Mortgages: points to consider ...
More than likely, this is one of the largest and most important financial transactions you will ever make. You might do this four or five times in your entire life. Make sure you are working with an experienced, professional loan officer.
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This is perhaps the biggest and most important step. The largest financial transaction of your life is far too important to place into
the hands of someone who is not capable of advising you properly and troubleshooting
the issues that may arise along the way. But how can you tell? Here are four simple questions your lender absolutely must be able to answer correctly.
1.
What are mortgage interest rates based on?
2. What is the next Economic Report or event that could cause interest rate movements?
3. When the Fed "changes rates", what impact
does this have on mortgage rates?
4. What is happening in the market today and what do you see in the near future?
If you have questions, ask them. There is no such thing as a stupid question. Your lender should
be a trusted advisor. Advisers can offer tips that can help you save time and money. It is
also important to know the tax implications that any financial decision
will have, develop a team of trusted advisors, a CPA, a financial planner, and a loan
officer. Overall, your team can help you make informed decisions.
What are the Terms?
If you are not familiar with home equity, then the terms can be a
bit confusing. Make sure you go through the terms with a fine-toothed comb and if you come across terms that are not familiar,
research them. Ask questions! If you need to
ask for
definitions, do so. Never be embarrassed…the more you know, the
more comfortable you will be moving forward in the process.
What are Your Rights?
Make sure that you receive all the important information on your
equity loan when you finally get through with the process. You need to
read all the details and make sure everything you agreed to is there.
You are allowed to cancel some real estate loans within three business
days. This will also come without penalty. But when you deal with home
equity loans you can only go back on the agreement when using your
principal household as collateral.
To research a great resource for acquiring mortgage infomration, click the
"Hot Topic: Mortage Fraud"
