, or roughly my borrowing capacity is this.

Or if you find out which lenders you can borrow more from, and you find that you can actually borrow an extra $300,000, well you might split up your deposit and invest in two investment properties instead of just one.

And so asking them, “Which lenders can I borrow the most from?” is a great question to ask to really understand your position.

Because, yes, interest rate is important but how much you can borrow is also important as well.

Can I see a full list of my borrowing options?

Most mortgage brokers will provide you with, usually, like a top three or sometimes only a top one.

And I always like to think, “Can I see a full list of my borrowing options?”Again, this is less to say you want to go through all of this in minute detail and see.

You’re probably going to still choose from one of the top three ones.

But you just want to see that they’re giving you the full amount of information.

And most mortgage brokers are good people but there are some dodgy mortgage brokers out there who are just trying to get the deal that gives them the biggest commission.

Home Loan Rates

And so by asking to see a full list of what your borrowing options, you can then look at that and you can then assess, “Okay, well which loan do I think is going to be best for me?” rather than just taking the recommendation of the mortgage broker who may or may not be thinking about themselves.

So, again, most mortgage brokers are great people out there to help you but it’s always a good idea to get a full list of your borrowing options that are available.

Will this put a mark against my credit file?

And so this is when you’re trying to work out how much you’re going to borrow and stuff like that.

When you go into a bank and you try and find out how much you can borrow, often, the bank will do a credit check and this puts a mark against your credit file.

And what happens is if you have a lot of these marks against your credit file, even though it’s nothing bad, this can actually stop you getting a loan.

House Mortgage

So, talk to your mortgage broker and when you’re looking at, “What can I borrow?”or your looking at getting pre-approval, just understand, “Will this put a mark against my credit file?” ‘Cause it’s not bad to have a couple or whatever.

But if you’re getting lots and lots of marks against your credit file, then that could be an issue.

So just make sure and you know when a mark’s being put against your credit file and when a mark isn’t being put against your credit file.

How soon can I revalue or borrow again?

So if you’re investing in a property to renovate it or to develop it or even if you’re investing in a property that’s potentially under market value, you want to know how quickly can you revalue that property so you can get equity and then hopefully draw equity out of the property to go ahead and invest again.

There are a lot of lenders out there who don’t allow you to revalue within a 12-month period.

So, speak to your mortgage broker about the lenders that will allow you to revalue faster.

And basically, this will give you an idea of how quickly you can revalue to consider going again.

Loan Lenders

You’re also going to want to ask them, “After I invest in this property, how soon can I borrow again or what do I need to do to put myself in a position to be able to borrow again and to purchase the next property?” Because hopefully, your goal isn’t just to purchase one property but to grow your property portfolio and to achieve that financial freedom and that financial security that you’re striving for.

Will My Loans be ‘cross-collateralised’?

Now, I have heard a lot of stories about investors whose loans have been cross-collateralised and it’s cause major problems when they’ve gone and sold their property because the bank shave been able to take that money and pay off debt.

And basically, you want to avoid this at all costs from what I hear.

And so, it’s good to ask your mortgage broker, “Will my loans be cross-collateralised in any way?” Generally going with the same lender for two loans does it by default, even though it doesn’t say they’re cross-collateralised.

So, it’s just something that you want to look at the fine print, you want to understand, “Are these cross-collateralised?” And if they are, try and avoid it, try and get loans that aren’t going to be cross-collateralised.

Real Estate Loans

So there you have some questions to ask your mortgage broker next time you go and see a broker to find out how much you can borrow or get pre-approval or get financed for another property.

If you are in the market, looking at properties and you want to see some high rental yield properties, then I’ve got 10 property listings that I’ve gone out and found for you guys.

You can see what high rental yield properties look like that are likely to generate a positive cash flow.

Did You Know – You Can Get Pre-Approved for a USDA Loan in Corry?

Refinance House

Mortgage Lender provides financing to an individual for the purchase of property, or refinances a mortgage. There are many mortgage lenders. It is a jungle out there. It is hard to choose the best mortgage lender. This article teaches how to choose a mortgage lender.

Mortgage Lender analyses your current financial situation that is the needs, assets, liabilities, and income. Taking all the necessary information, the mortgage lender determines mortgage affordability. Then, the mortgage lender creates the best deal for the match the borrower needs.

Talk to friends and family about their favorite mortgage lender. From their experience, they will be able to rate the mortgage lender. At the same time, the borrower learns the pros and cons of each mortgage lender.

After you create a list of possible choices, you must compare rates for identical mortgage loans. There may be a catch on the lowest interest rate. You should also take note of the Annual Percentage Rate (APR). With the knowledge of APR, you will see the different fees, and cost associated with the mortgage loans.

Check for certification of the mortgage lender or broker. Certified mortgage broker has vast knowledge of many mortgage, and current regulations. Dealing a certified mortgage broker, you are in safer hands.

Ask for the terms, fees, discount points, penalties, and costs involve on the mortgage deal. The life of the mortgage is broken into several mortgage terms. For example, three, four, or five year term are common. Mortgage Lenders charges fees for a specific mortgage. Each mortgage lender may charge differently. Discount points are paid upfront to bring down the mortgage. Each point equals one percent of the principal which is total amount owing. And, the costs on mortgage could be appraisal fee and more.

The internet is a good source of information about mortgage lenders. In the internet, you can surf for customer reviews, and testimonials. Also, most stable, and reputable mortgage lender have a website. In the website, you can see what they offer.

To choose a mortgage lender is a daunting task. When you are in doubt, you can always avail for the most financially stable and highly reputable mortgage lender.

Mortgage Lenders – Making The Right Choice

Rural Home Loans

Hi everyone this is your Tampa Bay RealtorLance Mohr.

In this video I want to talk about how tochoose a mortgage lender and that I'm going more specifically go over mortgage brokersversus banks versus credit unions.

Tell you the difference between those.

Tell you the pros.

Tell you the cons and then we're going togo over a little bit about what questions you need to ask the lender to make sure youget a really good mortgage lender for you.

So let me start off talking about differenttypes of institutions where you could get home loans.

Through a lot of times when people think aboutbuying a home they think.

Hey, let me just give my local bank.

Bank of America, Wells Fargo a caller whenthey give my credit union their call or what's the whole thing with mortgage brokers? What's a mortgage broker? How does that work? What's the difference between a mortgage brokerand a bank? The difference between that and a credit union.

So I'm going to go over all this.

Let me first start off with credit unionsand you know I'm just going to give you how I see it because I've been in this industryfor over 20 years prior to being in real estate as an agent.

My prior life was a mortgage banker and that'swhat I did for a number of years.

I'm going to give you things how I see.

I'm not a big fan of the credit union.

I think credit unions are great.

They do car loans that you do checking savingsCDs much like a bank.

They have really really good customer service.

They really care about their members and Ithink that's great.

The problem is I don't really think the trainingthere and I'm a person that really really believes in knowledge.

You know I'm not saying that if you work witha credit union or you know someone works with the credit union in or go through a creditunion.

Not saying this about all credit unions.

I'm using this in a general sense.

They just don't have the best training inthe world.

The other problem with credit unions is thepeople who are doing the loans.

The loan offices the credit union a lot ofthem are strict salary.

If they're not strict salary, their salaryplus bonuses and I'll get to this in a little bit later.

So that's why I'm not really a big fan.

Years ago when I used to be in mortgage banking.

I actually used to go to credit unions.

They were some of my clients to get loansfrom because they didn't have all the knowledge and they were telling people they weren'tqualified because they could not work with them.

Now the good thing about credit unions becausethey are so customer service oriented they would pick up the telephone and say hey Lancewe can't do this loan can you do it? So at least they're going to do that.

Banks? Nope, they're not like that.

This is one of the things with banks.

Banks have a lot of a lot of good advantages.

As a matter of fact, if you're going to beusing bond money.

You're probably going to be using banks.

If you need construction loans you're probablygoing to be using banks but banks like credit unions.

They're a jack of all trades.

They're not a master of one.

They're doing the checking, they're doingsavings, they're doing CDs, they're doing car loans, boat loans you name it.

They're doing anything and everything andwhen you tend to go to the loan officers and a lot of banks not all of them.

So again you know if you work with a bankdon't get mad but I know a lot of people that have worked for banks and what happens isyou they get what's called the foot traffic.

They're not going out there hitting the pavementevery day.

