Mortgage Guides

Mortgage Lending Trends for 2024

The beginning of 2021 didn’t do so well for the real estate market. Interest rates are higher this year than at the beginning of 2021. Because the rates are high, refinancing loan also dropped. However, there are changes expected on the horizon. Let’s take a look at what is expected this year in the mortgage lending market.

Mortgage FAQ’s

Buying a home is one of the biggest purchases you will make in your life. It’s important that you understand the ins and outs of a mortgage, the loan you will use to buy this home. There are no stupid questions when it comes to your financial health. Here are a few frequently asked questions compiled for you to feel more informed to buy a home.

What is Mortgage Refinance?

Perhaps you bought a home years ago and thought you were getting the best deal, or at the time, the payments were affordable, and the terms were doable. Time has passed, however, and things have changed. You may consider that your mortgage loan just doesn’t fit anymore, and you want to change the terms, but you already signed the documents.

Building Wealth With A Mortgage

Owning a home is a staple tenant of the American dream because you have a place to call your own, mortgages are generally cheaper than paying rent, and you have the ability to paint and decorate as you see fit.

How Mortgages Impact Your Finances

Buying a house is a large part of the American dream. You get a place to call your own, you can decorate at your discretion, and you can feel safe and secure knowing that you live on your own property.

“The Top 8 Misconceptions About Mortgages”

Buying a home and taking out a mortgage is generally considered one of the most expensive, if not the most expensive, purchases most Americans will ever make.

Unique Mortgage Situations

Buying a home comes with a roller coaster of emotions, financial considerations, and work. Once you own a home, you may think that you're not going to need to deal with mortgages aside from paying your monthly balance until you pay off your home.

Homebuyers Guide To Mortgage Types

If you're buying a home or planning on doing so in the future, you've probably run across a litany of acronyms, terms, and phrases that are confusing when you are shopping for a mortgage. that you're not going to need to deal with mortgages aside from paying your monthly balance until you pay off your home.

Fixed Vs. Adjustable Mortgages

As you shop for a house, you will most likely be confronted with a choice between a fixed-rate mortgage or an adjustable-rate mortgage. The core principle that guides your decision will center around interest rates and interest expense over the life of your mortgage.

What is Mortgage Refinance?

Banks are a dime a dozen, but when you are buying a home, how to choose the best mortgage lender could be one of the most important financial questions you answer. Mortgages are a long-term contract of 15-30 years. Choosing the right mortgage lender could save you not only thousands of dollars, but also thousands of worries. This article will break down all the criteria you should consider in how to choose the best mortgage lender.

As with any relationship you build, you must first get to know about the other person. Since you will be with this company for years down the road, you will want to make sure they are a reputable company. Do some digging and find out what kind of reviews they have. Call the company and ask any questions you may have. Find out if they have accreditations, especially for your location, and check the Better Business Bureau rating.

How many years have they been in business? Do they typically lend to people in your demographic? How many loans do they give out? Knowing the answer to these and more questions will give you a better foundation to decide how to choose the best mortgage lender.

Reliability

When it comes to buying a home, timing can be a big factor in your purchase. I’m sure you’ve heard the expression; the early bird gets the worm. Well, the same is true about houses. If there are more than one person bidding on a home, sometimes the first person to get the paperwork in and makes a deal, gets to live in their new home.

If you want to be successful in buying a new home that others could possibly have their eyes on, its imperative that your mortgage lender is as determined to get this home as you are. They need to be reliable and have fast turn around times. You should be able to get a hold of them quickly, especially in those few days when the deal is being made. If you find that a mortgage lender is slow about returning your call or doesn’t seem to have as much motivation as you do, they aren’t the right bank for you.

When determining how to choose the best mortgage lender, you need to make sure they are there when you need them.

Available Financing Options

Ok, so yes, its important that your mortgage lender has good customer service and a great business reputation. However, none of that will do you any good if you can’t afford the loan or the financing options are too strict.

Every lender has the right to determine their own interest rates, down payment, and fixed terms.

A lot of this will, of course, depend on a few factors like your location, your FICO score and your financial stability. Once you have answered a few questions, a mortgage lender will give you a quote. This quote will include how much you must pay upfront and your interest rate as well as the term.

These numbers are the biggest factor to consider how to choose the best mortgage lender. Analyze these and compare mortgage lenders offers. Don’t be afraid to pit one against the other and see who is willing to give you the best offer.

Ask Your Friends

If you are really at a loss as to where to start, you can get a good basis of good mortgage lenders in your area by asking around. Your family and friends that have recently purchased a home have had experience with a mortgage lender. They may have great stories to tell you or some horrible nightmares. The more information you compile the better.

Another good person to ask is your real estate agent. They deal with mortgage lenders all the time and they might even be able to get you a better deal from someone they use on a regular basis.

Read the Fine Print

Mortgage contracts come with a lot of paperwork and legal wording that can be a headache to read through, but you must.

Aside from the down payment and monthly payment, mortgage lenders can charge different costs and fees. It’s important that you investigate these numbers because these small charges can add up to a lot.

These include closing costs, commission, application fees, appraisal fees, and more. In determining how to choose the best mortgage lender, make sure to read the fine print.