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How to Mortgage Comparison Shop
By Scott James Hubbard
Before you sign a contract you need to read the entire document and pay attention to several key elements. Here is what you need to look for:
Has the lender included a prepayment penalty in the contract? This is one of the first things you should look for. Lenders charge prepayment penalties if you sell your home or refinance the before a specified time. Do not accept a offer with a prepayment penalty if you can avoid it. Most items on your loan contract are subject to negotiation so insist that your lender remove the prepayment penalty. If you have bad credit you may be stuck with it; however, you may be able to negotiate more favorable terms on the penalty.
What interest rate will the lender guarantee in writing, and when does it expire? Mortgage lenders grant
Fizber To Expand Their Online Real Estate Section
Fizber.com now offers Trulia.com real estate listings under their own brand. (PRWeb Nov 19, 2008)
Read the full story at http://www.prweb.com/releases/fizber/trulia/prweb1630884.htm ]]>
How To Protect Your Small Business From Bad Real Estate Decisions In Good Times Or Bad
Industry Veterans Launch One of a Kind Tool for Small Business and Franchise owners.Self-help manual "How To Find and Secure a Location for your Business" now available online (PRWeb Nov 19, 2008)
Read the full story at http://www.prweb.com/releases/2008/11/prweb1630304.htm ]]>
Wall Street Journal Names Shapiro & Sher Group Third in the Nation in Real Estate Sales Volume
With an impressive $354+ million in real estate sales in 2007, Las Vegas' Shapiro & Sher Group has been named as the third top-producing team in the country by the Wall Street Journal, lore magazine and REAL Trends during their annual Real Estate Top 200 rankings. (PRWeb Nov 19, 2008)
Read the full story at http://www.prweb.com/releases/2008/11/prweb1632244.htm ]]>
lock periods to their customers. As long as you close prior to the expiration of the lock, your interest rate is guaranteed. If you are unable to close prior to this lock period expiring, for whatever reason, the lender can change the interest rate. You can negotiate for a lower interest rate by prepaying points or increasing the amount of your down payment.
Look for signs of predatory lending practices. To avoid being taken advantage of by a broker or lender you need to familiarize yourself with predatory lending practices. Is your lender or broker using pressure sales tactics on you? Are they over promising loanconditions? Be on the lookout for periodic refinancing requirements, balloon payments, or lenders that require you to purchase additional services as a condition of the loan.
What will the monthly payment be? Prepare a budget and ensure that you can afford the monthly payments. If you have an Adjustable Rate Mortgage you need to budget for periodic rate increases that could raise your monthly payment.
Finally, look for the closing costs. Be careful with the so-called "no closing cost" mortgages; these loans boast that you are saving $2000-$3000 in closing costs and then raise your interest rate by as much as 2%-3%. This interest rate markup in exchange for no closing costs will easily double or triple the expense over the lifetime of the mortgage. When you are shopping from one lender to the next include closing costs in your comparisons. Closing costs are subject to negotiation so do not be afraid to ask for competitive closing costs. Also, give me a call and I will share with some reputable lenders who will save you both time and money.
Article courtesey of Scott James Hubbard - A Tucson, Arizona REALTOR®
Additional
Resources
Stepping Onto The Property Ladder: First Mortgages
By Peter Kenny
Stepping onto the property ladder and buying a home for the first time can seem like a really daunting prospect. You need to get the decision right because getting a mortgage is perhaps the biggest Read more...
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Additional
Resources
Overview on Mortgage Loan
By Isabella Rodrigues
Mortgage LoansA mortgage loan is a method of using a property as security for the payment of a debt. A mortgage loan is a standard method by which individuals and businesses can Read more...
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- Wall Street Fraud Watchdog Warns All Investors About Wall Street Brokers and Banks Over Cash Equivalents
The Wall Street Fraud Watchdog is warning investors worldwide to be very careful of what Wall Street calls cash equivalents, such as failed, frozen, or devalued auction rate securities, products like Schwab Yield Plus and or a product sold by TD Ameritrade called Reverse Yield Plus. According to the group,"if you were sold one of these products, and your investment was devalued, or frozen, we want to hear from you. While we are on the topic, we are warning all investors to have your broker or bank investment advisor confirm in writing that your US tax free municipal bonds or VRDN's are 100% safe. We do think a US stock broker or bank investment advisor will put in writing that the US tax free Muni is 100% safe. We expect the US Municipal Market to crash in 2009, because of dramatic declines in US property tax & retail sales tax revenues." Investors or victims can contact Americas Watchdog's Wall Street Fraud Watchdog anytime at 866-714-6466, or visit their web site at Http://WallStreetFraudWatchdog.Com for more information. (PRWeb Nov 20, 2008)
Read the full story at http://www.prweb.com/releases/2008/11/prweb1644314.htm ]]>
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