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Below, you'll find extensive information
on leading mortgage brokers articles and products to
help you on your way to success.
Why Do You Need A Mortgage Broker?
By Leo
| This article is about the benefits of using a mortgage broker to find the most suitable mortgage product for your situation. Comparing Banks can be stressful!A good mortgage broker is becoming more and more vital to your success in getting the best mortgage for you. There are more products on the market than it is possible to keep track of and lenders are becoming choosier in whom they will lend to. It is easy to gather information on which lender is offering what mortgage product, you can wander down the average high street, gathering mortgage packs and leaflets, you can spend a few minutes on the phone and have them sent to you, or you can easily spend as much time on the internet as you like looking at slick sales pages.But what do you do when you have all that information? In between glossy brochures and internet printouts you could be responsible for the death of a small forest and end up with too much information. How do you decide what sort of mortgage is best for you? How do you decide which lender will most readily lend you money? This is where the mortgage broker comes in. Mortgage brokers spend their working lives dealing with mortgages; they know more about each mortgage product than is revealed on the sales page or in the glossy brochure. They also know about the problems and pitfalls hidden in the small print. A mortgage broker will save you a lot of time here as they already know what is on the market, so you won't have to wade through all the information. A mortgage broker knows all the industry jargon, and what it means in practical terms. Should you go for a variable rate mortgage or a fixed rate one? If fixed, how long for? This will save you the time it takes to learn about all this stuff (and then find that you really don't need to know three quarters of it!) A mortgage broker will also save you the stress of trying to take all this in after a hard day at work! A mortgage broker will also know about special deals for particular circumstances. For example there are still 100% mortgages about, but very few people actually qualify for them. Some lenders also
have deals only available through a broker, and some lenders only deal through brokers.
A mortgage broker will sit down with you, find out about your circumstances and then, recommend the best options for you explain it all to you and help you choose the right sort of deal.
Great so you know what sort of deal you are looking for. But which lender is likely to give you a mortgage? This is where the next step of the broker's advice comes in. Mortgage brokers know the lending criteria for each institution and not just the published criteria in the glossy brochures and slick sales pages. They also know the unpublished criteria.
For example some lenders like a spotless credit report for the whole six years that the report covers, some only look at the past three years. Your occupation, your employer and they type of property you want to buy will all influence a lender, but to a different degree with each lender. There is no way an individual will know that information - but a broker who deals with this all the time will talk to actual lending officers and will see patters in all the loans that he has brokered. This will also save you time and stress.
A mortgage broker will then help you with the actual application. They can help you gather and copy any information needed, and best of all help you fill in the application form! A good broker will know how to emphasis your good points and minimise your bad ones.
A good broker will be able to make the best possible case for you with your chosen lender. And for people who may be on the border line a broker can often talk to a lender direct, getting a lender to assess the application first and only if they approve the person then instruct a surveyor to approve the property. That can save you a lot of money, time and stress.
But the service doesn't end there. A mortgage broker will also be able to shop around and find you a good deal on all the insurances you will need to go with property ownership (life insurance, accident and sickness insurance, buildings insurance and contents insurance). Many people simply sign up with their lender for whatever is on offer and a good broker will often be able to find you a better deal.
So I guess what I am really saying is not why should you use a mortgage broker - but why wouldn't you use one?
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Charge off on 2nd
Have a charge off from 2009, that I wasn't unaware was a charge off on the 2nd on a home that was foreclosed on. I thought a foreclosure was just that...a foreclosure, but the 2nd charged off the amount owed. I want to pay it as I want to purchase a home? I have nothing else negative on my account with a 730 mid...What do I do, the loan is with GMAC and I just get the run around.
Where to go for loan?
I'm on my way to repair credit. At present, it is a bit under 600 on all three credit reports. I bought an owner finance house 3 years back and the deal is for 5 years. After the contract ends, I want to take out the equity in that property and buy another home with the cash. And I would like advice on how or where to go. I expect my credit to make it close to 700 or possibly into the 700's by then. Thanks for the replies.
quick claim deed
what if i dont have one of the i just have a deed that gave me the propety when he died
Lose house in bankruptcy??
Hi there? I bought a condo, 7 months ago with cash which was a loan from one of my friends. Due to my credit card and medical debts, I need to file bankruptcy now. Will I lose the house if I file bankruptcy? Or will I be able to save it with the federal Homestead exemption and keep paying my friend the payments? Thanks
Parents facing foreclosure
My parents are facing foreclosure as they are 3 months late on their mortgage payments. However, the mortgage is under the name of my grandmother. My mother has power of attorney and has applied for loan modification. However, the payments are still too high for them. They can?t afford it. My grandmother does not even live in the house. My father is currently unemployed and my mother's income significantly decreased because of cut in working hours. Since the loan is not under their name, what ...
