Secrets of a Mortgage Loan

Secrets of a Mortgage Loan

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Some experts believe that consumers could have prevented the subprime mortgage fiasco ... if only they were better educated about how mortgage financing works.

But who wants to school themselves on ratios and amortizations and securitizations when there’s another type of homework to tackle—like picking out paint chips and light fixtures? Of course, before you can hit the Home Depot to canvas the paint aisle, you have to get the right financing.

 So we talked to a veteran in the industry, Joe Parsons, a senior loan officer at PFS Funding in Dublin, Calif., to get his advice on the key things that home buyers need to know—from where to go for your loan to how you can up your chances of being approved for a mortgage

Here we cover:

  • What does a mortgage Loan Officer do?
  • So what happens if you don't use a Loan Officer?
  • Why are mortgage rates constantly changing?
  • What's more important: rates, fees or points?
  • What top factors determine if someone gets a loan?
  • Is there anything you can do to improve your chances of getting approved for a loan?
  • What are the most common reason why people get turned down for loans?
  • If you've been denied a loan, what can you do to increase your chances with another lender?
  • How can I tell if it'd really worth it to refinance?
  • Any tips for finding the right mortgage lender?

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