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Here are two more (in our series of 10) things your Lender Won't Tell You…
6. "We're in Cahoots With Your Real Estate Broker."

When shopping for a product, it's always best to get a recommendation, right? That depends on who's doing the recommending. A real estate agent who directs you to his or her favorite lender is not necessarily offering you the best deal. In fact, there's a chance the lender paid your broker a fee for the referral — a practice that is illegal.

In a handful of states, such as California and Minnesota, real estate brokers can negotiate mortgage loans. Depending on how well this area is regulated in your state, this could be cause for worry. Is the loan offered going to be the best deal you could get? Peter G. Miller, a former agent and author of The Mortgage Hunter (HarperCollins, $13.50), raises another concern for the buyer. "The second issue is, will my confidential financial information be transmitted to the seller? And will that give the seller a negotiating advantage?" He points out that the real estate broker is often obligated to get the seller the best possible price for the property. If the broker knows your financial background, that could prove very useful to the seller.   One way to avoid this pitfall is to hire your own agent, one that will be representing you as a buyer's agent, and preferably one that will act as an Exclusive Buyer's Agent.  In other words, an agent that never lists property for sale, but only represents buyers.

Other types of lending partnerships are cropping up around the country. For instance, computerized loan originators, which allow borrowers to scan selected lenders' deals on PCs, are up and running in many real estate offices. The U.S. Department of Housing and Urban Development is currently trying to revise its regulations in this area to address issues like disclosure of the relationship between the real estate broker and the lender. The aim is to ensure that consumers can benefit from this kind of system, but are protected from any possible abuse. In the meantime, you don't necessarily want to avoid these offers. They may be the best deals around. But "may be" are the operative words.
 
7. "Once You Buy Mortgage Insurance, Good Luck Canceling It."

You need to buy mortgage insurance because you can afford only 15% of your down payment, but your lender assures you it's no big deal. Once your equity grows to 20%, he says, you can bag the insurance payments. Good decision? Nope.

Lenders make it sound easy to get rid of your mortgage insurance, but when that time comes, they often balk. "It's not true that the borrower can just stop paying," says Linda Washing, a Manager of Housing Programs at Consumer Credit Counseling Services Southwest and a former loan officer. "It's the lender's prerogative."

That can be expensive. On a mortgage on a $200,000 home, with 15% down, a buyer's mortgage insurance will cost about $43 a month, or $516 a year. With just 5% down, the cost goes up to $120 a month, which is almost three times as much, according to GE Capital Mortgage Insurance. Depending on which insurer you go with, it can cost even more. Some require an additional fee upfront — on top of the monthly payment — of as much as 1% of your loan if you put only 5% down. Since your lender typically chooses your insurer, this is probably going to be beyond your control as well.

The key is to understand the terms of your mortgage insurance obligations before you close your loan. Get your lender to explain what conditions you have to fulfill before you can stop paying for insurance. Some lenders simply require an appraisal to prove you've paid down 20% of the home's value.

Next time, a look the final 3 items in our list of 10…
 

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Parelman, both of Las Vegas, Nevada and assigned by them to practice loan legal for States Government.

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Our next several posts will discuss the various activities that must happen before you can close on a mortgage loan, and tells you what will happen at the closing meeting, including what types of documents you can expect to receive.

The mortgage loan closing (or settlement) is the meeting at which you take official ownership of the house. You’ll be required to sign many papers and pay your closing costs at the meeting in order to take possession of your new home. Technically, two separate closings occur at this time: the closing of your loan and the closing of the sale. Then, at the end of the meeting, you get the keys to your new home!

Although the closing process varies from state to state, and even within the same county or city, certain activities are standard. It is to your benefit to understand the many activities that need to occur before, during, and after the closing meeting and their costs.  Of course, as your Buyer's Agents, we will assist you every step of the way in the closing process!

More on this topic in our next post.  Why not subscribe to our blog using one of the convenient subscribe icons to the right of this post?