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

Related Posts:

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

Related Posts:

Mortgage Lending Business

Monday, June 7th, 2010 at 2:56 am  
Leave your comment

In the mortgage business, the interest of the lender is always stressed. Mortgage should aim at the security to the lender. The lender has the right to foreclose on the property if the borrower fails to repay the loan as per the terms and conditions. But the borrower can be excepted as the equity of redemption is there to protect the borrower’s interest. The borrower has the right to have an absolute right to insist on redemption.

Mortgage loan is a loan secured by real property through the use of mortgage. An individual purchases a loan from any financial institution. Any individual can obtain it against the property the borrower can purchase it from the bank in a direct way or an indirect way. While purchasing a loan the important factors are the size of the loans, period of maturity, procedure to pay off the loan etc.

There are some common characteristics of mortgage markets. The procedure of mortgage lending is regulated by the Governments.  Government regulates it directly or indirectly. Generally direct lending is regulated by the Government or state owned banks etc.

The mortgage loans are commonly long term loans in feature.  The borrower can pay the principal part of the loan in a slow process.

Mortgage loans are of different kinds. Mortgage markets are generally regulated by local regulations and legal requirements. The mortgage interest is fixed for the life of the loan. It can vary under certain circumstances. The interest rate may change. It can higher or lower.

An amortizing loan is generally paid when the maximum tenure of the mortgage loans is over. An amortizing loan is of two different kinds. FRM (Fixed Rate Mortgage) and ARM (Adjustable Rate Mortgage). Generally FRM is looked upon as mortgage in the right sense of the term. The latter one is known as floating rate or variable rate mortgage. This is a very common feature in the mortgage market.

Again a commercial mortgage refers to the loan which is made using real estate. It also aims at repayment. In this mortgage the real estate is the commercial property or business. It does not include the residential property. Unless the repayment is made, the lender can seize the real estate but cannot proceed further. Laws are implemented so that the borrowers can be excepted in case of repayment.

The role of the mortgage brokers is indispensable in mortgage lending business. Actually they act as a conduit between the lenders and borrowers. The borrowers like them because they represent varieties lenders and loan programs. Lenders also like them because the lenders can continue their business without doing any marketing.

By D.C. Fawcett, Business Building Coach to the Foreclosure Industry

For more information visit: http://mortgagetraining.realestateforeclosuresinvesting.com



By: DCFawcett

Related Posts:

 Page 1 of 7  1  2  3  4  5 » ...  Last »