Your Trusted Mortgage Broker

To highlight the advantages and disadvantages of the services offered by a Millenium mortgage broker, I consider it necessary to point out a few ideas about their existence.

Fixed Rate
Mortgage

Fixed rate mortgages are available for 40 years, 30 years, 20 years, 15 years and even 10 years. There are also “biweekly” mortgages, which shorten the loan by calling for half the monthly payment every two weeks.

Closing
Cost

An accurate Estimate of Closing Cost is essential for you to make an informed decision. In order for us to prepare an accurate Estimate of Closing Costs for you, we’ll need to get some basic information from you.

Interest
Rates

This informative report includes several key factors to obtain a lower interest rate. A lower interest rate can save you thousand of dollars over the lifetime of your loan. Learn valuable secrets to lowering your interest rate.

Learn about fixed rates here

Fixed rate fully amortizing loans have two distinct features. First, the interest rate remains fixed for the life of the loan.

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You will get Professional Advice

A broker is well conversant with the laws and regulations governing the real estate market. Besides being experienced, they are experts in dealing with several lenders. Because of their vast knowledge in the industry, they can help you comprehend the fine print on your loan. Then, they’ll work with lenders to let you select and have the mortgage of your preference.

 

They Provide a Hassle-Free Process

The mortgage process is normally tiresome and time consuming. Having the all work done by a mortgage broker means that you’ll get enough time to work on your other stuffs. Dealing with lenders directly can be very stressful, since they’ll have to go through all the necessary paperwork before they decide whether to give you a loan or not. You don’t have to worry of being turned down by a lender, because brokers are always connected to various lenders.

Frequently Asked Question

Basically, the first thing you should do is get a pre-approval for a Millenium mortgage.  This not only saves you time and pressure when you find the home that you want to buy, it also makes your offer more attractive to potential sellers.  They know you’re serious about buying a new home, and they know you can obtain financing for the home they’re selling.  As for what you can expect when buying your first home, get our free step by step Guide to Buying Your First Home  .

If you have excellent credit, no special circumstances, want a standard 30 year fixed rate mortgage, and don’t mind paying a bit more in interest for your mortgage, than your bank or credit union is a good idea.  A Licensed Mortgage Broker will charge you a fee for their services, and your bank won’t.  But a recent survey by an independent economist from Georgetown University found that you can save a lot of money by using a mortgage broker for your mortgage, compared to a loan officer at your bank.  Even when both of them are dealing with the same lender!  The major reason for this is that a Mortgage Broker charges you an up-front fee to get you the best interest rate, while the bank charges you a higher interest rate to be able to pay the salary of their loan officers, tellers, branch managers, etc.  For more information, you can read a reprint of the article here, Mortgage Brokers Are Cheaper.  If you’d like, you can also order our free report, Top Ten Reasons to Use a Licensed Mortgage Broker.

They are both good options for different situations.  For some situations a fixed rate loan may be your best bet, especially since the bond market has pushed their rates so low.  For others, the opportunity to lower their payments with an interest only ARM might save them thousands of dollars.  Every situation is unique, and a qualified Mortgage Broker can help you decide which option is the best for you.   One of the better programs available today is a fixed rate that adjusts 1,3,5, or 7 years in the future. You get a lower fixed rate today, and can refinance in the future if your adjusted rate is much higher.  We usually recommend this type of loan for someone who isn’t planning on being in their current home much longer than the time until the loan becomes adjustable. 

Ask one of the Licensed Mortgage Brokers at  Millenium Mortgage Inc a question…

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