Mortgage Information - Refinancing? Second Mortgage? Home Equity Loan? Understand The Basics

Written by Carrie Reeder


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Closing Costs

When you go to close on your home atrepparttar title company, bothrepparttar 146276 buyer and seller will have to pay a pre-determined amount of closing costs. These are determined byrepparttar 146277 type of loan you get, andrepparttar 146278 area where you live. Your lender is required by law to inform you of any closing costs beforehand, so be sure to ask for your truth in lending estimate.

As you can see, mortgage terms aren’t that mysterious! Do some research or read some more articles on this site to become familiar withrepparttar 146279 lending terms that you need to know.

There are also many mortgage companies online that can help you find direct mortgage lenders and home loan brokers that will best suit your needs. This is a quick way to find a good mortgage loan and compare rates and offers from multiple lenders. When lenders compete for your business, it works to your advantage. To view our list of these recommended online mortgage companies, visit this page: Recommended Online Home Mortgage Lenders.

Carrie Reeder is the owner of ABC Loan Guide, an informational website with articles and the latest news about various types of loans.


Residential Mortgage - Finding The Best Home Mortgage Lender

Written by Carrie Reeder


Continued from page 1

• Will you charge an application fee? This can vary drastically from lender to lender, and in some casesrepparttar fees are negotiable.

• What happens if I pay off my loan early? Some lenders will include a pre-payment penalty in their contract, actually penalizing you for paying off your loan early. If one is included in yours, try to negotiate around it, or look for another lender.

• Can I lock in my rate? Be sure to ask specifics about this. Will it be possible to lock in a rate atrepparttar 146275 application stage, or will you have to wait until you’ve been approved? After you’ve locked it in, how long is it good for?

• Will I be assigned a person that I should call with questions? It is vital that one person is familiar with your application and loan documents so you don’t have to explain yourself every time you call with a question.

• How long will it take you to approve a loan? Withrepparttar 146276 Internet and other modern advances, there should no reason that a lender can’t process your loan in a jiffy. If a lender appears to be slow, you should take it as a red flag.

The best way to find a good lender is to use a home mortgage loan company online that will give you multiple offers from different lenders. You want to let lenders compete over your business. To see our list of these types of recommended mortgage lenders, visit: Recommended Home Mortgage Lenders

Carrie Reeder is the owner of ABC Loan Guide, an informational website with articles and the latest news about various types of loans.


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