Welcome to Mortgage Guide
Reverse Mortgage Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Mortgage Broker
from:A mortgage broker is a very valuable asset to many lending institutions and consumers. This individual is dedicated to helping potential homebuyers connect with their ideal lender. The task is not simple but the seasoned professional is well prepared to take care of your needs.
There are many real estate property lenders. These establishments come in a number of different forms and each one is unique in its approach. A consumer can easily become very confused when it comes to choosing the right source of funding for their new home.
The mortgage broker can work with the potential homebuyer to establish which lenders make the best match. This professional typically works with lending institutions that have wholesale loan departments. This helps to keep the costs of the loan reasonable.
Wholesale Loan Divisions
Large, well-established banks that deal with mortgages typically have a wholesale loan division. The wholesaler will have retail chains of its own that consumers can visit directly. These lending companies also use a mortgage broker to help make connections.
A good broker will have relationships with a number of different lenders. This professional works closely with the potential homebuyer and the loan companies to make a perfect match. Everyone wins in this approach in most cases.
The wholesale lender actually completes the loan transaction. The mortgage broker serves as a very valuable liaison between the consumer and the lending institution. The loan division completes the loan and the borrower makes the agreement with the lender. The broker is a valuable middle man.
Mortgage Broker Benefits
Having choices is typically a good thing. However, having too many choices can be very confusing. Consumers may lose a great mortgage loan simply because they never explored the right lending institutions. The broker serves to make a great connection that works for everyone involved.
Since the liaison works with a wholesale lending division, the cost of the loan remain the same as they would if the consumer went directly to the lender’s storefronts. The creditor is able to keep the costs down when working with a broker just as it can when the consumer enters one of its stores.
The mortgage broker is also well versed in the required paperwork and various requirements. This individual helps the consumer organize his information and acquire the best home loan possible.
Reverse Mortgage Specific links
Reverse Mortgage News
Lincoln Appraisal & Settlement Services Teams Up With Live Well Financial to Deliver Best-In-Class Reverse Mortgage ...
PROVIDENCE, R.I., Sept. 7 /PRNewswire/ -- Lincoln Appraisal & Settlement Services, a 100% FHA & HVCC compliant national Appraisal Management Company (AMC) and Settlement Services firm, has teamed up with Live Well Financial, a reverse mortgage company committed to offering competitive pricing, best-in-class service and hassle free underwriting since 2005. Headquartered in Richmond, VA ...
Read more...Landmark Mortgage Group Welcomes Mortgage Professional Jeff Westin
Tri-Valley based Landmark Mortgage group, a division of Opes Advisors, is proud to announce that mortgage advisor, Jeff Westin, has joined the company. Jeff will work from Landmark's Pleasanton location, where he will utilize a full range of mortgage banking products to provide customized home financing solutions.
Read more...Gimme Shelter
Former Federal Housing Administration (FHA) Commissioner Brian Montgomery, who oversaw the nation’s most popular reverse mortgage product for nearly five years, sees a “pivotal” year ahead for the industry that allows seniors to tap the equity in their homes.
Read more...HUD Shares Plans for New Reverse Mortgage Option
RISMEDIA, September 7, 2010—The Federal Housing Administration (FHA) announced that it intends to make modifications to its Home Equity Conversion Mortgage (HECM) product, a reverse mortgage loan insured by the federal government, to make it more attractive and cost effective…
Read more...Low interest rates causing swells in mortgage industry
Record low interest rates are having a positive effect on mortgage hiring. The number of mortgage jobs was up 2,300 positions in July compared to the same time last year,according to data released Friday by the Bureau of Labor Statistics. Headcount in the real estate finance sector climbed to 246,700 employees from June’s revised 244,400. Most industry’s employment [...]
Read more...