loan: The Wrong Mortgage Can Cost You Thousands of Dollars - 07/30/19 01:31 PM
The wrong mortgage could end up costing you thousands of dollars in needless fees, interest and other costs.
Many lenders have a collection of go-to loan types that they use most often. However, your circumstances may require a special product that only certain lenders can offer. Many loan originators prefer to offer loans that give them the highest yield or profit (the loan that will put the most money in their pocket...).
Some lenders will find out what your hot-button is. Is it wanting the lowest interest rate? The lowest fees? The lowest monthly payment? Loans can be configured in many ways. Modifying … (0 comments)

loan: PRE-APPROVED not Pre-Qualified - 07/30/19 01:09 PM
ALL Homebuyers should be PRE-APPROVED, not pre-qualified BEFORE they make an offer.
Being pre-qualified means that the buyer knows what the price of the home is and what the payments would be if they purchased the home. But this does not mean that the lender is willing to lend them that money to buy a home. Lenders have very specific guidelines they need to follow in order to lend money to homebuyers.
Being PRE-APPROVED means your credit has been checked and that your loan has been approved with some normal conditions (such as appraisal, no change in employment, etc.). It also means that the … (0 comments)

loan: Credit Scores - Know Yours! - 07/30/19 12:39 PM
Don't be one of the many buyers that are unsure of their standing in the credit department! Not knowing could lead to an agreement to pay a higher interest rate. Knowing your credit score could help you get the best interest rate available.
Most of those who believe their credit score is excellent are often correct. Many who are unsure of their score, are often surprised to find out that their credit actually is great or excellent. According to Experian.com, a score above 670 is considered good and a score above 740 is very good. To be considered exceptional, your credit score should be … (0 comments)

loan: Three Tips for Shopping Your Home Loan and Saving Big - 09/27/13 07:30 AM
One of your biggest savings when buying a home can come from the simple act of shopping your home loan. 
Shopping for the best mortgage can save you thousands of dollars in up-front costs, and many thousands more over the life of the loan. 
Most lenders are good people trying to provide for their family within the framework of the company they work for. The fact is, however, some loan originators simply cannot offer you the best rate and terms available to you. What they offer depends a lot on how much volume their company does, how much overhead the company has, … (0 comments)

loan: Pre-Qualification? Pre-Approval? What's the difference? - 09/20/13 06:29 AM

Pre-Qualification is NOT the same as Pre-Approval.
Pre-qualification for a mortgage loan is simply a mathematical look at the buyer's stated income and debts that produces a maximum home price the buyer could afford. There is no checking of credit and no verification of any of the information provided by the buyer.
A loan pre-approval won't be provided from a lender until a buyer's credit has been run, the buyer has been evaluated for credit risk, their financials have been looked at more closely, and the lender is confident that everything should go through with the buyer's loan provided normal follow-up conditions … (3 comments)

loan: "We Wanted to Make Sure We Had an Agent We Could Rely On" - 10/25/11 01:26 PM
Prior to working with an EBA, we had been involved in four other real estate purchases and three sales and had developed some skepticism toward realtors in general.  This most recent move was our first that wasn’t just to another part of town.  This time, we were to move ourselves, our five kids, our dogs and our cats 300 miles.  We wanted to make sure we had an agent we could rely on.  We shopped extensively and even spoke to a few agents before we found Homebuyer Representation on the web. 
We felt good about working with our EBA from the … (0 comments)

loan: Refi Without PMI, Even if Your Home Value Has Declined - 10/05/11 03:12 PM
Have property values declined, not so much as to put you ridiculously upside-down, but enough that your current loan balance may no longer be less than 80% of the current value of your home? If you're in a position where you don't pay PMI now because you didn't need to pay it when you first took out your current loan, or because you didn't need it the last time you refinanced... perhaps you've felt that refinancing wouldn't benefit you, having heard that the cost of PMI has increased significantly over the past few years.
Many homeowners are unaware that both Fannie Mae and Freddie … (6 comments)

