How to Talk to Mortgage Lenders
Before you talk to mortgage lenders you should learn about your choices. In any time of economic distress it will be harder than usual to acquire a new mortgage or to refinance. Demand and boom and burst was created by easy credit and aggressive home mortgage loan companies offering temporary low payments which go up, but you just want a home loan. Not surprisingly, therefore, choices for mortgage loans will be your main concern…
Talk about the options with mortgage lenders about the types of loans from which to choose, but mostly to avoid.
- Find and sign up for “Fixed rate” payments (but know that the payment changes when the insurance cost and property tax changes).
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Accept the fact that fixed rates do not start low, but they are not going to have huge coming over the horizon or balloons either.
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Avoid “Variable” rate–rates goes up or down.
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Avoid “Balloon” note — refinancing options.
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Know the danger of “Liar” loans — No verification of your income and job. They have low payments for a few years and then it goes up with variable rates or balloons.
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Resist “N.I.N.A.” loans — No Income and No Assets required. They have low payments for a few years and then it goes up with variable rates or balloons.
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Fight “N.I.N.J.A.” loans — No income and No Job or Assets were needed. They have low payments for a few years and then it goes up with variable rates or balloons.
Working With Bad Credit Mortgage Lenders
Category: Mortgage lenders
