What questions should I ask a mortgage lender in St. Marys ? 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 St. Marys. Be aware that your USDA Loan or Mortgage broker will be getting the loan that you need and the service that you want.
How Much Will a Mortgage Broker Cost?
Most mortgage lenders in St. Marys 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 St. Marys will work for free and it won’t cost you anything.
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 "New" Loan Product USDA Loan Guarantees
If they skirt around this issue and they don’t tell you how much they earn.
So, I’m just trying to establish whether or not this mortgage broker in St. Marys is someone that I can trust.
So ask that question and see how they respond.
Do Mortgage Lenders Invest Themselves?
However, if they are interested in property in St. Marys, 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.
How Mortgages Work in the Primary and Secondary Market
Hedge funds and private equity firms are investment companies set up by Wall Street investment banks and funded by wealthy individuals and cash rich corporate entities. Unlike standard, publicly traded mutual funds, hedge funds are largely unregulated and have much more leeway in their investment choices. Many of these funds have recognized the opportunity that's emerged in commercial real estate lending, and have stepped in to fill the funding gap. The money managers in charge of these massive pools of capital are savvy investing pros, they know a good deal when they see it and can be very nimble. Hedge funds and private equity funds are not afraid of risk; in fact they thrive on it. If they like a deal, they make decisions quickly and can close loan or equity financing in just days.
There are many private funds that specialize in commercial real estate investing or have a commercial mortgage lending division. They are cash rich and actively seeking quality deals to fund. They can be an excellent alternative to banks and other traditional lenders.
But, be aware, they are very professional and highly sophisticated. Do not approach hedge funds with shoddy or incomplete packages. They're pros and work exclusively with other pros.
Hedge fund and private equity people have a Wall Street mentality; they are traders art heart. When they look at a deal they want to be able to make decisions quickly.
When approaching a fund you'll want to have a complete, well documented package ready to show them at a moments notice, but don't give it to them all at once. Having worked for Wall Street firms for more than 20 years, I've determined that the best way to approach money mangers is with a concise, well written 1 page deal summary.
Sum-up the selling points of your deal on a single sheet of paper, stressing the profit potential, the investors level of experience, the strength of the location and some of the other strong points of the project. They'll appreciate the fact that you respected their time by being brief. If they like what they see they will ask for more. Give them precisely what they ask for; don't bog them down with documentation until they tell you they want to see it. Sell them the big story before you try to sell them the details.
If you want to secure funding from a big private equity shop or a hedge fund, I'd strongly suggest you utilize the services of a professional intermediary with Wall Street experience. They can speak the language of fund managers and know exactly what's important to highlight about a particular deal. These funds tend to operate like private clubs, it helps a-lot if you have an "in". If you are fortunate enough to develop a relationship with this unique type of lender, you will enjoy a seemingly endless source of capital.
What details do Lenders need from me?
You might need pay slips; you might need proof of identity, all of that sort of stuff.
How To Choose A Mortgage Lender
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 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.
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.
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.
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.
But if you’re getting lots and lots of marks against your credit file, then that could be an issue.
How soon can I revalue or borrow 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.
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’?
And basically, you want to avoid this at all costs from what I hear.
Did You Know – You Can Get Pre-Approved for a USDA Loan in St. Marys?
Hi everyone, This is you Tampa BayRealtor Lance Mohr.
In this video I want to talk about hiring a really good loanofficer in the importance of doing that I want to give you a real-life scenariothat happened to one of my buyers this week to really drive home the point onhow important it is to hire and make sure you get a really good loan officeran honest company all right so I had a buyer call me upand what happened I just got back from vacation and I found out that there wasa problem with the loan the lender that he hired actually screwed up and it wasbeing delayed three days and he wasn't they were not using the builders lenderso what happened is the Builder was charging them $300 per day for every daythey did not close and so he was getting hit with a $900 bill the good thing isthey had a really good loan officer a really good company and they basicallystepped up to the plate and paid that and you might be thinking to yourselfwell yeah of course they should and you're absolutely right they should butI've been on the end where I've seen these lending companies not they're justlike hey we're sorry this stuff happens it's not our faultwe'll get the loan done as quick as we can and there's situations especially inthis market right here that we're in in a seller's market where if you don'tclose on time and there's a backup offer that's better than yours on a pre-ownedhome they might just cancel the contract and they let it expire and take theother offer or if you're working with a builder or if it's on a relocationcompany there's a per diem every day if you don't close and it could wind upinto hundreds if not thousands of dollars so you need to make sure thelending company that you hire is good is reputable is honest and someone who'sgoing to do the right thing always ask for references the best place to startis your real estate agent if they've been in the business a while they shouldhave a really good relationship with a really good loan officer and mortgagecompany I hope this helps please give me a thumbs up if you like these videos andif you have any questions at all don't forget to leave them in the commentsbelow have a wonderful day you.