loan: Mortgage Loan with a 500 Credit Score? It's Possible! - 01/18/11 02:49 PM
According to a number of Wells Fargo Home Mortgage originators, Wells Fargo will now allow an FHA borrower to get a mortgage with a credit score of less than 600.
In exchange for a larger down payment and a lower overall debt load (lower Debt-To-Income ratios), Wells Fargo Home Mortgage currently allows borrowers to take out an FHA loan on a purchase transaction with a minimum credit score as low as 500.
Here are the details as I understand them:
The credit policy change was posted to Wells Fargo Home Mortgage originators on January 14, 2011 and takes effect for purchase transactions … (10 comments)

loan: FHA 90 Day Seasoning Rule Waiver - 06/09/10 09:36 AM
Effective February 1, 2010, HUD waived the requirement that an FHA Loan could not be issued on a home where the current owner was on title for less than 90 days before a contract to purchase was entered into.
Well, the fact that it was not included in a Mortgagee Letter is causing some problems.
I called HUD today to make them aware of the absence. I have no idea if or when they will actually put it into a Mortgagee Letter or not, but I thought it wouldn't hurt to ask them to.
HUD and FHA were both on board … (3 comments)

loan: HUD to Buyers: "It is your responsibility to search for an agent who will represent your interests in the real estate transaction." - 01/01/10 09:44 AM

Newly revised for 2010, HUD's latest publication related to buying a home is titled, "Shopping for Your Home Loan: HUD's Settlement Cost Booklet." It is a must-read for anyone who will be buying a home in 2010 (or beyond).
In spite of the title, the booklet doesn't just contain information on how to shop for a home loan using new forms and an explanation of the settlement costs involved in a real estate transaction. The guide also contains valuable information on a variety of other topics related to purchasing a home. (It's a whopping 4 Megabyte download!)
Massive reforms in the real … (13 comments)

loan: The New Good Faith Estimate (GFE) Form, Page 2 Section A - 11/11/09 05:24 PM
Page 2 of the new Good Faith Estimate (GFE) will look significantly different from Good Faith Estimates of the past.
Section A has 2 parts.
Item 1 is the origination charge, or what the lender is charging you for the loan. This number includes ALL lender fees, combined into one figure. These fees include all the items one used to see listed on Good Fath Estimates as separate line items under such names as:
Application Fee Origination Fee Processing Fee Underwriting Fee Document Preparation Fee Administration Fee Wire Transfer Fee etc. It may also will include any Yield Spread Premium … (0 comments)

loan: The New Good Faith Estimate (GFE) Form, Page 1 (Part 2) - 11/11/09 05:07 PM
The bottom half of page 1 of the Good Faith Estimate (GFE) form begins with a Summary of your Loan Section. This is where a lot of disclosures regarding the loan will be made.
What is the initial loan amount? What is the initial interest rate? What will your initial monthly payment be? (Principal and Interest, and any mortgage insurance if applicable. Taxes and homeowner's insurance are not included here, but may be required to be paid as part of your monthly payment.) Can your interest rate rise? If so, how much? Can your loan balance rise? If so, how much? … (0 comments)

loan: The New Good Faith Estimate (GFE) Form, Page 1 (Part 1) - 11/11/09 05:00 PM
Let's examine the top half of Page 1 of the new Good Faith Estimate (GFE) form.
One of the first changes you will notice about the Good Faith Estimate form is that it now asks for the Loan Originator's email address.
It also asks for a Property Address. Remember, without a property address (the one the borrower intends to get the loan for), the Good Faith Estimate is non-binding, meaning the lender (or loan originator) is not able to be held to fees and rates quoted. However, prior to closing, a Good Faith Estimate will all the required information on it … (1 comments)

loan: Shopping for a Loan - Understanding the New Good Faith Estimate (GFE) Form - 11/11/09 04:46 PM

