Home Mortgage Loan Tips For Anyone Buying A Home

If you are buying a home, making a larger down payment today not only saves thousands of dollars over the life of your home mortgage loan, it also means you can buy a larger more comfortable home for your family. Where can you get more for your down payment?

Get Full Disclosure Broker Fees and Points

Try to use a home loan broker who will fully disclose their fees and the actual rates and points available to them. If you already have a lender, check line 812 of the good faith estimate to see if you had to pay any broker fees. If you have refinanced recently, you may need to check your original mortgage paperwork.

Next, try to find a home mortgage loan lender that doesn't charge an origination fee. If you already have financing, this will be on the first line of the good faith estimate.

Other charges by the home mortgage loan broker that you can avoid could include document preparation, application, and processing fees.

Interest Rates Will Change - The "Float" Provision

You may choose to float your rate and points if you feel that interest rates will fall before your closing date. This will give you a one-time opportunity to lock-in at a lower interest rate before your closing. Be aware that this is only effective while you are still able to switch lenders. After that point, the lender has no reason to honor the float provision. If you're scheduled closing will not allow you to shop lenders again should you need to back out, you can ask your current lender to quote you the lock-in rate currently being quoted to new borrowers.

You May Be Able To Take Advantage Of A Delayed Lock-in

Your rates will change from the amount quoted to you if for some reason the lock-in is delayed for a period, say over the weekend. If the interest rates go up, your rate goes up. But if interest rates go down, your quoted rate will remain the same. You must watch the rates on the day you will lock-in. You could save $4000 on a $150,000 15-year home mortgage loan if the rates changed from 6.25% to 6.00% over the weekend.

Loans Advertised As No Cost

No cost loans usually have high rates so you wouldn't be shopping for loans from these lenders. If you are looking at a "no cost" loan, be sure to check the APR. The APR and the advertised interest rate need to be almost the same. If there is a large discrepancy, it is because there are fees somewhere.

