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Top 5 Refinance Tips Your Loan Officer Doesn't Want You To Know (Page 1 of 2)
Yes! Getting a loan these days can be scary. Even experienced borrowers have been taken advantage of by unscrupulous loan officers. Don’t let it happen to you. I have five must read tips to fend off a potential loan disaster.
Before reading the tips, keep in mind there are credible, ethical, good guy (and gal) loan officers across America and they’re just as mad as you are about the rats that feed off of unsuspecting people. Make no mistake; great loan officers know it is in their best interest to make sure you are an informed borrower.
Here are some things BAD loan officers do:
· Manipulate borrowers to take loans and rates that pay the loan officer more than what is agreed upon.
· Charge much more in origination using random excuses (your credit’s not good enough, you can’t verify your income, you’re getting cash out, etc.)
· Convince people to do a loan when it’s not in their best interest.
Let’s weed out the bad guys! Here are the five tips…
Tip 1: Interview your loan officer
Ask for more than just rates. Bad loan officers will tell you anything to keep you on the phone — then change the details to suit them later. Instead, make them get real with you! Ask how long they’ve been in the industry. Probe them about their experience in the industry. Also, ask what their opinion is on the current market and where it’s going.
Listen closely. Do they have the patience to answer your questions or do they seem annoyed. Is their voice hesitant? Unsure? Pay attention to your instincts. If you have a “funny” feeling in the pit of your stomach, chances are you should move on. (More questions to ask while interviewing located in the free eBook)
Tip 2: Make sure the loan is in your best interest
Here’s the deal… most loan officers are paid on commission (many on commission only). That means they don’t get paid unless they complete a loan with you. The problem is “their loan” may not be in your best interest. You need to look at what’s being presented and decide if it meets your needs. Some things you should consider: How much is the loan costing you? Is there a term reduction? Are you adding too much to your balance?
You should do a cost-to-savings benefit analysis. This is where you take the total cost of the loan and compare it to the benefits of the loan (monthly savings, cash out, term reduction, etc). This will help you determine if the loan is worth it to you. (See examples of cost-to-savings benefit analysis in the free e-Book)
Tip 3: Consider your loan options carefully
You may be saying, “Yikes! There are so many to sort out!” True… there are many different loans out there to consider: 5/1, 7/1, 10/1 ARMs (Adjustable Rate Mortgages)… 30Yr, 20Yr and 15Yr Fixed rates… Neg Ams, Hybrid Option Arms, Helocs, etc. But, keep in mind that each loan has its own unique purpose and function. Choice is good and it’s the loan officer’s job to help you find the best loan for your purpose. That’s why it’s important that your loan officer explains the loans they are presenting in FULL detail. Again, take notes. Ask questions until you feel comfortable with the options presented.
Best Thing In Investment Loans
We can make something different out from our investment which we take earlier, if we properly manage and utilize all the resources that we have. Aside from money, because money is first preference for any investment right attitude or we can say that right view about the investment is an important factor in a successful investment. It is a good feeling that aside from the our main earnings that we have from the office, we have another income and that comes from our investments.
We all know that it is never easy to start an investment any type of investment which we know that it will beneficial for me in my future especially if we dont have enough money. Money is root for all the things which we done or which we want at present or in future. But today’s every person is hand to mouth. It is vital that we know our capacity and needs for us to be able to know what the best investment for us is. Investment loans are there for us to meet our needs and goals for future planning. Although we know that we have to pay interest for this investment loans but that does not matter if we choose the right investment and we know that it will be beneficial for us in future.
Finding the right investment loans also critical because we have to consider a lot of things. We need to make sure that it is profitable so we could sustain the monthly payment for our investment loans. Doing every possible way to gain and exceed in everything we do is most likely the best asset that we could have in this kind of field.To have reliable funding resources into our investment is also very important. We have to make sure that we have the best financial institution that supports us. By doing a research to a company who offered investment loans we can then compare the interest rates and other charges. By that, we can decide where to get the loans that we need. One thing to consider is with the help of a financial expert, aside from their advise we can learn something new.
Investing money requires a great amount of time and to be successful, it should be invested wisely. The thought of investment loans like in real estate solicits interest to a lot of individuals. For some that are new to this market, they are not often certain of the options in financing thats why we should have a financial company and good advisor for us to have everything under control.