Making Sure Your Mortgage Company Is The Best

If you live in the St. Louis area, your mortgage company should be providing you with the best customer service and the most updated information on your rights and responsibilities as a homeowner. If your mortgage company is not providing you with outstanding service, consider switching to a company that cares about you, your financial health and the investment you have made in your property. You might be wondering how to know whether you are working with the best lender in St. Louis. If you are not sure, measure your own mortgage lender against what you could be getting with the leader in residential mortgages. 

Consider your mortgage company costs. Whether you have purchased a home for under $100,000 or over a million, your mortgage should be affordable. Your mortgage company should be able to work within your budget, whether it is modest or extravagant. Take a look at your interest rate and do some math. You want to make sure it is competitive with what is being offered in the current real estate market. Consider your refinancing options and check to see if you have a prepayment penalty. If you still have an adjustable rate mortgage, you might want to consider getting a new loan. Perhaps you are looking for a mortgage as a first time home buyer. If so, make sure your mortgage company is offering you a good rate and excellent closing costs. Otherwise, you should check out the exceptional offers provided here.

Almost as important as costs is customer service. When you have a question or need some information, you want your mortgage company to respond immediately and accurately. When your phone calls go unanswered and you cannot get in touch with a mortgage representative by email, you could be doing better. The best mortgage company in St. Louis will be available whenever you need help. Whether you have a question about your loan, you need a few extra days to make a payment one month, or you are thinking about buying a new home or refinancing a loan, customer service representative and qualified lenders are always ready and willing to help you. You can count on polite, professional and helpful service. Expect the very best in customer service when you work with lenders here.

Company reputation is important as well. You should consider whether your mortgage company is respected in your local community and within the lending industry. This company prides itself on having many happy customers and satisfied clients. Many of the people we work with are more than happy to recommend their lender to friends, family members and colleagues who are looking for mortgage help. When your mortgage company is in high demand, you know you are in good hands. Be sure to check the company's online reputation. You can find reviews and testimonials, and find out what kind of information is available through the Better Business Bureau. Look for membership in national professional organizations as well as recognitions and awards.

If your mortgage company is not measuring up to this one, consider making a change. It is never too late to begin getting funding and mortgage advice from the best mortgage company in St. Louis. Whether you need a new mortgage, want to refinance your existing loans, do a reverse mortgage or simply need some excellent information on how to manage the current housing market, you can find it here. The standards are higher, which makes the work product even better than what you get with other companies. You deserve to have your mortgage company looking out for you. Your home is the largest investment you will likely make; your mortgage company should help you protect it.

Baby Boomer Benefits!

There is a new government program for those who are 62 and older that will change your life forever. I am not sure if you are currently making a mortgage payment, but did you know that it is possible to be payment free while also obtaining monthly income?

This is called the reverse mortgage.FHA came up with the Home Equity Conversion Mortgage (HECM) that allows senior homeowners to transform a portion of their home equity in to cash.

The homeowner can receive up to 65% in home equity!

Instead, the homeowner can use this money towards vacationing, unexpected medical bills, supplement social security and so much more.

The only thing the homeowner needs to be concerned with are bills such as property tax, utilities and insurance premiums.

Your family can also become involved! by complying with a reverse mortgage, it is known to leave your house to your heirs and then they can decide whether or not to refinance the house, or sell it at appraised value.

You may be wondering how this differs from a second mortgage or a traditional home equity mortgage. Well, the great thing about HECM is that the money does not need to be repaid!

The only reason it would need to be repaid is if the homeowner decided to move locations, or fail to meet the obligations of the mortgage.

What many people do not know is that those interested in purchasing a primary residence can use HECM if you (as the homeowner) can provide cash for the difference between HECM proceeds and closing costs. However, once that is done, your new, primary residence will be yours with no monthly payment.

Another thing to consider when exploring HECM, is that there is no requirement regarding an FHA loan. This can work for any house regardless of the loan type, it is just provided through FHA.

So, how much does the monthly payments work? There are four different options. One option is to choose to receive your equity portion in a lump sum which means the homeowner can receive all money up front during the time of closing.

Another option would be to have monthly payments sent to you, or obtain a payment on specific and selected months. This is all up to you as far as which payment you would feel as more convenient to you.

By participating in this beneficial program, seniors can enjoy living their life without feeling burdened with a monthly mortgage payment.

So i encourage you to take interest in this great opportunity. There is a chance for seniors 62+ to enjoy life the way they should by going on trips they have always wanted, participating in events with children and grandchildren and anything else one would enjoy!

If you are interested in this amazing opportunity or have any questions, call Susan Wright at Wright Financial Inc. (636) 931-2121

Also visit our website: wrighthomeloan.com and be sure to like our Facebook page so that we can hear your feedback and reviews while also helping you remain updated with rates and other mortgage needs!

Relief of the HARP Loan

Since April 2007, more than 2.2 million borrowers have obtained a refinance to their mortgage loan. Said  Evan Nemeroff in an article on HARP loans in the Origination News magazine.

First of all, what is a HARP loan? Well, Home Affordable Refinance Program (HARP) was introduced by Federal Housing Finance Agency (FHFA), it has been around for quite some time.

The purpose of a HARP loan is to make refinancing, with extremely low rates, accessible to more homeowners. These government affiliated changes are meant to ease the opportunity.

By participating in HARP, there are extremely low rates. Wright Financial will strive to help homeowners refinance in to a better and more stable mortgage regardless of how far the value of the home has fallen below the payments owed.

Second question: Who qualifies? The eligible property types include a Fannie Mae or a Freddie Mac homeowner. This could also include anyone from a primary residence, second home or investment properties. HARP is also eligible for 1-4units, condominiums, manufactured homes or planned unit developments

Some great features include no loan-to-value limitation, no credit score requirement, no occupancy limitations and no appraisal if waived. Further, there are no limits on the number of homes owned and no worries if the home has been listed for sale.

The next question I am assuming you have, is how does this benefit me? For starters, there is a reduced monthly principal and investment payments while also allowing the homeowner to switch from an adjustable rate mortgage (ARM) to a fixed rate.

Secondly, a minimum home value is NOT required. Wright Financial can refinance regardless of how far you may be "underwater."Another great benefit is the fact that mortgage insurance is not required if you (the homeowner) do not already have it on your existing loan.

The good news? There is a possibility of being eligible even if you have been in any of these situations: You owe more than your house is worth, you missed a mortgage payment some months ago, your credit is not what it once was, or you want to shorten the term of your mortgage. There are several other ways to become eligible.

If interested or any of these qualifications and situations involve you, call Wright Financial and a representative will gladly share with you the several other benefits involving a HARP loan.

http://www.nationalmortgagenews.com/origination/