Due to RESPA Reform, as of January 1, 2010, lenders are required to use a new, uniform, Good Faith Estimate (GFE) form. This new form creates additional disclosure and transparency about the loan product being offered as well as the costs to the borrower. The Good Faith Estimate (GFE) form is 3 pages in length. All lenders will use the same form. This was not true prior to January 1, 2010.
Once a borrower has provided all the information necessary for a lender or broker to complete a Good Faith Estimate (GFE), the loan originator has 3 business days to … (3 comments)

loan: How to "Shop" Loans and Lenders Part 1 of 7 (How to Shop Mortgage Loan Series) - 08/01/09 08:48 AM
Many Buyers pay 1-3% too much for their loan in up-front costs, even after "shopping" for lenders. Some choose a lender solely based on which one has the lowest up-front costs, but they end up paying for it by getting an interest rate that is higher than they qualify for. Others unnecessarily pay too much in fees in order to get the lowest interest rate.
Shopping for a loan does not have to be difficult or complicated. The key is to take control of the process, get organized, and make sure you do it right.
Here are some basics on ONE … (6 comments)

loan: How to "Shop" Loans and Lenders Part 2 of 7 (Same Day - Same Time) - 08/01/09 08:46 AM
Many Buyers pay 1-3% too much for their loan in up-front costs, even after "shopping" for lenders. Some choose a lender solely based on which one has the lowest up-front costs, but they end up paying for it by getting an interest rate that is higher than they qualify for. Others unnecessarily pay too much in fees in order to get the lowest interest rate.
Shopping for a loan does not have to be difficult or complicated. The key is to take control of the process, get organized, and make sure you do it right.
Here are some basics on ONE … (0 comments)

loan: How to "Shop" Loans and Lenders Part 3 of 7 (Same Facts) - 08/01/09 08:45 AM
Many Buyers pay 1-3% too much for their loan in up-front costs, even after "shopping" for lenders. Some choose a lender solely based on which one has the lowest up-front costs, but they end up paying for it by getting an interest rate that is higher than they qualify for. Others unnecessarily pay too much in fees in order to get the lowest interest rate.
Shopping for a loan does not have to be difficult or complicated. The key is to take control of the process, get organized, and make sure you do it right.
Here are some basics on ONE … (0 comments)

loan: How to "Shop" Loans and Lenders Part 4 of 7 (TOTAL Cost) - 08/01/09 08:43 AM
Many Buyers pay 1-3% too much for their loan in up-front costs, even after "shopping" for lenders. Some choose a lender solely based on which one has the lowest up-front costs, but they end up paying for it by getting an interest rate that is higher than they qualify for. Others unnecessarily pay too much in fees in order to get the lowest interest rate.
Shopping for a loan does not have to be difficult or complicated. The key is to take control of the process, get organized, and make sure you do it right.
Here are some basics on ONE … (0 comments)

loan: How to "Shop" Loans and Lenders Part 5 of 7 (Friend/Special Deal) - 08/01/09 08:39 AM
Many Buyers pay 1-3% too much for their loan in up-front costs, even after "shopping" for lenders. Some choose a lender solely based on which one has the lowest up-front costs, but they end up paying for it by getting an interest rate that is higher than they qualify for. Others unnecessarily pay too much in fees in order to get the lowest interest rate.
Shopping for a loan does not have to be difficult or complicated. The key is to take control of the process, get organized, and make sure you do it right.
Here are some basics on ONE … (0 comments)

loan: How to "Shop" Loans and Lenders Part 6 of 7 (References) - 08/01/09 08:38 AM
Many Buyers pay 1-3% too much for their loan in up-front costs, even after "shopping" for lenders. Some choose a lender solely based on which one has the lowest up-front costs, but they end up paying for it by getting an interest rate that is higher than they qualify for. Others unnecessarily pay too much in fees in order to get the lowest interest rate.
Shopping for a loan does not have to be difficult or complicated. The key is to take control of the process, get organized, and make sure you do it right.
Here are some basics on ONE … (0 comments)

 
Benjamin Clark, Buyer's Agent - Certified Negotiation Expert (Homebuyer Representation, Inc.) Rainmaker large

Benjamin Clark

Buyer's Agent - Certified Negotiation Expert

Salt Lake City, UT

More about me…

Homebuyer Representation, Inc.

Address: PO Box 701481, SLC, UT, 84170-1481

Office: (801) 969-8989

Mobile: (801) 999-8889

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Insights and information from Salt Lake City's only Exclusive Buyer Brokerage (Exclusive Buyers Agents work for BUYERS ONLY!) Find out why you should always make sure you get an Agent on YOUR side of the transaction when buying a home!Finally! Real Estate Agents on the Buyer's Side™
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