How to Find the Best Utah Mortgage Lender [mortgageprotectiontips.blogspot.com]
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Finding the best Utah mortgage lender is the most important part of the home buying process. You might find the perfect house with the perfect price, your real estate agent might get you the perfect contract, but if your loan officer can't get your loan closed, the perfect house will go to someone else. If you are serious about buying a house, then don't trust the first person that comes along with a mortgage license.
What can you do to make garuntee that your loan gets approved, you close ontime AND you get the best loan?
Use these important steps to ensure that you get the best scenario for your purchase.
1. Find your lender well before you find your house. Most buyers pick a lender after they make an offer on a home. This isn't a wise choice, because you are then forced to quickly pick someone, usually without shopping around for the best mortgage lender.
2. Make a list of questions to ask each potential lender and take note on how they respond. You are looking for the type of person that will keep you informed in layman terms that you understand. The last thing that you want is to misunderstand something that can delay or ruin you chances of closing ontime.
3. Make sure that your potential lender gives you several loan options and explains the differnce between all of them. Remember, you are the one that should make the final choice as to the type of loan you want.
4. Ask for at least 3 satisfied past clients that have closed a loan with the mortgage lender within the last 30 days. This serves a dual purpose. First of all, you can talk to other buyers and get a good idea of the type of loan officer this person is and second you'll make sure that you are hiring soemone that has current experience. Experience is important because the more you do something the better you get at it. And you want experience closing your loan.
In summary, if you do your homework, it will be worth it. Getting a good Utah mortgage lender is the first step in owning a great home in Salt lake City! Related How to Find the Best Utah Mortgage Lender Articles
Question by mrmikl: How many monthly payments do you have to miss before the mortgage lender attempts to Foreclose on a home? The answer that was given was either misleading, uninformed or confused. The Mortgage Industury, which supports flipping of houses, has changed the law on the Federal level where they can take your home with one missed payment. I do not who this 'expert' is. I lived through it with National City Bank. I missed one (singular payment. Although their 'Loss Mitigation Dept' try to work with me, the repayment to get back on track was $ 1,000, next month $ 4000 and the next $ 9,000. In the meantime they hired a foreclosure attorney which sent me threatening letters, but years end, the so-called amount to right the loan was $ 64 thousand dollars. You see, in West Jordan Utah, house prices skyrocketed from $ 130K to $ 350K. National City bought the home back from themselves for $ 108K. I had short sale offers as high as $ 122K. Instead I filed bankruptcy to stop the foreclosure on automatic stay. The Fed Bankruptcy Court let the house go in May 2004 to the NCM, profteering. Best answer for How many monthly payments do you have to miss before the mortgage lender attempts to Foreclose on a home?:
Answer by bostonianinmo
There's been no "change of law at the federal level" regarding foreclosures. A foreclosure is a local issue subject strictly to state laws. Generally they can start the process after one missed payment though most will wait for 2 or 3 at least.
Answer by R3D3
Legally a lender can start foreclosure 1 DAY after a payment is missed. Most wait until 2 or 3 payments are missed but they are not required to.
Answer by Rick
Oh the banks want your home bad even if it sits empty for years they don't care as long as your not in it. I went thought this years ago and that is what they told me. Best not to even talk to them as you will end up with a break down. Just do your best with the payments and if you see your getting to far behind, leave and find some place cheaper. The bank will sit you out on the street and not blink an eye. They don't care these days or any days for that matter.
Answer by Gene and Allum
Foreclosure proceedings will begin normally when you miss the 4th payment. It depends on the state you live in. However, if you read the mortgage and/or the mortgage NOTE, it states that the lender has the right to take make you pay the full delinquent amount.
