Verify that your loan consultant has a National Mortgage Licensing System Number

The first step you will need to do is make sure that you are working with a licensed mortgage consultant. Effective in 2010, both mortgage bankers and home loan brokers have to be licensed. Each loan officer must have a license number that is part of the National Mortgage Licensing System (NMLS). Each loan officer must display their NMLS number on any form of marketing materials, website, and any other advertisements. You should always ask a loan originator if they have a NMLS number. Finally, loan officers can only originate loans in states they have a license in. For example, if I have a mortgage license in Texas, then I can only originate Texas home loans.

Compare Apples to Apples

The hardest thing to do when comparing a home mortgage loan is trying to compare mortgage offers from all the different lenders. The reason for this is that many lenders have different closing cost and offer different rates, but if you understand how to ask the right questions, this process can be simpler.

First, do not ask the question, “What is the best rate you can give me?” This question is open ended and closing cost plays a major factor in the rate. The best rate a company can offer you will have the highest closing cost. When trying to compare offers from other mortgage lenders, this can be tricky. Instead, you should ask the question, “What is the lender closing cost associated with a 30-year FIXED rate home mortgage at X%?”

This question is direct and will make choosing a mortgage lender much easier!

Every lender can tell you what the lender closing cost will be at a particular rate. For example, Lender A charges $2100 in lender cost for a rate of X% and Company B will charge $2500 in lender closing cost for the same rate. When comparing these numbers, it is easy to see that the Company A is offering the best deal!

When comparing closing cost, only compare the LENDER closing cost. Most mortgage companies will estimate 3rd party charges like title company fees or attorney fees and prepaid items like property taxes and home owners insurance. These fees are estimated and are charged by other companies other than the lender . Let’s use the same mortgage companies in the example above and say that Company A estimated prepaid and 3rd party fees at $3500. Company B estimated these fees at $2500. When you add their home loan lender fees to the closing cost estimate, Company A is at $5600 and Company B is at $5000. It looks like Company B is offering the best deal , but since these are only estimates, Company A is still offering the best deal since they have $400 less in LENDER fees. Think of LENDER fees as the charge for the interest rate. These are also the fees that the lender has control over!

Finally, when comparing home loans, compare like rate offers meaning that if you are getting a quote for a 30-year loan at 4.75%, make sure that all offers you are comparing have the same rate. Also, make sure you are comparing the rate with the same home loan program. For example, compare FHA mortgage rates with other FHA home loan rates. You do not want to compare a FHA home loan with a Conventional home loan since these are two different types of mortgage programs.

Hopefully this will help when shopping for a home loan.

David White is a Mortgage Officer specializing in Texas Home Loans. David has over 10 years experience in the mortgage industry and can assist you with finding the right Home Loan.

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Current Mortgage Interest Rate

It is definitely a good indication for you to research refinancing when your current interest rate is higher than available home loan packages on the market. A first step to take is to go back to your current bank or financial institution and ask them to revise your package, otherwise known as repricing. If your lender comes back with an offer, it will commonly be better than your current one. You can then compare this offer with offers from other lenders to see whether you should switch or stay put.

Lock-in and Clawback Periods

When you take up a mortgage, there may be a lock-in period where your mortgage lender will charge you a penalisation fee, commonly a percentage of your outstanding loan amount, if you were to fully repay your loan. Almost all housing loans also come with a clawback period where the lender will claim back “freebies”, such as legal expenses, that they “gave” you when you take up your mortgage (Note: lock-in period is separate from clawback period). It may not be commendable for you to refinance due to such costs.

Loan Quantum

The larger your home loan amount, the larger your savings for the same reduction in interest rates. For example, 1% on a loan of S$100,000 is much less than 1% on a loan of S$500,000. However, fixed cost to refinancing, which comprises mainly of legal fees, do not vary much with loan quantum. The difference between your current and refinancing interest rates, therefore, has to be bigger for a relatively smaller loan as fixed cost eats into a more fundamental share of your interest rate savings.

Perceived Interest Rate Movements

Your view on how interest rates is moving can be a factor when considering whether you should refinance. If you are currently on a fixed rate package and think interest rates are dropping, you may want to refinance to a floating rate package. Conversely, if you are on floating rates and believe interest rates are skyrocketing, shifting to fixed rates may be a solid choice.

Personal Financial Appraisal

If there is a change in your financial state, you may want to alter your package particulars via refinancing. For instance, you are starting your own company and do not want unpredictability in other areas. Give some consideration to taking up a fixed rate package. Maybe you want cash to invest in another place. Consider raising your loan quantum. Or your monthly income has increased and you want to reduce interest loan payments. Contemplate reducing your loan tenure.