A lot of the loan officers where the banksare just sitting in the bank and just waiting for the business to come to them.

They're not going out.

It's sort of like I always look at our industry.

Are you have the lion and you have the gazelle.

Oh, there are a lot of lions with banks butmost of them are gazelles.

They're sitting back.

Again banks pretty much most of the loan officersare on a salary plus a Bonus.

So you know they're not straight commission.

That's one of the things.

Now when it comes to banks again there aretheir pros.

When it comes to banks you have to understandthat they're only one when lending their money.

This could be a problem if you go in and maybefigure on an FHA loan and maybe that's not really very good in their wheelhouse.

They might tell you well you're not qualifiedfor a loan.

They're not going to say well you could probablyget a loan but you just can't get one through us that's the problem because you're onlyusing their money.

If you're a square peg and they have a roundhole you're going to have a hard time fitting in that and that's the unfortunate thing.

You know there's a lot of fallout.

There’s a lot of people banks tend to wantthe cream of the crop buyers.

If you're walking in with 750 credit scores.

Putting down 20% your salary and employeegreat but what happens if you don't fit into that? You may be working with a bank.

You may not know the thing about banks isthey're generally a little higher on the interest rates than say a mortgage broker but they'rea little bit what lower on closing costs because everybody's in-house and that's the nice thingabout banks is their in-house.

Now I will say this if you are going to usea bank.

If you’re going to use a credit union, ifyou are going to use a mortgage broker get someone local don't go with Wells Fargo andgo to some 800 number or you walk into Bank of America and they say oh let me give youthis 800 number Des Moines Iowa and you're what I am in Tampa or somewhere else.

You want someone local.

Out of sight out of mind.

You want someone if things aren't going yourway you could go in there and pound on their desk and say what the heck's going on.

So just keep that in mind but you know themgenerally everybody's in a localized area.

You'll have your underwriter there.

You have your processor there.

They do have some programs that they havea little bit more flexibility on because they could just decide not to sell that but theymight keep it they might keep it in their portfolio but generally speaking the mainthing I would probably rather choose and I'll get into mortgage brokers in just a littlebit.

Why I tend to like mortgage brokers betterbecause a bank their loan officer is getting paid usually a salary plus a bonus.

That’s the opposite.

So, now let’s talk about mortgage brokers.

Mortgage brokers they're basically prettymuch all of them out there.

It's sink or swim.

They don't get paid unless they find a wayto say yes.

So if you walk in like when I was in mortgagebanking and brokering.

If you walked in and I'm with the broker andyou were on an FHA loan program I'm probably going to have one lender for that.

That it's going to be really really focusedon FHA.

If you're VA you're probably going over tothis later.

If you're on maybe a conventional in a fightfor sit down you're over here.

If it's a 20% down you're over here.

If it's a jumbo it's this linker if you goin and maybe you have low credit scores you're over with this lender right here.

So they don't have just their money.

They have everybody's money now.

I know you go into these brokers and they'relike, we have 50 lenders.

Let’s face it most mortgage brokers willonly use two or three.

They'll probably have five to seven at anyone time but they are very efficient because this is all they do and they don't get paidand unless they find a way to say yes that's why I sort of break it up.

Is there are the lions and there are the gazellesand I would have rather have someone that is on a straight hundred percent commission.

That if they don't find a way to say yes theydon't get paid.

That's a huge motivator.

So there is the thing with a little bit differentlike the banks.

Keep in mind brokers broker out so they'regoing to broker out to a bank.

They could even be broken out to the samebank you're getting the quote from.

It's pretty rare but it could happen but they'regoing to have usually a little bit more costly because they're going to have the underwriterin-house and I mean in-house but they're going to charge for that.

They're going to have the processor that therebeen a charge for that.

So they're going to have a little bit morecost but they get their pricing and wholesale pricing not retail like a bank.

It’s usually going to equal out so there'sand if you're looking at going with bond money you pretty much never going to go with a brokerif you're looking to get in a construction loan.

You're probably not going to go with the brokerbut again it's all about choosing the right broker.

It's all about choosing the right loan officerand you know that's what you need to do.

You need to choose the right person.

So I did a video if you want to know how toget the best interest rate I'll put it up above.

You could look at it but let's go over whatyou really need to do when it comes to choosing a loan officer.

You want to always start off with your realestate agent.

First know maybe you could get a recommendationfrom your real estate agent you could get a recommendation from friends, co-workersbut dig a little deeper.

Don't just get that recommendation.

Ask enough to say why you think this loanofficer is so good.

Why are you referring me to this person? What is it about them that makes them so good? You can also go and take a look at sites likeYelp.

Go to their LinkedIn page check their website.

Read up on them but overall loan officersare horrible at marketing so don't hold that against them.

I know when I was a loan officer I wasn'tthe best marketer in the world.

So you know you definitely want to dig a littledeeper and ask him and then when you're talking to them just like an interview in a real estateagent.

You need to ask them two questions at least.

These two questions why should I work foryou and why should I work for your company? Basically, let them tell you what makes themgood.

Let them tell you why you should be workingwith them.

If they don't have an answer to those questionsyou really have to wonder but you know you definitely talk to your real estate agent.

That's a good source and just make sure theloan officer knows what they're doing.

Yeah I mean feel free to ask them what trainingyou have.

I mean I never got this when I was in a loanoffice.

When I was one officer but I had no problemI don't have it when people ask me.

This is a real estate agent if they're interviewingme or asking about my experience or how long I've been in the business or why they shouldwork with me or what makes my company good.

It's not as important as a realtor but whatthe loan officer it's everything if you go into the better business bureau and they don'thave a good rating.

You really have to wonder if that someonewho you want to work with.

So do these and you're going to be good togo but definitely pick loan officer at the end of the day get someone that you trustto get someone that you know is knowledgeable.

Who's been in the business that you feel hasthe proper training because one thing I discuss in my video? How to get a really good interest rate isit's more about the loan program.

If you're in the wrong loan program the interestrate doesn't matter and if you choose a loan officer that doesn't understand differentloan programs and they put you in the wrong one program.

You could have a great interest rate thatone program but it may not be the greatest interest rate you could get or you need.

If you like these videos give me a thumbs-up.

If you want to subscribe to my channel hitthe subscribe button hit the belly button and you'll get notified of my new videos.

I wish you all the best of luck.

If you're looking for a realtor in Tampa BayI would love to help you.

Mortgage Companies Near Me

USDA Loan in Pennsylvania (888) 464-8732

USDA Loan in Erie (888) 464-8732

What questions should I ask a mortgage lender in Erie ? If you’re dealing with a mortgage broker there’s some questions that you should ask both on your first meeting with the mortgage broker and throughout working with your mortgage broker to make sure that you’re getting the best service possible.

USDALoanInfoPA is going to go through 10 different questions that you can ask your mortgage lender in Erie. Be aware that your USDA Loan or Mortgage broker  will be getting the loan that you need and the service that you want.

The first question that I think everyone should ask a mortgage broker is a pretty straightforward one.

How Much Will a Mortgage Broker Cost?

Most mortgage lenders in Erie actually work for free.

So it doesn’t actually cost you anything in order to do it.

They get money because they are paid by the banks when you successfully get a loan.

So they get a small commission of the loan that you apply for and if you get it.

What Can You Do As a Mortgage Lender If a Borrower Dies Before Paying

So most mortgage brokers in Erie will work for free and it won’t cost you anything.

However, there are some mortgage brokers out there who do require deposits or who do require you to pay.

So, it’s important to ask, “How much will this cost me?” when assessing which mortgage broker you want to go with.

How much do Mortgage Lenders earn in commission from me and from my loan?

This is less to understand exactly how much they make.

You can see what percentage of commissions they make and things like that by visiting USDALoanInfo.

But it’s more to understand whether or not they’ll be willing to give you this information.

A transparent mortgage broker is someone that’d be willing to give you this information and you know that they have your best interest at heart.

How To Choose A Mortgage Lender When Buying a Home

If they skirt around this issue and they don’t tell you how much they earn.

Well then that would send out red flags for me because I can’t trust them to put my best interest at heart because there are some circumstances where one loan will earn them more money than a loan that could potentially be better for me but not as good for them.

Usda Eligibility Map

So, I’m just trying to establish whether or not this mortgage broker in Erie is someone that I can trust.

And by asking them the big question, the money question,”How much will you earn from me?” That’s a great way to understand whether or not you can trust the mortgage lender.

