4 Important Questions to Ask When When Getting a Mortgage

A special thanks to Stacy Thorne of West Star Mortgage for her interview!

You know, home buyers often have several questions about fees involved in the whole mortgage process. I know mortgages and their associated fees can seem overwhelming and confusing at first, so I thought I’d ask Stacy Thorne of West Star Mortgage to break down those fees - so you can make best-informed decision possible when it comes time for you to shop for a loan.

So, here is a breakdown of the questions I asked and the answers Stacy provided!

Question 1. In Nebraska, a Home Loan Is Called a “Deed of Trust” While In Other States It’s Called a Mortgage. What’s the Difference? 

Answer: Actually, they’re very much the same thing. It’s just that the administrative processes are different. The more common term, of course, is “mortgage.”

Question 2: What Are Standard Mortgage Fees?

Answer : You can break them down into three areas:

• Lender fees – these are administrative fees for processing the loan.
• Third party fees – these are standard fees charged by, for example, a title company, which searches the title to make sure there aren’t any unexpected liens or other things of that nature. Other third party fees can include: appraisals, credit reports, closing fee, etc.
• Any local or state government fees (varies by state)

Question 3: Are Fees Negotiable?

Answer : For the most part, no. They’re pretty standard. However, lenders will be more flexible on the mortgage loan’s interest rate because they want to remain competitive with other lenders.
So, be sure to compare rates among lenders to get the best deal! It can save you a tremendous amount of money over the life of the loan!

Question 4: What’s the Difference between a Mortgage Banker and a Mortgage Broker?

Answer : A mortgage banker lends you their money.Think of mortgage brokers as “go-betweens.” That is, their job is to find you the best mortgage for your needs. So, they shop for that mortgage among banks or lenders and charge a fee for that service.As you can see, this is more expensive than working directly with a banker but a broker can be a good choice in the right circumstances.

I hope you found this information valuable, because I have much more to share with you ! Naturally, I couldn’t include everything in this short message, so why don’t you give me a call today at 402-598-3965 or contact me at peg@maloney.com , so I can provide you with all the information you need to make the right decision!

I look forward to speaking with you soon!