About Home Buying / Selling Home Buying / Selling
Does a Bank Only Do a Short Sale if a Seller is Delinquent? - Many sellers automatically assume that they have to be delinquent to do a short sale. I've heard agents express the belief as well -- that short sales are granted only to sellers who are delinquent. Not only that, but they believe the property has to be in foreclosure. That's not necessarily true. Even a HAFA short sale allows a seller to apply for the process while not yet in default. Of course, with a HAFA, foreclosure must be imminent, but that doesn't mean a seller needs to be delinquent upfront. More Articles by Elizabeth Weintraub: Exactly What is a Short Sale? What Does a Short Sale Listing Agent Do? Explanation of a Standard Short Sale Procedure Technorati tag: short sale delinquent _{At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.} Does a Bank Only Do a Short Sale if a Seller is Delinquent? originally appeared on About.com Home Buying / Selling on Monday, February 6th, 2012 at 05:00:36. Permalink \| Comment \| Email this ... [more]
How to Get a Mortgage When You Have Bad Credit - The problem with getting a bad credit mortgage is it's expensive. The only people making loans to people with bad credit are the guys who are charging an arm and a leg for the mortgage. They can get away with it because as long as they follow state usury laws and people are willing to take their money, it's legal. For some borrowers, those who have gone through a foreclosure or a bankruptcy, a bad credit mortgage is better than no mortgage. If you go that route, just don't plan on sticking with the mortgage for any long period of time. Make it a short-term solution . . . read more about taking out a Bad Credit Mortgage. More Articles by Elizabeth Weintraub: What is a Hard Money Loan? How to Buy a Home With Bad Credit Buying a Habitat for Humanity Home _{©Big Stock Photo} Technorati tag: bad credit mortgage _{At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.} How to Get a Mortgage When You Have Bad Credit originally appeared on About.com Home Buying / Selling on Friday, February 3rd, 2012 at 05:00:08. Permalink \| Comment \| Email this ... [more]
Should You Write a Back Up Offer? - Buyers don't often think about putting in a backup offer. I suspect it's the fear of the unknown, and buyers probably think it's not worth their time. Another reason could be because a backup offer is not a sure deal so agents discourage them as well. Agents like to close transactions because that's how we get paid. If an agent is writing only one offer a month, that agent probably can't afford to wait to see if the buyer will get lucky. That agent wants the buyer lucky right now. And lots of buyers don't want to wait, either. They want to know right now if they can buy that home . . . read more about a Backup Offer. More Articles by Elizabeth Weintraub: What is a Notice to Perform? Top 5 Lowball Offer Mistakes Is it OK to Make Multiple Purchase Offers? _{©Big Stock Photo} Technorati tag: backup offer _{At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.} Should You Write a Back Up Offer? originally appeared on About.com Home Buying / Selling on Wednesday, February 1st, 2012 at 05:00:40. Permalink \| Comment \| Email this ... [more]
How Flexible is That Short Sale Price? - After all these years of short sales, there are still buyer's agents who ask if the seller is willing to take less than the advertised short sale price. Not only is a listing agent prohibited from answering that question due to her fiduciary relationship with the seller, but it's a stupid question. OK, maybe stupid is too strong of a word. Perhaps ignorant is a better modifier. Or, maybe I just expect more out of a buyer's agent? If an agent doesn't understand how short sales work, then the agent has no business representing a buyer for a short sale. More Articles by Elizabeth Weintraub: The Benefit to Buying a Short Sale The Standard Short Sale Procedures The Basis for Short Sale Rejection By Banks Technorati tag: short sale price _{At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.} How Flexible is That Short Sale Price? originally appeared on About.com Home Buying / Selling on Monday, January 30th, 2012 at 05:00:26. Permalink \| Comment \| Email this ... [more]
Struggling Homeowners Take on Roommates - In order to reduce expenses, some cash-strapped home buyers are teaming up with a friend to buy a home together as tenants in common instead of buying as a single person. Personally, I think most single people are better off trying to qualify for a home on their own and taking on a roommate in a rental capacity rather than in a co-owner capacity. The reason is if it's your home, it's your rules. If you own a home with another person, you've got to make compromises. Plus, taking on a roommate can help make your mortgage payment more affordable . . . read more about Roommates. More Articles by Elizabeth Weintraub: 10 Good Reasons Not to Buy a Home Buying a Home the Seller Rented Safety Tips for Women Home Buyers _{©Big Stock Photo} Technorati tag: roommate _{At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.} Struggling Homeowners Take on Roommates originally appeared on About.com Home Buying / Selling on Friday, January 27th, 2012 at 05:00:40. Permalink \| Comment \| Email this ... [more]