So ask that question and see how they respond.

Do Mortgage Lenders Invest Themselves?

Now, I don’t think a mortgage broker has to be a property investor in order for them to be able to get you a good loan and for them to help you successfully invest in property.

However, if they are interested in property in Erie, if they do invest themselves, then that is going to go a long way to help you because they understand what it’s like to be in your shoes.

They understand what you’re trying to get out of this and they’ve done it themselves so they can help you miss some of the pitfalls and things like that.

If they don’t invest themselves, then I would want to ask them, “Have you worked with many people that invest in property?” Because as mortgage brokers, some of them just work with people who are buying their own home.

How To Pick A Mortgage Lender When Buying A House

Some of the mortgage lender folk who work with people who are doing particular investment strategies.

So, some might work with people who invest in positive cash flow property or who invest in rural areas, who invest using developments.

The Business and Industry (B&I) loan program administered by the United States Department of Agriculture (USDA or Agency) guarantees loans by qualified lenders to benefit rural businesses. For eligible projects, community banks can obtain an 80% guarantee for loans up to $5 million, a 70% guarantee for loans between $5 million and $10 million and a 60% guarantee for loans between $10 million and $25 million. The B&I guaranteed loan program allows lenders to expand their loan portfolio, obtain a deficiency guarantee, increase earnings by participating in the secondary market, make loans in smaller communities with traditionally lower collateral values and extend loans above their legal lending limits.

For each loan, lenders submit a detailed guarantee application to the Agency office in the state where the project is located. Approval or denial decisions generally take several weeks. Projects eligible for B&I financing include business acquisitions, commercial real estate purchases, startup costs and working capital, machinery and equipment purchases and some refinances.

On December 17, 2008, the USDA published a new interim rule pertaining to the B&I loan program in the Federal Register. Effective October 1, 2009, the new rule is designed to streamline the application, accelerate the guarantee approval process and expand the types of eligible projects. The Agency ultimately decided to abandon the new rule and instead focus on working within the existing regulatory framework to improve the B&I loan program.

Under the previous rule, the B&I loan program required lenders to compile burdensome applications and to deal with lengthy approval timelines and limited loan features. For example, a common lender complaint has been the laborious guarantee application process. For every loan under the previous regulations, B&I lenders had to submit to the local Agency all of their underwriting and loan approval documents, at least three B&I application forms, the draft loan agreement, copies of loan origination and servicing policies and procedures, and details concerning lending history, experience and their relationship with regulators. The Agency also awarded guarantees on a "priority scoring" basis, which gave loans in particularly rural areas with compelling purposes priority over otherwise eligible loans that earned a lower "score". An approval or denial decision for lower scoring loans could take months from the application submission.

The USDA aims to reduce these drawbacks with the revised rule. The new rule attempts to streamline the original application process. Lenders must apply to participate in the guaranteed loan program by submitting background information such as descriptions of lending history and experience, policy and procedures and documentation concerning regulatory compliance (7 CFR 5001.9). Although lenders had to submit this information under the old rule, they are now permitted to submit summaries instead of copies of their policies and procedures (§5001.9(a)(1)). Once approved by the agency, lenders will no longer have to submit this background information when applying for loan guarantees (§5001.9(b)(4)). The revised rule also reduces the number of guarantee application forms (§ 5001.12(a)) and eliminates the draft loan agreement (§5001.34). In addition to simplifying the application process, the new rule endeavors to reduce the guarantee approval timeline.

Two changes aim to accelerate the guarantee approval process. The Agency has eliminated its "priority scoring" system in favor of a simpler first-come-first-serve approach (§5001.103(f)(1)). Additionally, the Agency has created a preferred lender program (PLP) (§5001.9(d)). The benefits of obtaining PLP status include a ten day approval or denial decision (§5001.11(c)), a smaller guarantee application package (§5001.12(b)) and the opportunity to obtain preferred status in more than one state with a single PLP application (§5001.9(d)(2)). In addition to streamlining the application process, the Agency has introduced some new loan features to the B&I loan program.

B&I guarantees may now be issued for additional uses and purposes. Under the previous regulations, lines of credit were ineligible. Lines of credit are now eligible when used for annual operating/business expenses, debts advanced for the current operating cycle, scheduled non-delinquent term borrower debt or closing costs (§5001.103(b)(2)(xix)). Projects involving leasehold improvements and the purchase of mixed use commercial and residential buildings are also now eligible for B&I guarantees (§5001.103(b)(2)(xviii, xx)). Another new feature removes the prohibition that interest rates change no more often than quarterly, and allows lenders to set a variable rate that adjusts as often as daily (§5001.31(a)). These new features allow lenders to obtain a valuable B&I guarantee for projects that previously were ineligible.

Although these features are now available to lenders, some revisions to the rule are less clear and useful tools have been eliminated. For example, the Agency has replaced the proposed cash equity criterion with a debt-to-tangible net worth ratio criterion (§5001.6(c)), but has failed to define this calculation other than referring to Generally Accepted Accounting Principles. Additionally, the rule eliminates the Agency's limited authority to issue 90% guarantees. Again, the Agency ultimately decided to abandon the new rule and instead focus on working within the existing regulatory framework to improve the B&I loan program.

So I would want to find a mortgage broker who either had that experience themselves or who had clients that they had got similar deals for ’cause that way I know that they can negotiate on my behalf and they can get this deal across the line.

What details do Lenders need from me?

It’s one thing to call up a mortgage broker and just to get an estimate of your borrowing capacity but if you’re going through pre-approval and stuff like that, then you’re going to need to provide the mortgage broker with more in-depth details.

You might need pay slips; you might need proof of identity, all of that sort of stuff.

If you ask them up front, “What details do you need from me?” And when you go to your meeting with them you actually provide them with those details, well that just makes things so much easier.

What Can You Do As a Mortgage Lender If a Borrower Dies Before Paying

Remember, a mortgage lender is only paid once the deal goes through and once you actually get financing.

So the easier you make it for them, the more likely you are going to get better service.

What can I do as a client to make this go as smoothly as possible?

You have the goal of getting financed for your property, the mortgage lender has a goal of you getting financed for your property and no one wants it to be difficult.

And so, if you can ask the mortgage broker, “Look, how can I work with you? How can I make things easy for you?” They’re the experts; they know what they’re doing.

They can tell you exactly what they need and then you can work hard to provide that for them so that they can get everything across the line as quickly as possible.

Bad Credit Mortgage Loans

You know, I have customers,I deal with customers and even though I’m not a mortgage broker myself, I know that when there’s difficult customers that you don’t want to deal with, it just makes life so much harder and you don’t want to work hard for those people.

And when there’s customers who are really nice to you and who try really hard to help you provide them with the service you provide, you will bend over backwards to do anything you can for those customers to get them across the line, to help them as much as possible.

So, be one of those customers that the mortgage broker wants to bend over backwards to help you because you have their interest at heart as well.

You want to see them get paid.

You want to see them do an easy mortgage so they get paid easily.

And so you can develop a relationship into the future.

Which lenders can I borrow the most from?

Most people go into a mortgage broker looking for the cheapest interest rate possible.

What is the cheapest interest rate I can get? And the fact of the matter is a mortgage broker is likely to show you the banks that will lend you the amount of money you need and will also have the cheapest interest rate as well.

However, they might not showy ou banks that will lend you more money than you potentially need at the moment.

Now, it’s important to ask, “Which lenders can I borrow the most from?” because this will help you to project into the future.

Maybe you don’t need to know that for this loan right now but maybe, in the future, you might need to borrow money again and you know, or roughly my borrowing capacity is this.

Or if you find out which lenders you can borrow more from, and you find that you can actually borrow an extra $300,000, well you might split up your deposit and invest in two investment properties instead of just one.

And so asking them, “Which lenders can I borrow the most from?” is a great question to ask to really understand your position.

Because, yes, interest rate is important but how much you can borrow is also important as well.

Can I see a full list of my borrowing options?

Most mortgage brokers will provide you with, usually, like a top three or sometimes only a top one.

And I always like to think, “Can I see a full list of my borrowing options?”Again, this is less to say you want to go through all of this in minute detail and see.

You’re probably going to still choose from one of the top three ones.

But you just want to see that they’re giving you the full amount of information.

And most mortgage brokers are good people but there are some dodgy mortgage brokers out there who are just trying to get the deal that gives them the biggest commission.

