Types of Lenders you Should Know Before Getting a New Home Mortgage

Wednesday, June 30th, 2010 at 6:30 pm  
Comments (84)

The mortgage market is extremely competitive, so much so that lenders are vying for your business. If you are planning on going for a new home mortgage, then it’s time you know the various kinds of lenders who are involved.

Mortgage banker

This is a company or an individual that is involved throughout the entire cycle of the loan. So right from beginning till the end of the loan tenure when the loan is closed, the mortgage banker is involved. You may directly interact with the mortgage banker for all your transactions. The mortgage banker makes his money from the new home mortgage via all the associated fees, closure costs as well as points earned during the loan cycle. Once you close the loan, you could choose to continue maintaining the relationship with the mortgage banker or they might even sell off the loan to another person or entity.

Mortgage broker

You maybe suffering from a poor credit score or you may just not have ample time on your hands to shop around for the new home mortgage. In such situations, opting for a mortgage broker to help you out is the best way. The mortgage broker is essentially a middleman of sorts who will intervene between the borrower as well as the mortgage banker. He or she has a thorough knowledge of the best deals around in the market or which lending companies are more likely to grant loans to sub prime borrowers or those with a bad credit history.

Credit unions

If you are already a member of a credit union, then this can well be one of the best places to shop around for a new home mortgage. They can provide you with lucrative low interest rates which you can leverage to your advantage. There are many workplaces, associations as well as unions that offer their very own in house credit unions.

Government loans

Many borrowers have the wrong impression that the government actually makes new home mortgage loans. However that is a misconception. In most cases the government supports or backs up certain loan types. This support or backing by the government in turn helps lenders to be more likely to grant these loans. It could be because they have the added assurance of support and intervention from the government. You can easily approach your very own neighborhood local banker to find out the best deals that are backed by government authorities.

Direct lenders

You can also check with online mortgage companies that can assist you with finding a good quality direct lender. They may even help you to find a reputed home loan broker of choice. They usually suggest such lending institutions based on your individual requirements and financial goals. Comparing rates online is a great way to arrive at an informed decision and to assess schemes from various lenders. So if you happen to shop around a little bit or just asked around for the rates you could actually get a good mortgage deal.



By: Alan Lim

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Reverse Mortgage Lending | Reverse Mortgage Leads – Qualified Seniors Who Need Cash

Friday, June 25th, 2010 at 11:56 pm  
Comments (3)

REVERSEMORTGAGELEADS

Did you know…

·  7,918 people in the US turn 60 years old every day, 330 per hour, 24/7.

·  5,574 people in the US turn 65 years old every day, 232 per hour, 24/7.

·  Over 23 million seniors are homeowners.

·  85% of senior homeowners want to remain in their home for the rest of their lives.

·  63% of homeowners from 65 to 74 years old have no mortgage at all.

·  $3 trillion in estimated equity in homes owned by seniors.

·  13.2 million households are candidates for a Reverse Mortgage.

 Qualified Seniors 62+ Who Need Cash 

Across the country, more and more senior citizens are facing the conflict of living on a fixed income while having to pay rising costs for energy and other daily needs. Consequently, reverse mortgages are gaining in popularity as a way for senior homeowners to receive cash against the value of their home, but unlike other loans, they are not required to pay the loan back on a monthly basis – in fact, the loan doesn’t have to be paid back as long as they live in the home. Reverse mortgage leads are an up and coming segment of the market, but without the saturation facing the refinance area.

  Internet Leads * Live Call Transfer Leads * Data Lists * Direct Mail * Voice Broadcasting * Tele-marketing

Start Speaking To Qualified & Motivated Borrowers Today!

Many senior citizens are faced with bleak futures and dire financial situations. Oftentimes, health care costs have eaten up all of their savings and they’re left with little more than a pitiful government handout. That’s where you come in. Why not unlock the equity in the borrowers home and provide them with a reliable, steady cashflow that they can life from? Not only will they thank you, but you’ll feel good that you’ve helped someone and be rewarded in more ways than one!





Reverse Mortgage Market Less than 1% Penetrated

According to a press release from Hollister Group, LLC & NRMLA, Americans age 62 or older hold an estimated $4.3 trillion of home equity.  The index(RMMI) which was launched last week is the first market indicator to collect critical market, housing and demographic data, as well as track and project the market for reverse mortgages.  According to the press release, in the first quarter of 2007, there was a $19 billion increase in senior home equity.  This increase was reflected in a 0.4% increase in the RMMI to 205.6 from 204.7 in the prior quarter.  The index will be updated to reflect the current value of senior home equity on a quarterly basis. 

Interesting observations and statistics from the inaugural launch of the RMMI, include:

·     RMMI projects as much as $37 trillion in home value by 2030, from which home equity figures are derived, assuming historical appreciation and taking into account the demographic shift as boomers begin to turn 62;

·     The average home equity in a senior-owned household is estimated to be about $230,000 according to the Hollister Group;

·     Current $19B growth in Q1 2007 is the lowest increase of all quarters from 2000;

·     2006 and 2007 experienced the strongest growth in home equity – $464 billion and $600 billion respectively.

Reverse Mortgage Market Currently at $4.3 Trillion, Less than 1% Penetrated

For More Information, Pricing and to tailor a lead campaign please contact a lead specialist:

585-478-3335

High Impact Direct Mail Campaigns & Data Lists

Data Filters:

Available Home Equity, Lender Type, Loan Date, Loan to Value Ratio, Total Loans, Property Type, Home Size, Foreclosure Date, Lender Name, Loan Interest, Purchase Amount, Home Value, Trust Owned, Lot Size, Lendable Home Equity, Loan Amount, Transaction Type, Purchase Date, Homeowner Type, Year Built, Adult Age, and many more!

 



By: Joshua R. Conklin

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Borrow Bad Credit Loans When Hard Times Strike

Wednesday, June 23rd, 2010 at 7:50 am  
Comments (1)

It is now very common to see people suffering from problems in finances. The commonest problem is that of bad credit. Bad credit impairs the reach of the people when they need money in the future. However, bad credit loans help the borrowers even in difficult times in spite of their bad credit history.

Borrowers develop a bad credit history when they let an irregularity creep in their budget and planning. Arrears, defaults, CCJs, and missed repayments are the main causes for the bad credit history of a borrower. In the presence of such factors, the borrowers may be refused loan applications but this does not happen when they take up bad credit loans.

Bad credit loans are available to the borrowers in the secured as well as the unsecured form. It depends upon the choice of the borrowers and the willingness to pledge an asset with the lender. Those willing can take up money at very low rates by the secured form of the loans. A range of £5000-£75000 is available for the borrowers to take up. The amount is to be repaid by the borrower in a term of 5-25 years according to his convenience.

For those borrowers who do not have any asset, like tenants and non-homeowners, the unsecured form of these loans are also available. No assets are required to be pledged with the lenders for the money. The borrowers can take up the money in the range of £1000-£25000 for a term of 6 months to 10 years.

Due to the bad credit history of the borrowers, the rates of interest that are charged are slightly higher than usual. However, the borrowers can take up loan deals which are offered at lower rates by comparison. Online research yields numerous low rate deals which can be compared and chosen.

With bad credit loans, the borrowers can now feel relieved even in tough times. Their bad credit history will not act as an obstruction in their way of borrowing money in times of need.



By: Tom Dikkin

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