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Viewing 15 posts - 16 through 30 (of 30 total)
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  • nhamilton
    Keymaster
    Post count: 30

    Hi – The best way to compare them is to use our IMG app. Have you tried it yet? If you don’t want to enter the information, you can simply snap a photo and upload the image and we can enter it for you. It gives you a picture of overall costs and equity that will be built for 1 year, 5 years, 10 years, etc. That way, you can compare quotes across time and see clearly your total cost and equity. Let us know if you have any questions and we can help you along the way.

    nhamilton
    Keymaster
    Post count: 30
    in reply to: Tax documents #400

    Hi – that really depends on what 2017 looks like. Most loan officers will need to use two years of tax documents for you to qualify, so if you don’t have 2019 yet, then 2017 and 2018 can be used. When you get 2019 in, you can submit that, too. If 2017 isn’t sufficient then it’s probably best to wait until you have your 2019 documents particularly if it will result in a more favorable rate and overall offer.

    nhamilton
    Keymaster
    Post count: 30

    Hi, I wouldn’t bother because a single bank will have its own qualifications and products so two loan officers would simply have access to the exact same thing. You might get a different opinion on which loan to get, but in terms of getting the best deal, your loan officers should be from different banks entirely.

    nhamilton
    Keymaster
    Post count: 30

    Hi, I’ve been in that situation before. But here’s the thing – even the best guys don’t always have the best rates. Especially now, banks really do offer very different rates for similar qualifications because the banks are all doing their own risk assessment with the current economy. Also, if your guy is a broker, brokers get different commissions from different lenders and you’d never know if you are being steered into the best one for you or them. If you get multiple quotes, the winner will be clear and you can save thousands. Our process is set up to make it super simple for you to compare in an even shorter amount of time than would normally be possible. It may seem easier to just go with your guy, but if you want to save, follow our process.

    nhamilton
    Keymaster
    Post count: 30

    Hi, No, it’s best to put in a complete quote with all the fields. Otherwise, you won’t get a correct assessment of your costs. If you can’t find the amount of the appraisal on anything you’ve received from your loan officer, ask them to provide it. If you ask for your quotes in a Loan Estimate format, this information will be provided in an easy to read format.

    nhamilton
    Keymaster
    Post count: 30

    Hi, ask your loan officer for the full details of the loan you are considering. As a general rule, if you put less than 20% down on a property, the loan will likely have mortgage insurance. Mortgage insurance can be listed in a quote or Loan Estimate as a monthly fee or yearly fee. To enter it, just make sure you put it in the correct format, either monthly or yearly.

    nhamilton
    Keymaster
    Post count: 30

    Hi, if you submitted photos of quotes, it should take four hours between the hours of 9 to 6 EST to see them. If you don’t see them within this window, please email help@homeownering.com and we can expedite for you.

    nhamilton
    Keymaster
    Post count: 30

    Hi, some loan officers subscribe to paid services that claim to give “market information” that they can pass along to their clients on when to lock. This gives the illusion that they know something that you don’t know, so that you stay with them and they seem authoritative. As you’ll see in the main lock section, no one can predict the future of rates, so if you have a rate that is good, it is really the terms that dictate whether you should lock or not. If you lock, can you take advantage of an even lower rate if the rates fall? What is the cost of the lock for different durations, etc.? The devil is in the details.

    nhamilton
    Keymaster
    Post count: 30

    Hi, loan officers can be dismissive for a few reason, but the main one is that there are a few bad apples who don’t value their customers enough to respect them. They may not want you to ask more questions as the more informed you are, the less they can control you. However, it could be that you have a respectful loan officer who is good at their job and just have not had a client as informed as you, so they are taken aback! I would just make sure that they answer your questions. Don’t let them push you around!

    nhamilton
    Keymaster
    Post count: 30

    Hi, I would give them two weeks and if you don’t see any update, contact them and tell them you haven’t seen the update yet and when you can expect it. Keep on them. A lot of the workers at credit companies are young and inexperienced, so if you get someone on the phone who does not sound knowledgable, make sure you ask to talk to someone who is.

    nhamilton
    Keymaster
    Post count: 30
    in reply to: Community bank #375

    Hi, there can be differences. If the community bank lender is local to the property you are buying, they may be better informed about appropriate appraisers/appraisals, for example. It can sometimes be easier to use a local lender due to their familiarity with the area and housing market. However, each bank has its own products, qualifications and rates, so just because a lender is local doesn’t mean you’ll necessarily get a better rate. Also, after you get your mortgage, any bank or lender can sell the servicing rights of your loan to other companies, so the mortgage may not even stay with that bank. For these reasons, it is best to have four lenders who are appropriate for you so you can get the best deal. A community bank local to the area you are buying in AND a big bank like Chase, AND a broker or two would be a good mix.

    nhamilton
    Keymaster
    Post count: 30
    in reply to: Letter from landlord #363

    Yes, each lender has its own set up items they may want from you to verify information. If you don’t want to go to your landlord and ask for this, you might ask the lender if you can satisfy this another way, such as through bank withdrawal statements that show regular and timely payment of rent.

    nhamilton
    Keymaster
    Post count: 30

    It’s really important that you are able to read your Loan Disclosure so I would go back to your loan officers ASAP and demand a legible copy. It’s not acceptable to send you important documents that you can’t read! If they don’t send you legible copies they are in violation of the federal rules.

    nhamilton
    Keymaster
    Post count: 30

    The more equity you build with a loan, the more you are paying down the loan, which means more of the home you own as opposed to the bank owning. In this way, building equity is building your net worth. A loan that builds less equity typically means that more of your payment is going to paying interest to the bank instead of building your net worth through owning more of your home. You should think of it as selecting the loan that builds the most equity that you can also afford the monthly payments for. That would be the best long term strategy. If equity is confusing (and it is to most home buyers and homeowners), watch our bonus video on Equity in the Bonus section. Happy to answer any more questions if any of the above answer is confusing.

    nhamilton
    Keymaster
    Post count: 30

    Loan officers can generate quotes before you submit an application in a Loan Estimate format. While by law they MUST give you a Loan Estimate in the standard format after you submit the application, you are within your right to request a quote prior to submitting an application in a Loan Estimate format. That way, you’ll know the other fees that would be charged by that particular bank, not just interest rate estimate and monthly payment estimate.

Viewing 15 posts - 16 through 30 (of 30 total)