No Closing Cost Refinance

And so by asking to see a full list of what your borrowing options, you can then look at that and you can then assess, “Okay, well which loan do I think is going to be best for me?” rather than just taking the recommendation of the mortgage broker who may or may not be thinking about themselves.

So, again, most mortgage brokers are great people out there to help you but it’s always a good idea to get a full list of your borrowing options that are available.

Will this put a mark against my credit file?

And so this is when you’re trying to work out how much you’re going to borrow and stuff like that.

When you go into a bank and you try and find out how much you can borrow, often, the bank will do a credit check and this puts a mark against your credit file.

And what happens is if you have a lot of these marks against your credit file, even though it’s nothing bad, this can actually stop you getting a loan.

Conventional Mortgage

So, talk to your mortgage broker and when you’re looking at, “What can I borrow?”or your looking at getting pre-approval, just understand, “Will this put a mark against my credit file?” ‘Cause it’s not bad to have a couple or whatever.

But if you’re getting lots and lots of marks against your credit file, then that could be an issue.

So just make sure and you know when a mark’s being put against your credit file and when a mark isn’t being put against your credit file.

How soon can I revalue or borrow again?

So if you’re investing in a property to renovate it or to develop it or even if you’re investing in a property that’s potentially under market value, you want to know how quickly can you revalue that property so you can get equity and then hopefully draw equity out of the property to go ahead and invest again.

There are a lot of lenders out there who don’t allow you to revalue within a 12-month period.

So, speak to your mortgage broker about the lenders that will allow you to revalue faster.

And basically, this will give you an idea of how quickly you can revalue to consider going again.

Usda Rural Development Loan

You’re also going to want to ask them, “After I invest in this property, how soon can I borrow again or what do I need to do to put myself in a position to be able to borrow again and to purchase the next property?” Because hopefully, your goal isn’t just to purchase one property but to grow your property portfolio and to achieve that financial freedom and that financial security that you’re striving for.

Will My Loans be ‘cross-collateralised’?

Now, I have heard a lot of stories about investors whose loans have been cross-collateralised and it’s cause major problems when they’ve gone and sold their property because the bank shave been able to take that money and pay off debt.

And basically, you want to avoid this at all costs from what I hear.

And so, it’s good to ask your mortgage broker, “Will my loans be cross-collateralised in any way?” Generally going with the same lender for two loans does it by default, even though it doesn’t say they’re cross-collateralised.

So, it’s just something that you want to look at the fine print, you want to understand, “Are these cross-collateralised?” And if they are, try and avoid it, try and get loans that aren’t going to be cross-collateralised.

Adjustable Rate Mortgage

So there you have some questions to ask your mortgage broker next time you go and see a broker to find out how much you can borrow or get pre-approval or get financed for another property.

If you are in the market, looking at properties and you want to see some high rental yield properties, then I’ve got 10 property listings that I’ve gone out and found for you guys.

You can see what high rental yield properties look like that are likely to generate a positive cash flow.

Did You Know – You Can Get Pre-Approved for a USDA Loan in Erie?

Gmac Mortgage

The USDA Home Loan Program is a government insured 100% program offered through the United States Department of Agriculture. This loan is available exclusively to USDA approved lenders. Most people living in rural areas qualify for USDA. Also, many people living in medium sized cities as well as those living on the outskirts of major metropolitan areas may also qualify. To find out if you qualify for a no down payment, or to learn more, use the contact form on the right side of the page.

USDA Home Loan Eligibility

The USDA program is the best option for those looking for a fixed rate, no money down mortgage with no mortgage insurance.

However, the USDA has restrictions on applicants' eligibility; most notably, income and location requirements. Use the resources below to see if you might qualified

To get answers for a specific question, or to begin the application process, use the contact form to the right.

Income Eligibility Calculator (new)
Income Requirement Details
Income Requirements by Location
General Eligibility Requirements
Credit Requirements
Guidelines Provided by the USDA

Top 6 Reasons you'll Love the USDA Home Loan
1. A True 100% No Money Down Loan
2. There are no Limits as to the Amount You Can Borrow
3. No Mortgage Insurance
4. No Credit Score Required
5. Seller Concessions Allowed
6. The Rural Areas Are Not Necessarily That Rural

If interest rates are low when you apply for your loan, the fixed rate variety will offer you the best value, and you can count on your loan payment staying the same year after year.

