When you are buying your home you first need some money and then you need to find the home of your life. Since life is a bit sarcastic, we usually find a home we like and tend to scrunch up the money for it.
Getting money for your home may be easy or hard it all revolves around your financial situation, your bank, your credit score and more. Now we have a lot more options than we had before. Now we have a commodity of lenders that will give you the money for your home under certain conditions of course. What arouse from this is now the question of where to find and which lenders are the best for you and your situation?!
Well, today we will discuss a bit about that and we will try to answer you which type of mortgage is the easiest to get and what type of lenders you should go with. If you are looking for a mortgage for yourself then you should consider Pittsburgh mortgage lender – RedTree Mortgage and see what they can offer you.
Without much further ado let’s get you into the meat and potatoes of the article and explain things more.
The first thing you need to understand is that there are three types of lenders – your local Credit Union, mortgage broker, certified mortgage advisors, Bank and mortgage lenders.
The versatility we now have is awesome and it allows us to shop for a more affordable mortgage just like you did with your home., you probably liked one the best but you didn’t go with it right on the spot, you looked and browsed more than you decided with the next best one that is pretty much the same or a bit better, but way more affordable. This is the same thing you can do with mortgages now and it is awesome.
When looking for the best mortgage you also need to know some questions you need to ask. You also need to understand that these aren’t key questions that every single one of you has to ask but these are just some of the questions that will give you more answers about buying, mortgage and the home buying process in general. One of those questions is “What is your turn time?” and this question will answer you the time needed for that lender’s underwriter to look at your file and issue and approval.
One of the next good questions most tend to forget about is “What are your Section A fees?”. These fees are the fees that are specific to that lender. The mistake we all make is asking about their closing costs because they incorporate all the costs of purchasing a home and this will most of the time make you choose the wrong lender based on all of the costs instead of fees that a particular lender has or doesn’t have. Look for Origination charges and you will see what your creditor of choice will charge you for their service and you can make an educated decision based on that.
Another important question all of you should ask is “Who will be my contact during the process?” This question is important especially if you are dealing with a pretty big creditor or a company. You can start negotiations and estimations with one person, then get passed away to a second or third one which can be rather frustrating. Clearing out who will be your contact person for the entire time will save you a lot of trouble and allow you to feel a lot better rather than get passed back and forth between processors, loan officers or who else might there be.
Not everything will be what to ask and how to behave when going for a mortgage. You will also have to look out for some of the warning signs that your lending place of choice isn’t right for you. we will talk about that right now.
The first thing to watch out for is when the lender of your choice is quoting just the rate with very limited to no info. This is rather controversial with lenders themselves but the reality is that they can give you just the rate but it won’t be representative without the breakdown and full info. The best picture you can have, and they can give you is the rate based on a scenario like what is your credit score, what is your specific down payment, specific income and much more. Any rate given with less information is and will be bad and not applicable.
Not getting a complete cost breakdown is another thing you should be aware of. This is where the loan officers that don’t care just say, well, here is the rate, here is some of the costs and that is it. This is where they expect you to put the pieces of the puzzle together based on that and make an educated decision. That is not happening and you should steer clear of those types of lenders.
Time to respond is also a big red flag sometimes. Any lender that takes longer than 24 hours to respond should be avoided. This type of market is crazy right now and loan officers are backed up pretty good but no matter that you should be able to hear back from on in at least 24 hours whether by text, email or any other form of communication now. If you don’t then you really should jump to another lender’s
The last thing on this list is to trust your gut. Our feelings are strong and our mind has strange and intuitive ways of protecting us. If you have a gut feeling that something isn’t right or that something will not be right, listen to that feeling. If something makes you uneasy with one lender, it is a perfectly good reason to move to another one. No questions asked and no pressures but you should always trust yourself.
So, as you can see, finding a place to help you finance your new home isn’t as hard as it used to be. Now the competition for money lending is rather big and you now have a lot more options than before. You just need to know what to look for, what to ask and what to avoid and you will never find yourself in a financial problem regarding your mortgage.
Consider a Reverse Mortgage if you are age 62+
Reverse mortgages are typically easier to qualify for compared to traditional loans for 3 reasons:
Credit requirements: Reverse mortgages generally have more lenient credit requirements compared to traditional loans. Borrowers with lower credit scores or a history of financial difficulties may still be eligible for a reverse mortgage.
Income requirements: Unlike traditional loans, reverse mortgages do not require borrowers to have a certain level of income. In fact, reverse mortgages are designed for retirees and older adults who may not have a steady income stream.
No monthly payments: With a traditional loan, borrowers are required to make monthly payments to repay the loan. With a reverse mortgage, borrowers are not required to make monthly payments if they remain in the home. This means that borrowers do not have to demonstrate their ability to make regular payments, making it easier to qualify for a reverse mortgage.
