Top Mortgage Lenders

Searching For The Top Ten Mortgage Lenders

If you do an online search for the top ten mortgage lenders, you will find it difficult to get an actual list of the top 10 mortgage lenders. In most cases, you will find many results other than the top 10 mortgage lenders in your search results. Several of the search results will list all the top mortgage lenders. This list might be the top 50 mortgage lenders, or the top 100 mortgage lenders. This isn't necessarily a bad thing. The larger the list of mortgage lenders, the more information you can get about getting a mortgage.

In some cases, the search result for the top ten mortgage lenders will generate a list of mortgage lenders that have requested to be placed on a list of the top ten mortgage lenders. Because this list is primarily based on advertising revenue, you may not feel that you have found an accurate list of the top ten mortgage lenders. In this case, you will want to continue searching for the top mortgage lenders, but you will want to refrain from trying to limit the search to the top ten mortgage lenders.

Tips On Finding The Top Mortgage Lenders

When you are searching for a mortgage lender, you will want to talk to many different people. Not only will you want to talk to friends and family to get the names of mortgage brokers or bank loan officers who have helped them, but you will also want to talk to your current bank. Sometimes, a bank or credit union will offer special deals to a current customer. If you decide that you do not want to work with your current bank or credit union for a mortgage loan, you will want to decide what type of mortgage lender you want to deal with. Remember, you will be working with this mortgage lender for a long time. You do not want to choose a mortgage lender that makes you uncomfortable, or one that does not have good customer service.

The Top Mortgage Lenders

As a general rule, searching for the top mortgage lenders will generate a large list. This list may include large banks such as Wachovia, Chase Bank, or AMSouth Bank. However, banks are not the only companies that offer mortgage loans. Searching for the top mortgage lenders will also generate a list including government agencies like Fannie Mae or Freddie Mac, or mortgage lenders like National City Mortgage, Ditech, or Countrywide. If you read the news, you know that some of the larger mortgage lenders have been having money issues. They may not be offering new mortgages, or they may offer new mortgages with a higher interest rate. You will want to make sure that you verify how good their customer service reputation is. In some cases, you will want the most current customer service information. Some of the top mortgage lenders are having issues when they have not had issues before.

The Top Ten Questions To Ask

When you do a search for the top ten mortgage lenders, one of the results may be a list of the top ten questions to ask your mortgage lender. http://homebuying.about.com/od/findingalender/tp/LOques.htm These questions are important in your search for a mortgage lender. When you ask a potential mortgage lender the questions from this list, you will want to pay careful attention to their answers. If any of the answers do not match what you want from this mortgage lender, you can continue on to another mortgage lender.

If you ask your mortgage lender which type of loan is best, they should ask you questions about your situation before answering. If they do not, they may not be the best choice for you. Before you sign for any mortgage, you want to make sure you understand what your interest rate is. The current high foreclosure rate is because many people got adjustable rate mortgages, but were unprepared when the interest rate reset to a higher rate. This reset forced their mortgage payments higher, even to where they are unable to afford them. If you get a mortgage with an adjustable interest rate, you will want to make sure that you can afford the payments if and when the interest rate resets.

Top Mortgage Lenders For First Time Buyers

At times, first time home buyers may have difficulty finding a mortgage lender that will work with them. Many mortgage lenders only want to deal with buyers who have had a mortgage before, so they have an idea of how well the buyer is going to pay their mortgage.

Because of this, if you are a first time home buyer, you will want to do research to find the top mortgage lenders for first time buyers.

Finding A Mortgage Lender

A first time home buyer will want to do a search for the top mortgage lenders for first time buyers to get an idea of whom they should talk to. Some of the top mortgage lenders advertise that they will work with first time home buyers. However, with the issues that many mortgage lenders have been having with the sub-prime mess and the housing bubble, you will want to make sure that you are dealing with a company that will not go out of business because they have lost so much money.

If your credit isn't ideal, and you are a first time home buyer, you will still want to do a search for the top mortgage lenders. Once you have the list of the top ten mortgage lenders, you will want to start by talking to a mortgage broker instead of a bank or a credit union. As a general rule, a mortgage company will be more lenient when dealing with someone who has poor credit. If you belong to a credit union, you may wish to talk to the credit union also. You can compare the rates between the two mortgage lenders to decide which lender you wish to deal with.

Down Payment Assistance For A First Time Home Buyer

In some cases, first time home buyers can get down payment assistance to help with the down payment and closing costs when they purchase a home. Any of the top mortgage lenders will know if there are any programs available in your area. Sometimes, it depends on where you work or how much you make whether you can get down payment assistance. At other times, you simply need to be a first time home buyer. Additionally, some government agencies will offer down payment assistance, if you have not owned your own home in at least three years. With help from your mortgage lender, you can get information on these types of programs to verify if you qualify for any of them.

The Top Mortgage Lenders

Whether you are a first time home buyer, or you are buying a different home, you do not need to limit yourself to mortgage lenders that advertise in your area. Many of the top mortgage lenders are available online to assist you with your mortgage. Online mortgage lenders include companies such as Ditech ® , or ING Direct. If you are trying online companies, you can also talk to Quicken Loans ® and eLoan ® . These four companies are some of the top mortgage lenders; however, they only offer their services online.