5 Things to Look For in a Mortgage Quote

Usda Mortgage Calculator

So let's say you want to invest in propertybut you don't have the minimum 20% deposit required. Well, you're likely going to haveto pay what's called Lender's Mortgage Insurance. But what exactly is Lender's Mortgage Insuranceand is it worth the cost? In this episode, I'm going explain Lender's Mortgage Insurance. What exactly it covers and why you would want to get it. Hey, I'm Ryan from onproperty. Com. Au, helpingyou find positive cash flow property and I've just moved house. If you're watching the video,you can see a bunch of boxes in the background behind me so I apologize that I don't havethe best setup today, but I did want to create some good content for you. And this is a questionthat a lot of people ask. A lot of people want to see lender's mortgage insurance explained. And I do feel like often times, banks and lenders and sometimes mortgage brokers don'treally explain exactly what lender's mortgage insurance is or they don't take enough timeexplaining it so you actually understand it. So we're going to get down to it, try andunderstand exactly what it is and why it could benefit us and whether or not it's worth payingfor. Lender's mortgage insurance is an insurancefee that helps to cover the lender when they're taking an increased risk on a loan. So, lender'smortgage insurance, some people believe that it's actually to cover you personally as theborrower of the loan, but it's not. It's for the lender to protect them if they're takingan increased risk on a loan. What exactly is an increased risk? Well, for most properties- most residential properties - banks want to see at least a 20% deposit in which casethey won't charge you lender's mortgage insurance. They like to see a 20% deposit because ifyou, for some reason, default on your loan and they need to sell their property, they'requite confident that they're going to get at least 80% of the value that you paid forthe property back when they sell the property and this will cover their loan. However, if you're only borrowing 5% of theproperty's value, then they're a lot less confident that if you default on the loanthey're going to get 95% of the value of the property back. So it's a higher risk loanfor them. And so, in order to cover this higher risk, they charge an insurance fee to coverthat extra risk. Obviously, a lot of people will take out this insurance, not everyonewill need it. That's the way that insurance works. So the banks will charge you a one-timefee and everyone else a one-time fee and I guess this insurance covers them against thosefew circumstances where people do default on a loan and they have more trouble sellingthe property and getting enough value back. So lender's mortgage insurance, it's a one-timefee that you pay and it goes to protect the lender because they're taking an increasedrisk on you to get the loan. This sounds like it's not very beneficialto you, right? It's a fee that you have to pay, generally, it's added on to the loanso your loan gets bigger, but you've got to pay it and it protects them as the banks. Well, what's the benefit to you as a borrower? Well, the benefits aren't obvious, but theyare there. The benefit of lender's mortgage insurance is that if you don't have the fulldeposit, then you can still get money from the bank. If lender's mortgage insurance didn'texist, then if you didn't have a 20% deposit, you might not be able to get a loan at all. So, those of you who are going out and wanting to invest with a 5%, 10%, 15% deposit, youwould need to keep saving. Or, the flip side of that is if they would still lend out themoney, they would need to hike up their interest rates an give you much larger interest rates,so you wouldn't have a great interest rate on your property. You'd be paying a certainamount of points above the standard interest rate because they're taking increased on that. So, even though lender's mortgage insuranceis a fee that you need to pay, at least, you can still get a loan and you can still geta loan at a good interest rate. If lender's mortgage insurance didn't exist, then youprobably couldn't do that. So, lender's mortgage insurance does have value to borrowers. However,it's just a bit less apparent than the value that it is for the lenders. So how much does lender's mortgage insurancecost? This is an impossible question to answer because there's so many different varyingfactors. For example, the value of the loan is a varying factor. The percentage of deposit- whether you've got 5%, 6%, 10%, 15%. That's all going to affect the value of the lender'smortgage insurance that you have to pay. Basically, the larger the risk the bank feels that they'retaking, the larger your lender's mortgage insurance is going to be. They may take intoaccount whether you've got proven savings or not. And if you don't have proven savings,your lender's mortgage insurance might be higher. They might also look into your credithistory and things like that, but I'm not really sure if that affects lender's mortgageinsurance. But another factor is that lender's mortgage insurance varies from lender to lender. So you may go to one lender with the same loan value, the same percentage of depositand you may have a slightly different figure than if you go to another lender. So if youwant to find out how much lender's mortgage insurance is going to cost for your specificsituation, then just go to Google, type in "lender's mortgage insurance calculator". You should get a few of those come up and you can punch in your figures and it'll giveyou a pretty close estimate to how much you're going to pay. But, obviously, you're goingto need to speak to your lender or speak to your mortgage broker to get a more accurateestimate of how much lender's mortgage insurance is going to cost. If you want to avoid paying lender's mortgageinsurance, the only ways I know how to do this is to save a larger deposit. So thatmight mean 20% for residential property, it might mean 30% for commercial property. Butmake sure you speak to lenders to find out how much you'll need to save. So you can savea larger deposit. You could buy cheaper properties so your deposit is now worth more as a percentageof the property. So if you get that percentage over 20% for residential, then you may beable to avoid lender's mortgage insurance. Or, you can get a family guarantor on yourloan. so if you've got parents or you've got immediate family who are willing to put uptheir property as security for your loan, then the banks can take some security forthem. It then becomes a less risky deal for the banks. And, therefore, you don't haveto pay a lender's mortgage insurance. So, having a family member go guarantor on yourloan is a way to reduce or remove lender's mortgage insurance. So, that's how you canavoid it. Save more, buy a cheaper property so you're deposit's worth more as a percentageof your property or get a family to guarantor your loan. The last question and thing that I want tocover is: Is it actually better to pay lender's mortgage insurance or is it better to waituntil you have a large deposit? I've seen people talk on both sides of the scale andto say you should absolutely never pay lender's mortgage insurance. You should always savea 20% deposit when you invest. Lender's mortgage insurance, absolutely wasted money becauseit's a fee that goes to the bank and you've got nothing to show for it. And then, theother side of the pendulum are people saying that you should always pay lender's mortgageinsurance and always invest with the smallest deposit possible so you've got the least cashin the deal so that you can take the cash you do have and invest in more propertiesand grow your portfolio faster. So, some people say never pay it, always save at least 20%. Some people say always pay it, put as little cash into each deal as possible, which meansyou're going to pay basically the maximum lender's mortgage insurance for your situation. So there's people on both sides of the table. I think a better approach to it is to actuallylook at your own situation and assess whether it's worth it for you. Lender's mortgage insurancecost thousands of dollars. So you need to weigh up: is it worth investing in this propertynow with the smaller deposit and paying thousands of dollars versus actually saving more toget a deposit? Someone who only has a 5% deposit, they have a lot of trouble saving, but theycould get into the market now. Maybe they're great at renovation so they can build equityand value in their property, it might be worth investing for them and paying the lender'smortgage insurance because they can into the market faster, they can build equity and they'regoing to make more than the lender's mortgage insurance cost them. Or they might be someonewho's more risk-adverse. They want a larger deposit or maybe they've got 15% and they'regreat saver so it's only going to be a couple of months until they're at 20%, well then,it might not be worth it for them to pay lender's mortgage insurance because they are more risk-adverseand they can save the money so they don't have to pay it anyway. I think the best approach is to look at itand say, what are the risk versus the reward? How much is the lender's mortgage insurancegoing to cost me? And am I going to make more money back than the lender's mortgage insuranceis going to cost me? So if I can invest one year earlier, but I have to pay lender's mortgageinsurance, can I make that money back in one year of capital growth? Or one year of theability to have access to that property and improve the property? Or one year of positivecash flow from a property? So how much is it going to cost me? And then, how much amI going to make out of that and can I make more than it's going to cost me? And that'skind of how I would assess it. For me personally, I would pay lender's mortgageinsurance to get into the market earlier because I'm not the best saver in the world. So ifI had enough deposit to go, but it means I got to pay lender's mortgage insurance, aslong as I've done my research, I'm confident in the area, I'm confident in the propertythat I've purchased and I've got a strategy to make money for that property, I'm happyto lock that property down. Pay some lender's mortgage insurance, but I get it and I'vethen got the opportunity to make money versus just saving and waiting and waiting and thenmaybe not investing in the future because we all know things happen that dwindle ourmoney supply. Emergencies come up or we decide to go on holidays or whatever it may be. SoI'm not the best saver so I like taking action, locking it in and moving ahead. Other peopleare different. So you really need to assess whether it's worth it for you. I hope that this has explained what exactlylender's mortgage insurance is and then you can assess for yourself whether or not youthink it's worth the cost that it's going to cost you or whether you'd be better offactually saving extra money so you don't have to pay lender's mortgage insurance. Just tocover it off again, in case you didn't completely get it at the start, lender's mortgage insuranceis a one-time fee that you pay on the creation of your loan and that fee goes towards de-riskingthe banks. It's lender's mortgage insurance, it's their insurance - the lender's insurance. It's going to protect the lender against the increased risk their taking on you becauseyou don't have what they consider a large enough deposit to be a low-risk loan thatthey're riding. So you pay a one-time free, it protects them. Apart from that, there'sno benefit to you. It means you can borrow money, but that money is protecting the lender. It's not going to protect you in any way. I hope we made clear what lender's mortgageinsurance is. So when you're talking to your mortgage broker or talking to your lenderand they mention it, you say, "Okay, yup, I understand. That's a fee I have to pay becauseI don't have a large enough deposit and it's helping you to be able to lend me this moneywithout charging me an exorbitant interest rate or without saying, 'No, sorry. We can'tgive you that loan. '" I'm a big fan of lender's mortgage insurancein the industry. It lets a lot of people get into the market earlier who want to. And so,I'm not against the fee. But, again, you need to assess it for your own situation. If you're interested in investing in positivecash flow property and you need help finding it, then go ahead and check out my membershipwhere I go out, I find a high rental yield property every single day and share it withthe community. So head over to onproperty. Com. Au/membership if that's something that you're interestedin. Otherwise, until next time, stay positive.

Types Of Mortgage Loans

USDA Loan in Pennsylvania (888) 464-8732

USDA Loan in Johnstown (888) 464-8732

What questions should I ask a mortgage lender in Johnstown ? If you’re dealing with a mortgage broker there’s some questions that you should ask both on your first meeting with the mortgage broker and throughout working with your mortgage broker to make sure that you’re getting the best service possible.

USDALoanInfoPA is going to go through 10 different questions that you can ask your mortgage lender in Johnstown. Be aware that your USDA Loan or Mortgage broker  will be getting the loan that you need and the service that you want.

The first question that I think everyone should ask a mortgage broker is a pretty straightforward one.

How Much Will a Mortgage Broker Cost?

Most mortgage lenders in Johnstown actually work for free.

So it doesn’t actually cost you anything in order to do it.

They get money because they are paid by the banks when you successfully get a loan.

So they get a small commission of the loan that you apply for and if you get it.

How To Choose A Mortgage Lender When Buying a Home

So most mortgage brokers in Johnstown will work for free and it won’t cost you anything.

However, there are some mortgage brokers out there who do require deposits or who do require you to pay.

So, it’s important to ask, “How much will this cost me?” when assessing which mortgage broker you want to go with.

How much do Mortgage Lenders earn in commission from me and from my loan?

This is less to understand exactly how much they make.

You can see what percentage of commissions they make and things like that by visiting USDALoanInfo.

But it’s more to understand whether or not they’ll be willing to give you this information.

A transparent mortgage broker is someone that’d be willing to give you this information and you know that they have your best interest at heart.

A "New" Loan Product USDA Loan Guarantees

If they skirt around this issue and they don’t tell you how much they earn.

Well then that would send out red flags for me because I can’t trust them to put my best interest at heart because there are some circumstances where one loan will earn them more money than a loan that could potentially be better for me but not as good for them.

Rural Housing Loan

So, I’m just trying to establish whether or not this mortgage broker in Johnstown is someone that I can trust.

And by asking them the big question, the money question,”How much will you earn from me?” That’s a great way to understand whether or not you can trust the mortgage lender.

So ask that question and see how they respond.

Do Mortgage Lenders Invest Themselves?

Now, I don’t think a mortgage broker has to be a property investor in order for them to be able to get you a good loan and for them to help you successfully invest in property.

However, if they are interested in property in Johnstown, if they do invest themselves, then that is going to go a long way to help you because they understand what it’s like to be in your shoes.

They understand what you’re trying to get out of this and they’ve done it themselves so they can help you miss some of the pitfalls and things like that.

