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shopping for mortgages: How well do you shop before you Eat - Shopping for services vs online rating systems - Part 3 of 3 - 03/07/11 10:44 AM
There are statistics that say 80% or more looking for a home first shop online. This doesn't say that these same people actually buy a home online, but they start their research. And I am finding that many more are shopping for mortgages online once they have a problem with their current lender or have been denied. So I can safely assume that the internet is being used a lot when shopping for a home or when shopping for a mortgage.
My question and thought process is, how far does one take their shopping. Do they stop at the … (18 comments)
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shopping for mortgages: I want the same deal my friend got!! - 03/03/11 09:41 AM
In many cases, don't we want the best deals? I think when most people begin to shop for a home or shop for a mortgage, wanting a good deal or the best deal is on many buyer's or seller's minds. And when getting a great rate, some people like to brag about it. But are the details distorted? Not known?
One key point to remember through this whole post, Not one borrower is the same. One needs to compare apples to apples. Just a lower credit score could change the whole scope of someones interest rate. And … (75 comments)
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shopping for mortgages: Shopping for mortgages in New Jersey – Are USDA loans the best? FHA loans? - 02/22/11 09:07 AM
Shopping for mortgages can be frustrating. Especially when comparing mortgages that don’t fall into the same box. Example : Comparing FHA loans to USDA loans are not in the same box per se. Adjustable rate mortgages would be considered in the same box. And with so many questions unanswered, especially if not asked, how does one know.
Lately I have been reading on how people sell specific mortgages, that try to compare mortgages, yet they leave out important specifics. Or attack in their comments saying that lenders make more money on a FHA loan than a conventional loan. In my opinion, there are two important issues that aren’t mentioned when reading … (6 comments)
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shopping for mortgages: Comparing FHA loans & Conventional loans with 10 & 3.5 percent down – Part 2 of 2 – Cash is King - 02/05/11 09:15 AM
How many of you like to have money left over after making a major purchase? I would think many of us would say yes to this. There are some mortgage experts that tell you to put 20 percent down or that you should pay off your mortgage as soon as possible. I will tend to disagree with this. In my opinion, “Cash is king” … I think we can agree on this statement, right? In my comparison between FHA loans and conventional loans, I showed that even with 10 percent down and a 699 credit score, that FHA loans were … (9 comments)
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shopping for mortgages: The Myths about ZERO point mortgages instead of paying points - 12/17/10 04:26 PM
When shopping for a mortgage, one needs to know and understand their specific goals, and this should be done even before you start to look at a home or speak to a loan officer. The reason being is because there are several ways of looking atzero points, in which some advertise with no points or no costs, and if you should pay points for your interest rate.
The first step is to have a list of your short term and long term goals. Not only should you know your goals, but your loan officer should be asking about your goals.
Below … (33 comments)
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shopping for mortgages: Mortgage Advertising - It can be very deceptive - Be Very Careful - 10/08/10 07:50 AM
Why do many advertise. To make money, right? You have to spend money to make money. But are some ads deceptive or misleading? You betcha.
What about the little giveaways or gimmicks offered when people advertise? Aren't they spending more money on top of the money that they are spending on their advertising?
There is a very large company that does tax returns who also has a mortgage division advertising on t.v. now. If you close on a loan prior to December 31st, 2010, you will be entered into a contest. The winner will have their mortgage paid … (32 comments)
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shopping for mortgages: How to find a great mortgage interest rate in New Jersey or any other state...... - 09/21/10 04:04 PM
Shopping for that best interest rate. First off, you need to be careful when using the term best, because we always want the best of anything. Remember these two old sayings? "You get what you pay for" or "If it's to good to be true, that it might not be true."
Well, the same could be said when shopping for that mortgage interest rate. I read an article last week that disturbed me some, because I felt it left some important information out. It started out that you should deal with a mortgage broker instead. Here is his … (10 comments)
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shopping for mortgages: FHA Streamline Refinances & FHA loans in general in New Jersey - You need to know the facts - - 09/16/10 10:28 PM
More the reason why you need to speak to a knowledgeable professional loan officer
With mortgage interest rates being so low, you would think many people are refinancing. And one would think that more would be doing FHA streamline refinances, because it should be so easy, hence the name streamline. Sorry to sound negative, but no and no, for many reasons.
