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Frequently
Asked Home Mortgage Questions |
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A mortgage banker, a thrift, and a mortgage broker? |
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Mortgage bankers do nothing but lend money.
Thrifts
are mutual savings banks and savings-and-loan. Thrifts offer
savings accounts and other services as well as mortgages.
Mortgage brokers act as middlemen, working with a number
of lenders to find the best loan to match a particular borrowers
needs.
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Will a mortgage broker be able to find me a better rate than a
mortgage banker? |
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Because mortgage brokers work with many lenders including
commercial banks, thrifts, and mortgage bankers they can save you
money. |
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Could the rate be higher than I originally expected? |
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At
1stratesmortgage.com we do our best to close in 30 to 60 days.
However,
rates may be good for only 30 to 60 days and it could take you
longer than that to close. To get a loan with what's called a
longer lock in period, you usually have to pay a higher rate.
Interest rates can change daily. |
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What paperwork do I need? |
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Verification of income (including a pay stub and the previous two
years tax returns), bank account numbers and details of your
long-term debt (credit cards, auto loans, child support, etc.).
Self employed may also be required to provide financial
statements. Lenders will ask where you got the down payment.
If your status changes during the loan like, job change, change in
wages, add debt or change marital status lender will want to know
asap. |
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