2007-02-18 15:28:14 · 5 answers · asked by Julie M 2 in Business & Finance ➔ Renting & Real Estate
Need a bit more. What term are you looking for? Cash out or rate and term? How much equity will be left in the house? Do you want a short term or long term rate lock? Do you want to pay points? Will you be escrowing?
2007-02-18 15:34:50 · answer #1 · answered by Gary N 2 · 0⤊ 0⤋
All banks and lenders just about offer the same products and loan programs with the different qualifications in each of their programs.
Your interest rate is based on your credit score and how well you have paid your consumer debt over time, not by the company that does your loan or even complete the paper work for your mortgage application.
In order to find out the type of loan programs and interest rate you are qualified for you will have to fill out a loan application, with a mortgage broker, which you can find one in your local telephone book.
He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will run your credit report which will have your credit scores. These credit scores will determine your interest rate.
When you speak with the mortgage broker you will need the following documents to complete the loan application
#1 One month of pay stubs for each person that will be on the mortgage.
#2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment.
#3 Two years of federal income tax along with the W-2 that match.
Your mortgage broker will now order an appraisal to show proof of the property value.
The mortgage broker might ask for additional information or documentation, don't get all up tight this is normal, just supply the information or find the documents needed.
After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs.
I this has been of some use to you, good luck
"FIGHT ON"
2007-02-19 00:01:10 · answer #2 · answered by Skip 6 · 0⤊ 0⤋
It is not always about what your rate will be but what you're goals are for your mortgage. For example, how long do I plan to live there, if it isn't this home you plan on staying in forever, then you may want to look at several options before making a decision. A trained and professional mortgage broker should never try to stick you in a single loan program but discuss your financial needs and goals, then assist you in evaluating what program would best fit your individual needs. Your rate will depend upon the loan program chosen and your current credit standings. At least, that is what I do with my clients. Best of Luck!
2007-02-18 23:39:16 · answer #3 · answered by squaremissile 1 · 0⤊ 0⤋
I work with 20 lenders and get the best wholesale rate.If you can give me some details to what you are looking for such as cash out or rate and term,your income,amount to refi, credit score etc.. I would be able to give details of it.
You are free to email me; setuup4@yahoo.com
2007-02-19 11:34:41 · answer #4 · answered by Prakash P 2 · 0⤊ 0⤋
rate doesn't matter you need to see what really matters to you. payment? closing costs? term? cash out? you need to disclose what you are looking for.
2007-02-19 02:14:18 · answer #5 · answered by Kevin C 3 · 0⤊ 0⤋