Livermore Delivers MORE
Questions to ask your realtor or
realtor's inhouse loan officer
What are their turn times for purchases?
Our turn time has been 30 days or less…the fastest was 14 days.
How soon can the appraisal be ordered?
Most brokers/bankers need to wait 7 days. We can order the appraisal with UWM as soon as the TIL is signed. That means that we have a 7 day advantage over our competition.
Does your realtor agent work with a bank or a broker?
Banks have a limited amount of loan products to offer.
Brokers have a much bigger list to chose from when searching for the best loan product for you.
Team USA Mortgage is a broker.
Does your agent get open communication with the loan officer?
Does the agent have to chase the loan officer to get updates on the progress of your loan…if so then you will probably have the same result. Do they really like working with the loan officer or merely tolerate the relationship.
We will update you biweekly of the status of your loan. We communicate with all who are involved with the loan and will answer your questions.
Does the loan officer show you more than 1 product?
At least 3 different products should be shown to you so you can decide the best scenario is for you.
Example: 3% down conventional product, 3.5% down FHA product, 20% down conventional product.
Then you can compare closing costs, interest costs, MIP costs, etc.
On 8/24/13 a 30 year fixed conventional loan interest rate was 4.75% and an FHA 30 year loan interest rate was 4.50%. Which is the better product? It is the conventional with the higher interest rate. Why? The real cost is in looking at the APR (Annual Percentage Rate). The conventional real cost is 4.926% and the FHA real cost is 6.019%...that's 1.093% higher in costs.
Go to the resource page to read about APR
The Process of Getting a Mortgage Loan
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