FAQ’s about Mortgage

Mortgage-Products

Are you ready to have mortgage finance, but don’t know where to start? An expert real estate agent can answer all your questions. Here are some of the frequently asked questions about the Mortgage (FAQ’s) about mortgage.

1. I’ve heard not-so-good things about my lender.

If you are having your first mortgage, you should have a number of things to consider before you try to sign that contract. Have some time to know about costumer feedbacks of your lender. You should know if your lender is a reliable one or not. Also, check with financial rating companies if your lender has the capability and stability to provide you with a loan. However, if you already signed the mortgage contract, you still have a number of things to consider. First, make sure that you make your payments on time. Avoid delays so as to avoid any interests or whatsoever is in the contract. Second, be sure you record all the payments you had with your lender. In this way, you will have proof of payment whenever a dispute has come towards you and the lender.Third, if you want to make sure your lender doesn’t abuse your rights, seek legal advice. Hire a watch group to look after that lending company. It is proven that when a lending company is watched over or comes out on the media, they tend to be more honest and do the right thing.

2. What are my options in paying a mortgage and how does one differ from the other?

There are a lot of ways on how you can pay a mortgage loan. It is up to you to choose if it fits right into your budget.
· You can choose to pay a little amount every month but have a longer number of years to pay it. This way, you’ll need not save too much for the mortgage and still spend your life like the way you spend when not having a mortgage.
· You can also pay with a payment higher than what you are supposed to pay. In this way, you’ll decrease the years or months you’ll have to pay the mortgage.
· Some lenders also allow you to double your payment every month (in the event you got married and have someone to share with you the mortgage, or won the lottery, or whatever way that you can likely pay it in double). This way, the number of years you’ll have to pay for your mortgage will be reduced by half.
It is up to you on how you pay your mortgage, in which way you are most capable and most comfortable. But the best thing you should consider is how you can speed up the paying and end the mortgage loan, so as to avoid interest rates.

3. What’s the importance of checking the status of my lender from a ratings company?

Be sure to know that your lender is reliable and financially stable. You could get into a lot of stress and problems if the lender is not stable.
Furthermore, unsuitable lenders will most likely have financial issues and will not be able to track payment records right. Be sure to keep good records of all your payments, so as to make sure you have proof in times of dispute. If you don’t, the lender will charge you more money than you owe, leaving you unable to defend since you don’t have any proof of payment.

4. My bank has a high percent rate. Should I go for it? Definitely not.

Choosing your bank that has a high percent rate will cost you more even if the difference is only 1%. Check with all other options. If transferring to another bank with a lower interest rate will cause you more fees than your savings, then you better stick with your bank. Get information from other banks and compare everything, not just the percent rate.

5. If a bank has a lower interest rate, but the hassle factor is greater (meaning you’ll have to undergo a lot of requirements and other papers), then you might as well stick with your bank.

Inform your bank that other banks gave you a better rate, but you chose to stay with them. Let them know why you stayed and ask them if they can give you a much better rate. If the bank thinks you are good and worth-keeping, they’ll think of other ways on how to keep you. However, if they don’t try to work on keeping you with them, then you must be prepared to take the next step in another bank.

About Author: Veronica Barfield is a writer who is keen in the real estate industry. She also considers herself as a novelist, with her fondness of reading books especially mystery and investigative novels. She longs to travel the world and starts checking out local places for her past time. She enjoys most of her time growing bonsai trees as her own hobby. She also had a beautiful garden which is surrounded by beautiful flowers. It is where she writes all her books during her free time. Right now, she is editing some eBooks on niches, real estate and mortgage loans.

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