Buying Before Dumping Your Short Sale Home - I get calls from a lot of underwater sellers who ask about buying a new home before selling a short sale. It's a perfectly reasonable question. Sellers want to know if they should buy a home while their credit is still good and before they do a short sale. Seems to make sense to a lot of people. But it's not as easy as one may think because there are basically 3 ways to buy before a short sale, two of which automatically disqualify a seller from buying. The first thing to think about is why would a short sale lender let you do a short sale if you could qualify to buy a new home? . . . read more about Buying a New Home Before Selling a Short Sale. More Articles by Elizabeth Weintraub: Do You Need a Lawyer to Do a Short Sale? Top 10 Reasons for Short Sale Failures How to Do a Bank of America Short Sale _{©Big Stock Photo} Technorati tag: buy home sell short sale _{At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.} Buying Before Dumping Your Short Sale Home originally appeared on About.com Home Buying / Selling on Wednesday, January 25th, 2012 at 05:00:02. Permalink \| Comment \| Email this ... [more]
How Long Should a Seller Wait for Offer Acceptance? - You can't put off offer acceptance or rejection. I realize that sellers would prefer to have the luxury of a little bit of time to think about an offer and ponder its significance. The amount of money a seller nets can make a huge difference and has a bearing on future plans. It's a big deal to sell a house. Sellers might need to discuss the ramifications of an offer with other family members. But it's also a big deal to the buyer. Buyers don't want to wait very long to get an answer. The longer a buyer waits, the more anxious a buyer becomes. Plus, if a seller drags her feet, a buyer might think the seller is playing games, maybe waiting for a better offer, and that can infuriate a buyer like there is no tomorrow. More Articles by Elizabeth Weintraub: What is a Backup Offer? How to Negotiate Multiple Purchase Offers Making a Good Offer on a Home Technorati tag: offer acceptance _{At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.} How Long Should a Seller Wait for Offer Acceptance? originally appeared on About.com Home Buying / Selling on Monday, January 23rd, 2012 at 05:00:33. Permalink \| Comment \| Email this ... [more]
How to Buy a Cheap Foreclosure - Buyers tend to lean toward checking out foreclosures for one reason and one reason only, and that is to buy a cheap foreclosure. Because it's the cheap price on that foreclosure that makes up for the hassle of dealing with the bank, the asset manager, the confusing bank addendums and the foreclosure bank's 'as is' policy. At least in theory that's how it's supposed to work. But not every foreclosure is a cheap foreclosure. I'm seeing movement, though, toward banks pricing their foreclosures more in line with the comparable sales. Of course, many of those comparable sales are, no surprise here, short sales and foreclosures . . . read more about cheap foreclosures. More Articles by Elizabeth Weintraub: How to Make a Foreclosure Offer The Drawbacks to Buying a Foreclosure Should You Buy a Foreclosure or a Regular Home? _{©Big Stock Photo} Technorati tag: cheap foreclosure _{At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.} How to Buy a Cheap Foreclosure originally appeared on About.com Home Buying / Selling on Friday, January 20th, 2012 at 05:00:37. Permalink \| Comment \| Email this ... [more]
It Might Be Smart to Rent Out a House That You Can't Sell - If you can't sell your home, it might be a good time to think about whether it's smart to rent out a house. If you ask an agent, he or she might try to talk you out of it. That's because most agents are not in the property management business. So, if they don't sell your house, they won't make any money. But, in some markets, it might make more sense to rent out the house instead of selling it. Of course, if you're waiting for the market to turn around, it could take a long time for the market to recover. I figured out that if homes were to theoretically appreciate annually at a conservative estimate of 4% per year, a home that has lost 50% or more of its equity won't regain that "lost" equity for at least 18 years . . . read more about how to Rent Out a House. More Articles by Elizabeth Weintraub: How to Sell a Rental Alternatives to Home Selling Why Your Home Isn't Selling _{©Big Stock Photo} Technorati tag: rent out house _{At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.} It Might Be Smart to Rent Out a House That You Can't Sell originally appeared on About.com Home Buying / Selling on Wednesday, January 18th, 2012 at 05:00:10. Permalink \| Comment \| Email this ... [more]
When Should Your Agent Come Over to List Your Home? - Sellers can get so excited when the decision is made to list a home that they can't wait to get it on the market. They often want an agent to run over and list the home immediately. However, although the seller may be emotionally ready to go on the market, the home might not be. The first thing a seller should do while waiting for an agent to show up is remove all cars from the driveway. The agent will probably want to shoot photographs, and you don't want a photo of your home to go online with a car in the driveway. It looks terrible. Walk through your house and ask yourself if it's OK that the agent takes photographs of what you see. For example, if you don't want your child's yearbook photo online, take that picture off the wall. It's OK to shove dirty dishes in the oven but it's not OK to leave them in the sink. You don't have to bounce a dime off tightly tucked sheets, but please do make the beds. More Articles by Elizabeth Weintraub: How to Choose a Listing Agent What Agents Say When Showing a Home How Long Should Your Home Be Listed? Technorati tag: ready to list home _{At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.} When Should Your Agent Come Over to List Your Home? originally appeared on About.com Home Buying / Selling on Monday, January 16th, 2012 at 05:00:01. Permalink \| Comment \| Email this ... [more]

