Radio Show: Complexity of Home Loans: ,Availability of loan depends on BORROWER, Type of property and Lender that fits your specific needs. Being a Real Estate and Mortgage Broker, I have access to over 120 mortgage lenders. As you know, rates fluctuate every day, and sometimes during the day. There are many macro events that will affect the rates, like the Feds decision to Taper the bond buying activity or un-employments reports and GDP and so on. 10 year bond yield published daily is a good indicator of where the mortgage rates are headed. So when you come to me, I ask you very thoughtful questions, understand your need regarding refinancing or getting the home of your dreams and guide you through the maze of options you may have. My job is to save YOU MONEY. many times home owners run after refinancing every time they se a lower rate. However, every time that is done, they add 30 more years to their loan repayment terms. That means starting the interest paying cycle ALL OVER AGAIN. Loan agents may not advice you on that, because that affects their commission, at the expense of increasing your home ownership costs. Many loan agents promote 5-7 year arms for lower payments, just to be able to churn the loan, without showing benefits of already low interest rates that give peace of mind for the duration of home ownership.
If you are buying a home, just with a quick phone call I can pre-qualify you and tell you approximate range you will qualify for. If you are serious, I will actually pre-approve you for a loan based on through evaluation of your credit, income, assets and ability to repay. If you are a seller f the home, in addition to marketing your home for sale, I first advice you whether you are in a position to buy first and sell later. Or you must sell first and buy later. In this market, if you sell first, there is no guarantee that you will be able to buy right away considering the tough competition in the market. So as you see, I work way different that typical process of giving you the rates and asking you to complete loan papers in the beginning.
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