Ten Best Kept Secrets To Low Mortgage Payments

Imagine for a moment that you have low mortgage payments.

Naturally, you get online to check mortgage rates or call a lender. You've got to wonder when you hear the loan officer saying...

"I've got a 7 year fixed at 6 percent for 2 points on a rate 'n term. Or 5.5 percent for 4 points on a cash out. My no-cost-loan rolls in the fees and is at 7 for no points. Your FICO score has to be over 680 unless you're full doc.

But if the LTV is too high, you might need PMI. Give me your social, we'll pull credit, get some comps and see if we get an accept from DU."

I know what you must be thinking. You've entered a secret society that speaks a lost language, right?

Hi, my name is Kate but these days I'm even better known as Ask Kate. I have good news for you. I know how to translate the secret language of mortgage lending.

So, don't be distracted by refinancing lingo. You just need my 10 best kept secrets to low mortgage payments.

Secret 1 To Low Mortgage Payments - Target What You Want

You want to focus on low mortgage payments. This is your refinance. So, keep the conversation on target. Begin like this. I have owned my house for two years and my payment is $2000 a month. What are my options?

If the mortgage broker starts quoting interest rates again, emphasize again what you want, low mortgage payments. This will keep the conversation and your refinance in focus.

Tip: Set aside some quiet time to make this call in a private setting.

Secret 2 To Low Mortgage Payments - Line Up Your Ducks

Anyone can quote mortgage rates. But to quote the best mortgage rate for your situation, a lender needs to know some details about you.

It's okay! You won't have to give out your social security number yet. But it would help to have your ducks in a row. Learn my secret before you begin your refinance.

If you prepare in advance before you call a lender, you are more likely to get the best mortgage rate. So do yourself a favor and save money with my personal mortgage planner.

Tip: A file folder or shoebox makes a safe and handy way to organize your ducks.

Secret 3 To Low Mortgage Payments - Get The Inside Scoop

Some loan officers work directly for banks or large mortgage companies. Some are independent mortgage brokers. Learn Kate's secret to selecting a lender. These days, most lenders have more mortgage programs than you'll ever need. So if you know what to ask in advance, you'll actually get better information tailored to your individual needs. (This is a BIG secret.)

Tip: Be careful not to get lost in the details.

Secret 4 To Low Mortgage Payments - Comparing Apples

6 percent is 6 percent right? Nope...

...not when you want to compare mortgage interest rates! So, it's important to ask each prospective lender the same set of questions. Otherwise you might end up comparing giraffes to camels or motorcycles to skateboards...

You get my drift. (OK, this is a REALLY BIG secret.)

Tip: Keep track of their answers so you can compare lenders.

Secret 5 To Low Mortgage Payments - Squeaky Wheels

The squeaky wheel gets the oil AND the best mortgage rate. I'm not advising you to become a nuisance, but I do recommend that you call or email your mortgage lender once a week. It's important during the home loan process to see if there's anything additional your lender may need from you.

Tip: Follow up your calls with a quick email. Squeeeeak!

Secret 6 To Low Mortgage Payments - Smile For This One

Your lender may request an unexpected piece of paperwork during the refinancing process. It can be aggravating. You'll wonder why they didn't ask for it the first day. You'll probably never know the real reason but don't drag your heels. Take the time. Get it to your mortgage broker with a smile. It will pay off big time.

Tip: Include a explanation if there is anything unusual or missing.

Secret 7 To Low Mortgage Payments - Call 'Em Back

Don't hide like an ostrich. Check daily to see if your lender has called. The same goes for email. Don't assume the worst. Expect good news!

Make sure your mortgage broker knows the best way to contact you.

Secret 8 To Low Mortgage Payments - Mail It Pronto

Loan applications often require a physical signature. So lenders will mail you the mortgage application package to get signed. Return it pronto. It makes a difference.

Tip: Does someone else in your household pick up the mail? Make sure you check it daily during the refinance process.

Secret 9 To Low Mortgage Payments - Cross The Finish Line

It's in your best interest to sign final loan documents as soon as they become available. The sooner the better! Final loan documents have expiration dates. Do your best to take the first available closing appointment.

Tip: If you truly can't sign during business hours, be sure to ask if they can accommodate your schedule.

Secret 10 To Low Mortgage Payments - It Ain't Over

Just because you've signed, it doesn't mean it's final. Every once in awhile, something slips through the cracks. But it doesn't have to be your home loan. Call your loan officer with this one question. "Has my refinance funded and recorded?"

Tip: Store your final mortgage papers in a fireproof security box.

Assistance A Click Away

Haven't found what you're looking for? Here's the solution! Go ahead and Ask Kate for answers.

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