When you think about buying a home, you should look for a home when the mortgage rates are low. With the way the economy is today, buying a home might seem like a bad idea, but if the rates are low, you can buy a nice home and have a low monthly payment that could be less than what you pay for rental payments. When home mortgage rates are at a low, people tend to refinance their current mortgages to take advantage of the low interest rates....more
A mortgage is such a common term in our society that many people never stop to consider precisely what it means. For most – even people with a mortgage themselves – the term simply means a loan taken out in order to buy a property.However, a mortgage differs from other kinds of loan – specifically because it has one major use and because under a mortgage contract the interest in a property is transferred to the lender as...more
Before you can be approved for a Canada Mortgage, the mortgage company considers four elements. They make a careful analysis and evaluation of your income, credit history, the property being purchased, and the down payment on the property. This will help the Canadian lender decide if he will make you a loan.Regardless of whether you are employed or self-employed, having a stable income is very important. In fact, it is the first thing that mortgage lenders want to know. If you are self-employed, the mortgage lender will require you to present a certificate of employment along with the last two months of pay slips, and Notice of Assessment Forms from Canada Revenue Agency.The Notice of Assessment forms confirm that you indeed are earning an income and paying your taxes on time. In addition to this, a representative of the mortgage institutions will call your office to verify your employment.By having a stable income, you are assuring the mortgage lenders that you have the resources to pay the mortgage payments should you be approved of mortgage loan. Lenders also evaluate your capacity to pay by analyzing your employment history, monthly disbursement, and number of dependents.To...more
No matter what the market environment, it is important to generate business from a variety of sources--both traditional and non-traditional. We all know that the refinance boom could end at any time, but how many of us are adequately prepared? How many of us are positioned properly to maintain our current standard of living? Would you be forced...more
One question I get a lot from subscribers is How do I approach Internet mortgage leads? As you may already know, I generate 90% of my business directly from these types of leads and have found them a great resource for several reasons:When you call people, they are ready to buy.People will take your calls and even return your messages, because...more
What sets one loan officer apart from another? And how do some people become top producers in their office, while others slowly squeak by? Surely, we all have the same amount of time, resources, and intelligence (debatable?!) available to us. So why do some loan officers fail, while others succeed? Here are some points to remember which will help ensure your successTake control. Stay on top of things and be sure monitor your loans as they progress on their way to the closing table. Always be aware of what stage a file is in during process. Dont trust anyone else with your commission check. Stay aware of any problems that arise, and work with your processor to fix them. If you can help speed things up, please dobut not at the expense of making new sales! In my office, Nancy and I have a communications system in place (namely, my mortgage closing system). I religiously write down every detail of a file and go far beyond just the 1003. Questions I ask include:When are your taxes due? (Useful for estimating accurate escrows).Will you both be available to sign closing documents in the next 30 days? (Useful for scheduling purposes, I want to know ahead of time if any...more
One of the toughest things as a loan officer to do is to know when to keep or kill a deal. Of course, we all want as much business as we can handle. But, spending time on loans that dont close, wastes more time and leaves you with nothing to show...more
If you are searching for information related to California Va Loans or any other such as department of veterans affairs, financing, va loans and closing costs or va mortgage loans you have come to the right article. This piece will provide you with...more
Owning one's own home is a dream of every individual. But as fate would have it, the current economic crisis with rampant job cuts in the US have made this dream a distant reality for many. The introduction of President Obama's home...more
If you were considering buying a house then you should think about it more. It is really a positive time for buyers in the market right now. You can get the tax credit that can save you up to $8 grand. There are great low rates as well. Now there are...more
As our great nation is in an economic recession, the Obama administration has a plan in effect known as Making Home Affordable for loan modification for millions of homeowners. The objective of the plan is to provide assistance to homeowners...more
Saving dollars is fun. If you put individual things in process now, you will be financially strong far far in the future. If you wait until the last minute, you will assuredly be extremely in debt when you approach your older years. It may seem fun...more