Mortgage Broker
Why You Should Consider A Licensed Mortgage Broker - A Licensed Mortgage Broker has the resources of many lenders, including banks and mortgage companies, to offer a variety of products, with wholesale pricing;
- A Licensed Mortgage Broker is governed and regulated to be in compliance with all state and federal laws;
- A Licensed Mortgage Broker is trained and tested to measure their competency prior to receiving their license.
- A Licensed Mortgage Broker works for you - the client;
What is a Licensed Mortgage Broker?
The licensed person who, for a commission or a fee, brings parties together and assists in negotiating contracts between them. A firm or individual bringing the borrower and lender together and receiving a commission. A mortgage broker does not retain servicing. Getting pre-approved for a home mortgage is better than just pre-qualifying. Pre-approval in writing gives the homebuyer a security of looking for a home that can be afforded. There are a host of mortgage options available for homebuyers. These include fixed rate, adjustable rate, balloon or jumbo mortgages. Federal agencies like the FHA, VA, and other state agencies also offer special loan programs for first time homebuyers. A mortgage calculator will help determine how much house you can afford and the payments you need to make. PMI is charged on transactions where the LTV is 80% or greater. PMI is not tax-deductible, and once the LTV goes below the 80% level, PMI payment can be stopped. Borrowers with less than perfect credit can apply for B-paper loans. These loans come with higher costs and rate of interest. Refinancing your mortgage is a good option if you are planning to live a longer time in your home. If the interest rate on your new mortgage is 2% points lower than the existing mortgage, refinancing it would make sense. Home equity loans and lines of credit require the home as a collateral. Second mortgages have fixed rates and shorter time periods. Sometimes, taking a second mortgage would be a better option than refinancing the home loan. In assessing your ability to repay the requested loan, Moore mortgage lenders look at the amount of your monthly income in relation to your proposed mortgage payments and to all of your monthly debt and installment loan payments. Generally speaking, your mortgage payment should not be more than 28 percent of your monthly gross income, and your total debt, including mortgage payments and other installment payments, should not be more then 36 percent. The percentages are slightly higher for FHA loans. These ratios are only guidelines, but if yours are substantially higher, say 35 percent and 42 percent, they are well beyond industry norms and can cause denial of the loan. The mortgage company that holds your loan may make the decision to transfer servicing to another institution. The company does not have to ask your permission to transfer the servicing, but it does have to inform you of the transfer. The transfer of servicing should not affect you or your mortgage adversely. The original terms and conditions of your mortgage will stay the same. Your interest rate and duration of your loan will not change on fixed rate loans. Your payment should stay the same or on the same schedule, except in cases where changes in taxes or insurance requirements increase or decrease the escrow amount. Call Us or Just Fill Out the Form Below and we'll have our partners give you a call for a free consultation or prequalifying.
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