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Nicholas Said:

what are my basic concerns an priorities when i look for a home mortgage loan? I am a first time buyer?

We Answered:

Shop around to get the best deal on a conventional 30-year fixed rate mortgage. This is the "standard" mortgage that offers very competitive terms for you, the consumer. Needless to say, you get the best deals the larger the down payment (10-20%) and the better your credit rating.
See what your bank or credit union offers, as well as other local lenders. Mortgage brokers seem to be out of favor these days, but if you get a good recommendation on a broker, see what they can offer. You can also find lenders, information, and calculators on bankrate.com.
Compare closing costs. Closing costs are always confusing (some things you would pay anyway (like interest), other fees are standard, and yet other fees go straight to the lender's pocket) but by having some comparisons, you can tell what is a competitive deal in today's market.
Make sure you have a loan with no prepayment penalty.
Avoid adjustable rate mortgages, even if you intend to stay in your house only a few years. ARMs are dangerous in the current economic environment, because although interest rates are very low now, interest rates are being set up to - potentially - spike sharply higher in a few years. Also, ARMs are better (more profitable) for the lender and worse for the consumer - That is why ARMs are sold so aggressively. With an adjustable, you hold all the risk in return for saving only a small amount of money over a short period of time.
Keep in mind that fixed rate mortgages can actually be exciting and profitable. If you get a fixed rate mortgage now, and if in the future interest rates move even modestly higher, you've just saved a lot of money - that is what is exciting and profitable. At worst, you can refinance your fixed rate mortgage if rates go down even further - There are costs associated with a refinance, but the costs are limited and knowable.
Today's low rates are an excellent opportunity for homeowners.

Marshall Said:

Mortgage Broker or Mortgage Lender? Which should I go with for a home loan?

We Answered:

Your best bet is to shop both. Banks are fine, good rates and service, but they will often have a smaller mix of products to choose from. So, they may or may not be able to provide the best loan for your unique situation.

A broker can use the products and rates of dozens of different banks. Some banks are stronger than others on certain products. Some brokers have tons of experience in structuring deals in ways bankers can't. You might find widely varying offers. They may be almost identical.

Get some referrals from people you know for loan officers and bankers they've used before. Call a big bank or two. Ideally, get your credit scores from the first guys, and use that score to shop for other quotes without having to have everyone run your credit. Get good-faith estimates of closing costs and rates from all of them, again ideally on the same day (rates do move up and down frequently. Same day comparisons help you see who is lowest without dealing with rate movements).

Arlene Said:

What is the typical fee for a mortgage assistance company to re-negotiate a deliquent home loan with a lender?

We Answered:

I don't know, but it's a rip off every time.

Don't be scared to contact the bank yourself, many banks now have a user-friendly interface on their website that you can use.

If you are in the position where you have to re-negotiate your loan, you can't afford to pay thousands of dollars for a service that you can do yourself for free.

Good Luck!

Tanya Said:

What do people look for when they purchase a home or get a new home loan mortgage. What service is best?

We Answered:

Quicken Loans. They do all the work.

Steven Said:

What are the defining "Lender" standards for a habitable home?

We Answered:

Minimum property standards are defined as items that affect the habitability of the home. Examples would be roofing, plumbing, electrical, mechanical, bare flooring, etc.