Secondary Keywordlender, Mortgage Lender, Mortgage, , Financial Institutions, Page Title-- Mortgage Lender In Sub Title-- Mortgage LenderMortgage Lender In Brooklyn, NYMortgage Lenders Are Financial Institutions That Lend Money To People Sothey Can Buy A Property That They Cant Yet Afford, But Should Be Able Toby The End Of A Mortgage Term.Once You Have Decided You Are Interested In Buying A Home And Before Youactually Begin The Home Purchase, It Is A Good Idea To Get An Overview Ofhome Buying And Homeownership.There Are Important Factors In A Mortgage Loan Package That Will Determinewhether You Can Afford The House, You Want. The Most Important Of These Arethe Interest Rate, Points, Mortgage Type (fixed Rate, Adjustable Rate, Balloon Etc.), Closing Costs And Fees, And Down Payment And Mortgage Insurance.Different Lenders Will Offer Different Interest Rates, So It Is Important Toshop Around.Another Detail To Consider Is What Type Of Mortgage Loan Is Best For You.Common Options Include A Fixed-rate Mortgage, In Which The Interest Ratedoes Not Change Or An Adjustable Rate Mortgage Will Have A Fluctuatinginterest Rate Based On Market Conditions. Since No One Knows How The Marketwill Behave, Adjustable-rate Mortgages Are Riskier Than Fixed-rate MortgagesLenders Determine Your Ability To Pay Back A Mortgage By Making Sure Thatmonthly Payments Of Principal, Interest, Taxes, And Insurance (PITI) Do Notexceed 28 Percent And That Monthly Debts Do Not Exceed 36 Percent Of Yourgross Monthly Income. Besides Looking At Straight Numbers, Lenders Determineyour Ability To Repay A Mortgage Debt By Considering What Kind Of Job Youhave Or If You Have Dependents And What Other Financial Obligations Youcarry.Lenders Also Consider Your Credit History And The Value Of The Property Youare Buying.If You Are A Homeowner Looking To Refinance Or Get A Home Equity Loan, Bewary Of Predatory Lenders. Predatory Lenders Promote Quick-fix Financialsolutions In Order To Convince Potential Homebuyers To Invest In Propertiesthat They Are Unable To Afford. Contractors Who Offer You Financing May Alsobe Associated With Predatory Lenders. While Legitimate Lenders Use Marketingtechniques Also Employed By Predatory Lenders, Predatory Lending Often Ismarked By Telephone, Door-to-door, Direct Mail, Internet And Televisionsolicitation That Advertises "bad Credit, No Credit, No Problem" Loanprograms. Organizations Like Neighborhood Housing Services, Legal Services, And The Parodneck Foundation Can Help With Identifying Andavoiding The High Rates And Fees Of Predatory Lenders.Check Whether Your Contractor Is Licensed And Learn Whether Homeowners Havefiled Complaints So Call The NYC Department Of Consumer Affairs. Look Upyour Mortgage Lender And Broker And Also Call The New York State BankingDepartment To See If Your Lender Is FHA-authorized
