equity loan rates 6.8

There are three steps to getting the perfect mortgage. The first step is to find the perfect loan officer; this is the person who has complete control over this process. The second step is to find the right loan. The third step is to get a good interest rate. When these are done it will be easy to locate the perfect home and start living the perfect life; as a homeowner in total and complete control of the space occupied.

Someone new to the home buying process will find this overwhelming and confusing. This process is like learning to drive; a novice sitting behind the wheel is bewildered and confused over the array of buttons, pedals, instruments and levers that must be conquered in addition to this steering wheel and motion of the automobile. Buying a home is just as confusing and just as easy to conquer as learning to drive a car. The loan officer is the driving teacher who will make the process understandable and easy to follow. A quality loan officer is worth his or her weight in gold; this is someone that knows the different loans available and what the lenders require. These people can interview a potential borrower and tell the borrower exactly what must be done to be successful.

Loan Officers at Banks are just required to be registered these loan officers do not need to pass any state exams, hold any licenses and are not required to continually update their education. The person occupying the desk may have arrived there yesterday fresh from a job washing cars at the car wash or flipping hamburgers at a fast food restaurant. As a customer, the borrower has the right to inquire into the loan officers' education and experience. It is the expertise of the loan officer that will allow the clients to move into the house of their choice; the borrowers should be concerned that the person helping them with getting the perfect mortgage has the expertise to do so. Loan Officers that work for mortgage broker or mortgage bankers are required to take tests, and continually update their education. Many times research can be done online by going to the Nationwide Mortgage Licensing System and Registry, Consumer Access to see if the loan officer is listed and what information is available.

This loan officer will collect information from the borrowers regarding income, banking information, and a loan application. The customer may be asked to provide funds for a credit report with credit score and the cost of an appraisal. Getting the perfect mortgage today is usually an FHA insured loan, but may include a USDA Home Loan. The borrower's credit score needs to be 620 or above. The down payment requirements are only 3-1/2% for an FHA loan, and zero down for a USDA Home Loan. Interest rates are at the lowest since rates have been tracked. If a purchaser is buying $100,000 home, they would need to bring $3500 to closing to pay their cost. The best part about an FHA loan is that the seller can pay the borrowers loan costs up to 3%; this means all the closing costs. The borrower would not need to bring any money to closing.

Getting the perfect mortgage is easy if the borrower can find the perfect loan officer.