I am sure, that you have lots of personal questions about what is home equity conversion counseling, and those things I cannot handle in this article. You have to remember, that some seniors have met marketers, who have tried to sell reverse mortgages, which exceed the needs of the seniors. The official reverse mortgage counselor gets the authority from the Federal Government and, this is important, he will not sell anything, he only guides...more
When you think about buying a home, you should look for a home when the mortgage rates are low. With the way the economy is today, buying a home might seem like a bad idea, but if the rates are low, you can buy a nice home and have a low monthly payment that could be less than what you pay for rental payments. When home mortgage rates are at a low, people tend to refinance their current mortgages to take advantage of the low interest rates....more
A mortgage is such a common term in our society that many people never stop to consider precisely what it means. For most – even people with a mortgage themselves – the term simply means a loan taken out in order to buy a property.However, a mortgage differs from other kinds of loan – specifically because it has one major use and because under a mortgage contract the interest in a property is transferred to the lender as security for the cash sum being advanced. Therefore the mortgage contract itself is not the actual debt but rather the reassurance that the debt will be repaid. The contract also stipulates that once the terms of the debt have been repaid, then the interest in the property will revert to the borrower.The word “mortgage” itself derives from Old French, literally meaning a “dead pledge”. This is taken to mean that the end of the pledge comes – or dies – when either the loan is repaid in full or the property undergoes foreclosure and reverts to the ownership of the lender.Mortgage lenders are usually specialist investors who make available cash for purchasing property. Their primary profit stems from the interest rates attached to the...more
Before you can be approved for a Canada Mortgage, the mortgage company considers four elements. They make a careful analysis and evaluation of your income, credit history, the property being purchased, and the down payment on the property. This will help the Canadian lender decide if he will make you a loan.Regardless of whether you are employed or...more
No matter what the market environment, it is important to generate business from a variety of sources--both traditional and non-traditional. We all know that the refinance boom could end at any time, but how many of us are adequately prepared? How many of us are positioned properly to maintain our current standard of living? Would you be forced...more
One question I get a lot from subscribers is How do I approach Internet mortgage leads? As you may already know, I generate 90% of my business directly from these types of leads and have found them a great resource for several reasons:When you call people, they are ready to buy.People will take your calls and even return your messages, because they actually inputted the lead and it is not a cold call.You can begin pricing the loan out before you make the call because much of their information is contained on the lead already.Online leads exist for all loan types: refinance, purchase, and sub-prime loans. Keep in mind that there are several drawbacks to these types of leads as well:If you buy from an unscrupulous lead provider, the Internet leads may be old, outdated, or have been resold several times to multiple brokers. (Always look for a money-back guarantee and invest as little as possible upfront, so you can test the lead company out).The customer probably put their Internet inquiry on other websites too, so many other brokers will be calling too. So you have to have your sales pitch down and effectively close the sale. Be forewarned, Internet shoppers are rate shoppers...more
What sets one loan officer apart from another? And how do some people become top producers in their office, while others slowly squeak by? Surely, we all have the same amount of time, resources, and intelligence (debatable?!) available to us. So...more
One of the toughest things as a loan officer to do is to know when to keep or kill a deal. Of course, we all want as much business as we can handle. But, spending time on loans that dont close, wastes more time and leaves you with nothing to show...more
If you are searching for information related to California Va Loans or any other such as department of veterans affairs, financing, va loans and closing costs or va mortgage loans you have come to the right article. This piece will provide you with...more
Owning one's own home is a dream of every individual. But as fate would have it, the current economic crisis with rampant job cuts in the US have made this dream a distant reality for many. The introduction of President Obama's home stimulus package...more
As our great nation is in an economic recession, the Obama administration has a plan in effect known as Making Home Affordable for loan modification for millions of homeowners. The objective of the plan is to provide assistance to homeowners...more
Financing the purchase of a real estate property is one of the applications of commercial mortgages. You can tread the path to becoming a real estate owner by financing for a commercial property with a mortgage loan. Paying mortgage payments is a...more