What Mortgage Loan Seekers Should Know

Great mortgage lenders provide customized products and services for mortgage loans in Minnesota. With experienced loan officers who are ready to assist the first-time mortgage seekers to walk through the loan process, the move-in is ensured to be on time.

For a common mortgage transaction, the timeline is a fluid and ever-changing thing. The majority of the companies in an average market can obtain a purchase transaction done in any place from 20 to 30 days. The turn-around times on these transactions may likely double as the market becomes busy and more business is done. It should be noted, though, that the purchase transactions are nearly often given the utmost priority over refinances. This is due to the fact that for each purchase comes a purchase contract, which indicated a deadline by which to fulfill the sale. On the other hand, refinances are commonly regarded as conveniences that are not as time sensitive. This means they can take up to 60 days to complete even in slow markets.

For borrowers seeking a loan, there are pitfalls of predatory lending that everyone should be aware of. Predatory lending covers a number of actions performed by a lender or a broker that does not include the best interest of the borrower. Case in point is taking a borrower out of fixed mortgage rates loan to later bring into an adjustable rate mortgage that comes with a low teaser rate. One sure way to prevent being deceived into this way would be to check and see the annual percentage rate of your existing mortgage. Following this is checking the good faith estimate, which is a requirement prior to loan submission on all mortgage transactions, to find out what the new APR is being offered. The APR is going to be an all-time accurate indicator of what the loan is costing in real terms.
We at Summit Mortgage are ready to help. Call us. Also, try to visit www.summit-mortgage.com for more details.