Mortgage Advice

How Much House Can You Afford?

Debt to Income Ratios Determine Your Monthly Income Apply the Back Ratio Estimate Your Annual Taxes and Insurance Calculate Your Maximum Purchase Price It's Your Job to Protect Yourself

Your Down Payment Affects Everything

Look at Your Total Resources Your Mortgage Options Available Mortgage Rates How You Write Your Offer Your Ability to Qualify

Document Your Assets

Reduce Perceived Risk for Your Lender Checking, Savings and Money Market Accounts Stocks, Bonds, Mutual Funds, Etc. Gifts Retirement Accounts Personal Property

Other Sources for Your Down Payment

Employer Assistance Programs Borrowing for Your Down Payment

Sources of Mortgage Money

The Big Three Mortgage Backed Securities

Types of Mortgage Lenders

Mortgage Bankers Mortgage Brokers Wholesale Lenders Portfolio Lenders Direct Lenders Correspondents Banks and Savings & Loans Credit Unions

Advantages of Different Lenders

Which Type of Lender is Best? Portfolio Lenders Banks and Savings & Loans Mortgage Bankers Mortgage Brokers Wholesale Lenders

Realtor Recommendation of a Lender

Lender Reliability Do Your Homework

Help Facilitate Your Loan Approval With Documentation

Income Documentation Asset Documentation Credit Documentation Other Documents Documents for FHA Loans Documents for VA Loans Documents for Refinancing

Closing Costs for a Purchase or Refinance

The Good Faith Estimate Examine the Lender's Fees Recurring and Non-Recurring Closing Costs

Non-Recurring Closing Costs

Costs Associated With Your Lender    Loan Origination Fee    Loan Discount Fee    Appraisal Fee    Credit Report    Lender's Inspection Fee    Mortgage Broker Fee    Tax Service Fee    Flood Certification Fee    Flood Monitoring Fee    Document Preparation Fee    Underwriting Fee    Administration Fee    Appraisal Review Fee    Title Insurance (Lender's Policy)    Wire Transfer Fee    Warehousing Fee Costs Associated With Other Entities    Closing/Escrow/Settlement Fee    Title Insurance (Homeowner's Policy)    Notary Fees    Recording Fees    Pest Inspection    Home Inspection    Home Warranty    Loan Tie-In Fee    Sub-Escrow Fee    Courier Fee    Homeowner's Association Fee Costs Associated With a Refinance    Interest    Reconveyance Fee    Demand Fee

Recurring Closing Costs

Items Required to be Paid in Advance    Pre-Paid Interest    Homeowner's Insurance    VA Funding Fee    Up-Front Mortgage Insurance Premium    Mortgage Insurance Reserves Deposited in Escrow    Homeowner's Insurance    Property Taxes    Mortgage Insurance

Asking the Seller to Pay Closing Costs

It's Really a Deferral of Closing Costs Conventional Loans VA Loans FHA Loans

Mortgage Rates and Pricing

The Loan Officer's Rate Sheet How a Loan Gets "Priced" What is Included in Your Rate Quote

How to Find a Low Rate Mortgage

Some Things to Remember When Shopping Rates Many Loan Officers Will "Lowball" You An Effective Way to Shop for a Rate

"Locking" Your Rate

Locking a Rate Will Cost You Risk and Market Fluctuation

Are You Willing to do Your Homework?

Sources of Knowledge on the Mortgage Industry The Most Important Thing to Remember

Eva Harden Keller Williams Realty Two Bedford Farms Drive Bedford NH 03110

Office 603-836-2655 Direct 603-591-1429 E-Mail: Eva@EvaHarden.com www.EvaHarden.com