mortgage broker news
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The Complete Guide to Becoming a Successful Mortgage Broker: Insider Secrets You Need to Know $13.59 A reliable mortgage broker is in constant demand and never short on business in any economic condition. According to the U.S. Department of Labor, the average income of mortgage broker s is $43,210. The mortgage brokering business is one of the fastest growing occupations in America today, yet the financial success rate for these new brokers is dismal. It is estimated that less than 30 percent of … |
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March-June 2009.(Calendar of Events)(Conference news)(Table)(Calendar): An article from: Mortgage Banking $9.95 This digital document is an article from Mortgage Banking, published by Mortgage Bankers Association of America on March 1, 2009. The length of the article is 433 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: March-June 2009.(Cal… |
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How CPAs should handle comfort letter requests from lenders, mortgage brokers.(accounting & auditing news): An article from: CPA Letter $9.95 This digital document is an article from CPA Letter, published by Thomson Gale on February 1, 2007. The length of the article is 675 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.Citation DetailsTitle: How CPAs should … |
Temecula Mortgage Broker Discusses the Reality of Mortgage Lending
You see it almost every day in the financial news, articles talking about how banks aren’t loaning money. While this may be true in some instances, it absolutely does NOT mean home lending isn’t occurring.
As a Temecula mortgage broker, I have witnessed lenders on a harsh lock down with lending their own funds since 2008. With all the economic apprehension over the past several years, the lack of lending probably makes good economic sense. The first thing a bank wants to know before they impart money is how they are going to get paid back. When reimbursement is shakey, banks won’t lend.
This is where Fannie Mae, Freddie Mac, FHA and VA come to the rescue. There is no sense in going through a long explanation on how each of these entities influence mortgage lending, just recognize they are all government entities that securitize, guarantee or insure mortgage loans offered by banks. In one way or another, these companies give banks the security they need. I have seen different numbers, but roughly 90% of all mortgage loans today have a stamp of approval from either Fannie, Freddie, FHA or VA.
These mortgages aren’t just for people with perfect credit, 20% down payments or high income brackets. FHA will finance up to 96.5% of a home purchase and there are other programs that compensate for those with challenged credit. This is true for refinance loans also, and if you existing loan is FHA, you may not even need an appraisal. Fannie, Freddie and VA all have different variations of similar scenarios.
What is the bottom line? What should you believe? The headlines we see are actually true about the banks. They aren’t doing a great deal lending. BUT the headlines are also a little ambiguous. Mortgage loans are being made under surprisingly aggressive terms every day as long as the banks have a virtual guarantee of repayment.
If you have been buying into the headlines, and sitting on the side, it may be time to dig in and find out what possibilities are. You might be happily surprised. Take advantage of record low interest rates and bargain home prices today. Don’t believe all you read and make sure that regardless of whether or not you require a Temecula home loan or a loan in any other part of the country, you need to be working with an practiced home loan consultant.
About the Author
Being an informed consumer is critical when seeking a Temecula mortgage broker or a Temecula home loan. Get yourself up to speed by contacting Senior Loan Officer, Bill Provost at 425-241-1922.
mortgage broker news Questions
A Mortgage related Question.?
My broker is getting me a Mortgage from First Magnus Financial Company of Arizona. I never heard of this company. After reading many news stories of Sub Prime Issues, I am concerned. Anyone know this company. Should I ask my Mortgage Broker to find other sources. I really appreciate some helpful responses. Thanks.
They are a legitimate lender but if they are the one selected you can get a better rate elsewhere. I have never had them beat other companies pricing. They don’t have looser guidlines than others so there is a better source for your loan.
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How CPAs should handle comfort letter requests from lenders, mortgage brokers.(accounting & auditing news): An article from: CPA Letter $9.95 This digital document is an article from CPA Letter, published by Thomson Gale on February 1, 2007. The length of the article is 675 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.Citation DetailsTitle: How CPAs should … |
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Payday loans hearings in city; PUB seeking to establish limits on charges.(City): An article from: Winnipeg Free Press $9.95 This digital document is an article from Winnipeg Free Press, published by Thomson Gale on November 13, 2007. The length of the article is 507 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Payday… |
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MORTGAGE MATTERS: UNDERWRITING STANDARDS MOST IMPORTANT TODAY.(Real Estate Guide): An article from: The Santa Fe New Mexican (Santa Fe, NM) $9.95 This digital document is an article from The Santa Fe New Mexican (Santa Fe, NM), published by The Santa Fe New Mexican on October 5, 2008. The length of the article is 579 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: MORTGAGE M… |
