Top 10 Things
You Need to Know
When Getting a Loan

Below are the Top 10 Things You Need to Know about finding a loan for a new home.

1) Do you know how to read a Good Faith Estimate (GFE)?

• Don’t focus on the bottom line

• When comparing GFEs look at the Lender Fees

2) Does your quote sound too good to be true?

• Beware of lender assumptions when looking for an accurate quote

• In order for a lender to give you a correct quote they need to know:
  • Loan Amount
  • Credit Score
  • Type of Property
  • Cash available for a down payment

3) Do you know how variables affect your rate?

• There are several variables that can affect your rate including:
  • Credit Score
  • Term of the loan
  • Origination Fee
  • Closing Costs, etc.

4) Did you get a Second Opinion?

• When looking through your GFE, analyze all the different fees and have the lender explain it to you

• Then go to someone else to ensure that it is a good deal

5) Is your loan really locked?

• Brokers can sometimes tell the borrower the rate has been locked, but they don’t lock it with the investor

• Be sure to ask for a confirmation of the lock in writing

6) What do you need to know about APR?

• APR is a comprehensive measure of cost to the borrower that reflects the interest rate, points, and most other lender fees

7) Are No Cost mortgages really “No Cost”?

• No Cost mortgages don’t eliminate costs - they convert them from costs paid upfront to costs paid over time

• Your mortgage consultant can help you determine the best option based on your intended length of residence

8) Do you know who to trust?

• Focus on the realtor and their judgment; they have a vested interest in a successful transaction, including the financing of your loan

9) How do you know which loan fits you best?

• Lenders all have a wide variety of investors relationships that should help the borrower find the perfect loan to fit their needs

• A qualified mortgage consultant can advise you on your best loan options for your financial goals

10) Where do you see yourself in 5 years?

• Is this house for a long term or short term stay?

• How much of an investment are you willing to make?

• Is this to build equity?

• Be sure to talk to you mortgage consultant about these questions to ensure you have the right loan program

Anyone looking for speedy home financing can Contact Me with any additional questions.

Of course, if you are a Real Estate Professional and you would be interested in learning how you can keep more of the profits originating from all your client's home loans, you are more than welcome to Become an Associate of My Team by visiting that page and filling out the form.

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In order to find out what your best loan options are, you can start the process by visiting my Loan Helper page and when you submit your contact information in the form on that page, that will let me know you are interested in finding out how I can help you.