Finding a mortgage broker is easy; it’s finding a good, reliable one that you trust 100% that may be a little tougher! A mortgage broker is the middleman between a mortgage lender (in other words, an institution–such as a bank–that finances your mortgage) and you. Some financial institutions only work through mortgage brokers, so not using one can limit your chances of getting a good mortgage.

Honesty is the best policy. If a Ravenwood broker suggests that you lie on your loan application in any way, he/she is most likely in the 30 percentile. Walk away.

It is not easy to find a lender who provides a fifty year home Mortgage broker. Not many of the mortgage lenders have integrated this new idea into their offers yet. There are also a few problems with these types of mortgage loans which may keep lenders and creditors as well think twice prior to utilizing them. However there are advantages with these types of home mortgages, there are always hang-ups as well.

In most cases, your broker will not charge you any fee, but the lender will. Therefore, make sure you get a clear idea on what kind of fees that will need to paid out. Better yet, request the broker to summarize it in detail, and offer comparisons on not just the interest rate but the associated closing costs, and any ongoing fees.

Mortgage Program – The program you qualify for and choose will determine a lot about your loan. How much you need to put down, reserves requirements and necessary credit criteria are based on the mortgage program. Speaking with a mortgage banker is the best way to find out more about specific mortgage programs and qualifications.

There was a time paying off the mortgage as soon as you could was the only way to go. This, of course, is provided the family had enough extra income to make extra mortgage payments. Why was making extra payments such a smart move? Because interest is what you pay for the time the lender is loaning you money. If you don’t use this time, you do not pay interest.

Watch Interest Rates: Whenever interest rates drop, consider refinancing your home loan with your lender. The money you can save with a reduced interest rate can go a long way toward repaying the loan more quickly. Keep in mind that the fastest way to reduce the duration of the home loan in this instance would be to keep making the mortgage payments you are used to, rather than the reduced rate that the refinance may have created.