Welcome to My Loan Expert
Home Purchase Mortgage
Selecting a mortgage lender to perform your home purchase loan is an important part of the home purchasing process. A good mortgage lender can make the process enjoyable and stress free, whereby the wrong lender or inexperienced loan officer can really cause problems. These problems can arise at the last hour when you really need your loan officer to perform and sometimes, you don't find out until much later in the transaction that your loan officer is less than capable. You are then potentially in a position where you have to take a loan with unsuitable terms.
Ask the right questions
Make sure to ask your loan officer the right questions prior to commiting to their services. Important things to know include the status of the company with local licensing authorities. The state in which you are performing licensing almost always has a licensing board and offers a way to research your lender or loan officer. Get references from past clients that have closed "Purchase" transactions. You want to know if they can perform within the time requirement and within the promised terms.
Get a full pre-approval letter
Make sure that your loan officer performs a full preapproval including seeing all of your income documentation (necessary for the loan type, i.e. reduced documentation loans require less income documents), runs your credit report and runs your loan through a credit underwrite. A credit underwrite is one in which your loan is underwritten without having a property in contract. This may be as simple as a automated underwrite from Fannie Mae or Freddie Mac.
Education about current mortgage trends and money saving tips and articles complete the content of our site. Within MyLoanExpert.com you will find money saving ideas that may give you information regarding the latest news that may influence the decision you take on your next mortgage. We encourage you to click through our links page and see all articles and headlines, as you become more informed about recent money saving advice.
If you are considering a refinance mortgage in California, New York, Florida, Texas or any state within the US, you may find a mortgage quote from our network of lenders. A mortgage refinance quote is available for any one of a number of programs, whether that be a 30 year fixed mortgage 15 year fixed or a shorter term adjustable such as a 5/1, 3/1, or 10/1 Adjustable rate mortgage.
Credit Score Factors A credit score can be defined as a number that evaluates the possibility of a person to pay back a loan within a given period of time. When an individual is interested in borrowing money, the lender informs the credit bureau. The bureau comes up with a credit report which is aimed […]
Refinancing Terms If you are in the market looking for refinancing options on your home mortgage, it is important to familiarize yourself with the terms commonly used. Poring over boring mortgage textbooks is not required. Here’s a look at the basic refinancing lingo to get you started. APR: Different lenders calculate the APR or the […]
Mortgage Refinance and Taxes When you own your home, you get large income tax deduction for mortgage interest. However, when you refinance your mortgage loan into a lower interest rate, you’ll pay less interest but more income tax. HAD vs. HED HAD stands for Home Acquisition Debt and HED stands for Home Equity Debt. HAD […]
Second Mortgage to offset PMI Many homeowners find it difficult to find the funds for a 20 percent down payment on their homes. Without the down payment, it becomes mandatory for home buyers to go in for PMI (Private Mortgage Insurance). The PMI has to stay in effect until such time that the value of […]
Self-employed people and refinancing While in all other ways, America encourages entrepreneurs, borrowing is one area that most self-employed people face difficulties. Be it a conventional loan or a mortgage on the home, bankers have a problem offering money to the self-employed. This is because the self-employed often show less income than their counterparts in […]