If looking through this article is giving your a headache or you simply want to save yourself the trouble, contact us for a non-obligatory mortgage consultation. Our professional advisors not only frees up your time but also do not charge any fees to help you get the best deal. Refinancing does not have to be a boring process.

Learn more about a premier Housing Loan advisory firm, providing Housing Loans with free mortgage broking. You are welcome to reprint this article – but get your own unique content version here.

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I cant remember the last time I got 3 leads in one day ” let alone 15 minutes! Ramona said.

The number one rule in marketing today is to provide information that the consumer is seeking.

Internet 2.0 floods the airwaves with information, information and even more information. Consumers ” your clients ” are looking for someone who is knowledgeable that can cut through all of the noise and tell them what they must know to succeed. By providing your sphere of influence with good sound bites of concrete information, you position yourself as someone who can do just that.

Social Media = social proof:

What you know is important. But whats even more important is how many people know you. The old adage Its not what you know but who you know no longer applies. Using tools like twitter and Facebook, you can exponentially grow the number of people that know about you and what you do.

Red Riding Hood and the Big Bad Wolf: Entice your prospects by disguising your pitch in a tasty morsel:

For die hard salespeople, this is probably the toughest point to hammer home. Think about it this way: how much Spam are you happy to receive and read? The quickest way to ruin any chance of success on the Internet is by pitching your product. If there is even the slightest whiff of a sales pitch, youre done ” toast. Game over. When it comes to selling on the Internet, Just say no! So what to do instead? Follow Ramonas lead. Tease them with a compelling sound bite of delicious information. Then theyll come running for more.

Ramona was not playing tax accountant by sharing this information. She was simply sharing a tidbit of information that hopefully would pique her audiences curiosity. Questions? Tweet me back! The tweets that Ramona got back were people (tweeples?) that raised their hands to say, Tell me more. Im interested! In a very subtle way, she reminded her friends about what she does for a living ” and not just HER friends, but their friends too! She successfully engaged them in a conversation about her area of expertise ” real estate.

Looking for similar results? Do what Ramona did ” attend a New Market Leaders teleseminar. Real Estate Marketing Results and download a *FREE* tele-class now for free Real Estate Marketing Results You Can count on to Restore Your Income

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Don’t take things lightly here either because the family’s well being depends on your decision for one health insurance plan or another.

Sometimes it is really difficult to understand the basics from the language used in the contracts of various health insurance providers. You will need to document on prescription drugs and their fees, hospital co-pays, coverage maximums, deductibles and so on.

Health insurance providers can be chosen from the public or the private sector, but actually come to shop for health insurance when the employer does not sponsor part of the policy. When you are on your own, you definitely need to be careful to avoid paying a small fortune every month.

Another thing that should not be overlooked when analyzing the offers of various health insurance providers is the possibility of major life changes. Retirement, marriage and pregnancy bring changes to the health insurance policy.

Even with employer-sponsored health insurance, the personal needs and the coverage benefits have to be compared in order to identify whether any additional service is necessary. Always choose to continue medical collaborations with doctors, shop for proper baby care and only then be concerned about low premiums.

People with pre-existing health conditions are in a more special position when it comes to choosing between health insurance providers. Health evaluation prior to the signing of the policy is common practice with many health insurance providers, and the pre-existing health problem is seldom covered.

Solutions are available for such cases too, but you need to find who to work with. High-risk consumers are the beneficiaries of special insurance coverage, and if you qualify for it, medical services should not be a problem. Check with the official state organization and find out what possibilities and options you’ve got.

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If you are buying a home for the first time you should take the time to learn something about real estate. Make sure you understand the terms of real estate contracts and mortgages. Don’t buy a home that costs more than you can afford to spend. Make sure the house doesn’t need expensive repairs.

Consider the neighborhood. Are the other homes well kept? Look into crime statics for the area. Keep in mind that homes in upscale neighborhoods come with upscale price tags. Make sure the house is in good repair, or that the seller will do necessary repairs before the sale. Make sure you lender will provide a mortgage.

If the home need repairs and the seller is not willing to complete the repairs, you may still be able to buy the home. Try to use repair issues to leverage for a lower price. The mortgage company may require an escrow for major repairs, so if you can’t put up the money you may be unable to get a mortgage. The most important areas of the house to check are the basement and the roof. Look for evidence of leaks or flooding. Mold can be a serious and expensive problem.

In the kitchen, check how many appliances are there to estimate if your appliances can fit in without additional outlets; check the floor, is it level or does it shake? Inspect the floor for stain — can these be removed with the usual cleaning mop and cleansers? If the sink top is marble, examine if it needs to be re-polished. Inspect the plumbing. Are there leaks? How about the tap water? Does it run well or drips?