Qualify for FHA loan
We want to buy a home immediately after we finish saving up for a down payment and closing costs. We have good income. Apart from this, my credit is good 660 and more but my husband has a low score around 630. Apart from that, he also has other collections!! I want to know if the old debts will create problem for us in qualifying for a FHA loan. Or should I apply alone for the loan?
Possibility of getting a mortgage?
Im a first time home buyer thinking of getting a mortgage this summer and was wondering if i had a chance of approval. I am 21, been working at the same place for 2 years making 28k a year(gross). My credit score as of now is in the high 600s with a lot of debt that i am going to pay off before i submit my app. My fiancé is 20 and has been working in the same occupation for over 2 years and has only had a small credit card limit for 3 years. She makes 32k a year(gross). What are my chances with...
Transferring ownership of property to my sister
My mother died in 2010 and left her Florida condo to my sister and myself. In 2011, probate was completed and my sister and I now own the property. We tried to sell it with no luck. My sister decided we should rent it out since expenses were so high. She is handling everything since I live in another state.
The condo is worth no more than $35K. I would like my sister to own the condo outright so I do not have any involvement--she is doing a lousy job of managing the rental and keeping re...
Quitclaim deed
i moved into my dads house about 3 years ago to help him out--in 01/2011 he had a stroke/dementia and went into a nursing home---my brother had power of attorney----both my brother and i are to split everything 50/50--in july he did a quitclaim deed putting his name on the deed and leaving me off---dad passed away in 11/2011--he now wants me out of the house----
Grandmother on Loan and has quit claimed to Grandson -
Grandmother purchased the property in her name only 7 years ago. Grandmother signed and filed a quit claim deed to the Grandson 3 years ago. She has the mortgage in her name only and it is in default X3 months. Can the Grandson sell the property and regain his interest (money) - he made the payments to the Grandmother and she in turn was supposed to pay the mortage?? She decided not to pay the mortgage and the Grandson and 3 children are going to have to move due to foreclosure. What are th...
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Home Mortgage
Mortgage Loans
How Much Can I Borrow For A Mortgage
Mortgage Brokers
Proposed RESPA Reform
Mortgage brokers may have some intrusive rules from HUD to deal with.
When I read the news on HUD?s proposed reform of the Real Estate Settlement and Procedures Act (RESPA) I was skeptical. Cathy from Sequim challenged me to read the 96-page federal register document so we could all figure out what?s going on. I am here to tell you that there is one very good change coming out of this proposal. In fact, it?s so good that I am borderline hopeful that this change might do what legislation is suppose to do and what HUD forgot to do when they signed the original version of RESPA in 1974. But first, the changes that will have many, but not all mortgage brokers screaming bloody murder:
Read more: Proposed RESPA Reform
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Neocon-omics
How much can the Fed and the U.S. government do in the face of declining housing prices?
That?s been my worry since I saw the housing bubble peak in 2005. Historically, declines in housing prices take 3-4 years to bottom, which means we still should be at least half a year away. But after that, the economy doesn?t rebound instantly. It yo-yos for a bit - essentially running horizontal.
Read more: Neocon-omics: the Emperor’s Club that screwed us all
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A Mortgage Fraud Solution
A look at appraisers, mortgage brokers, and fraud.
Fannie Mae and Freddie Mac have entered into cooperation agreements with New York?s attorney general to only purchase loans that meet a new home valuation protection code, the state announced. The code is effected on Jan. 1, 2009. Under the new code, mortgage brokers and loan originators are prohibited from choosing or communicating with appraisers.
Read more: This Is A Mortgage Fraud Solution, But!
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Choosing Second-best
How to leverage your second choice into seller concessions and a better deal.
So, rather than competing for the best house and paying top dollar, you can use it as leverage to get a lower price and seller concessions on a home that could be even more ideal for you ? after you do a little work.
Read more: Choosing second-best could get you the best possible home
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Price Depression
A forecast for more housing price depression.
My theory is that housing prices will continue to wilt as long as large levels of foreclosures and new home inventories run high. These are not traditional homeowners, and are motivated to slash prices, thus continuing to depress prices.
Read more: Wilt the Silt
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Can I Afford A Mortgage
A good tip on getting concessions from the seller.
