Category: Applying for a Mortgage
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10 facts to find the best mortgage loan
Reader Question: How can I find the best mortgage loan? Monty’s Answer: I answered this question several years ago, but it bears repeating. Comparing the cost of mortgage loans is a challenge for most mortgage shoppers. Do this before you look for your home. The most helpful lender may also have the best pre-approval letter.…
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Appraisers evaluate appraisal management companies
Reader Question: Your recent article about why consumers cannot pick their appraiser was excellent, but only reviewed the process from the lender point of view. Residential appraisers hold a more educated viewpoint on appraisal management companies (AMC’s) than the lender as we do the work. My question is why didn’t you interview real estate appraisers?…
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Why can’t I pick my home appraiser?
Reader Question: A lender is telling me I cannot pick my home appraiser I know to be a solid appraiser, and that the lending rules have changed. We have not purchased a home for fifteen years. Is this true? And if it is true, why did the rules change? Jerry G. Monty’s Answer: The simple answer…
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Ten facts mortgage shoppers should know
Reader Question: How can I compare the cost of financing from different lenders? Monty’s Answer: Comparing the cost of mortgage loans is a challenge for most mortgage shoppers. Even when you think you have the answer, new information appears, and you are back to square one. Here are ten facts to help you lock-in the…
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Low appraisal not disclosed to homebuyer
Reader Question: I had a low appraisal. I recently closed on a home for $180,000. I just learned the appraiser along with the agent and lender adjusted the appraisal from $176,000 to $179,000. They never informed me of the original price. Had I been informed, I could have negotiated for the $4,000. What can I do…
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Timing your retirement home purchase
Reader Question: Monty, our current home, valued at $700,000+ has no mortgage, and we plan to purchase a replacement home for $650,000 or less. Because we are retired and our income is only $72,000, we do not qualify for a mortgage. We have failed to find a source for a ‘bridge loan.’ We do have…
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Mortgage loan approvals can be confusing
Reader Question: We sold a home in August. We received a pre-approval letter from the buyer’s lender in September. With the buyers pre-approval, we purchased a home and put a $5,000 deposit down. The “old” home sale did not close as agreed because the lender dragged their feet investigating their financial standing. The “new” home…
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Land Contracts are a viable home financing option
Reader Question: Hello Monty, I have a question on a method of buying, what it is called and if it is legal. I would like to buy a house that the owner owns free and clear. Let’s say the sales price is $48,000. I would like to come to an agreement with the owner that…
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8 tips to find the right home mortgage
Find the money first Shopping at a price point over your maximum loan qualification is just one reason the importance of mortgage pre-approval is not taken for granted. Critical first step Even before you start looking for a home, have a mortgage loan officer pre-approve you. It is a critical first step. Here are the…