• Wednesday, December 09th, 2009
As a real estate investor it only makes sense that you understand what a mortgage broker can do for you when in need of investor financing. A mortgage consultant, agent or specialist are all basically the same thing. Unless you are buying all cash or you are making a deal with the seller for 100% financing the mortgage process will probably come up.
A mortgage broker usually owns the company or franchise while the above work under the mortgage brokers license. Mortgage agents have access to the same mortgage products as his/her broker.
When you go to a traditional bank you are limited by the mortgage products that the bank offers. If you do not meet the lending criteria of that particular bank you will have to look elsewhere. What most consumers do not realize is that every time they go to a different bank, a credit check happens. The result is that each time a credit check happens your fico or beacon score goes lower. This may affect the rate you could get or stop you from being able to get qualified for a mortgage at all. continue reading>>
Hans Anderson
Foreclosure Investing
Canadian Foreclosures
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• Tuesday, November 17th, 2009
This post is to explain how a mortgage broker will play a key role while you sell your house by for sale by owner. The mortgage professional may be referred to as a Specialist, Agent or Consultant. The owner of a Mortgage Brokerage is usually the broker, while the agents work under the broker’s license. The mortgage products that are available to the broker are also available to its Mortgage Agents.
If you do not meet the lending criteria of a particular bank you will have to shop elsewhere. What most people don’t realize is that every time they go to a different bank, a credit check happens. The result is that each time a credit check happens your fico or beacon score goes lower. You might end up with a higher interest rate or not being able to get qualified for a mortgage at all because of the drop in your credit score.
A Mortgage Agent checks your beacon or fico score one time and can have access to 40 or more lenders and their products. Traditional banks are limited to only their own products.
A Mortgage Agent takes the intimidation out of the mortgage process as they will negotiate aggressively with lenders on your behalf. When your selling by for sale by owner you would have a Mortgage Consultant pre-qualify perspective buyers. Why have unqualified buyers coming in to your house basically wasting your time. You want to deal with buyers who can afford your property especially when selling by for sale by owner.
The Mortgage Consultant will work with perspective buyers to find them mortgage financing. The entire mortgage process is simplified for your buyer and you as they will negotiate for the best possible products and lowest rates. They will do the paperwork and provide you with the peace-of-mind that you are getting the best solution possible. You and your buyer will be given an explanation of the entire process and have all of your questions from beginning to end answered. It’s very common to have a Mortgage Agent show up at your house for a 9:00 p.m. appointment for your convenience,(try to get a banker to come to your house).
A Mortgage Agent gets paid a finders fee from the lender that the mortgage was arranged with. Sometimes there is a brokerage fee which is paid by the borrower, depending on the circumstances. More often than not the lender pays a finders fee and there is no brokerage fee.
When your putting your team together remember your Mortgage Broker/Agent and what he/she will do for you and your buyer. Remember, no financing no sale!
Hans
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