Question: I’m a first time home buyer. Earlier this month I locked in a 3/1 adjustable-rate mortgage (ARM) with the mortgage broker. Because of delays (on my part) it is highly possible that the paperwork will not get completed within the 30 day lock. I’ve tried to educate myself in regard to ARMs vs. fixed-rate mortgages. Sometimes I’m completely comfortable with my decision to go ARM and other times I don’t feel as confident. During the lending process, can I change my mind and go with a fixed-rate loan instead of an ARM? What about if the rate lock expires?

Answer: You locked in a particular loan with a given set of rates and terms. A fixed-rate loan, in your case, would be a different mortgage. This is somewhat like going to a car dealer, ordering a red sedan, and then seeking to buy a red coupe before the first car is delivered.

If the lock runs out and the loan cannot be delivered, then you might want to go for a fixed-rate mortgage.

You could cancel the ARM — federal rules give you three business days to cancel a mortgage — however, this is an extremely unwise choice because you may further delay closing, you may not qualify for the loan you want or you may face higher rates due to changing market conditions.

A larger issue may be this: Can you close on the home under the terms of the sale agreement? The loan delay may lead to a closing delay — and that may lead to an assortment of problems and costs. Speak with your broker regarding the sale agreement and the status of your loan application

Online mortgage shopping at major mortgage Web sites comes with delays, misleading claims, pressure tactics and unnecessary risks to your personal financial information.What’s more, it’s easier to find lower rates at traditional brick and mortar lenders with local offices.

“Rates, in fact, remain one of the disappointments with online mortgages overall,” said Consumer Reports after its testers went shopping for mortgages online.

“If you don’t mind sending a lot of personal financial information through cyberspace and fielding phone calls from salespeople, online mortgage shopping can be a good way to get a feel for what’s out there,” the report found.

“But if you’re like us, you probably do mind. What’s more, when we checked the Web sites of local banks to find out what they offered, we discovered that it is possible to find rates in your own backyard that are lower than or comparable to those advertised on the major mortgage Web sites,” according to “Getting A Line On An Online Loan,” a recent Consumer Reports Money Adviser test of six mortgage Web sites.

The April report is in line with other recent studies that reveal big hopes for online mortgage shopping were dashed along with the dot com bust. Mortgage information online has been a boon to consumers, but when it comes to mortgage shopping, the Internet has effectively given consumers little more than a new way to face some of the same old problems.

Here’s what Consumer Reports discovered when test shopping three lenders, a broker and two mortgage information Web sites for a zero-point, 15-year fixed-rate refinancing for a $99,000 balance on a single-family house in suburban New York:

Ditech (a lender), a GMAC Mortgage business unit, revealed that sales pitches are just that, pitches. Consumer Reports discovered that Ditech’s televised advertising — a flat closing cost fee of $395 — was often attached to loans that are more expensive over the life of the loan than those with higher closing costs. Unfortunately, an online applicant won’t discover that until he or she has submitted their Social Security number and other financial information in an application. Without that information the online application process refuses to proceed.

E-LOAN (a lender) which promises an “instant decision” took several hours to send the Consumer Reports tester an email promising “you will hear from us shortly,” but after 48 hours the tester was still waiting. Consumer Reports otherwise had favorable comments about E-Loan’s mortgage calculator nj and privacy policy.

Quicken Loans (a lender) received favorable Consumer Reports comments for knowledge, courteousness, online tools and an accessible Web site staff, but unfavorable comments for sharing applicants’ information with partners. The tester also found that Quicken’s quote “wasn’t particularly low.”

HSH (an information Web site) lists lenders by state and their rates and provides links to lenders’ Web site where applicants can further check rates and apply for a loan. The bank Consumer Reports tester found through HSH, a regional lender in New Jersey and New York City, offered the best overall rate found in the magazine’s test of online mortgage shopping Web sites. Closing costs, however, were “hefty.”

Bankrate (an information Web site) allows applicants to choose loans by city or county instead of by state, but like HSH “Some of the mortgage providers listed on the two Web sites aren’t banks but brokers, who could prod you into a higher-priced mortgage to collect a fee from the lender called a yield-spread premium, which translates into a higher interest rate for you,” Consumer Reports reported.

LendingTree (a broker) offers an extensive, 79-question application it sends to up to four lenders. Applicants have no way to examine a given lender’s privacy policies until after the application is complete and then only if the lender contacts the applicant.
“Sales reps trying to close the deal barraged us with so many phone calls that it felt as if they really were on the doorstep,” Consumer Reports wrote.

The magazine said the online mortgage process initially was supposed to be a painless alternative to brick and mortar loan shopping making comparing lenders and loans easy.

“We found that applying for a loan online could sometimes be more annoying than using a bank,” Consumer Reports concluded.

Virginia Water, a rural village, is situated in the Surrey and Berkshire borders and features the Wentworth Estate, home of the popular Wentworth Club and internationally famous golf courses. The property is home to a lot of the village’s residences, which are huge detached properties and probably the most exclusive within the Home Counties.

If you are trying to find wonderful houses for sale in Wentworth, a small family house or even and more luxurious apartment, the real estate agents can find the property or home which is perfect for you.

The properties in the Wentworth Estate are one of the most expensive in the world. Each and every house is really worth more than a million pounds sterling. Most properties certainly come with security guards that monitor the property 24 hours 7 days.

So, usually, when individuals hear “Wentworth Estate”, another thing that usually cross their mind is wealth. It is undeniably a place in which the very rich and highly successful people live from Ernie Els to Sir Bruce Forsyth.

The neighborhood of Wentworth is much like a sophisticated display of fancy architecture. Infrastructure in the estate will always be maintained clean and the landscaping is nicely polished. The neighborhood gives the feeling which has never found dirt. Perfectly clean benches and large front yards are normal sights.

You can also find renowned golf courses nearby, including the Sunningdale and also Windlesham golf courses. Similar to the Wentworth Golf club, these golf clubs have been used for various international golf tournaments.

In case you want the sights to explore, the options are countless such as the Windsor Great Park, the Savill Gardens, and the Virginia Water Lake. And they are not far from the village.

Nowadays Wentworth offers everything right from ultra-prime modern mansions to more classic townhouses. It is most valued for its lively social scene along with the open parkland atmosphere belongs to the 3 golf courses, while still keeping up with care.

It is perfectly logical that this first-class estate is well-known through all parts of the world and is home of everyone from musicians to athletes and royalty to financial figures. Even so, another highlight is a lot of interest from families, both for people who live locally and from other countries.

Many people are also trying to find houses for sale in Virginia Water and Wentworth for their retirement living. This place is also is good for retirees, especially for those who want to maintain their freedom with the comfort which help is available every time. This new advancement really must be seen to be highly valued.