Essay On Mortgage - 1000 Words

So, you have been hearing about the historically low- interest rate buzz for refinancing your mortgage over the last several years, and now you have decided it is your turn to take advantage of these offers. Where do you start? First thing you want to do is look at your financial mortgage health and make sure you are really to make that leap. What is your financial mortgage health in refinancing your mortgage it is a set of questions that your mortgage company is going to ask, and you want to have the right answers for this test. These questions are: 1. Have I been employed for the last two years at the same employer without any breaks in employment? 2. Is my current debt at a minimum level not more than 30% of my total credit limits?†¦show more content†¦What are points and origination fees? These are fees that the mortgage company will charge to increase their yield of profit for the loan it is usually from one to three percent of the mortgage amount you are seeking. Being that you are current customer, and probably already paid it the first time that you took out the mortgage you should expect to have these fees waived or drastically reduced. This is the whole purposed of calling your current mortgage company first to save money. The representative will attempt to have you to start the loan application at that point now that they were friendly and courteous to you and gave you all of the parameters on what to expect in refinancing your mortgage. Be polite, and let them know that you need a day to think this information over, and that you will call the mortgage company back to start the process in the next few days. The representative that you are speaking is not on commission so dont worry that you have just wasted their time. Answering your questions is what they are paid by the mortgage company to do. If the quote that you have received is competitive you will be calling them back, and starting the mortgage refinancing process any way you just want to make sure of the information. Next step is to do a little shopping around so open up that computer there are variety of mortgage companies, and banks out there looking to get your business. As you surf their websites you will see mortgage companies that areShow MoreRelatedMortgage Crisis Essay1125 Words   |  5 Pageslimiting an applicant’s debt-to-income ratio present any mortgage credit availability issues? (Narrative) I believe that limiting an applicant’s debt-to-income ratio could present mortgage credit availability issues. Limiting an applicant’s debt-to-income ratio ultimately means limiting the amount of debt someone can take on. This in turn limits the level of demand for loans. Over the past few years, I have taken a personal interest to the mortgage market. 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