| |
Mortgage tips and tricks
By MIke Rad
Generally speaking, the better your credit the better your chances of getting a zero down payment home loan. Fortunately, mortgage lenders are now offering no money down home loans to homebuyers who have less than perfect credit. You may pay a slightly higher interest rate than those who put down ten percent or more, but you can still get a great interest rate and easy payments when you apply for a no-money-down home loan. You can expect to pay private mortgage insurance if your pay little or no money down on your new home, but the cost is relatively low and you will be able to drop the private mortgage insurance after you have built a certain amount of equity on your home.
If you do not have the resources to pay a twenty percent down payment, you could opt for a piggyback loan. A piggyback loan is basically a home equity loan that funds part of your down payment. There are several options in obtaining a piggyback loan. Mortgage lenders have a variety of programs and loan products that will help you accomplish your dream of home ownership, even if you have little or no money for a down payment. Your lender can also inform you of various government programs that assist those who qualify with their down payment. Most of these programs consist of basically a low interest loan that you repay along with your mortgage payments. There are some government programs that will not require you to repay any down payment assistance you may receive. Find out more here: http://www.mortgage-for-all.com/25655.php
Get quotes: Different lenders may quote you different prices, so you should contact several lenders to make sure you're getting the best price. You can also get a mortgage through a mortgage broker. Brokers arrange transactions rather than lending money directly; in other words, they find a lender for you. A broker's access to several lenders can mean a wider selection of loan products from which you can choose.
Get Costings: Be sure to get cost information about mortgages from several lenders or brokers. Know how much of a down payment you can afford, and find out all the costs involved. Knowing just the amount of the monthly payment or the interest rate is not enough.
Ask each lender and broker for a list of its current mortgage interest rates and whether the rates being quoted are the lowest for that day or week.
Ask about the mortgage's annual percentage rate (APR). The APR takes into account not only the interest rate but also broker fees and certain other credit charges that you may be required to pay, expressed as a yearly rate.A mortgage often involves many fees, such as underwriting fees, broker fees and closing costs. Every lender or broker should be able to give you an estimate of its fees. Many of these fees are negotiable. Some fees are paid when you apply for a mortgage and others are paid at closing. In some cases, you can borrow the money needed to pay these fees, but doing so will increase your loan amount and total costs. "No cost" loans are sometimes available, but they usually involve higher rates.
Negotiate: Once you know what each lender has to offer, negotiate for the best deal that you can. There's no harm in asking lenders or brokers if they can give better terms than the original ones they quoted or than those you have found elsewhere. Once you are satisfied with the terms you have negotiated, you may want to obtain a written quote from the lender or broker. The quote should include the rate that you have agreed upon and the period the quote lasts. When buying a home, remember to shop around, to compare costs and terms, and to negotiate for the best deal. Find out more from our huge collection of expert mortgage and refinance collection at: http://www.mortgage-for-all.com
About the Author
Other resources:
http://www.mortgage-for-all.com/45231.php
Article Source: http://www.simplysearch4it.com/article/19902.html
| If you wish to add the above article to your website or newsletters then please include the "Article Source: http://www.simplysearch4it.com/article/19902.html" as shown above and make it hyperlinked. |
| Some other articles by MIke Rad | Asthma control and asthma treatments
Avoid the triggers and improve your asthma condition
No matter what asthma medication or asthma treatments you are using, reducing the negative effects of asthma relies on avoiding the asthma triggers as well as you can. ...
Dog obedience training tips
Dogs are known to be man's best friend so try to show your dog all the affection he needs and take good care of him as ...
Abduction Prevention Tips
Your best protection against child abduction and avoiding the need for an Amber Alert is to have a smart and informed kid that will know how to avoid ...
Golfing Tips for Beginners
Golf can start an afternoon hobby and turn into a real passion as you get more involved with it. Learning how to play golf is not difficult ...
Depression symptoms and medication
Depression is considered one of the evils that plague our modern society. Identifying early depression symptoms and finding appropriate medication is imperative ...
|
|
| |
|
|
|