USDA opening Philadelphia offices during shutdown to help with farm loans
How's it going everyone? Matt Leighton, welcome back to another video.
In this episode, we are talking mortgages,lending.
I'm here with Rich Conlon from Atlantic CoastMortgage.
Say what's up Rich.
Hi, Rich Conlon, Atlantic Coast Mortgage.
Born and raised in Vienna, Virginia.
Love the area.
Still live in the area.
Just here to help out with my man Matt andhelp answer any questions.
Awesome, whenever someone has a mortgage questionfurther than "What is the rate?", I just tell them to talk to Rich.
I know a little bit about mortgages.
Buttoday we're talking about the top mistake people are making when they're applying fora loan.
You see all these loan commercials.
It's funny, when we get the primer, one-sheeterson the list of things NOT to do.
One of them is like, "Don't go and buy a boat".
Don't buy a new car.
I'm thinking to myself, nobody in the historyof loans has ever gone under contract and then bought a boat the day after.
I'm sure it has happened.
But it obviously is not the number one mistakepeople are making when they're trying to buy a home.
That's where Rich comes in.
Rich, you're on the spot here.
What is the number one thing people are doing,that they shouldn't be doing when they're applying for a loan with you guys? It's simple, it's before you even get to contract.
It's just waiting until the last minute toget pre-approved.
We understand circumstances sometimes that'sjust how it is.
The big thing is, after meeting your agent,talking about price ranges and goals, the next step, it can't hurt to just reach outto a lender or two or three and start identifying what you can actually qualify for.
That's the best thing.
The earlier the better.
Main reason is that it allows time to findany potential pitfalls that can come back in the underwriting process a week beforeclosing.
Last minute surprises are the worst.
Nobody wants that.
Getting pre-approved early is always better.
It allows time to figure out if there areany extra hoops to jump through.
That just gives you better piece of mind.
When you're out with your agent.
Definitively what you can and can't qualifyfor.
In addition, we always like to provide youwith estimates on homes that you're going to go see so when you're looking at them,the wheels are turning.
What are my payments going to be like? There's a ton of benefits to getting preapprovedearly, rather than waiting for the last minute.
And it is beneficial from the very beginningall the way to settlement.
It will make your transaction much more transparent,seamless, and less stressful.
It takes a village.
And it just helps when everything is linedup.
Yeah certainly execution is the number onething.
You can look online at how to apply for amortgage, what pitfalls to avoid, how to do this, how to do that.
At the end of the day, actually going out,going on your lender's website and getting preapproved.
You know when I'm working with buyers, I alwaysask two very important questions.
Number one: are you already working with areal estate agent.
I've not asked that in the past and it's comeback to bite me, believe it or not.
Well, it's very easy to believe actually.
And number two, are you pre-approved witha local lender? If you are looking for homes and you are notpre-qualified, you are not a serious buyer.
You are wasting your time.
You might say "well, I'll just get a letteronce I write a contract, it's fine".
Well, my buyers already have that letter andthey will beat you to the punch and get their offer in before you.
Nobody likes to get bad news.
You don't want to waste your time fallingin love with something that you ultimately don't qualify for.
We find that our clients 99% of the time arepre-approved early just makes your guy's time much more efficient and you know what youcan qualify for.
All of your processes are so streamlined justto a T that if you do them, you will get qualified, you will have your letter.
The reason you screw up is you go off astray,you don't return calls, you don't return emails.
We're a referral-based company so communicationis key.
Delivery, setting expectations and obviosulymeeting those expectations.
Pre-approvals we can do in as little as 24-hoursand especially in this market.
Spring time, summer time, that's what it takes.
That's how we like to operate.
And communicating to you and your agent sowe can all move quickly.
Awesome, there you have it from Rich Conlon,Atlantic Coast Mortgage here in Northern Virginia.
If you have any questions about the top mistakeor any mortgage and lending related questions, I'll list Rich's information in the descriptionbelow.
Thank you very much for watching.
Until next time, create a productive day.