About GotYou

Hiring a mortgage broker is a good option if you are unfamiliar with the process involved in taking a mortgage and don’t want to spend a lot of time in understanding the nuances of this industry. The broker can advise you on how to go about getting the loan and he’ll give you a fair estimate of the charges that will be added by the lender. He can also point out any pitfalls in the fine print that you need to be wary of, which you wouldn't find in any FAQ section.

An experienced mortgage broker can help you find the right lender for your needs quickly, and with minimum effort from your side. As he would already know many of the lenders, he will be able to negotiate a lower mortgage rate and easier terms.

A fixed rate means your mortgage will always have a pre-determined interest rate irrespective of the changes in the economic conditions. On the other hand, an adjustable rate can be changed by the lender whenever he feels that the economic conditions have changed.

If you are looking for stable monthly payments and do not want to be dealing with the uncertainty, it is advisable to go for a fixed rate mortgage. But if you have sufficient financial cushion to absorb any increase in your monthly payments, and if you feel that interest rates are likely to go lower in the near future, then an adjustable rate mortgage might be a better option for you.

A change in the repayment terms of a loan is referred to as loan modification. Such changes are usually sought by home owners to make their loans and monthly repayments more affordable. By revising the terms of the loan, the lenders can create alternatives to resorting to foreclosure when the borrower defaults on monthly installments. Here are some FAQ for people considering modification of their loan terms.

It is often asked whether a mortgagor has the right to conduct an inspection of the property to check its condition. Legally speaking, a mortgagor can carry out any inspection that is required by him to ascertain that the mortgaged property is not in a bad condition. An inspection also allows the lender to assess the real value of the property.

This FAQ is the concern of many borrowers. It is often questioned if the mortgagor will qualify a person for a loan modification when he/she or the spouse is unemployed. The lender will have to conduct a financial review of the total income and expenses of the household of the mortgagee to figure out whether the current household income is enough to make the modified mortgage payments or not. Once the mortgagor has satisfied himself with this condition, he can consult with a legal counsel to determine whether the mortgagee qualifies for the loan modification or not.