Your Mortgage Education

Each and every borrower has his or her own needs, goals, and risk tolerance.  During your loan application appointment, I will ask questions regarding your life, financial, and investment goals, then suggest the mortgage(s) that fits your needs. 

I will make sure you understand all of the details about each mortgage program you qualify for and what may or may not fit your financial, investment, and life goals so that you will not have any surprises at closing or in the years to follow.  My purpose is to give you the information that will help you understand the benefits and drawbacks to the variety of programs and options available to you.  Of course, I am available by email, website, or telephone to answer any questions you may have regarding your mortgage options, the mortgage process, rates, your credit information, and how credit impacts you on a day to day. 

Just as there are many mortgage programs, provisions, and options, there are several different philosophies about different features and ways to advise one's clients or customers regarding mortgages.  Let us talk straight forward and logical.  EVERY loan has costs and fees.  Every loan has lender's fees, title fees and impound costs for your insurance and taxes.  The lenders are making mortgages to pay their bills, expenses and make a reasonable living or profit.  This is part and parcel to how our economy survives and stays strong or we are shipping our wealth to other countries and we are headed for disaster as a nation and a people.  

You do not go to the grocery store and buy meat and pick up the salad, vegetables, and dessert for free.  Your boss does not sell just his products at cost, he adds on the cost of your salary, your desk, telephone, insurance, the office building, taxes, and a reasonable profit.  So do I.  Now, I know that you are smart and know that "IF it sounds too good to be true, it Definitely is!"   So I want to tell you that I get paid to qualify you, find you the loan that best suits you, your circumstances, and your financial wishes.

An Overview of the Loan Process:

Selecting a Mortgage Broker, a Mortgage Banker,  or Lender - As stated earlier, brokers usually act as your agent with the lender. You can also deal directly with some lenders, without using a mortgage broker. Whichever you choose, ensure that you have checked out the company. Try to use companies that people you know have used and can tell you the level of service provided. Rates should be competitive with other companies. Remember that if the deal sounds too good to be true, it probably is.

The Loan Application - You will have to provide a completed loan application. Some brokers will come out to your home to take the application, you can fill one out yourself, or some brokers have Web sites that allow you to submit the application on-line. You will probably be asked to pay for a credit report and appraisal fee up front. If a broker tells you the credit report and appraisal costs are not being charged to you, make sure to get it in writing. Also verify that you will not pay for these items at the close of escrow out of your loan proceeds or that the broker will not demand payment for the fees, if you do not close the loan. The broker will also require that you submit the required documentation that the lender requires in relation to the loan program you are trying to obtain. Both the broker and lender will provide you with required disclosures regarding the terms and costs of the loan. It is important that you review these disclosures and ensure that the terms and costs meet with your approval. Ask questions about anything you do not understand.

Processing the Loan - This is the process where the broker obtains the required information and submits it to the lender’s underwriter for loan approval. This is a critical stage in obtaining your loan. Ensure that you respond to all requests for information in a timely manner. This will increase your chances of getting the loan or learning why you don’t qualify. This is also the time you may want to lock in an interest rate. Remember to keep in contact with the broker and to monitor the loan process, ensuring that the broker is meeting the agreed upon time frames.

Closing the Loan - This is the final stage of the loan process. The closing can take place at a title company, escrow company, or the broker’s office. The broker may use a signing service that will bring the documents to you for signing. No matter where the signing takes place, take your time at the closing table and carefully review and understand all the documents you will be signing. If you do not understand something, ask questions before you sign. You may want to consider hiring an attorney to review all the loan documents before they are signed. It is a small price to pay in comparison to the headaches that can follow if you fall victim to an unscrupulous lender.

Korene is a Mortgage Banker with 30+ years of experience.  Check out some of the testimonials written about Korene's knowledge, her integrity, her professional, her work, and the care and concern she gives her clients, customers, referral professionals, industry experts, and people at large.

Every client has his or her own financial, investment, and life goals.  I will look at all those option for and with you.  There are several factors to consider when making your decision and I will present the benefits and drawbacks to each program, plan, alternative and goal.  I can only do this when you choose me to be your mortgage originator.  Call (623) 340-0934 to speak to me, email me at korene@klcsloanteam.com , or contact me via the website  http://www.klcsloanteam.com

You need to know who you are dealing with and what their qualifications and performance records are.  I invite you to check me out.  Look at my testimonials.

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Today's Rates

Mtg Loan Rate APR
30-yr Fixed 3.9% 4.03%
15-yr Fixed 3.17% 3.34%
1-yr Adj 2.74% 3.4%
* national averages

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