Finance Q&A

Mortgage

What Is A Mortgage Broker?
What Is A Mortgage BrokerMortgage Broker: An individual person who acts as an associate for either a licensed mortgage broker business or any licensed lender. A licensed mortgage broker is authorized to solicit mortgage loans on behalf of a borrower, to accept an application, and to negotiate terms and conditions of a mortgage loan on behalf of a lender. The *primary* difference between an *unlicensed* loan officer and a *licensed* mortgage broker is that a mortgage broker can "ne...

What Does A Mortgage Broker Do
What Does A Mortgage Broker DoA mortgage broker is a loan officer but a loan officer may not be a broker. A loan officer works for a mortgage broker in many states. But, you are right they are often used interchangeably. - That is not my understanding. A loan officer is an employee of a lending institution such as a bank or insurance company whose job is to process applications for mortgage loans and make a decision regarding acceptance or rejection. A mortgage broker is an age...

Refinance problem: is mortgage broker responsible in Virginia?
Refinance problem: is mortgage broker responsible in Virginia?We applied for a refinance two month ago with with a Mortgage broker in Virginia. I asked the loan officer to lock in the interest rate for us over the phone, then met with her to do the loan application and gave her a check for the appraisal and credit check. We never got an official lock confirmation letter from her. We have been in touch with her once every few days to make sure everything is ok and to provide her wit...

Top Mortgage Broker infor request?
We're looking at buying a house shortly, and are just starting to get familiar with mortgages. One thing that's come up is bank mortages vs. mortgage brokers. I see a difference of half a percent or so between the best rates a bank can give us (0.65% off posted rates) and what most mortgage brokers offer. Is there a catch? Is there any advantage to going with a bank? Any other hints?Mortgage brokers go to a whole bunch of lenders, including major banks, so that gives them the leverag...

Can anyone recommend a Texas mortgage broker?
I've just started to shop around for my first mortgage (and yes, I'm already nervous and cranky). Are any mortgage brokers worth going to first - or worth avoiding at all costs?Texas Commerce Mortgage 972-841-5263 They have great rates and many different loan programs. The entire process can be done over the phone and through the mail! Highly recommended: Bruce Katz Executive Home Mortgage 12700 Hillcrest Road, Suite 242 Dallas, TX 75230 972-726-0260 Bruc...

Florida Mortgage Broker looking for multi -state company?
I'm a licensed mortgage broker in Florida and I'm looking to originate out of state loans as well as Florida loans. I'm also looking to work from my home office. Is anyone aware of a company out there that meets the following criteria: 100% commission with very reasonable per-loan fees Close to 100% commission with no or small fees Licensed in all/most states (important) Does business with major lenders No sign-on fees to start up I can process my own loans, or not if requiredW...

Anyone help me the southern California and Northern Mexico listings?
Anyone help me the southern California and Northern Mexico listings?List your Realty for free on http://www.gotproperty.com You can get a listing for your agency, plus free listings for all your properties. Go ahead and post them all, including photos. The front page says only the first 25 can post, but go ahead.... I've opened it up to unlimited. Also, your mortgage broker can post their services for free as well under the category "Services"...

Does any one know of a South Carolina lender that will refinance the property at 90% LTV and I can take out my equity?
I have recently purchased a Forclosed Property for say 40,000 and fixed it up and I am guessing the Appraised value to be 78,000. Does any one know of a South Carolina lender that will refinance the property at 90% LTV and I can take out my equity? Better yet does anyone know how I can work a deal to do the above? I always hit a brick wall when I ask lenders on this issue. Any comments would be welcomeWhat your looking for is quite common, normally considered a very easy loan to ...

What is a "Silent second"?
Could someone please explain to me the concept of a "silent second"? I think this is something where the buyer may only put down a 5% down, and the seller carries a "silent second". How does this work, and does this type of deal require PMI? Any comments would be apprecaited.Basically, a slient second is an agreement beween a buyer and a seller that the finance company is not told about. They are borderline legal maneuvers by the buyer and seller, because it usually requires not ...

HELP !!! Seller 'carries back' second Mortgage. How ???
I'm not so clear on this and would like to hear some imput from anyone who might have been involved or even understands such a transaction. If you want the seller to 'take back' a second mortgage, as money down for example, how will this work? First off all, I suppose you assume that 2nd M an make payments, BUT, do you have to qualify for the bank to allow transfer of this 2nd M. What about the bank financing your first M, what happens when they get wind that you're buying the proper...

Looking for a second opinion mortgage on tooth situation.
Looking for a second opinion mortgage on tooth situation. Any information?First, I'd have to look at diagnostic casts to see if the teeth on the right side your mouth have shifted over to the left to close that space. Does the midline between your two front teeth lie perfectly in line with the center of your nose? It looks to me like the midline is not centered and has shifted around to the left side towards the space. The problem you are going to have is anything you do with that sp...

Does this mean that you would have to forego tax relief on the Second Mortgage for instance in Uk ?
I live in UK. Can anyone tell me what problems are likely to be encountered if you have a half share in a flat that you don't live in and want to get a flat of your own. Does this mean that you would have to forego tax relief on the Second Mortgage for instance ? Are there any other obvious things that may cause a problem ?None apart from the usual ones, i.e. the special circumstance of happening to own half a flat is completely irrelevant to whether you might wish to buy another. N...

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