It is never an easy job to find the right mortgage broker. The main reason, it is not an easy task to arrange credit today and even if you succeed to find a lender you have to have near perfect credit scores. When you have only decent credit scores then the interest and mortgage rates tend to be high and the mortgage payment may become very hard or impossible for you to afford. With circumstances like these you will need some professional help.
Just Pay More – If you just paid an extra $100 per month on a loan of $300,000 fixed 30 year Mortgage (7.5%) you will pay off your Ravenwood in just 25 years and save $78,000 in interest payments. What can you do with an extra $78,000? When you pay extra, make sure the extra is applied to the principal balance, not just set aside for the next payment. Before you make extra payments, read your contract and make sure you won’t have to pay prepayment penalties.
Many buyers will rush to the bank once they have bought the house. They will do this to ensure that they can qualify for a mortgage, thus allowing them to buy the house. If they cannot qualify, the deal is off and the seller will need to find a new buyer. Having the buyer assume the seller’s Mortgage broker can solve this problem.
Understanding the mortgage process can be the best way to prepare yourself for the home buying process and ensuring you are not a victim of a scam. Though the process can be tricky, researching the steps and becoming knowledgeable of the process can be your best defense.
Finding this out early is extremely beneficial to you. Time is your friend if it is early in the house searching process. Time will kill a deal if it is near the end of a deal.
Don’t be fooled by brokers advertising that they have the lowest rates. Most mortgage brokers and lenders have about the same rate on comparable programs on any particular day. They may quote them with or without Loan Origination fees and/or Discount Points, which makes it even more confusing. When selecting a mortgage broker the interest rate is an important factor but let’s take it a step further to get a better picture of the total cost to you.
This leads me to my next point on how to improve your mortgage broker career. Networking. This is so crucial for mortgages brokers that it simply cannot be put into adequate words how important networking really is. Think about it this way… all sales people need to network and it’s a given. The difference is that sales people network to gain sales, but your networking has to be about gaining the latest information before anyone else. If a special offer of low low interest rates with other benefits is coming out in a week – you need to know about it beforehand so that you can sell it to prospective clients quicker than your competitor. That way, when people talk about who got the best deal, you’re always a step ahead and more clients will naturally drift towards you.