Mortgage Broker Articles - Page 1

When you obtain a referral from our real estate agent or broker for a lender, mortgage broker, inspector or attorney, should that person owe a duty of loyalty to you or to the real estate agent? Most home sellers and home buyers would agree that the lender, mortgage broker, inspector and attorney…

A home buyer purchased a home using an installment contract for deed. She paid an escrow company, which then paid out her mortgage, taxes, insurance and homeowner association dues - or so she thought. Now she finds out that the escrow company/mortgage broker hasn't been making any payments, and the…

Can you be a real estate agent and a mortgage lender in the same deal? In many cases, you cannot. RESPA (Real Estate and Settlement Procedure Act), has restrictions on what certain parties to a real estate transaction can and can't do. The Federal Housing Administration (FHA) has its own rules and…

Reverse mortgages are growing in popularity. But the dangers they pose to unsuspecting seniors are tremendous, according to the OCC. Also, reverse mortgages are extremely costly, which can be startling, especially if you don't understand all of the costs and fees that go into originating a reverse…

On May 29, 2009, U.S. Department of Housing and Urban Development (HUD) Secretary Shaun Donovan issued guidance that allows first-time buyers who get an FHA loan to "monetize" the $8,000 first-time home buyer tax credit. In short, you can now apply the $8,000 tax credit to your FHA loan closing…

In this economic crisis, there are many different viewpoints over what caused the mortgage situation and what should be done to solve the economic problems. Real estate attorney Sam Tamkin talks about a program he is participating in to work with lenders and borrowers to work through their mortgage…

When purchasing a home with a friend or relative, how should this kind of mortgage be arranged? Who is responsible for the costs and payments? Make sure you are clear on the terms of the arrangement when purchasing a house with someone else. Drawing up a partnership agreement could be a good idea.

It costs a lot of money to buy a home today, and using a buyer broker can save you more than 5 percent on the purchase price. Buyer brokers represent the buyer's interests in a home purchase rather than the sellers. Buyer brokers can help you find out the seller's motivations and look up what homes…

What responsibility does a mortgage broker have to notify his clients when they can get a better interest rate on their mortgage loans? Pulling files from lenders may leave the mortgage broker with a poor broker file delivery rating. Some mortgage brokers believe that mortgage loan borrowers also…

Home loan borrowers sometimes break a mortgage loan lock, which means that he or she locked in an interest rate and then walked away from the loan prior to closing. Mortgage brokers dislike it when borrowers break a mortgage loan lock because it may put the mortgage broker in bad favor with lenders…

Paying off your mortgage early can save you money, especially when you refinance to a mortgage loan with a shorter duration and lower interest rate. Many homeowners dream of an early mortgage payoff. What's the best way to find a good deal on a mortgage refinance for an early mortgage payoff? Should…

Even if your real estate agent knows how much the lender will allow you to spend, it's up to you to stick to your budget. If a real estate agent doesn't respect how much you'd like to spend, it might be time to find another agent. If you're looking for a home on state lines, you'll want to know…

Once a bankruptcy has been discharged, a potential home owner is considered a "first time" home buyer again when applying for a mortgage. A bankruptcy free potential home buyer should check into first-time home buyer programs that might be available to help with mortgage loans. Even as a first time…

When purchasing a home with a relative, how should this kind of mortgage be arranged? Who is responsible for the costs and payments? Make sure you are clear on the terms of the arrangement when purchasing a house with someone else. Drawing up a partnership agreement could be a good idea.

First-time home buyers have lots of options when it comes to getting a loan. Mortgage brokers may have lots of ideas, but you need to find out what mortgage plan works for you. Do you have a lot of cash for a down payment? Will you need to pay off credit card debt? Do you need money for repairs…

This home seller was very unhappy with their real estate agent, who failed to show up, didn't answer questions and skipped out on the closing when the home finally sold. Many sellers try to blame their real estate agent when their home does not sell. A real estate's obligation is to sell the listed…

What penalties do you pay when you cancel a mortgage loan refinance? A home owner asks about canceling a mortgage loan refinance because mortgage interest rates dropped four days after he filled out his refinance application. Ilyce says to walk away from the mortgage loan refinance, he has to be…

It may sound great when you hear you're pre-approved to refinance your mortgage loan. But how can you figure out whether the mortgage lender who wants to refinance your loan is credible, especially after the mortgage crisis? You can call the Better Business Bureau (BBB) and check out what other…

Learn about mortgage basics including two common types of mortgage loans and what it takes to qualify. Your credit score will have an impact on what kind of mortgage loan you can get. Being informed about your credit score and your options will help you get the right mortgage for you.

Not sure whether to get a mortgage loan through a mortgage broker? Learn what mortgage brokers and mortgage bankers do and how they get paid. How can you find a good mortgage broker?

Having a good credit score will help you get a better mortgage interest rate. Learn how mortgage lenders use your credit score from mortgage broker Victor Benoun. You should try to increase your credit score before you apply for a mortgage. To establish a good credit score you must make your…

When shopping for a home loan, is it better to go through a mortgage broker or a bank? When you get a loan through a mortgage broker, he's compensated with fees often paid by the lender. Mortgage brokers represent "end" lenders, the companies that invest in mortgage loans.

When it comes time to buy a house, the biggest purchase that you will ever make, you need to make sure you have the right mortgage for your needs. It might not be the cheapest, but it might work if the interest rate, fees, and timeline are correct for your budget. The loan you choose needs to work…

The latest trend in real estate seems to be buyer's brokers asking a broker fee on top of the commission. Buyers shouldn't agree to pay an extra fee on top of the commissions the broker is receiving. Some real estate agents acknowledge that if they receive a split of a 6 percent commission, they are…

When you buy a home, it's good to understand whether the professionals involved in your home purchase can receive referral fees. The Real Estate Settlement Procedures Act prevents giving lawyers, real estate brokers and mortgage lenders referral fees. Learn how to stay clear of any illegal activity…