At first glance, LendingTree ® may seem to be another online mortgage lender. In actuality, they offer the ability to have your loan application go to several different mortgage lenders. There are advantages and disadvantages to using a company like LendingTree ® in your mortgage search. Since the application goes to several different banks, you have more choices in interest rate, and how your loan is handled. However, LendingTree ® has a minimum that they will assist you with. You need to be looking for a mortgage that is more than $100,000. In many areas of the country, this is not an issue. However, in some areas, many houses would not qualify for this type of assistance.

FHA is a government program that assists home buyers in getting a loan. This program is different from LendingTree ® or other commercial loan assistance. Since FHA backs the loans, the banks tend to be slightly more lenient with credit problems. In many cases, FHA backed loans are available through several different banks in any specific area. The FHA website has a toll free number that you can call to get a list of banks in your area that offer FHA loans.

Searching for the top ten mortgage lenders will help your narrow your search for a mortgage lender. Though you may come up with more than just ten mortgage lenders, you will have an idea of who may be able to help you with your mortgage. In some cases, the above listed mortgage lenders will be among the top ten mortgage lenders. In other cases, you may decide that a local mortgage company has a better deal than anyone else you have spoken to. If you are a first time home buyer, you will want to keep your options open until you determine who has the best deal for you.

Options for Creative Financing

One option that most consumers are familiar with is a balloon payment. This option helps consumers who cannot afford the full monthly mortgage. The new homeowner pays a smaller monthly payment for a certain number of years. The full balance on the mortgage becomes due after ten years, for example - thus, the term balloon payment. The homeowner can either pay the amount in full or refinance it. However, this option does not always work out as planned. Situations could change and the homeowner may not be able to refinance or pay the full amount. This could lead to foreclosure or having to sell the house.

A graduated payment is a creative mortgage financing option, which may take the place of a balloon payment. This alternative consists of increasing the monthly mortgage by $50 each year for ten consecutive years with a balloon at the end of ten years. The advantage to using this alternative is that, unlike the balloon payment option, the balance at the end of ten years will be much smaller. A smaller amount is easier to refinance even if the property's value decreases. The refinance loan would be approximately 50 percent loan to value. Even if the owner sold the house at the end of ten years, he would not have to put out-of-pocket money. This option is more practical than a simple balloon payment loan.

A second creative mortgage financing option is to have the seller carry the mortgage. If a seller is eager to sell his house, he may agree to carry the mortgage at a lower percentage rate than if the buyer went through a financial institution. The downside is that he may need to put down a considerable down payment.

A third alternative for creative mortgage financing is for the seller to split the note he's going to carry in two. This works when a seller wants more cash than the buyer can offer. For example, a seller agrees to carry a $40,000 note and wants $7,000 in cash, which the buyer does not have. He can split the $40,000 in two, a $10,000 and a $30,000. He can then sell the second note for $7,000 and carry the third note. He will receive the cash he was asking for, and the buyer will still pay the same amount in the end. The only difference is that he will need to send a check to the holder of the second note.

Finally, inquire whether your realtor will take a note in lieu of cash. Some realtors agree to take a note in place of their cash commission. They then sell the note at a reduced value. Although this may mean a reduced commission, it's better than losing the whole commission.

Advantages And Disadvantages

Creative mortgage financing has advantages and disadvantages. One advantage is that the buyer can obtain real estate property without using his own resources. He may obtain a mortgage at a lower interest rate (in some situations the seller may not even charge interest at all) than through a bank or other financial institutions.

On the other hand, a person using creative financing must be knowledgeable about the various options to avoid scams and fraud. Otherwise, he may end up with a financial disaster on his hands. It is essential to ensure that the loan is a straightforward business proposal. Ideally, there should be contracts and written agreements to avoid misunderstandings. The buyer needs to make sure that he understands what he is agreeing to before signing the contract. If the terms are not clear, it's better to seek the services of a real estate attorney. It's better to pay a small fee to avoid future regrets

Where To Find Creative Financing

Some lending institutions have designed creative alternatives to attract more business. You may want to consult with your personal bank and see if it offers real estate alternatives. However, when most people think of creative mortgage financing, they think of negotiating with the seller. Many sellers are in situations where they have to sell a property, either due to a death in the family, an illness, financial difficulties, or a number of other reasons. They sometimes advertise in newspapers their willingness to carry a note or to help with closing costs or other fess.

Overall, creative mortgage financing is a great way to own a home or to obtain additional investment properties. Nonetheless, it's important to have knowledge about real estate transactions and procedures. There are online resources such as CREONLINE.com where a person can learn about the various techniques. Battlecall.com is another online resource for real estate sellers and buyers. These are just a couple of examples of online resources. There is an endless list. Take advantage of them. Through these resources, you can learn what your options are, the benefits and disadvantages, as well as how to protect yourself.

Top Mortgage Lenders

When you're looking for a mortgage, it's hard to tell where to look. You want to make sure you choose one of the top mortgage lenders to handle your mortgage.

You also want to make sure that the mortgage lender you choose is one of the top mortgage lenders in the field. Because of the changes in the mortgage industry today, you will want to make sure that you find the most current information when you are searching for the top ten mortgage lenders in the United States.

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