Yerkes Upstate
and Only Way Realty
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Mortgage Financial Center

Jump to the Mortgage Center Quick Guide

Welcome to the Mortgage Center

I want to buy a home or other property, what do I do first?
What is the highest price I can pay for a property?
How much purchasing power do I have?
What will be my monthly payments?
How do I get pre-qualified / pre-approved for a mortgage?
Where can I get help understanding the terms used for obtaining a mortgage?
Where do I go for the most reliable and trustworthy mortgage service?


We have the answers to your mortgage and 'purchasing power' questions!

Our mortgage financial center (Mortgage Center) is tailored for today's consumer, to help them better understand and make the best decisions in obtaining a mortgage.. In it we have included calculators to figure payments, affordability, credit scores, and more.. We have also included a Terms to Understand and a Glossary for a number of common mortgage terms. So have a look around, follow the Mortgage Center Quick Quide and Get Qualified!


Mortgage Center Quick Guide
Main Quick Start Menu

Start Here
      Common Loan Errors - Learn what mistakes to avoid
      Some Comments Regarding Choosing a Lender
      Get Qualified for a Mortgage - First Step before looking for a property
                                                              - IMPORTANT! 
                                                              - lists the information lenders look for
                                                              - also first step for refinancing
      Terms to Understand (Mortgage Types, Loan Terms, Points, LTV, LVR...)
      Glossary of mortgage and real estate terms
      Pre-Qualifying vs Pre-Approval - What is the difference?
      Reverse Mortgages - Basic introduction and options, including HECM

Financial Tools
      Quick Mortgage Calculator- Basic
      Budget Estimator - Estimate: How much can you afford?
      Calculators - Purchase Price and Terms
                           - Estimated Monthly Payments
      Refinance Calculator - Should you refinance or not?
      Compare Loans - Conventional 80/15/5 loan vs a 80/20 loan
      Credit Score Estimator - "Grade" your credit

      How to Avoid Foreclosure on Your Home
      Renegotiating Troubled Mortgages  (blog article)
      12 Things Homebuyers Must AVOID Doing - After pre-approval / until close

Tip #1: How to pay off your mortgage early and save thousands of dollars!

Tip #2: PMI (Private Mortgage Insurance) - Know the Rules and Save Thousands

Tip #3: How to Put Other People's Money to Work for You

Seniors Advantage - Special services tailored to Seniors

Military Support Center - Services to support the needs of active duty and veteran military personnel

NOTE: Any Calculators supplied are for general estimating purposes only and we cannot guarantee the accuracy or the applicability to your situation. Please consult a qualified mortgage professional for a more specific and detailed quote.


Some Comments Regarding Choosing a Lender

When looking for a mortgage lender, do yourself and your bank account a big favor: Do your homework and shop around. In the end, what you want in a lender is quality, not necessarily the bottom rate.

While you're perusing the aisles of mortgage lenders, think of these points:

Fantastic rates spell trouble. Lenders offering fantastic rates may have just set up shop to take advantage of the refinance market. If local REALTOR® do not recognize them, then they may not be in business later when you need them. Fantastic rates also usually mean excessive fees and other hidden costs. Do not first shop for a loan based on rates and fees; first meet with lenders to find out what the best financing source for you is -- FHA, VA, FNMA or FHLMC. And if you are told you can get a significantly lower rate from a lender, that lender is probably a "bait-and-switch" artist. You will not actually be able to get that rate. Run fast. Experienced and reliable lenders should be able to tell you at the time of your application whether your loan will be approved. Do not find yourself in the position of finding out weeks after the application was taken -- and you've paid fees -- that your loan was denied. Your estimate should closely mirror final loan documents. If the difference is significantly higher, ask an attorney to review the papers. You shouldn't have to pay more fees than you were quoted. At the time of application, get in writing the lender's policy regarding the locking in of rates and fees.

Experience matters. Because there are so many consumer loans on the market and so many different structures of rates and fees, you need an experienced professional to help you determine which the best is for you. They should ask whether you expect to be in your new home longer than five years; whether you want to pay off your loan or lower your payments; whether your income is fixed, stable or will be increasing; what the best tax strategy is for your individual situation. If the loan officer doesn't ask all of the above, that officer most likely doesn't have the experience necessary to furnish you with a professional mortgage consultation.

Regarding discount fees: They are to be prepaid interest charges. The lower the loan fee, the higher the interest rate. A mortgage lender who raises the interest rate can then "pay" your closing costs. Doing so can amount to thousands of dollars, increase your loan amount to more than you need, and, cost you additional thousands in interest over the life of your mortgage. Factor that into any lower rate scenario you're considering.

Ask the lender for examples of the loan program selected. The examples should show totals of payments, totals of interest rates paid and loan balances after selected lives of the loan.

Contact us so we can connect you with a reliable mortgage agent.

Return to the Mortgage Center Quick Guide

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