One thing for sure, the lender secrets you'll learn here loan officers do not want you to know. Why? They want your business, so they don't want you to compare offers.
Everyone loves to know a secret! Here are a few lender secrets to help you get the best deal on your mortgage.
With so many lenders to choose from, you want to be sure and select the right one.
these secrets, you are going to be able to get the best rates from some
of the top mortgage lenders.
Having this information will give you the upper hand, which will result in you getting the best deal. One secret is real estate agents and loan officers usually have formed relationships with each other.
When I was a loan officer, I had certain real estate agents that would bring me all their deals. Because I was familiar with them and how they screened their clients I would work hard to close the deals for them.
Other agents, I wasn't as familiar with and had a hard time working with them. Many times their paperwork wasn't in order because they weren't familiar with our operation. Thus working with an agent who has worked with a lender previously can be a benefit to you.
Once word of caution, watch that they don't pad some fees to help each other. How can you do this? Become familiar with those unnecessary closing costs that are sometimes added. Below is a link to read up on this.
Another of the lender secrets you should know is the debt-to-income ratio. When you are getting approved for your loan, lenders will not exceed 28% of what your gross monthly income is. Along with this, they will look at your overall debt ratio as well. This will include things like credit card minimum payments, housing costs, loans and other debts you own. This full ratio should make up no more than 36% of your total gross monthly income on a balance sheet.
The third thing you need to understand if you are looking to work with the top mortgage lenders, they will be focused on your credit score as well. While there are lenders who will work with most credit scores, you are going to find that the amount of the down payment is going to greatly increase the lower your score is. Additionally, most lenders will typically not work with an individual whose credit score is below 620. With that in mind, you will want to clean up your credit history as well.
Because of the huge financial investment that you are preparing to make, you need to be certain that you aren't taking unnecessary risks with your future. So be sure you are getting the best deal.
After all, the well being of your family will depend on the approach you take to this and you will want to ensure that you are able to provide them the best by maintaining a mortgage that you can afford.
This will be done with the help of a quality lender that truly has the best interests of you, the first time homeowner, at heart. And knowing and applying some of the above lender secrets can't hurt!
Would you like to know how to avoid those unnecessary closing costs that I warned you about? Click on the above link to find out.
Be sure to look into FHA Home Loans. They offer some awesome loan products.
There are so many different loans out there. Home Buying Loans makes the explanation simple for your choosing.
You may hear a lot about programs and wonder how to choose. Buyer Programs gives a brief description so you can isolate the perfect one for you.
Do you have questions? Have a Question is a great forum to ask your questions. You can also see what others have asked and benefit from the answers given to them.
Go to House Buyer Solutions Home Page.
Oct 08, 19 08:33 AM
Hello, I have a question regarding USDA vs. FHA home loans. I am in the process of getting a home in the next month but was told I wouldn't be approved
Aug 05, 19 10:44 PM
Hi Help please! I am a first time home buyer, buying a home with my fiance'. He is selling his home currently on the market for $125K with no contingencies.
Apr 15, 19 12:36 PM
When buying a home out of state, should we wait for employment contracts? Or can we use our current state's bank? Find the answers here.
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