Buying A House

Buying a house requires a lot of time and effort, but these 10 steps can help make the home buying process manageable and help you make the best decisions possible. Step 1: Start Your Research Early. As soon as you can, start reading Web sites, newspapers, and magazines that have real estate listings. Make a note of particular homes you are interested in and see how long they stay on the market. Also, note any changes in asking prices.

You've found your dream house. Now what? These handy checklists will help you get through every step of buying a home—with less anxiety and expense.

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,

The Buying House Directory Bangladesh began with one simple principle in mind: to make it easier for you to get the custom built buyinghouse business information .

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

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How We Help ?. We have put together heaps of information about buying a house in New Zealand – all the house buying information you need to know, when you need to know it.

If you’re considering buying land in Texas there are some differences to buying a house or a property with an “improvement” on it. It’s actually much simpler but you should know the basics before jumping in.

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

How to Buy a House in 7 Steps. Buying a house takes time. And no house—even that perfectly cute bungalow on the corner with the fenced-in backyard—is worth jumping into before you're ready. You know what's more important than the house you buy? Set realistic expectations for the home-buying process. calculate how much home you can afford and how much to save for a down payment. Know how to find the best real estate agent. Learn how to buy a house with confidence.

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Buying Real Estate Real Estate ABC – Information on Buying and Selling A Home Interest Rate Report – Jul 2015. Long-term mortgage interest rates continued their move to record highs for 2015, according to data from mortgage finance company freddie mac. The college drive albertsons store property has been sold to a group of local investors for $9.75 million. The deal included … 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

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Buying a house is one of the most significant decisions which one has to take in one's life, and it is not so easy as it looks. Apart from arranging finance, it involves many other considerations including legal and emotional considerations. It is also costly to commit mistakes while buying a house, and one should avoid committing any mistake while buying a house.

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Buying Real Estate

Real Estate ABC – Information on Buying and Selling A Home Interest Rate Report – Jul 2015. Long-term mortgage interest rates continued their move to record highs for 2015, according to data from mortgage finance company Freddie Mac.

How I bought my first rental property at 21 years old The College Drive Albertsons store property has been sold to a group of local investors for $9.75 million. The deal included …

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

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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,
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 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.

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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.

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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.

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 …

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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.

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 are buying a home in Wilmington, panama city beach,

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Tips for First-time Homebuyers While buying your first home is a big decision, following these essential first-time homebuyer tips can make the process much easier. tips for first time home buyers, home buying tips, homebuyer tips.

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It’s time. Buying your very first home is one of life’s biggest thrills, but it comes with a few chills, too. Never fear: We’ve got first time home buyer tips that answer all the questions you were afraid to ask — plus those you never thought to.

The Difference Between a Loan Officer and Mortgage Broker

mortgage broker vs underwriter

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, Boston or Dallas – 93% of home purchases require a mortgage.  Even if you have the cash to purchase the property, the rates on a mortgage coupled with the tax benefits make it a no-brainer.

Forbes.com says, the most important thing is the debt-to-income ratio (DTI), which is calculated by taking the total house payment (principal and interest, taxes, insurance and mortgage insurance, if applicable), adding all “long-term” debt payments (any that will continue for more than 10 months), and then expressing that sum as a percentage of the gross monthly income. For a conventional loan, 50% is the maximum value, but some loan programs may allow a higher DTI.

That’s why you need a mortgage broker to act as a liaison between the title and escrow company, real estate agent, lender, appraiser, credit agency, the underwriters, the processors, attorneys, and any other services which may affect your transaction.

 

EducatedMortgageServices.com says a mortgage broker also:

  • Discusses and explains financing program options
  • Informs you, in writing, of lock-in options
  • Explains all documents of the loan application
  • Factor the pro-ration if any exists
  • Explains all associated costs of the loan application
  • Explains the disbursement of all loan applications
  • Explains the loan process, from application to closing
  • Provides you with a good faith estimate of cost and fees
  • Communicates with you throughout the loan process in a timely manner
  • Coordinates the final closing of your transaction

 

Some loan officers do offer credit repair consulting for a fee, according to OwnerFinanceAtlanta.com.

“For many home buyers, this is a smart way to get the assistance they need.  Also, putting a price tag on the repair takes away some of a loan officer’s concerns about your commitment to improving your credit.  If your loan officer offers such a program, you’d be wise to consider it.”

Sit down with your loan officer (even if it costs you) for a strategy session,OwnerFinanceAtlanta.com recommends.  Get them to make three or four specific suggestions that you can take action on over the next 6 months.  Then, go and do the tasks suggested.  Come back in six months for another session to check your status and get suggestions for the next six months.  Step by step, you’ll eventually reach your credit goal and be on your way to purchasing your new home.