There is also a mortgage myth, aka mortgage rumor, that FHA streamlines are cheaper than regular FHA loans. A complete lie. I just had a potential borrower that was told this. Yes, there are … (12 comments)
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shopping for mortgages: Good Faith Estimates Explained - Changes for the WORST - Detailed changes - Part 2 of 2 - 03/12/10 11:56 AM
Important facts about the New Good Faith Estimate
The Main Negatives : The New Good Faith Estimate does not show :
the total monthly payment. It only shows the principal, the taxes, and if mortgage insurance required. the total costs for the entire mortgage. It just shows your total estimated settlement charges, that doesn't include the down payment. a signature & date spot. Yes, this form is suppose to be given to you within 3 business days of applying for a mortgage. Read about the 6 trigger points that define the mortgage application. Yes, there are methods of tracking … (53 comments)
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shopping for mortgages: Good Faith Estimates Explained - FHA Loan Good Faith Estimates - Understanding the whole process - Part 1 of 2 - 02/22/10 12:36 PM
Good Faith Estimates Explained
2010 Good Faith Estimates - Is the new form better? If so, for whom? Can it be more confusing? What is different from the new Good Faith Estimate than the old Good Faith Estimate? I will be talking about some of the pros and cons in this post.
Key Point - The new Good Faith Estimate went into effect on January 1st, 2010. This form is still not 100% clear as of yet, hence why you don't see too many people writing about it.
Overall, in my personal and professional opinion, I think … (32 comments)
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shopping for mortgages: Transparency in Real Estate/Mortgages - Interview your Realtor or Loan Officer - (Part 2 of 2) - 01/18/10 10:14 AM
Take the TIME to do your own INTERVIEW….
What is an interview? Wikipedia defines interview as a conversation between two or more people (the interviewer and the interviewee) where questions are asked by the interviewer to obtain information from the interviewee.
When you are shopping for a mortgage or for a realtor to help you sell your house or to help you buy a house, those that you talk to, should be interviewing you. Why should they be interviewing you? To get a feel for you, to understand your needs, and to get a feel for what your … (10 comments)
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shopping for mortgages: Good Faith Estimates - Knowing & Understanding the Power of the paper!!! - 05/19/09 10:58 AM
Good Faith Estimates - Extremely important message below!!!
If you are a consumer looking to purchase or refinance, this is a must read. It could cost you thousands if you don't pay attention. This is not a threat, but a warning from someone that has over 16 years of experience in the mortgage industry.
When shopping for a mortgage, even if shopping with more than 2 lenders, you want to get a good faith estimate from everyone that you speak to.
So, here is my pet peeve. This is a major red flag - if you … (64 comments)
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shopping for mortgages: I negotiated for my mortgage... and what did you get? - 12/12/08 04:02 AM
You might find this odd, coming from a man. But I soooo love deals and I actually like different kinds of shopping, especially when I find great deals.
Overall, most of us love a great deal or what I call, "a great steal". Because of today's economy, I think we seek deals more than ever before. And to capture a great savings gives us a great feeling of joy.
Just the other day I read a blog by another loan officer that advised consumers to negotiate for their mortgage. If you were able to negotiate for … (43 comments)
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shopping for mortgages: An FHA Expert - When shopping for a mortgage, what should you look for??? - 11/09/08 04:02 PM
FHA loans & FHA mortgages -- I have always said that it can't be easy to shop for a mortgage. With so many loan officers and lenders making promises, how do you know who is telling the truth or not? Sure, many people can sound so trusting and honest. My advice, compare at least 3 loan officers, but don't compare just on the lowest rate. That could probably be the biggest mistake that you would make. FYI... anyone can promise the lowest rate and or fees and even put it on paper. But remember, it's not always worth the … (14 comments)
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shopping for mortgages: Good Faith Estimates -- Knowing the basics - A must read !!! - 10/12/08 11:36 PM
Good Faith Estimates -- Such an extremely vital part when shopping for a mortgage. Yes, rate is some what important, but seems to be the primary focus so many times. Not to sound rude or out of character, but a monkey can quote a rate. And I am dead serious about this.
For any of you in the process of buying a home or refinancing your current mortgage, this is a must read.
I have been in the mortgage industry for over 16 years and this subject has to be my biggest pet peeve out there. I have written about … (67 comments)
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shopping for mortgages: As a consumer .... why do you call who you call ??? - 02/01/08 11:42 PM
How many of you just pick who you want to do business with blindly? Do you do research? Were you referred to them? Do you go with the person that promises you the best rate or no costs? Someone that promises you the best price for your house? Or do you steer away from those that sound like a sales person....just going with that person that sounds sincere, genuine, yet knowledgeable.
In my 15 years in the mortgage business, I sometimes wonder how people choose those to help them when it comes to their financing options. What do you look for when … (14 comments)
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Jeff Belonger-The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans
Cherry Hill,
NJ
More about me…
Social Media - Infinity Home Mortgage Company, Inc
Address: Cherry Hill New Jersey 08034 08002 08003, Haddon Heights New Jersey 08035, Haddonfield, NJ, 08033
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