ASK THE LENDER series - pt 2

It's 1/25/08 @ 12:18 PM:
Property values have fallen, taxes are higher and persons are living pay check to pay check. Savings are at a low and as that saying goes "the rich are getting richer and the poor are getting poorer." With that being said how can I purchase a home? Is it a good time to buy? The answer is yes - yes - yes! And since you've decided to buy your home here are a few more questions to ask your lender.

1. What are the lender charges?
a. Document preparation fee?
b. Underwriter service fee?
c. Tax service fee?

2. Is there an approval letter of a commitment letter?
a. An approval letter doesn't guarantee funding.

3. What are the commitment letter conditions?
a Conditions allow funding or non funding if the conditions are not met within a time frame.

4. When does the lender fund?
a. The lender might give the loan commitment and not send the monies to settlement in time especially if you have a out of state lender.

If you have additional financial questions contact our lender Troy Hine via email: hinet@prefmtg.com or phone: 703.850.4227, you'll be glad you did!

View Coldwell Banker informational videos: http://coldwellbanker.feedroom.com/

For more information view my website @ www.cbmove.com/tracy.martin

Please view my You Tube posting@ http://www.youtube.com/user/tmartin2009

ASK THE LENDER series - pt 1

It's 1:30 P.M on 1/6/08: Happy New Year! 2007 is gone gone gone..2008 is here-and-now. Your New Years' resolution says "I'm going to purchase a home this year." Now is the time and the market is positioned correctly for anyone who's qualified for a home loan to own one. So what's the next step you ask? Financing, how and who will fund your loan? Well here are a few questions you should ask your lender.

1. Does the lender service the loan?

a. A buyer might start with one lender and find out after settlement and prior to making your first payment the loan was sold and another mortgage/bank company owns your loan.

2. Is there a loan origination fee?

a. The loan origination fee is a percentage based on the sales price of the home.

3. Are there discount points?

a. A discount point is charged as a percentage of the loan amount and payable at settlement time.

4. What is the interest rate?

a. Is the interest rate locked (goes up or goes down) for a time frame?

Stay tuned for more questions to ask your lender.

If you have additional questions contact our lender Troy Hine via email: hinet@prefmtg.com or phone: 703.850.4227, you'll be glad you did!

View Coldwell Banker informational videos: http://coldwellbanker.feedroom.com/

For more information view my website @ www.cbmove.com/tracy.martin

Please view my You Tube posting@ http://www.youtube.com/user/tmartin2009