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SKILL FULL BORROWING

Most people fail to get the right information before they jump into the mortgage pool. Educate yourself before you refinance your mortgage loan. Here are eight handy tips for skillful borrowing:
 
  • Be prepared.
It is important to know how much you can afford to spend before you even begin your search. Research your credit history by requesting a copy of your credit report from an auditing firm or all three credit bureaus. Your lender will base your loan on your FICO Score - a mathematical model created by the Experian credit bureau as a tool for mortgage lenders to use in evaluating the risk associated with lending you money. Your FICO Score is compiled from a series of questions based on your credit report and your debt-to-income ratio. It is usefull to have both on hand before you apply for a loan or attempt to refinance your mortgage. To figure out your Debt-to-Income Ratio divide your monthly payment obligation on long term debts by your gross monthly income.
  • Shop Multiple Mortgage Lenders.
We understand the importance of shopping around. After all, you want to make sure that you get the best rate possible on your home loan. LoanWeb enables you to shop multiple lenders and thousands of home loan programs with one form. Shopping your loan around has never been so easy. Discover your low interest rate home loan today.

  • Know what things affect your loan..
We supply the resource toolssuch as mortgage calculators to compare home loans such as refinance mortgage loans, new home loans, and various mortgage lenders and to compare rates. One of the biggest mistake that most consumers make when shopping for a loan is to only contact one lender. Consider this - would you only visit one dealership if you were purchasing a new car? Mortgages, like car prices, are negotiable. The best way to shop for a mortgage is to request comparable quotes from several brokers in your area. Mortgage brokers can do this for you. By shopping your loan with dozens of mortgage lenders & negotiating the rate, they can get you the best possible loan. The other important factor to consider is what you can afford as a down payment (if you are buying a new house) and/or how much equity you have in your existing home (if you are refinancing).
  • Shop, Shop, Shop.
LoanWeb supplies the resource tools you need to compare loan products & rates. One of the biggest mistake that most consumers make when shopping for a home loan is to only contact one mortgage lender. Consider this - would you only visit one dealership if you were purchasing a new car? Mortgages, like car prices, are negotiable. The best way to shop for a mortgage is to request comparable quotes from several brokers in your area. Mortgage brokers can do this for you. By shopping your loan with dozens of lenders & negotiating the rate, they can get you the best possible loan.

  • Know which home loan is best for you.
There are advantages & disadvantages to every loan. Make a point to find out what they are before applying. Visit our page on Loan Types to find out the advantages & disadvantages to each type of loan.
  • Determine the total loan costs.
To get the best rates to refinance your mortgage loan, look at the annual percentage rate (APR). Many people make a mistake by thinking that the lower the interest rate the better the loan. This is not always the case. The lender usually charges an initial fee for processing your loan - this is called "points." Don't be confused by a low interest rate if the points are high. It could turn out that your total cost may be more than you anticipated.

When selecting a fixed-rate loan, the best way to determine which terms are better is to add up the dollars you will pay for interest and fees, including points, over the life expectancy of the loan.
  • Points - are they good or bad?
It really depends on if you are looking at the short term or the long term. The longer you plan to stay in your home, the more points you can afford to pay to "buy down" the interest rate. Points are deductible, and the lower interest will more than pay for the points over time.

Know the ups & downs of lock-ins.
 
A lock-in is a lender's written promise to hold a set rate for a specified time period until the home loan is completely processed. The upside is that this locks in a lower rate when rates are changing daily. The downside is that lock-ins often cost extra and if rates go down you are locked into the higher rate.
  • Be comfortable with your mortgage lender and broker.
The most common mistake that people make is that they don't spend enough time choosing their mortgage lender and brokers. Mortgage lenders and brokers are not all equal in expertise, experience, training & trustworthiness. When speaking with a mortgage broker for the first time ask yourself the following important questions:
  •     Do I feel comfortable with this person?
  •     Do they appear to know what they are doing?
  •     Do they take time to fully answer my questions?
  •     Do they seem to want my future business?

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