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Knowledge Base
Knowledge Base->Mortgage Lender
  1. How to find a good mortgage lender?
    • Interview your mortgage lenders, explain your situation and ask their questions such as which mortgage loan type is better for you, how is current market and how long to process the loan...

  2. How to get best mortgage rate?
    • Financing a home is the single biggest financial decision most of us make. You've got to shop for a loan very hard to get best rate. The common strategy is: Don't take whatever they offer from bank or mortgage brokers...

  3. What is mortgage contingency?
    • A "mortgage contingency" is a provision in the home purchase contract that says that if the prospective buyer can’t get a mortgage within a fixed period of time, she/he can call the whole deal off. In other words, the agreement is conditional on the buyer being able to obtain a mortgage on the property. It usually lasts for 30 to 60 days, depending on the average time needed to obtain a loan commitment..

  4. Extend closing date
    • It is not uncommon that you have to extend closing date due to variours reasons: Mortgage could not be done, seller asked or some unexpected reasons. This may upset you and give you extra work to do...

  5. APR and Rate
    • It could be difficult to compare mortgage offers when you’re shopping for a mortgage. In most common scenarios, it’s quite misleading to compare loans by only looking at the interest rate. The reason is your interest rate only including part of the overall cost of a mortgage. A better means of comparison is APR (Annual Percentage Rate)...

  6. No closing cost
    • When you shop around mortgage, some bankers or mortgage lenders offer you a mortgage with "No Closing Cost". Some people got confused what it really means and some fees should be included in closing cost or not. In this situation, make sure the following things and ask the lender to give you a faith estimate...

  7. What is appraisal contingency?
    • The appraisal contingency is: a mortgage broker or bank will assign a professional appraiser to compare other similar sold properties to the one you are buying. When the appraiser looks at the comparable house sales around your location, he/she will place a value on the property through using a lengthy evaluation. If your offer is contingent on the appraisal of the property, here is what could happen...

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