How to find one of the top mortgage lenders in California [mortgagefraud101.blogspot.com]

How to find one of the top mortgage lenders in California [mortgagefraud101.blogspot.com]

“It's very unlikely that Libor-fixing will have had any material impact at all on consumers,” said Sue Anderson, the head of member relations at the Council of Mortgage Lenders in London, whose 110 members include HSBC Holdings Plc and Barclays Plc. Mortgage Lender Group Says Libor Woes Won't Hurt UK Homeowners

And don't forget to see our past segments on our Blog KeepingItRE.com Buying and Selling a Home, or Investing in Real Estate, Represents the Single Largest Transaction of The Average Long Beach Resident's Life! We have broken this subject up into 3 segments, to do it justice. It's not just "Important", but it is "Required" by True professionals to ask these questions of their Lender! This is not some Wal Mart Purchase. This is the the largest transaction most people make in their lifetime. If you are not totally informed, it's your fault! In this video clip, the Hosts of Keeping it Real Estate are discussing questions 4, 5, 6, & 7 ... 4. What Are Your Average "Turn Time"? - Meaning; How long does it take you, on average, to complete the loan process? A good response would be under 30 days, because 30 days is average. Above 45 is Not so Good! 5. How Long Have You Been In The Industry? and What Are Your Credentials? - Me aning; I think you get this one! ;-) 6. Who Will be My Main Point of Contact? - Meaning; It's quite possible you may talk to an Assistant, or another Processor in the course of your loan. It would be nice to know their names, don't ya think? 7. What is Your Availability? - Meaning; Will you answer the phone after 5pm? Are you available via text, Facebook, Twitter, ect ...? The Mortgage Lender and the Mortgage Process is Vital to the Overall Success of any Real Estate Transaction...Take it Very Seriously! Please listen carefully to this discussion, and the ...

mortgagefraud101.blogspot.com Top 10 Questions to Ask Your Mortgage Lender When Buying Your Home - Part 2 of 3

Knowing the different types of loans that are available will help you determine which one would be your best choice.

Because there will be some different factors that may determine the type you are eligible for obviously you will have to take a mortgage lender before you can make the final choice. One factor will include your credit score.

Below are the types you need to be aware of the most.

1. Fixed rate mortgage - This type of loan carries a fixed rate for the period of your loan. In other words the rate can't be changed during the course of the loan because they are locked at one specific rate.

2. Adjustable rate mortgage - This type gives you a fixed rate of interest for a specified amount of time and then after that goes to the adjustable rate of interest. The adjustable rate is based on the interest rate changes once the fixed period is over.

3.

Sub-prime mortgage - This is a good for someone with bad credit. You may qualify for this type if your credit score is lower than 620. Don't get this type of loan without first consulting a good mortgage lender to be sure it is right for you.

4. Balloon mortgage - With this type you will have lower monthly payments and a lower rate for a specified amount of time. That period could last from three to ten years. After that time is up you will be required to pay the balance as one lump sum payment but if needed this type can be converted into a fixed rate or adjustable loan at the end of the balloon mortgage.

There are other types of mortgages you can check into if none of these sound right for you. Just remember to talk to a mortgage broker to best decide what type would suit your needs for buying a home.

Now that you understand what the different types are you can make a more informed decision with the help of a mortgage lender so you can be sure to find one of the top mortgage lenders in California.

Don't rush this decision and do your homework on it before buying a home because the loan is the first part of the process of buying a home and you want to be sure you make the right decision from the start. More How to find one of the top mortgage lenders in California Articles

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