About Home Buying / Selling Home Buying / Selling
Does a Bank Only Do a Short Sale if a Seller is Delinquent? - Many sellers automatically assume that they have to be delinquent to do a short sale. I've heard agents express the belief as well -- that short sales are granted only to sellers who are delinquent. Not only that, but they believe the property has to be in foreclosure. That's not necessarily true. Even a HAFA short sale allows a seller to apply for the process while not yet in default. Of course, with a HAFA, foreclosure must be imminent, but that doesn't mean a seller needs to be delinquent upfront. More Articles by Elizabeth Weintraub: Exactly What is a Short Sale? What Does a Short Sale Listing Agent Do? Explanation of a Standard Short Sale Procedure Technorati tag: short sale delinquent _{At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.} Does a Bank Only Do a Short Sale if a Seller is Delinquent? originally appeared on About.com Home Buying / Selling on Monday, February 6th, 2012 at 05:00:36. Permalink \| Comment \| Email this ... [more]
How to Get a Mortgage When You Have Bad Credit - The problem with getting a bad credit mortgage is it's expensive. The only people making loans to people with bad credit are the guys who are charging an arm and a leg for the mortgage. They can get away with it because as long as they follow state usury laws and people are willing to take their money, it's legal. For some borrowers, those who have gone through a foreclosure or a bankruptcy, a bad credit mortgage is better than no mortgage. If you go that route, just don't plan on sticking with the mortgage for any long period of time. Make it a short-term solution . . . read more about taking out a Bad Credit Mortgage. More Articles by Elizabeth Weintraub: What is a Hard Money Loan? How to Buy a Home With Bad Credit Buying a Habitat for Humanity Home _{©Big Stock Photo} Technorati tag: bad credit mortgage _{At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.} How to Get a Mortgage When You Have Bad Credit originally appeared on About.com Home Buying / Selling on Friday, February 3rd, 2012 at 05:00:08. Permalink \| Comment \| Email this ... [more]
Should You Write a Back Up Offer? - Buyers don't often think about putting in a backup offer. I suspect it's the fear of the unknown, and buyers probably think it's not worth their time. Another reason could be because a backup offer is not a sure deal so agents discourage them as well. Agents like to close transactions because that's how we get paid. If an agent is writing only one offer a month, that agent probably can't afford to wait to see if the buyer will get lucky. That agent wants the buyer lucky right now. And lots of buyers don't want to wait, either. They want to know right now if they can buy that home . . . read more about a Backup Offer. More Articles by Elizabeth Weintraub: What is a Notice to Perform? Top 5 Lowball Offer Mistakes Is it OK to Make Multiple Purchase Offers? _{©Big Stock Photo} Technorati tag: backup offer _{At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.} Should You Write a Back Up Offer? originally appeared on About.com Home Buying / Selling on Wednesday, February 1st, 2012 at 05:00:40. Permalink \| Comment \| Email this ... [more]
How Flexible is That Short Sale Price? - After all these years of short sales, there are still buyer's agents who ask if the seller is willing to take less than the advertised short sale price. Not only is a listing agent prohibited from answering that question due to her fiduciary relationship with the seller, but it's a stupid question. OK, maybe stupid is too strong of a word. Perhaps ignorant is a better modifier. Or, maybe I just expect more out of a buyer's agent? If an agent doesn't understand how short sales work, then the agent has no business representing a buyer for a short sale. More Articles by Elizabeth Weintraub: The Benefit to Buying a Short Sale The Standard Short Sale Procedures The Basis for Short Sale Rejection By Banks Technorati tag: short sale price _{At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.} How Flexible is That Short Sale Price? originally appeared on About.com Home Buying / Selling on Monday, January 30th, 2012 at 05:00:26. Permalink \| Comment \| Email this ... [more]
Struggling Homeowners Take on Roommates - In order to reduce expenses, some cash-strapped home buyers are teaming up with a friend to buy a home together as tenants in common instead of buying as a single person. Personally, I think most single people are better off trying to qualify for a home on their own and taking on a roommate in a rental capacity rather than in a co-owner capacity. The reason is if it's your home, it's your rules. If you own a home with another person, you've got to make compromises. Plus, taking on a roommate can help make your mortgage payment more affordable . . . read more about Roommates. More Articles by Elizabeth Weintraub: 10 Good Reasons Not to Buy a Home Buying a Home the Seller Rented Safety Tips for Women Home Buyers _{©Big Stock Photo} Technorati tag: roommate _{At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.} Struggling Homeowners Take on Roommates originally appeared on About.com Home Buying / Selling on Friday, January 27th, 2012 at 05:00:40. Permalink \| Comment \| Email this ... [more]