If they don’t invest themselves, then I would want to ask them, “Have you worked with many people that invest in property?” Because as mortgage brokers, some of them just work with people who are buying their own home.

5 Things to Look For in a Mortgage Quote

Some of the mortgage lender folk who work with people who are doing particular investment strategies.

So, some might work with people who invest in positive cash flow property or who invest in rural areas, who invest using developments.

So let's say you want to invest in propertybut you don't have the minimum 20% deposit required.

Well, you're likely going to haveto pay what's called Lender's Mortgage Insurance.

But what exactly is Lender's Mortgage Insuranceand is it worth the cost? In this episode, I'm going explain Lender's Mortgage Insurance.

What exactly it covers and why you would want to get it.

Hey, I'm Ryan from onproperty.

Com.

Au, helpingyou find positive cash flow property and I've just moved house.

If you're watching the video,you can see a bunch of boxes in the background behind me so I apologize that I don't havethe best setup today, but I did want to create some good content for you.

And this is a questionthat a lot of people ask.

A lot of people want to see lender's mortgage insurance explained.

And I do feel like often times, banks and lenders and sometimes mortgage brokers don'treally explain exactly what lender's mortgage insurance is or they don't take enough timeexplaining it so you actually understand it.

So we're going to get down to it, try andunderstand exactly what it is and why it could benefit us and whether or not it's worth payingfor.

Lender's mortgage insurance is an insurancefee that helps to cover the lender when they're taking an increased risk on a loan.

So, lender'smortgage insurance, some people believe that it's actually to cover you personally as theborrower of the loan, but it's not.

It's for the lender to protect them if they're takingan increased risk on a loan.

What exactly is an increased risk? Well, for most properties- most residential properties - banks want to see at least a 20% deposit in which casethey won't charge you lender's mortgage insurance.

They like to see a 20% deposit because ifyou, for some reason, default on your loan and they need to sell their property, they'requite confident that they're going to get at least 80% of the value that you paid forthe property back when they sell the property and this will cover their loan.

However, if you're only borrowing 5% of theproperty's value, then they're a lot less confident that if you default on the loanthey're going to get 95% of the value of the property back.

So it's a higher risk loanfor them.

And so, in order to cover this higher risk, they charge an insurance fee to coverthat extra risk.

Obviously, a lot of people will take out this insurance, not everyonewill need it.

That's the way that insurance works.

So the banks will charge you a one-timefee and everyone else a one-time fee and I guess this insurance covers them against thosefew circumstances where people do default on a loan and they have more trouble sellingthe property and getting enough value back.

So lender's mortgage insurance, it's a one-timefee that you pay and it goes to protect the lender because they're taking an increasedrisk on you to get the loan.

This sounds like it's not very beneficialto you, right? It's a fee that you have to pay, generally, it's added on to the loanso your loan gets bigger, but you've got to pay it and it protects them as the banks.

Well, what's the benefit to you as a borrower? Well, the benefits aren't obvious, but theyare there.

The benefit of lender's mortgage insurance is that if you don't have the fulldeposit, then you can still get money from the bank.

If lender's mortgage insurance didn'texist, then if you didn't have a 20% deposit, you might not be able to get a loan at all.

So, those of you who are going out and wanting to invest with a 5%, 10%, 15% deposit, youwould need to keep saving.

Or, the flip side of that is if they would still lend out themoney, they would need to hike up their interest rates an give you much larger interest rates,so you wouldn't have a great interest rate on your property.

You'd be paying a certainamount of points above the standard interest rate because they're taking increased on that.

So, even though lender's mortgage insuranceis a fee that you need to pay, at least, you can still get a loan and you can still geta loan at a good interest rate.

If lender's mortgage insurance didn't exist, then youprobably couldn't do that.

So, lender's mortgage insurance does have value to borrowers.

However,it's just a bit less apparent than the value that it is for the lenders.

So how much does lender's mortgage insurancecost? This is an impossible question to answer because there's so many different varyingfactors.

For example, the value of the loan is a varying factor.

The percentage of deposit- whether you've got 5%, 6%, 10%, 15%.

That's all going to affect the value of the lender'smortgage insurance that you have to pay.

Basically, the larger the risk the bank feels that they'retaking, the larger your lender's mortgage insurance is going to be.

They may take intoaccount whether you've got proven savings or not.

And if you don't have proven savings,your lender's mortgage insurance might be higher.

They might also look into your credithistory and things like that, but I'm not really sure if that affects lender's mortgageinsurance.

But another factor is that lender's mortgage insurance varies from lender to lender.

So you may go to one lender with the same loan value, the same percentage of depositand you may have a slightly different figure than if you go to another lender.

So if youwant to find out how much lender's mortgage insurance is going to cost for your specificsituation, then just go to Google, type in "lender's mortgage insurance calculator".

You should get a few of those come up and you can punch in your figures and it'll giveyou a pretty close estimate to how much you're going to pay.

But, obviously, you're goingto need to speak to your lender or speak to your mortgage broker to get a more accurateestimate of how much lender's mortgage insurance is going to cost.

If you want to avoid paying lender's mortgageinsurance, the only ways I know how to do this is to save a larger deposit.

So thatmight mean 20% for residential property, it might mean 30% for commercial property.

Butmake sure you speak to lenders to find out how much you'll need to save.

So you can savea larger deposit.

You could buy cheaper properties so your deposit is now worth more as a percentageof the property.

So if you get that percentage over 20% for residential, then you may beable to avoid lender's mortgage insurance.

Or, you can get a family guarantor on yourloan.

so if you've got parents or you've got immediate family who are willing to put uptheir property as security for your loan, then the banks can take some security forthem.

It then becomes a less risky deal for the banks.

And, therefore, you don't haveto pay a lender's mortgage insurance.

So, having a family member go guarantor on yourloan is a way to reduce or remove lender's mortgage insurance.

So, that's how you canavoid it.

Save more, buy a cheaper property so you're deposit's worth more as a percentageof your property or get a family to guarantor your loan.

The last question and thing that I want tocover is: Is it actually better to pay lender's mortgage insurance or is it better to waituntil you have a large deposit? I've seen people talk on both sides of the scale andto say you should absolutely never pay lender's mortgage insurance.

You should always savea 20% deposit when you invest.

Lender's mortgage insurance, absolutely wasted money becauseit's a fee that goes to the bank and you've got nothing to show for it.

And then, theother side of the pendulum are people saying that you should always pay lender's mortgageinsurance and always invest with the smallest deposit possible so you've got the least cashin the deal so that you can take the cash you do have and invest in more propertiesand grow your portfolio faster.

So, some people say never pay it, always save at least 20%.

Some people say always pay it, put as little cash into each deal as possible, which meansyou're going to pay basically the maximum lender's mortgage insurance for your situation.

So there's people on both sides of the table.

I think a better approach to it is to actuallylook at your own situation and assess whether it's worth it for you.

Lender's mortgage insurancecost thousands of dollars.

So you need to weigh up: is it worth investing in this propertynow with the smaller deposit and paying thousands of dollars versus actually saving more toget a deposit? Someone who only has a 5% deposit, they have a lot of trouble saving, but theycould get into the market now.

Maybe they're great at renovation so they can build equityand value in their property, it might be worth investing for them and paying the lender'smortgage insurance because they can into the market faster, they can build equity and they'regoing to make more than the lender's mortgage insurance cost them.

Or they might be someonewho's more risk-adverse.

They want a larger deposit or maybe they've got 15% and they'regreat saver so it's only going to be a couple of months until they're at 20%, well then,it might not be worth it for them to pay lender's mortgage insurance because they are more risk-adverseand they can save the money so they don't have to pay it anyway.

I think the best approach is to look at itand say, what are the risk versus the reward? How much is the lender's mortgage insurancegoing to cost me? And am I going to make more money back than the lender's mortgage insuranceis going to cost me? So if I can invest one year earlier, but I have to pay lender's mortgageinsurance, can I make that money back in one year of capital growth? Or one year of theability to have access to that property and improve the property? Or one year of positivecash flow from a property? So how much is it going to cost me? And then, how much amI going to make out of that and can I make more than it's going to cost me? And that'skind of how I would assess it.

For me personally, I would pay lender's mortgageinsurance to get into the market earlier because I'm not the best saver in the world.

So ifI had enough deposit to go, but it means I got to pay lender's mortgage insurance, aslong as I've done my research, I'm confident in the area, I'm confident in the propertythat I've purchased and I've got a strategy to make money for that property, I'm happyto lock that property down.

