What should first-time homebuyers know about getting a mortgage?
How can you protect your privacy?
When should you refinance?
Melissa Keyser is a mortgage loan officer from Cornerstone Mortgage here in St. Louis, and she answers these questions from our Facebook page and more.
Melissa Keyser has been with Cornerstone Mortgage for three years. What she enjoys most is helping first-time homebuyers. Not long ago, when she went to buy her first home, her loan officer didn’t give her many options. That is why it’s her mission to educate her buyers, give them as many options as she can, and empower them to make informed decisions when it comes to their mortgages.
Your Mortgage Questions Answered
These questions were submitted by our Facebook fans. Like the Wahl Real Estate Facebook Page to join the discussion!
How can homebuyers ensure smooth closings when getting a mortgage?
The best way to ensure a smooth closing is to have a good team behind you. You must have a real estate agent who has your best interest at heart, and a loan officer who will present you with options and give guidance. You should also make sure the title processors, inspectors, closers, and insurance agents are prepared to represent you throughout the process and keep you in the loop so that any problems can be dealt with up front.
How can homebuyers keep their personal information from third-party companies while going through the loan process?
Unfortunately, all transactions you do with a home are public record because the deed of trust is recorded with the county. Third party companies will try to get your information.
Worse still, there are those whose job it is to prey on people who’ve just bought a home. Beware of suspicious flyers that come in the mail. If you receive something questionable, send it to your loan officer first.
How can homeowners save money by refinancing, and when should they refinance?
Everyone’s situation is different. The best refinancing options are based on a homeowner’s needs. For example, if you want to refinance to save money on a monthly basis, you might want to lengthen your mortgage to thirty years. If you can take on higher payment, you may want to shorten your mortgage term and save a ton on interest. If you have high interest credit cards or student loans, you can roll all those outstanding loans over into your new home loan for one easy payment at one lower interest rate.
Contact Melissa Keyser