Your Partner in Mortgage Financing... (570) 402-1086 Home Applications Calculators Mortgage Rates Refinance           Contact Us

Corporate Benefits-HBIQ Mortgage Process Mortgage Programs Mortgage Rates Mortgage Refinance Short Application Form Purchase Checklist Pricing Guarantee Contact Us Daily Rate Lock Advisory Mortgage Applications Spanish Loan Application Mortgage Articles Appraisals Bankruptcy Mortgage Calculators Cash Flow ARMS Closing Costs Commercial Mortgage Construction Mortgage Credit Down Payment FHA Mortgage Loans Foreclosure Funding Mortgage Interest Rates Mortgage Loan Options Lock Policy Mortgage Processes Option ARMS Prequalification Printable Documents Mortgage Products Relocation VA Mortgage Loans ________________ PA Fee Special                                                 Shopping For A Mortgage   Shopping for a mortgage can be quite an overwhelming experience.  Especially if you are a first time home buyer and have little to no knowledge about the loan process. If you have shopped online you have already found hundreds of mortgage sites quoting low ball rates for every loan term under the sun.  One would think that if you just spend a few hours online you will find the lowest rate available and receive the best deal. This is rarely the case. Don't play the interest rate game without a load of information, Read this first! Not all low rates are considered equal... There is a lot more to the cost of a loan than the interest rate.  Many lenders will set the interest rate as low as possible and then hike up the number of points and/or fees attached to the loan once you have applied.  Most online mortgage lenders will post the number of points next to the interest rate for your consideration. One point is equal to one percent of the total loan amount.  To ensure the best deal, compare all of the junk fees,  and points associated with the loan and the interest rate. If you compare companies using this approach you will find that a lot of the low rate lenders are not the best deal in town.   To compare quotes accurately, ask for a break down of junk fees.  These are items aside from the cost of the appraisal which is most often paid by you directly to the appraisal company. Junk fees usually include:administrative, flood certification, inspection, survey, underwriting, document preparation, tax service, courier service, processing, and lender or broker fees. What?!!    I don't qualify for that rate? The most important thing to learn about mortgages is that rates are based on your individual needs and financial situation. The rates quoted over the phone and/or online are not always accurate representations of what you will qualify to receive. Most rates quoted are applicable only for individuals with perfect credit, a low debt to income ratio and either a large down payment or a lot of equity in their house. These qualifying factors are crucial elements to be aware of before shopping for a loan. 1. CREDIT   Your credit history is important to lenders when evaluating your loan.  An individual with many late payments will not be deemed as trustworthy for payment terms as someone with perfect credit. Find out what has been documented on your credit report and correct any possible mistakes, order your today! 2. DEBT TO INCOME Lenders use your debt to income to verify that you have the means to pay a monthly mortgage. To figure out how much debt you have compared to your income use the following formula.   This number is usually expressed as a ratio. Add up the following Monthly Debts: Mortgage + Auto loans + Student Loans + Credit Cards +  Furniture loans + Alimony. Debt to Income %  =   Monthly Debts     Monthly Income 3. DOWN PAYMENT There are several loans available with little to no down payment, however, most of these loans come with a higher interest rate. Evaluate your finances and estimate the maximum amount of money you can afford to put down on your new home.  Once you have made this estimate, find out how much house you can afford by using one of the . 4.  EQUITY If you are looking to refinance, receive a home equity, consolidate debts or make home improvements then you need to know how much equity you have in your house before you apply.  Most of the time, the more equity you have the more money you can borrow.  To estimate this calculation use the formula listed below:         Equity Ratio   =  100% -          Loan Amount              Home's Value Equity  $ Amount  =  Current Value   - Loan Balance Mortgages First Associates places your loan with the nations top lenders based on your specific needs and financial situation. Our lenders have the most competitive rates and can handle less than perfect credit and low down payments. We can assist you... RESIDENTIAL LOAN PROGRAMS   COMMERCIAL LOAN PROGRAMS     ________________ Reduced Docs Center Financing Costs Home Buying ________________

Resources/Add URL Nationwide Lending 1009 Staghorn Lane, Stroudsburg, PA 18360 1-570-402-1086 Fax: 1-570-992-8853 8 am to 6 pm EST Copyright 1998- 2007 Mortgages First Associates. All rights reserved. Privacy Policy National Mortgage Brokers Directory