In the bathroom, are there bath cabinets? Well maintained bath cabinets should be an asset not a collapsing liability. Look at the plumbing; turn on the tap and flush the toilet. If it works fine, there won’t any problem. To be sure, bring along a plumber to inspect the plumbing in all areas – kitchen, bath, garage, and at the backyard.

Visit the attic should to check it for water stains and the durability of the structure. Does the attic have ventilation and insulation? After you have done the rounds of the interiors, check out the exterior. Are the doors and windows secured? How many entrances are there? Does the house have a fire escape?

After the interiors and the exteriors, check out the neighborhood. Do some research about the crime rate in the area. Is your house vulnerable to break-ins? Is the next neighbor a mile away? Are the houses crammed into a little neighborhood? After visiting the house on a nice sunny day, visit it on a rainy day to see how it fares. If there’s no problem, then make a deal according to the mortgage you can afford.

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If youve been selling for as long as I have, you may find, like I have, that not selling is one of the most difficult lessons you will need to learn about social media marketing. Sometimes, Im not even aware that Ive done it ” pitched the reader, that is! The key to success in using social media is to use pull marketing by providing your ideal prospect with great information that they can use now.

So how do you do that? First Step: Determine who your ideal prospect IS. A helpful exercise is to sit down and write a paragraph or two as if THEY were writing it about what they want, what their concerns are, what information they need to make a decision. Writing as if you are your prospect talking to you about their needs will give you amazing insights.

Second Step: Go to Google Trends (http://www.google.com/trends). Check out the buzz for today. Pick a topic.

Once you have identified a topic, you can post something as simple as a brief comment on Facebook or Twitter. For example, Ramona S., one of our coaching club members, went to Google Trends and discovered that the First Time Homebuyer Tax Credit was a hot topic that day. She posted a brief comment on her Facebook profile about it and had 10 people write her back requesting more information about it. Of those 10, 3 were real buyer leads!

A more advanced strategy is to write an article and post it to your blog and to E-Zine Articles (www.ezinearticles.com). Writing a full article or a blog entry gives you instant authority and credibility. Nothing builds a relationship with your ideal prospect faster than well-written articles with great information.

Here are a few pointers for crafting a well-written article:

The Headline

Your headline is the most important part of your article. If it isnt compelling, your article will not be read. Be sure to include your keyword so that the search engines find it. Start noticing headlines on newspapers and magazines. You may want to keep the best ones in a file to jog your thinking when you sit down to craft your own article. (Bonus Tip: The tabloids that you buy while waiting to check out at the supermarket are absolutely EXPERT at writing attention-getting headlines!)

The Body

Ideally, you will want to keep your article between 350-500 words in length. Write in a causal, conversational style. Avoid technical jargon or formal language. At least 5% of your article should be your keywords. This means that if you have a 500-word article, try to use your keyword about 25 times throughout. Keep your paragraphs no more than a few sentences. Use bullet points and subheads liberally. (Another Bonus Tip: You can outsource the transcription to www.elance.com.)

The Resource Box

To close your article, you will want to include a call to action. THIS is where you FINALLY are allowed to pitch your product. However, if you dont offer a compelling reason for them to contact you, they wont! Be sure youve included a link to your website so they are able to contact you and request additional information. Dont go through all the hard work of providing excellent information only to lose them because youve neglected to tell them how to contact you.

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Most folks currently get befuddled when searching for a mortgage because of the huge variety being offered. It’s easy to rid yourself of this confusion by just browsing to some of the established mortgage sites where you can locate loads of current mortgage info. You certainly spend the time to do this because it is in your best interests to understand mortgages completely before signing a mortgage commitment.

Even in the current situation there are 1,000,000’s of people trying to get mortgages. With any hope they all understand what they are getting into and what a vast responsibility a mortgage is. Everyone should take the time to get a grip on their personal monetary situation and fully understand their budgets and expenditures prior to signing a mortgage. Keep in mind that this is a loan you will have for between 20-30 years and to be prudent you may want to consider professional guidance.

I’m certain that no one reading this is a mortgage professional. You should understand that consulting with a mortgage professional will help you not only locate the optimum mortgage for you, but also help to avoid typical mortgage financing problems. Many mortgage professionals have lived through a few housing cycles and have encountered many varied lending issues. They can help you avoid issues not just presently, but also in the future.

A mortgage expert will be able to assist you not only with mortgage rules and prerequisites, but also with your own financial situation in addition to advising you on the projected direction of mortgage rates. If interest rates are moving south it may be in your best interests to wait a few months to a year prior to getting your mortgage. A lower mortgage rate can lower your monthly payment or allow you to buy a bigger and more luxurious home.