Buying Before Dumping Your Short Sale Home - I get calls from a lot of underwater sellers who ask about buying a new home before selling a short sale. It's a perfectly reasonable question. Sellers want to know if they should buy a home while their credit is still good and before they do a short sale. Seems to make sense to a lot of people. But it's not as easy as one may think because there are basically 3 ways to buy before a short sale, two of which automatically disqualify a seller from buying. The first thing to think about is why would a short sale lender let you do a short sale if you could qualify to buy a new home? . . . read more about Buying a New Home Before Selling a Short Sale. More Articles by Elizabeth Weintraub: Do You Need a Lawyer to Do a Short Sale? Top 10 Reasons for Short Sale Failures How to Do a Bank of America Short Sale _{©Big Stock Photo} Technorati tag: buy home sell short sale _{At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.} Buying Before Dumping Your Short Sale Home originally appeared on About.com Home Buying / Selling on Wednesday, January 25th, 2012 at 05:00:02. Permalink \| Comment \| Email this ... [more]
How Long Should a Seller Wait for Offer Acceptance? - You can't put off offer acceptance or rejection. I realize that sellers would prefer to have the luxury of a little bit of time to think about an offer and ponder its significance. The amount of money a seller nets can make a huge difference and has a bearing on future plans. It's a big deal to sell a house. Sellers might need to discuss the ramifications of an offer with other family members. But it's also a big deal to the buyer. Buyers don't want to wait very long to get an answer. The longer a buyer waits, the more anxious a buyer becomes. Plus, if a seller drags her feet, a buyer might think the seller is playing games, maybe waiting for a better offer, and that can infuriate a buyer like there is no tomorrow. More Articles by Elizabeth Weintraub: What is a Backup Offer? How to Negotiate Multiple Purchase Offers Making a Good Offer on a Home Technorati tag: offer acceptance _{At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.} How Long Should a Seller Wait for Offer Acceptance? originally appeared on About.com Home Buying / Selling on Monday, January 23rd, 2012 at 05:00:33. Permalink \| Comment \| Email this ... [more]
How to Buy a Cheap Foreclosure - Buyers tend to lean toward checking out foreclosures for one reason and one reason only, and that is to buy a cheap foreclosure. Because it's the cheap price on that foreclosure that makes up for the hassle of dealing with the bank, the asset manager, the confusing bank addendums and the foreclosure bank's 'as is' policy. At least in theory that's how it's supposed to work. But not every foreclosure is a cheap foreclosure. I'm seeing movement, though, toward banks pricing their foreclosures more in line with the comparable sales. Of course, many of those comparable sales are, no surprise here, short sales and foreclosures . . . read more about cheap foreclosures. More Articles by Elizabeth Weintraub: How to Make a Foreclosure Offer The Drawbacks to Buying a Foreclosure Should You Buy a Foreclosure or a Regular Home? _{©Big Stock Photo} Technorati tag: cheap foreclosure _{At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.} How to Buy a Cheap Foreclosure originally appeared on About.com Home Buying / Selling on Friday, January 20th, 2012 at 05:00:37. Permalink \| Comment \| Email this ... [more]
It Might Be Smart to Rent Out a House That You Can't Sell - If you can't sell your home, it might be a good time to think about whether it's smart to rent out a house. If you ask an agent, he or she might try to talk you out of it. That's because most agents are not in the property management business. So, if they don't sell your house, they won't make any money. But, in some markets, it might make more sense to rent out the house instead of selling it. Of course, if you're waiting for the market to turn around, it could take a long time for the market to recover. I figured out that if homes were to theoretically appreciate annually at a conservative estimate of 4% per year, a home that has lost 50% or more of its equity won't regain that "lost" equity for at least 18 years . . . read more about how to Rent Out a House. More Articles by Elizabeth Weintraub: How to Sell a Rental Alternatives to Home Selling Why Your Home Isn't Selling _{©Big Stock Photo} Technorati tag: rent out house _{At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.} It Might Be Smart to Rent Out a House That You Can't Sell originally appeared on About.com Home Buying / Selling on Wednesday, January 18th, 2012 at 05:00:10. Permalink \| Comment \| Email this ... [more]
When Should Your Agent Come Over to List Your Home? - Sellers can get so excited when the decision is made to list a home that they can't wait to get it on the market. They often want an agent to run over and list the home immediately. However, although the seller may be emotionally ready to go on the market, the home might not be. The first thing a seller should do while waiting for an agent to show up is remove all cars from the driveway. The agent will probably want to shoot photographs, and you don't want a photo of your home to go online with a car in the driveway. It looks terrible. Walk through your house and ask yourself if it's OK that the agent takes photographs of what you see. For example, if you don't want your child's yearbook photo online, take that picture off the wall. It's OK to shove dirty dishes in the oven but it's not OK to leave them in the sink. You don't have to bounce a dime off tightly tucked sheets, but please do make the beds. More Articles by Elizabeth Weintraub: How to Choose a Listing Agent What Agents Say When Showing a Home How Long Should Your Home Be Listed? Technorati tag: ready to list home _{At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.} When Should Your Agent Come Over to List Your Home? originally appeared on About.com Home Buying / Selling on Monday, January 16th, 2012 at 05:00:01. Permalink \| Comment \| Email this ... [more]