Pay some lender's mortgage insurance, but I get it and I'vethen got the opportunity to make money versus just saving and waiting and waiting and thenmaybe not investing in the future because we all know things happen that dwindle ourmoney supply.

Emergencies come up or we decide to go on holidays or whatever it may be.

SoI'm not the best saver so I like taking action, locking it in and moving ahead.

Other peopleare different.

So you really need to assess whether it's worth it for you.

I hope that this has explained what exactlylender's mortgage insurance is and then you can assess for yourself whether or not youthink it's worth the cost that it's going to cost you or whether you'd be better offactually saving extra money so you don't have to pay lender's mortgage insurance.

Just tocover it off again, in case you didn't completely get it at the start, lender's mortgage insuranceis a one-time fee that you pay on the creation of your loan and that fee goes towards de-riskingthe banks.

It's lender's mortgage insurance, it's their insurance - the lender's insurance.

It's going to protect the lender against the increased risk their taking on you becauseyou don't have what they consider a large enough deposit to be a low-risk loan thatthey're riding.

So you pay a one-time free, it protects them.

Apart from that, there'sno benefit to you.

It means you can borrow money, but that money is protecting the lender.

It's not going to protect you in any way.

I hope we made clear what lender's mortgageinsurance is.

So when you're talking to your mortgage broker or talking to your lenderand they mention it, you say, "Okay, yup, I understand.

That's a fee I have to pay becauseI don't have a large enough deposit and it's helping you to be able to lend me this moneywithout charging me an exorbitant interest rate or without saying, 'No, sorry.

We can'tgive you that loan.

'" I'm a big fan of lender's mortgage insurancein the industry.

It lets a lot of people get into the market earlier who want to.

And so,I'm not against the fee.

But, again, you need to assess it for your own situation.

If you're interested in investing in positivecash flow property and you need help finding it, then go ahead and check out my membershipwhere I go out, I find a high rental yield property every single day and share it withthe community.

So head over to onproperty.

Com.

Au/membership if that's something that you're interestedin.

Otherwise, until next time, stay positive.

So I would want to find a mortgage broker who either had that experience themselves or who had clients that they had got similar deals for ’cause that way I know that they can negotiate on my behalf and they can get this deal across the line.

What details do Lenders need from me?

It’s one thing to call up a mortgage broker and just to get an estimate of your borrowing capacity but if you’re going through pre-approval and stuff like that, then you’re going to need to provide the mortgage broker with more in-depth details.

You might need pay slips; you might need proof of identity, all of that sort of stuff.

If you ask them up front, “What details do you need from me?” And when you go to your meeting with them you actually provide them with those details, well that just makes things so much easier.

Top Ten List of Bad Mortgage Lenders

Remember, a mortgage lender is only paid once the deal goes through and once you actually get financing.

So the easier you make it for them, the more likely you are going to get better service.

What can I do as a client to make this go as smoothly as possible?

You have the goal of getting financed for your property, the mortgage lender has a goal of you getting financed for your property and no one wants it to be difficult.

And so, if you can ask the mortgage broker, “Look, how can I work with you? How can I make things easy for you?” They’re the experts; they know what they’re doing.

They can tell you exactly what they need and then you can work hard to provide that for them so that they can get everything across the line as quickly as possible.

Commercial Mortgage

You know, I have customers,I deal with customers and even though I’m not a mortgage broker myself, I know that when there’s difficult customers that you don’t want to deal with, it just makes life so much harder and you don’t want to work hard for those people.

And when there’s customers who are really nice to you and who try really hard to help you provide them with the service you provide, you will bend over backwards to do anything you can for those customers to get them across the line, to help them as much as possible.

So, be one of those customers that the mortgage broker wants to bend over backwards to help you because you have their interest at heart as well.

You want to see them get paid.

You want to see them do an easy mortgage so they get paid easily.

And so you can develop a relationship into the future.

Which lenders can I borrow the most from?

Most people go into a mortgage broker looking for the cheapest interest rate possible.

What is the cheapest interest rate I can get? And the fact of the matter is a mortgage broker is likely to show you the banks that will lend you the amount of money you need and will also have the cheapest interest rate as well.

However, they might not showy ou banks that will lend you more money than you potentially need at the moment.

Now, it’s important to ask, “Which lenders can I borrow the most from?” because this will help you to project into the future.

Maybe you don’t need to know that for this loan right now but maybe, in the future, you might need to borrow money again and you know, or roughly my borrowing capacity is this.

Or if you find out which lenders you can borrow more from, and you find that you can actually borrow an extra $300,000, well you might split up your deposit and invest in two investment properties instead of just one.

And so asking them, “Which lenders can I borrow the most from?” is a great question to ask to really understand your position.

Because, yes, interest rate is important but how much you can borrow is also important as well.

Can I see a full list of my borrowing options?

Most mortgage brokers will provide you with, usually, like a top three or sometimes only a top one.

And I always like to think, “Can I see a full list of my borrowing options?”Again, this is less to say you want to go through all of this in minute detail and see.

You’re probably going to still choose from one of the top three ones.

But you just want to see that they’re giving you the full amount of information.

And most mortgage brokers are good people but there are some dodgy mortgage brokers out there who are just trying to get the deal that gives them the biggest commission.

Best Bank For Home Loan

And so by asking to see a full list of what your borrowing options, you can then look at that and you can then assess, “Okay, well which loan do I think is going to be best for me?” rather than just taking the recommendation of the mortgage broker who may or may not be thinking about themselves.

So, again, most mortgage brokers are great people out there to help you but it’s always a good idea to get a full list of your borrowing options that are available.

Will this put a mark against my credit file?

And so this is when you’re trying to work out how much you’re going to borrow and stuff like that.

When you go into a bank and you try and find out how much you can borrow, often, the bank will do a credit check and this puts a mark against your credit file.

And what happens is if you have a lot of these marks against your credit file, even though it’s nothing bad, this can actually stop you getting a loan.

Mortgage Interest

So, talk to your mortgage broker and when you’re looking at, “What can I borrow?”or your looking at getting pre-approval, just understand, “Will this put a mark against my credit file?” ‘Cause it’s not bad to have a couple or whatever.

But if you’re getting lots and lots of marks against your credit file, then that could be an issue.

So just make sure and you know when a mark’s being put against your credit file and when a mark isn’t being put against your credit file.

How soon can I revalue or borrow again?

So if you’re investing in a property to renovate it or to develop it or even if you’re investing in a property that’s potentially under market value, you want to know how quickly can you revalue that property so you can get equity and then hopefully draw equity out of the property to go ahead and invest again.

There are a lot of lenders out there who don’t allow you to revalue within a 12-month period.

So, speak to your mortgage broker about the lenders that will allow you to revalue faster.

And basically, this will give you an idea of how quickly you can revalue to consider going again.

Manufactured Home Loans

You’re also going to want to ask them, “After I invest in this property, how soon can I borrow again or what do I need to do to put myself in a position to be able to borrow again and to purchase the next property?” Because hopefully, your goal isn’t just to purchase one property but to grow your property portfolio and to achieve that financial freedom and that financial security that you’re striving for.

Will My Loans be ‘cross-collateralised’?

Now, I have heard a lot of stories about investors whose loans have been cross-collateralised and it’s cause major problems when they’ve gone and sold their property because the bank shave been able to take that money and pay off debt.

And basically, you want to avoid this at all costs from what I hear.

And so, it’s good to ask your mortgage broker, “Will my loans be cross-collateralised in any way?” Generally going with the same lender for two loans does it by default, even though it doesn’t say they’re cross-collateralised.

So, it’s just something that you want to look at the fine print, you want to understand, “Are these cross-collateralised?” And if they are, try and avoid it, try and get loans that aren’t going to be cross-collateralised.

Home Lenders

So there you have some questions to ask your mortgage broker next time you go and see a broker to find out how much you can borrow or get pre-approval or get financed for another property.

If you are in the market, looking at properties and you want to see some high rental yield properties, then I’ve got 10 property listings that I’ve gone out and found for you guys.

You can see what high rental yield properties look like that are likely to generate a positive cash flow.

Did You Know – You Can Get Pre-Approved for a USDA Loan in Johnstown?

