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Mortgage Brokers or Banks: Which is Right For You?
When you're looking for a home loan, you might work with an officer at a bank or other lending institution, or you might choose to work with a mortgage broker. The end result is the same - a new house, but the two types of jobs differ.
Bank Loan Officers: The loan officers at a bank, credit union or other lending institution are employees who work to sell and process mortgage and other loans originated by their employer. They often have a wide variety of loan types to draw from, but all originate from that specific lender.
The loan officer takes your mortgage application and works to find a loan product that suits your needs. If your personal credit is approved, the officer moves forward to process the home purchase transaction.
Mortgage Brokers: Mortgage brokers are professionals who are paid a fee to bring together lenders and borrowers. They usually work with dozens or even hundreds of lenders, not as employees, but as freelance mortgage agents.
Think of mortgage brokers as scouts. They find and evaluate homebuyers, analyzing each person's credit situation to determine which lender is the best fit for that person's needs. The mortgage broker submits the homebuyer's application to one or more lenders in order to sell it, and works with the chosen lender until the loan closes. A good mortgage broker can find a lender for just about any type of credit.
The mortgage broker working to secure your loan is earning a fee for that transaction - and the better deal they achieve for a lender, the more they are paid. Don't be too anxious to disclose the interest rate you would be willing to accept, let them tell you what terms they can secure. Shop around to make sure the terms are reasonable.
Many of the mortgage options advertised online are by mortgage brokers. What difference does it make? Maybe none, but you should be aware of the differences between the two positions. A local or online mortgage broker may find you a lender in another part of the country. An online bank might not have a local office where employees can help you one-on-one.
Mortgage brokers can often find a lender who will make loans that a bank refuses. Problem credit is one example. Loans for unique or commercial properties might be easier to secure through a mortgage broker.
Lana Hampton makes it easy to find the mortage right for your needs. Visit her Mortgage website today for the latest information.
Home Loans and Mortgages - Beware of New "Mortgage Elimination" Scam
The booming real estate market has allowed many Americans to become "equity rich." They may not have a lot of cash on hand, but they might have equity in their homes worth several hundred thousand dollars or more.
When is the Right Time to Refinance Your Mortgage?
You've heard that interest rates are down and you think it could be time to refinance your existing mortgage, but the entire loan application process was so exhausting during the initial loan that you aren't sure it's worth the hassle. You could very well be right, but there are some things you can do to help decide whether it's time to refinance your mortgage.
Poor Credit? Get a Sub-Prime Mortgage Now, and Refinance to a Conventional Mortgage Later
There are great mortgage loans for people with poor credit, and yes, you can still save thousands of dollars. In order to receive preferential treatment for mortgage professionals, you'll need a credit score of 680 or better (this is considered A credit).
Using a Calculator to Assess Your Loan
Buying a house is a very important step in your life. Every family dreams of having their own home and whether you are looking into your first, or are moving or upgrading your home, you know your mortgage is important.
Home Buyer Beware - Know the Signs of Real Estate Market Trouble
Lots of articles have appeared recently about the booming real estate market in the United States. Home prices, especially on the East and West coasts, are not only at record levels, but are increasing at record rates.
Escrow Accounts, Do You Absolutely Need One?
With escrow accounts the money for your home insurance and property tax is added to your monthly mortgage payment and is paid out each year. With that said, you may think that having an escrow account takes the responsibility off your shoulders because the bank will make the payment for you each year from your escrow savings account.
How to Utilize Your Cash Investment in Your Home
Have you ever noticed how hard it can be to get to the equity in your home?Recently I had a client come to my office who had quite a bit of equity in their home. I'm not talking about $50,000 or even $200k, I'm talking about over $250k.
5 Ways to Use Your Home Equity Line of Credit
Your home is a source of pride and accomplishment. Did you know that your home can also be an affordable source of income? As your home appreciates and you make your monthly mortgage payments you build what's called equity.
Home Equity Line of Credit or Second Mortgage Loan Online - Things To Do With Your Homes Equity
If you are wanting to get a home equity loan, rates are still low enough that you may want to make use of that equity in your home. Do you need some ideas on what you could do to multiply your equity or make some extra money off of the capital that could be available to you?Here are some suggestions of ways to put the equity to good use when you go to take out a home equity or cash out refinance loan.
A Guide to Selecting a Mortgage Broker in Australia
Once you have made the decision to buy a home you will need to obtain mortgage financing for your purchase. Until about fifteen years ago buyers had to go directly to banks to obtain loans and shopping around for the right fit was a long process.
Refinancing Your Home Mortgage - Get Up To 125% Cash From Your Homes Value
With the low interest rates being offered by lenders today, now can be the perfect time to refinance your existing mortgage. Remember that you do not have to refinance your home through the same lender that provided your initial mortgage.
No Money Down Mortgage Loans - Ways To Get Approved For a Home Loan Online With Zero Down
No money down mortgage loans enabled more people to own their own home. The following ways will help you get approved for a home loan online with zero down.
Private Mortgage Insurance Basics
Will you be asked to pay Private Mortgage Insurance, or PMI? Most lenders will require you to carry PMI if you cannot put 20% or more of your loan amount forward as a down payment. PMI protects the LENDER in case you default on your payments.
Home Loans - Would You Buy a Home Without an Inspection?
The housing market has exploded, with home prices rising beyond all reason in some markets. Home prices have doubled or tripled during the last five years, and in some cities, the asking prices for homes are considered only to be suggested opening bids.
Mortgage Loan Information - Know The Basics When You Refinance or Purchase a Home
If you are currently looking for a new home, chances are that in all the excitement you won't really give any thought to the type of home loan mortgage you take out, instead going with the first one offered to you. This could be a serious mistake - costing you thousands, if not tens of thousands.
Flexible Mortgage Tips
Outlined below are some useful flexible mortgage tips. The most prominent addition in recent years to the mortgage industry has been the flexible mortgage.
Reverse Mortgage Offers Fresh Approach To Income From Real Estate
If you owe 40 percent or less of your original mortgage, there is a great program that is available to you that will generate extra monthly income. It's called a reverse mortgage.
Refinancing Your Home - How and Why?
Chances are you may need a little extra money to get some work done around the home or perhaps your current interest rate is 7.5% and the prime interest rate is 6.
Guide to Remortgages
Here is a useful guide to remortgages. What is a remortgage? A remortgage is when the terms of the original mortgage are renegotiated, and usually means that the borrower increases the amount that they are borrowing, which is often possible due to a rise in the value of the property.
First Time Buyer Mortgages - Transforming Homeless into Property Owners
Having just settled in life, you are finding the rentals putting too much of a burden on your finances. Nevertheless, you continue the payments thinking that purchasing a home would be practically impossible.
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