| Mortgage rates are at historic lows right now and | | | | you a higher interest as well as what it would cost you |
| many people are taking advantage of it and either | | | | to buy a lower interest. The money they get back is |
| purchasing a new property or refinancing their current | | | | called a rebate from the lender and it is to encourage |
| properties. In order to protect yourself and make sure | | | | the selling of mortgages that are worth more to the |
| you do not get ripped off by unscrupulous agents, you | | | | banks. You should be getting this rebate back, but |
| need to educate yourself on a few things. | | | | some people will not let you know about it and just |
| How Does Your Loan Officer Work? | | | | keep it themselves. |
| You need to know how many loan officers work as | | | | Interest Rate Basis |
| well as how lenders work as well. | | | | Since most lenders base their percentages on the 10 |
| Greed is the root of so many problems and it can also | | | | year treasury bond, if you keep an eye on this, you will |
| be a driving factor that is preventing you from getting | | | | have a good idea on what you should be offered on |
| the rate that you really should be getting without | | | | any particular day. This way if they quote you a fairly |
| having to pay extra. | | | | high number, you can come back at them with what |
| It might seem that the whole process is complicated, | | | | you know. Of course, if this happens, you might be |
| but if you know the right questions to ask and some | | | | better off shopping around for other brokers. |
| basic information on the process, then you will be well | | | | Disclosure Laws |
| on your way to protecting yourself from people that | | | | One important consideration is the fact that while pure |
| just want your money. | | | | brokers are required by law in Denver to show you |
| What Lenders Send To Loan Officers Daily | | | | the mortgage rates when you go see them, some |
| To begin, each and every day loan officers will get the | | | | may quickly gloss over the item hoping you will not |
| available mortgage rates available for that day on | | | | catch it. On the other side, if you are dealing with an |
| what is called a rate sheet. This sheet will contain the | | | | agent that works directly with the people that will be |
| par percentage which is the number you will get | | | | giving you the loan, they are not required at all to |
| without paying extra and that will not give any perks to | | | | reveal the rebate. It will not even show on the Good |
| the broker either. The other numbers on that sheet will | | | | Faith Estimate nor on the final closing settlement. |
| tell the officer what he or she will make if they give | | | | |