Loan Interest Rates

What is a USDA Mortgage Loan? The Rural Housing Service (RHS) of the United States Department of Agriculture (USDA) sponsors home loans referred to as Section 502 loans. Under Section 502, direct loans (i.e. from money appropriated by Congress) may be available to some low-income applicants. In addition, those with total household income less that 115% of the median household income in a qualified rural area may obtain government guaranteed mortgages from qualified lenders.The purpose of the program is described by the RHS as Follows: The Section 502 Guaranteed Rural Housing Loan Program is designed to serve rural residents who have a steady, low or modest income, and yet are unable to obtain adequate housing through conventional financing. These loans enable low and moderate-income rural residents to acquire modestly priced housing for their own use as a residence through the purchase of a new or existing dwelling or the purchase of a new manufactured home.If you live in a rural area or in a less developed portion of a metropolitan county, and your household income does not exceed the limit assigned to your area, you may qualify for a USDA guaranteed mortgage.Why should I consider a government guaranteed USDA Mortgage?USDA Mortgages may be issued with no down payment. Closing costs may be included in the loan amount, further decreasing up-front costs. Because of the government guarantee, interest rates are favorable and there is no mortgage insurance fee built into the monthly payment. USDA Mortgages are 30 year fixed-rate mortgages. Your interest rates will not increase during the life of the loan. Credit requirements are flexible. You must have a reasonable credit history and demonstrate that you are willing and able to make timely payments, but circumstances such as previous job loss or other extenuating circumstances may be considered in evaluating your credit history (or your lack of a credit history).Do I qualify for a USDA Mortgage Loan? The final word on eligibility is made by an officer in your local RHS office. This local officer has the discretion to evaluate your circumstances and credit history and take into account extenuating circumstances.You can learn whether you meet the outside limits on household income by going to the USDA Income and Property Eligibility Site at http://www.usda.gov. The same calculator can help you determine whether the property you wish to buy is located in a qualified rural area.In addition to having a satisfactory credit history, the ratio of your total monthly loan payment to monthly household income may not exceed 29 percent, and the ratio of monthly payments on all debt to household income must not exceed 41 percent.How do I apply for a USDA Mortgage Loan? Your local loan office or mortgage broker at First Option Mortgage and Lending can help you evaluate your eligibility, prepare a loan request and take full advantage of the options available to you through a government guaranteed USDA mortgage loan.

Mortgages in 2019

Commercial Mortgage

What is the best loan program for a first-timehomebuyer? How's it going everyone, Matt Leighton welcomeback to another video. In this video we're going to go over the bestloan program for a first-time homebuyer. I'm here with Sean Glennon. Sean, take it away, what's the best programfor a first-time homebuyer? Well, beauty is in the eye of the beholder. So it depends. Now there's a lot of first-time homebuyerpopular loan programs and it really depends on what you're capabilities are in terms ofdownpayment, whether or not you have gift funds to use toward the downpayment or closingcosts, what your income limit is, that's a big one. How many people are going to be on the loan,because a lot of these first-time homebuyer loans, what the big difference is betweenthem and other typical loan products is that there are restrictions. They don't want to be given 100% financingproducts to people who aren't making a ton of money and things like that so income limits,sales price limits, credit score limits, all that is going to be apart of these programsbut we can dive into some of the more specific. Let me ask you this, if you are a Veteran,and also a first-time homebuyer, is it a no-brainer that the VA loan program is the best program? Yes. Absolutely. Alright so obviously if you're a Veteran,first of all THANK YOU, and then go with the VA loan program, there is no competition. So with that being said, let's just focuson conventional and FHA because with FHA 3. 5% down, compared to Conventional, you can goas low as 5%? Or can you go lower than that? There's actually a new loan program you cango lower. When we talk loan programs, the first thingyou're going to want to do is get pre-approved to determine what you're qualifications areand what doors are opening or closing to you depending on whether you fit the bill forcertain programs. 100% financing, VA, USDA, and USDA is a ruralhousing loan so if you're looking in and around cities, it really won't be applicable to you. And VA only if you're a Veteran; are goingto be your best 100% financing products. Now there are certain loan programs in eachstate that usually have first-time homebuyer 100% financing needs. In Virginia, VHDA is the one that comes tomind as the most popular. But most people are going to fall into theumbrella as FHA or conventional loans. FHA is going to be 3. 5% down and is very friendlyon underwriting guidelines. Conventional is a little bit more strict,but recently they actually came out with a program that is trying to compete with FHA. It's called Fannie Mae's Home Ready Programthat allows for a 3% downpayment instead of the typical 5% downpayment. Yeah a lot of times you're seeing people diveto what's the lowest downpayment I can have? That has to be the best loan, maybe that'sright, maybe not because with FHA you do have the monthly insurance on the loan there'sanother program with the conventional. And let me ask you this, are people re-financingout of these loans? For instance, I had a client a couple weeksago they went in with a VHDA loan which is Virginia-specific, so if you're not in Virginia,you may not be aware, but they went in with that and I don't know a week later or whateverthe minimum time is that you can re-finance, they said oh yeah, that's what we're goingto do. Are you seeing this? Or is this kind of a unique situation? No, I've seen a lot of it. What a typical game plan is for a lot of peopleis, a disclaimer that you can't always bank on re-financing because you never know whererates are headed. But as long as rates stay solid or at leastin the range that we've seen them right now, or around where you originally purchased yourhome, it's very common for people to bite the bullet and get the VHDA or FHA loan whichcarries with it a little more in fees and mortgag insurance and things like that. But it allows them to get in the propertywith very little out-of-pocket and then once they get a little equity in the property orsave up a little money, they try to re-finance into a conventional loan to eliminate someof that burden with the mortgage insurance and things like that. Get themselves a much more healthy and manageablemonthly payment. Yeah the VHDA loan program is becoming morepopular here in Virginia but sometimes with these loan programs it's really hard to getinto, you have to be making $82k - $85k, be born in a certain ZIP code, and be left handedand live on Main Street or something like that where it's like it shouldn't have tobe that hard. Quickly go over maybe a broad overview ofwhat it takes to be eligible for a certain grant program like the VHDA. Well some of these grant programs, most ofthem are all going to have income limits. So that's the big one. If you're making $250,000, there's a goodchance you're not going to qualify for the local first-time homebuyer and grant programs. Income limits, sales price limits, heightenedcredit score minimums. When they're giving out 100% financing, that'sa high-risk loan so they want to give it to borrowers that are well qualified. There are a lot of niche things that go alongwith it and the grant program. VHDA is a little more broad, but county and local grant programseven more, very niche, sometimes you're in a lottery with others. It's a nice thing to have in your back pocketbut nothing I would recommend anyone bank on. Good to know. So we're going to wrap this video up withone final question. But you know obviously this is more Virginia-centered,there's VHDA loan program, in your own state, there might be other grants available. So maybe FHA is right for you or maybe talkto your lender and find out the grants available. Sean my question is, if you were to imagineyour last 100 first-time homebuyers, out of those 100, what's the most popular loan programthat you're seeing for first-time homebuyers? I would say if you had asked me for any yearin the last 8 or 9 years I've been in the business, the answer would be FHA. I would say since Fannie Mae last year rolledout there Home Ready Program with 3% down, most homebuyers do qualify for it and fallwithin the income limit. The area median income limit, you can actuallylook it up on Fannie Mae's website. As long as you fall under that, you qualifyfor, it does give a little more beneficial terms on the mortgage insurance terms, it'sa half percent lower on downpayment, and there's a little more flexibility with some of thethings that you can do down the line with the loan like remove the mortgage insurance. I would say FHA, historically, Fannie MaeHome Ready Program recently. Things are changing. So FHA for the longest time was the best optionout there, it may still be the best option depending on your circumstance, but you mayknow the best option, but your lender will know the best option. Be sure you're talking with local lendersout there and know all your options because a lot of things are changing in terms of guidelines,what I'll do is link and list a video up here in the corner that talks about recent changesin the market place that may affect which loan program that you being available to getinto and get a loan. You got it out. T-t-t-t-today Junior. What movie is that from? Billy Madison. Well on that note Sean, why don't you tellthe people where they can connect with you. You can email me at sglennon@hstmortgage. Comor call the office. Myself or anyone else in The Glennon Groupwill be happy to answer your call and help you with any questions. 703-766-4630. And my man Matt will hook it up down loan. Thank you very much for watching. Until next time, create a productive day. Take care.

Va Mortgage

USDA Loan in Pennsylvania (888) 464-8732