Comment posted What Different Types Of Mortgages Are There? I Dont Want To Be Scammed? by newmexic.
Adjustable Rate Mtgs., these usually have a low intro. rate, then they adjust to the mkt. Interest Only, which is where you only pay the interest, the mortgage comes due later, for example a balloon, you pay interest only for 10 years, then you pay the balance, pay off the loan or go into foreclosure. These listed are the reason many people now and in the next few years will be going into foreclosure. Your best bet is a standard mtg. if you have 20% to put down you can avoid paying PMI, if not you can do two loans, one for 80% and one for 20% and avoid PMI, although the one for 20% may be an interest only. Go to several places if they all pull your credit report in one month it shouldn’t have an adverse effect on your credit score.
newmexic also commented
- You do not want to be scammed, Heck I never see that on yahoo answer, Realtor and loan officer seem to be so trusted and honest.
You are doing the right thing and that is studying what is out there. Good job there for becoming informed. Since you do not want to be scammed check out this web site also it tell how the bubble was made. http://www.breakingbubble.com/index.htm
Good Luck, and keep learning. - Try Ditech we got our loan through them and it was a pleasant experience.
- There are an almost infinite number of loan programs available since each borrower has specific needs and lenders want to meet all of those needs.
You need an expert to guide you through the process. This is way too complex to go into it with limited knowledge and try to figure it out yourself.
With a 20+ year history as a mortgage lender, the following are the steps I reccomend:
Ask friends, co-workers and relatives for referrals to mortgage lenders. There are basically three types; mortgage bankers, mortgage brokers, and mortgage professionals.
Mortgage bankers work for a direct lender. The funds being advanced for the loan are the bank’s own funds and the loans are either securitized with a federal mortgage security entity or held in the bank’s portfolio. Mortgage banks may be slightly more conservative, seeking only the most highly qualified borrowers, and may have a limited number of loan programs but may also have access to some specialized or portfolio prrograms that brokers cannot access.
Mortgage brokers are independent and close their loans through a variety of wholesale lenders. They may advertise lower rates but, being a third party, their fees may be higher.
Mortgage professionals have access to both loans funded by their own bank and the ability to broker as necessary. Since, at the core, they are direct lenders, their fee structure may be the most competetive and their interest rates also.
Speak to all of your referrals on the phone and narrow your choices to 3. Remember, their object is to get you make application at first contact. Resist that urge until you have done your homework.
Your ideal choice is someone who has great references, very strong communication skills, and with whom you connect. Go with your gut.
The right loan officer will take the time to listen to your needs and goals and then explain all of your options to you so that you may make the best choice. Remember, it is your loan, your choice.
Lenders must use credit reports that they have ordered, they cannot use one you supply.
There are some things you will want to consider in order to help your loan officer limit your choices to only those loans which will suit your needs; are you a first time buyer, how long to you think you will stay in this house, are you anticipating income increases or decreases in the foreeable future, what would be a comfortable monthly payment amount for you including property taxes and fire insurance.
The right loan officer will pre-approve you free of charge so that you can present a letter confirming your pre-approved status to your Realtor to be given to the seller along with your offer.
Good luck - There are so many different programs out there and no none here will be able to tell you what’s best without knowing your financial story inside and out. So instead of that, I’d recommend you interview several different mortgage brokers. Stick with larger companies that are more likely to have a broad variety of options for you. Ask the brokers to explain the different offerings to you in generic terms then to get a little more specific about what they recommend for you. A good, honest mortgage broker will do this without running your credit. You’ll have to give them a basic idea of your financial status, and if you have your FICO score that will help. Then together you pick the package that works best for you, and make a formal application. Your credit should only be run ONCE, only when you’ve agreed to a loan package.
Any mortgage broker that won’t take the time to explain the pro’s and con’s of their various products is not worth doing business with. Move along to the next company. There are a TON of mortgage companies and brokers out there. When you enter into a contract with one, you’ve basically hired them as your employee. Make sure they really want the job before you hire them. - Lending Tree gives your info as a “lead” to other lenders who have paid to be on Lending Tree’s network. Get ready for a lot of contact from them if you give your info! To stay in control, I would contact the lenders yourself instead. Try Eloan, Ditech, and Choice Finance.
Recent comments by newmexic
- How Do Health Insurance Tax Deductions Work For A Member Managed Llc?
Multiple member LLC’s can be taxed 3 different ways:
1. As a partnership
2. As a C corporation
3. As an S Corporation
The deductability of health insurance premiums for your LLC will depend on which of the 3 types of entities your LLC elected to be taxed at (the default is the partnership form of taxation).
Typically, you will be able to deduct 100% of your health insurance premiums although there are some specials considerations for owner/officers of S Corporations who own more than 2% of the company.
If you speak with a CPA or qualified tax advisor they should be able to give you plenty of good tips. One thing that you may want to mention is a medical reimbursement plan. Here is some more detail on medical reimbursement plans: - How Much Liability Insurance Do You Need To Start A Companion Service?
Minimum business liability is $1 million. - How Much Liability Insurance Do You Need To Start A Companion Service?
You would require commercial general liability coverage as a minimum. This would protect you for any bodily injury and property damage caused by your employees/subcontractors. If they are true subcontractors then they should be carrying their own commercial general liability policies (these policies are not cheap, therefore you better be prepared to pay these “subcontractors” well if you’re going to convince anyone to sign up for this scheme). One thing to keep in mind is that sexual molestation and abuse are excluded under any liability policy. Any venture that involves working with the very young or the very old opens themselves up to this type of risk more than other types of businesses, therefore you may want to speak to an experienced commercial broker about either having this exclusion removed or finding a carrier that will provide this coverage separately. Another big exposure is if your employees/subcontractors steals money or securities from your clients. No liability policy will cover this act. You would need some sort of crime coverage with an extension/endorsement that would cover criminal acts against your clients (normally this coverage protects against criminal acts against yourself). - How Much Liability Insurance Do You Need To Start A Companion Service?
1,000,000 at least i would up it to 2,000,000 it doesn’t cost that much more. protect yourself fully or you will be sorry. - How Much Liability Insurance Do You Need To Start A Companion Service?
Well, YOU are responsible for liability for your uninsured subs, and you are ALSO responsible for their workers comp, if they don’t have their own policies.
And I seriously doubt they are true subs – if they are the ones that have to show up, they are EMPLOYEES. Calling them subs, does NOT get you off the hook for liability or workers comp.
So. Most likely, if no licensing is required, the only coverage you need by law, is Workers Comp (unless you’re in TX). But, keep in mind that if you have no general liability, and your subs/employees have no general liability YOU can be held responsible to write the checks for any damage done by your subs/employees. Even if you call them subs.
Just like, if they’re injured on the job, YOU are responsible for their medical payments and lost wages – even if you don’t have a workers comp policy. The general is ALWAYS responsible for uninsured subs as if they were employees.
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