Through planning in this manner you can sidestep the type of financial disaster presently affecting so many people who didn’t sufficiently plan prior to entering into a mortgage commitment. Home mortgages are a great way to establish your credit, amass wealth and increase your standard of living, but only if you comprehend what you’re getting into. Don’t make the error of agreeing to a mortgage prior to doing your due diligence.

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These days we’re seeing more and more homes going into foreclosure. This is due in part to the economy, and in part to the sub-prime lending fiasco of the past few years. Sometimes it’s simply due to borrowing beyond one’s means, or unexpected financial setback such as losing a job.

A foreclosure is legal proceeding in which the holder of a mortgage, or other lien holder, usually a lender, obtains a court ordered termination of the agreement and takes possession of the property.

When someone takes out a home loan or mortgage, the bank or lender gets a security interest from the borrower, in essence pledging the house or property as security for the loan. If they default on the payment terms, the bank or lender can try to repossess, or foreclose on the property.

While the main reason for foreclosure is failure to pay the mortgage note or loan, it isn’t the only reason. Property tax that hasn’t been paid, overdue HOA dues or assessments, even unpaid contractor bills are all problems than can lead to a foreclosure action.

The foreclosure process as it relates to a residential mortgage loan happens when the bank or other secured creditor takes possession of the property after the owner has failed to comply with the mortgage agreement. Most commonly, this is happens as a failure to meet payment of the home loan.

In foreclosure, the lender can opt to try and sell the property and keep the proceeds to pay off its mortgage and any legal costs. When this happens, this is considered as a lender foreclosing on the mortgage or loan. While there are some legal remedies, it is obviously much better to avoid going into foreclosure to begin with.

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In today’s real estate market, it is more difficult than ever to qualify for a mortgage. With delinquencies on the rise, your credit score needs to be good, if not stellar, for lenders to approve your loan.

Still, very few people understand credit basics. Even people who have owned multiple homes do not understand exactly how credit works.

This leads us to the simplest question of all. What is a credit bureau?

A credit bureau is a huge repository that stores date on most Americans. This information includes names, social security numbers, addresses, employment and, of course, credit history.

Some people think that when something on their credit report is inaccurate, the credit bureau is to blame. Many times, a lender will hear the statement that Experian is not reporting my car correctly.

This is not accurate! It is the lender that has reported incorrectly.

The credit agencies collect data, but they do not confirm that anything they report is accurate. They simply report the information given to them by the creditor. Unfortunately, this means that that the lender can report anything regardless of whether or not it is true.

It is estimated that between 40 and 70% of credit reports contain errors. These errors can lead to increased interest rates, credit refusal and even job rejection.

Since without your involvement, your credit report is simply a large collection of unverified information, the federal government has numerous consumer protection laws in place.

It is imperative that you understand that the only time information in your credit file is verified in any why is if you file a dispute with the credit bureaus.

When you file a dispute, the lender must prove that the item is accurate with in 30 days. If they do not confirm that the item is valid, the trade line is required by law to be deleted from your file.

There are many keys to maintaining a high credit score. One of the most important is consumer knowledge and active involvement in monitoring your score.

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The mortgage IR has been known to rise and fall, and when it’s at an all time low, it may be time to buy a new property or refinance an existing loan. But how do you know which finance company will be offering you the best mortgage rate? The options are lots and each will promise to offer you the best deal possible. However, by arming yourself with some basic facts, you’ll be able to find the best mortgage rate for your loan.

Comparison shopping online is the easiest way to find the best mortgage rates. You can keep up with the current rates weekly and you can track the rates from all of the leading banks and lenders with a single click. If you have already decided to use a particular lender, you can always use the rates of the competition as a negotiating tool.

To make your comparison shopping more accurate, you must be in tune with the kind of costs that may be tacked onto a stellar mortgage rate. It does not do much to arrange a lower rate if the points and costs are going to skyrocket as a consequence. When talking to lenders, you mostly wish to find out whether points are charged to get the rate you are asking for and how much the bank charges to process and close your loan. It is important to factor in these tidbits of information, since a 5% rate that charges 4 points may not be an improved deal than the 5.25% with no points after all. And points can be bartered in some instances just like the interest can – especially if you know what’s going on at the lender down the street.

The higher your credit score, the more likely the bank is to give you the best rate available. With a credit score of over 700, you can be more in control of the negotiations with the bank because you have the capability of getting a low rate with almost any financial institution.

It does not matter if you are searching for a new home or refinancing your current loan, knowledge is the key to getting the best rate possible. Whenever you are dealing with a b bank or lender, make sure you are armed with as much information as possible.

When you are in the market for a new home or looking to lower the payments on a current property, a new mortgage will be the logical plan. However, there are many finance firms that will be vying for your business, offering you the best mortgage interest and the most reasonable terms. Before you jump into the lending pool, it helps to have some basics under your belt so that the entire process goes more smoothly.

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