You should try to get pre-approved by a lender prior to shopping for a home. A pre-approval is a strong marketing tool when making an offer that may contain many a number of seller concessions. Telling a seller that you are already approved for a loan makes the acceptance of a low offer or one where he may be paying the closing costs much more palatable.
Read more: Can I Afford a Mortgage
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Time To Purchase A House?
Housing prices are off their highs, but mortgages are harder to find.
US News and World Report implies (hopes?) we may be nearing a bottom in housing prices but with a mountain of resets coming in the next few months, it?s difficult to see how a bottom can be seen or even predicted.
Read more: Time to purchase a house?
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Filing Your Home Insurance Claim After The Disaster
Here are 5 steps to follow when you need your home insurance.
Here are 5 steps you should do to prepare and file your home insurance claim after the disaster.
Read more: 5 Steps To Preparing & Filing Your Home Insurance Claim After The Disaster
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Strike One
A look at role of mortgage insurance in FHA loans.
Regarding the second point: By not raising the loan limits they fail in one of the 11 ways they can help. I believe they will fail in almost all, but let us have hope. To be specific as to why I support this: FHA is not a government gimme. It is a government guarantee the mortgage will be paid or the lender compensated for losses. The program pays positive cash flow to the government in that there is a type of mortgage insurance fee charged the borrower. It is reasonable and more than pays for the reimbursements made to the lenders that suffer a default.
Read more: Strike One, How Many More To Go President Bush - Congress?
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Who's To Blame
Mortgage brokers share the blame with the rest of the industry in the current real estate mess.
Who is not to blame for the mortgage mess? Take one step back. As lenders, money was flowing from the spigot like there was no tomorrow. As mortgage brokers, there was money to be made by cranking the faucet, and it was a foot race to see who could get to the sink first. As agents, we sang the ?Houses are expensive, but money is cheap? refrain until we were blue in the face. And, as for the consumer, it really doesn?t matter in the final analysis whether they were motivated by necessity, opportunity or unadulterated greed. We all helped make this bed in which we now must lie.
Read more: Chicken Soup to Social Responsibility - Damn, I’m a Paradox
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Trying To Move
Hard to move when you're house loses value.
I will continue to work from Los Angeles while we work on selling our house, which unfortunately is bad timing as housing prices have taken a bit of a dive around here. Once we have things settled over here, we?ll pack our things and move up to Seattle.
Read more: Why Is Microsoft Removing My MVP Status?
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Housing Slump 'Forces' Pair To Open Whorehouse?
A critical look at a story about mortgage brokers turned sex workers.
What else can you say to such a ridiculous report, such obvious sensationalism? The sad thing is, many people will read this wild hyperbole and imagine that the TV station?s salacious report has a ?point? to it.
Read more: Housing Slump ‘Forces’ Pair to Open Whorehouse?
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Home Buyers Returning This Fall
This blogger says lower mortgage rates will drive buyers to the residential real estate market soon.
Ten days ago after the Fed calmed the markets' credit panic with a 1/2 point cut in the Discount rate, I postulated that home buyers will come back this fall when the Fed finally drops the Fed Funds rate, and mortgage rates drop. It's now almost certain to happen. Here are the parameters in play now:
Read more: Home buyers are returning this fall - part 2
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Lead Scrub Rates
A look at the cost of a lead for a mortgage broker.
Joel has a good interview with Dave Wengel of TargusInfo around Mortgage lead scrub rates. Specifically that lendingtree and lowermybills have a 15% scrub rate whereas the free ipod guys (lure people in with promise of a free ipod but they and their friends have to signup for credit cards, netflix and talk to mortgage brokers to get it) have around a 50-60% scrub rate.
Read more: Lead Scrub Rates
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Why I Have Endorsed FHA
A look at FHA compliance for mortgage brokers.
Having been an FHA lender I can attest it is a pain at times. FHA requires annual financial audits of the mortgage brokers financial condition and more. We always have survived the several day pain, and the expenses tied to it, but only FHA drags brokers through this. The actual banks that sponsor the mortgage broker go through even more red tape and grief. Loan officers have to know more rules. FHA doesn?t rely on the easy automated underwriting or the quick answer from a subprime lender. FHA restricts how the borrowers pay for certain expenses and how much the lender can charge.
Read more: I Have Endorsed FHA, Why Specifically?
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Ideas To Save On Your Mortgage Insurance
Many people would love to have a house of their own. It brings some level of security and satisfaction for the whole family. However, with the prices of modern homes today, only a few can Read more...
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The Basics Of Reverse Mortgage Information
One of the most important things you need to remember if you are thinking about applying for a reverse mortgage is that your home is by far your most important asset. Applying for a Read more...
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