Real Mortgage Secrets Modules
Appraisals Waivers
When getting a home loan, your lender will typically require you to have an appraisal on the property. An appraisal will cost hundreds of dollars, if not a couple thousand depending on the home value. However, did you know that you can get an appraisal waived so that you don’t have to pay for it? Learn how here.
Auto Loan vs. Lease
There is a difference in computing your debt-to-income ratios if you have an auto loan vs. an auto lease. This can make the difference between qualifying or not qualifying for the amount of home loan that you are requesting. There is another secret here that most lenders do not know or misunderstand. Find out the facts here. It can make the difference in whether or not you get the home that you desire.
Can’t Qualify Due to Debt
Sometimes qualifying for a home loan is not an option because of the amount of debt you are carrying. If you have money for down payment, use this strategy to possibly qualify for your desired loan amount.
Fee Relief for Minorities
Controversial and inequitable, in my opinion, but a sign of the times. Classified minorities may be entitled to some fee relief, which can save hundreds of dollars in closing costs. Learn what to ask for to determine if this applies to you.
First Time Home Buyer Programs
First time home buyer programs are available with most lenders in most marketplaces. However, are they the best thing for you? What do they typically offer, and how to compare them with other non first time home buyer programs.
LLPAs Explained
On every home loan, there are loan level pricing adjusters (LLPA’s). Learn here what LLPA’s are, why they matter, and understand how to minimize the LLPA’s on your loan in order to get the lowest interest rate possible. Could save you tens of thousands of dollars over the life of the loan.
Mail Box Solicitations Once Your Loan Funds
When your loan has funded and recorded with your county recorder, you will begin receiving solicitations in the mail from people that seem to be current loan servicer. However, most of them are not. What to look for when determining which mail is legit and which is not. This could save you thousands in payments to unnecessary solicitors.
Making a Non-Conforming Loan a Conforming
Conforming loans typically have the most favorable terms available. However, the loan amount you need may be higher than the maximum conforming loan amount in your area. Here is a strategy to obtain the higher loan amount that you need, while maintaining the conforming loan amount threshold.
Your Loan is Sold
Chances are, your home loan will be sold once it has funded. This means the bank or lender that funded your loan will change hands to another bank or loan servicer. Did you know that this is an area that is subject to fraud, which can result in you sending your monthly payments to a shell company? Learn how to tell if your loan has rightly been sold, and the two things which MUST take place in order to prove it’s legitimate.
The Notary
A notary is required to finalize your loan journey. What is a notary, why are they necessary, and how you can potentially save $200-$300 at this stage
