BiggerPockets

Company Reviews For Mortgage Shoppers

Thursday, April 28

What mistakes do people make determining the value of their home?

Monday, June 01

Many people focus on all the wrong things when coming up with a value for their property.  I wrote a post on the mistakes people make when they try to guess on their residential property value.

When you contact a mortgage company for a refinance, the first thing the loan officer or broker asks is “what do you think the house is worth”?  The whole refi hinges on that value.  So these are some tips you can use to be more accurate and focus on the things that matter to have a better answer to that question.  Make sure to check it out.

Why is your payoff higher than the amount on your mortgage statement?

Friday, May 29

A payoff is not the same as the mortgage balance.  For a payoff, you add extra interest to the loan balance to get a payoff amount.  I always got this question when people look over their loan application on a refinance.

I wrote a post on how to calculate a payoff amount before you have an official payoff statement.  If the loan officer or broker did not add any extra interest to the balance on your refinance application, they will have to modify your new loan amount.  

Who gets the appraisal when you do not close?

Thursday, May 28

I wrote a post on appraisal deposits because I know most people are confused as to who really owns the appraisal when the borrower pays upfront for it.  Most mortgage companies charge upfront for an appraisal.  It is not mortgage appraisal fraud when a company asks for a deposit.  However, what happens if you decide to move to another mortgage company?

You would think you take the appraisal, you paid for it right, to another company.  It doesn’t work that way.  There is a process to getting the appraisal and sadly there is no guarantee you will even get it.  Read my post to find out how this really works.

Do you trust the web for mortgage information?

Wednesday, May 27

I wrote a post on mortgage tips after doing a little reading on the information other websites produced.  And I was really not impressed.  

Not only was the information old…some of it was just plain wrong.  Specifically, some of the information on mortgage closing costs.  The mortgage business is confusing enough to most people and then you have these huge and many times government websites giving people the wrong information.  No wonder people are terrified of getting a mortgage.

Where do you find the rate for a VA?

Monday, May 11

VA and FHA both fall under government mortgages.  You can use the FHA rate for a VA but there is one small difference. 

I wrote a post on that today and also about VA mortgage lenders.  Just because the government insures a VA does not mean you are getting the VA from the government.  You still have to do your research to make sure you get a good deal.

Thanks!