There are 5 things to consider when purchasing a property as a first time home buyer. Before picking out your dream home, you need to know a bit about the mortgage process. The difference between qualifying for your first time home buyers loan, and not meeting just one of the qualifications, could leave you disappointed. However, there are different programs available to help you with your first home purchase.
It is important to note that just because you qualify for a reverse Ravenwood Services Remortgages does not mean that you have to go through with this option. There are risks and benefits you have to think about. It would then be a good idea to research thoroughly on these types of loans and carefully assess the pros and cons so you can have a clear idea what you are getting yourself into before making a decision.
Financially responsible people look at Mortgage broker refinancing as an investment or when it is a last resort to get accumulated debt under control. The extra funds generated can be available for home improvements, college tuition and major purchases. Weigh your options carefully and shop wisely.
You can think of a Mortgage Broker as a personal agent for all things mortgage. They are independent of banks and often work in brokerage centers or can be found through your realtor. A broker’s goal is to get you the best rate available and help you navigate the terms of your mortgage with your lender. Want to know the best part? Using a broker doesn’t cost you a dime. A broker receives payment from the lender for bringing eligible clients, such as yourself, to the table.
Your mortgage specialist will use this information to verify the numbers that you have told him during the interview process. If you try to withhold information, such as overdraft charges or other negative data, it will show up on your bank statements. This may cause the broker to question the other information that you have told him.
Another flaw in the Liar’s Rate Sheet is in the APR’s that are listed. A simple definition of APR is, the true cost of the loan including certain designated closing costs. There are some loan officers that do not know how to calculate APR correctly. So do not base your decision on choosing a mortgage broker solely on the APR quoted.
Even if the mortgage broker is working to help you, do not let anyone pressure you into making any decision you are not comfortable with or one that you do not understand. Get the help you need from a broker for just a few cents on the dollar. Expert advice does not come free and you should be ready and willing to see how a broker can help you. You could see a large savings that could balance out against the commission.