Buying A Home

Home Buyer Tips The Difference Between a Loan Officer and Mortgage Broker What is a Loan Officer? According to Forbes.com, a loan officer’s job is to accept an application that the borrower has filled out, and then hand it off to the underwriting department. “An independent loan originator, on the other hand, typically renders more services to the borrower, including things like advising the client about the best loans available for their specific purposes, gathering required documentation throughout the process, ordering the appraisal and communicating directly with the underwriter to ensure that the loan gets approved,” writes Forbes. What is an Underwriter? According to Loanvest.com, a mortgage loan underwriter is tasked with carefully analyzing every bit of information the loan officer asks you to provide as part of the loan application process, as well as the collection of verification documents that you may be required to send in later to substantiate the information you’ve already provided. The underwriter will then attempt to verify two primary things in order to meet the bank’s criteria for offering you a loan: general creditworthiness and debt-to-income ratio. The Loan Process A large bank or credit union relies on the underwriter, or underwriting department, to handle all of the above tasks—and these departments aren’t working as representatives for the borrower. The takeaway for the consumer: Mortgage rates available at an independent loan originator, whether a broker or a small banker, will not be higher than those offered through a larger bank. In fact, in many cases, the rates may be somewhat lower, partly because independent mortgage brokers typically have more loan sources available to them compared to the big banks, which usually just have a handful of loan products to offer prospective homeowners, according to Forbes.com. “For instance, mathematically, paying 1% of the loan amount to reduce the rate by .25% will break even in about four years, but it seldom makes sense unless the borrower plans to use the lower rate to pay off the loan faster. As far as fees are concerned, you have to make a distinction between lender fees (underwriting, document prep, processing, etc.) and third-party fees (title, escrow, appraisal, recording, notary). Some lenders and brokers have very high lender fees, while others may have higher rates instead,” says Forbes.com. What is a Mortgage Broker? A mortgage broker is an independent real-estate financing professional who specializes in the origination of residential mortgage loans. mortgage brokers normally pass the actual funding and servicing of loans on to wholesale lending sources. Getting a mortgage brokers license is not easy and also requires yearly continuing education.  A mortgage broker is also an independent contractor working with, on average, as many as forty lenders at any one time, claims the EducatedMortgageServices.com website.  “By combining professional expertise with direct access to hundreds of loan products, your broker provides the most efficient way to obtain financing tailored to your specific financial goals,” according to EducatedMortgageServices.com. What top factors determine if someone gets a loan? Most people that are buying a home require a mortgage to do so.  Whether you

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Buying – Home Buying Tips from Keller Williams. In our experience, a house is not a dream home because of its size or color. It’s about how you feel when you walk through the front door – the way you can instantly see your life unfolding there.

Do you have your eye on a home, but you’re not sure whether you can afford it? The Business Journals has analyzed home-value …

The Difference Between a Loan Officer and Mortgage Broker What is a Loan Officer? According to Forbes.com, a loan officer’s job is to accept an application that the borrower has filled out, and then hand it off to the underwriting department. “An independent loan originator, on the other hand, typically renders more services to the borrower, including things like advising the client about the best loans available for their specific purposes, gathering required documentation throughout the process, ordering the appraisal and communicating directly with the underwriter to ensure that the loan gets approved,” writes Forbes. What is an Underwriter? According to Loanvest.com, a mortgage loan underwriter is tasked with carefully analyzing every bit of information the loan officer asks you to provide as part of the loan application process, as well as the collection of verification documents that you may be required to send in later to substantiate the information you’ve already provided. The underwriter will then attempt to verify two primary things in order to meet the bank’s criteria for offering you a loan: general creditworthiness and debt-to-income ratio. The Loan Process A large bank or credit union relies on the underwriter, or underwriting department, to handle all of the above tasks—and these departments aren’t working as representatives for the borrower. The takeaway for the consumer: Mortgage rates available at an independent loan originator, whether a broker or a small banker, will not be higher than those offered through a larger bank. In fact, in many cases, the rates may be somewhat lower, partly because independent mortgage brokers typically have more loan sources available to them compared to the big banks, which usually just have a handful of loan products to offer prospective homeowners, according to Forbes.com. “For instance, mathematically, paying 1% of the loan amount to reduce the rate by .25% will break even in about four years, but it seldom makes sense unless the borrower plans to use the lower rate to pay off the loan faster. As far as fees are concerned, you have to make a distinction between lender fees (underwriting, document prep, processing, etc.) and third-party fees (title, escrow, appraisal, recording, notary). Some lenders and brokers have very high lender fees, while others may have higher rates instead,” says Forbes.com. What is a Mortgage Broker? A mortgage broker is an independent real-estate financing professional who specializes in the origination of residential mortgage loans. Mortgage brokers normally pass the actual funding and servicing of loans on to wholesale lending sources. Getting a mortgage brokers license is not easy and also requires yearly continuing education.  A mortgage broker is also an independent contractor working with, on average, as many as forty lenders at any one time, claims the EducatedMortgageServices.com website.  “By combining professional expertise with direct access to hundreds of loan products, your broker provides the most efficient way to obtain financing tailored to your specific financial goals,” according to EducatedMortgageServices.com. What top factors determine if someone gets a loan? Most people that are buying a home require a mortgage to do so.  Whether you are buying a home in Wilmington, Panama City Beach,

Buying – Home Buying Tips from Keller Williams. In our experience, a house is not a dream home because of its size or color. It’s about how you feel when you walk through the front door – the way you can instantly see your life unfolding there.

If you own a home but are ready to move onto a bigger and better abode, one of the most important questions to ponder before …

Trulia is an all-in-one real estate site that gives you the local scoop about homes for sale, apartments for rent, neighborhood insights, markets and trends to help you figure out exactly what, where, and when to buy, sell or rent.You can also find a real estate agent, view prices of recently sold homes, and see home values in your community.

Buying – Home Buying Tips from Keller Williams. In our experience, a house is not a dream home because of its size or color. It’s about how you feel when you walk through the front door – the way you can instantly see your life unfolding there.

3. Get a mortgage pre-approval Most first-time buyers need to finance their home purchase, and a consultation with a mortgage lender is a crucial step in the process. Find out how much you can …

GoGoVan’s 32-year-old founder is not a home owner and proud of it. In the five years since launching his on-demand logistics …

First Time Home Buyer MISTAKES | 9 Mistakes First-Time Home Buyers Make | First Time Home Buyer Tips Buying a home is a long, complicated process. But you can make your experience easier if you prepare way ahead of time. Here’s what you must do before you even buy a home. Mortgages.

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