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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 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
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.emediawire.com/releases/2008/11/prweb1644314.htm ]]>
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
What Is A Mortgage?
By Ian David major
What Is A Mortgage?Mortgages.The mortgage industry is a big and influential field, affecting the lives of a large number of the population. Like many other specialist fields, Read more...
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Additional
Resources
Ways To Pay Off Your Mortgage Quickly
By Peter Kenny
If you have a mortgage, sometimes it can seem like you will be paying it off forever. However, if you budget correctly and cut down on some items, you can pay your mortgage back much more quickly and 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 ]]>
Ocean Lakes Family Campground Named 2008-2009 National 'RV Park of the Year'
Ocean Lakes Family Campground, a subsidiary of The Jackson Companies, is proud to announce it was awarded the title of 2008-2009 National "RV Park of the Year" in the Mega Park category by the National Association of RV Parks and Campgrounds (ARVC) at the national convention in Nashville, Tennessee on November 15, 2008. (PRWeb Nov 20, 2008)
Read the full story at http://www.prweb.com/releases/Ocean_Lakes/Family_Campground/prweb1642274.htm ]]>
Extraordinary Luxury Community Makes Debut in Arizona
Paradise Reserve features nature's harmony alongside the Phoenix Mountain Preserve. (PRWeb Nov 20, 2008)
Read the full story at http://www.prweb.com/releases/2008/11/prweb1643784.htm ]]>
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