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10 MORTGAGE TIPS:
1. Refinance before home improvement project starts.
2. Avoid third party bi-monthly payment companies. You can send 1/12th extra in your payment at no cost.
3. Always use a mortgage broker. Brokers have wholesale rates and access to many different lenders.
4. Ask for a Good Faith Estimate in writing.
5. Know your middle credit score. This will determine your interest rate.
6. Make sure down payment funds have been deposited for 60 days. (No mattress money or borrowed funds.)
7. Pay your taxes and homeowners insurance separate from your mortgage. This allows you to collect interest on your own money and not the bank.
8. Keep copies of all cancelled checks, bank and financial statements.
9. Your home cannot be listed for sale when you apply for financing.
10. Have benefit analysis done so that you can make sure the numbers make sense for you.
I hear all this advertising for mortgage companies that have “exclusive this” or “exclusive that” is that true?
A: No. Nothing is exclusive in lending. This is a gimmick to get you to call.
How often should I get a copy of my credit report?
A: At least once a year check for accuracy and make corrections with the bureaus, if necessary. Know your scores and understand how credit works to your best advantage.
How do I find a good mortgage professional?
A: Ask family, friends or co-workers who were happy with the mortgage company they closed with and would they recommend them.
Should I have to pay points when I purchase or refinance?
A: Only if you are buying down your interest rate, have sub-prime credit or are applying for a low/no doc loan.
How does the mortgage company determine how much my house is worth?
A: This is determined with a state licensed appraiser that will base market value on recent sales of similar houses in your neighborhood.
How much money do I need to purchase a house?
A: Zero, if your credit score is high enough. This type of mortgage has higher rates and fees than a traditional mortgage with a down payment.
Do interest only mortgages allow me to pay down on principal?
A: Yes. You can make additional principal payments anytime.
What home improvement projects will add the most value to my home?
A: Updated kitchens, bathrooms, windows, roof and landscaping will add the most dollar for dollar value.
When should I refinance?
A; The rule of thumb is to save close to $100.00 a month or $1,000.00 annually. Consolidating debt, which will be a lower rate and tax deductible. Home improvement projects increase the value of your home. Consult with a seasoned mortgage professional that can save you time and money. Make a few phone calls, crunch some numbers and take some time to understand your options.
What is the difference between a second mortgage and Heloc?
A: A second mortgage is a lump sum you receive with a fixed payment you make for the life of the loan. A home equity line of credit has a variable rate tied to prime. You would receive a checkbook to use when needed and payments are based on your balance.
Ask Murray...
For years, Metro Detroit has relied on Murray Gula and his firsthand knowledge of home improvement. Now Murray has brought together a team to help you with your home improvement problems. To find someone who can help, select a category from the list on the left, or click here to ask Murray a question!
