Online Mortgage in UK - Introducing the Best Mortgage Plan Across UK.(mortgage)

mortgage

Add the term ‘online’ and it will open for you an exhaustive assortment of opportunities. Add online to mortgage and it will have the same effect. So many people want to get mortgage programme and get with it fast. The online mortgage in UK indisputably takes lesser time and simplifies the entire procedure. Online mortgages have furthered favourable association of circumstances for any mortgage hopeful in UK.

The British Banker’s Association has put the figure of approved mortgage as 186,442, making mortgage the largest financial obligation. Online mortgage is the largest undertaking and a very integral part of the loan lending industry. The online trend with regard to mortgages has spelled great benefits for the consumers for it has increased competition among the loan lenders. This shift in the business trend towards online mortgages has provided more control in the hands of the homeowners in UK.

There is huge competition between online mortgage lenders. There are numerous mortgage lenders, all trying hard to offer you a mortgage plan. Its direct result is great mortgage rates and repayment options. Online, you can contact multiple lenders for mortgage and this will enable you to compare rates and also provide you with an excellent opportunity to select the mortgage that befits your requirements.

Online mortgages have certainly revolutionized the concept of mortgaging in UK. Internet has introduced people to a new face of mortgage process totally alien previously. A few years ago, a mortgage would have required you to find a mortgage lender or broker who would be ready to do the leg work for you, who would be willing to compose a good mortgage proposal for you. Without the online process, assembling information and drafting loan programmes would be a very demanding job. There was no way that the people could access generalized information about mortgage and interest rates. Without online mortgages, the alternatives were restricted and borrowers would settle for any mortgage lender.

So, what does the online uprising affect for general homeowner in UK? Advantages – in every way.Online mortgage in UK gives you several instruments to not only understand mortgage but also pick up the one mortgage that fits exactly in your financial configuration. All kind of mortgage information is available online which can be easily accessed sitting at home through the computer. You are exposed to hoards of information about mortgage, online.

With online options, you can actually look at the various deals offered by various UK mortgage lenders. Online, you can access financial tools to make mortgage more in sync with your demands. Financial advice, mortgage rates, mortgage calculator, and comparing mortgages online allow you to achieve the best in respect to mortgages.

With online mortgages, it is highly important to know that inadequate or false information would only work against your chances of finding a mortgage. Accuracy while providing details of your employment, your credit history, income and assets would only put you in a favourable light in front of the mortgage lender. This will help in online processing of your loan application and being approved without any setback. However, be prudent enough to offer your personal financial information only when you are filling the mortgage application form.

A UK homeowner while applying for mortgage online should not settle for the company just because it happens to publicize lower interest rates. Borrowers, applying online, must be careful about the website they are applying at. A mortgage offering website would contain a privacy policy. Go through it, if you have time. Also, confirm whether the website actually exists. A genuine online mortgage lender will have real people answering your questions when you call.

Other things to look out for are upfront fees and read the fine print before you settle on any mortgage deal in UK. Fine print can contain many details that are left otherwise. Ask questions, if you have any doubts. Queries about the online mortgage process – whether there are any fees that will be charged later on, pre payment penalties. If you don’t understand anything or are uncertain, clear them before you move on.

How technology affects our life - you know that. How it affects our mortgage decisions – it is evident through online mortgages. With internet we can access various mortgage product, services, connect to almost all mortgage deals available online. It has enabled us to overcome limitations; it has stretched the possibilities of finding a mortgage beyond the local area. If your local area doesn’t have a mortgage for you, you can shop; go beyond the local boundaries to find a mortgage in any part of UK. With so many mortgage options available online, the chances of your finding a mortgage are undoubtedly bright.

Loan borrowing is a highly voluntary act. It is such a significant decision that without proper knowledge and understanding it would not be of much help. Sandra smith is making an honest effort in such a direction so that loan borrowing is comprehensible to lay man and thereby he can make a favourable decision that substantiates his financial status.To find Mortgage,first time buyer mortgage,buy to let mortgage that best suits your needs visit http://www.easymortgageuk.co.uk

Article Source: http://EzineArticles.com/?expert=Sandra_Smith

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Finding the Right Mortgage Broker for You.(mortgage)

mortgage

In each state there are thousands of mortgage brokers. How do you know which one to choose so that you will end up at the closing table on time with the interest rate, loan terms and fees promised to you? Here are some tips and data that hopefully will give you the information and tools needed to find the right mortgage broker, how to work with them and to help minimize the risks before you get to the closing table.

First let's eliminate some of the ways borrowers typically choose a mortgage broker. This may just remove most of the problems before they occur.

How Not to Shop for a Mortgage

As a lot of people do, you could go to the Internet and call the first few mortgage brokers that pop up, check the local Sunday Real Estate Section to see who has the best rate, or call someone from out of the Yellow Pages. However these should be defined as ways NOT to shop for a mortgage:

Searching On-Line

Most every mortgage broker is listed on the Internet. While it is a great resource, it is not the best way to shop for a mortgage. It may be obvious to some, but just because a mortgage broker's Web site shows up high on search engine listings does not mean they have the lowest rates or have the best service or are even reputable. High search engine rankings do not speak to these factors, but rather to the fact that the webmaster who built the Web site probably spent hundreds of hours building and fine-tuning their site to show up on the Internet listings when you type in certain mortgage "keywords". Search engines do not rank listings by the quality or reputation of a broker but more by the amount of other similar Web sites that link to that Web site, the amount of visitors it receives, how much the broker may have paid to be listed there and many other factors.

Once I had a customer call me and say "You must be reputable as you showed up #1 in Google." Yes, I am reputable, and I do like to think we offer very good service and low rates, but that is not why my broker was listed at the top. (Number one out of over 275,000 listings for the term "atlanta mortgage".) It was because the webmaster spent hundreds of hours building and fine tuning all of the pages within the site to show up with high rankings.

There are many Web sites that list mortgage company's rates on-line. I don't put too much stock in sites that list these company's rates online. Typically mortgage brokers pay to be listed on those sties and some are "affiliate" sites. Which means they are charged a fee when the visitor goes to the link that was clicked on. To find out if you are on an "affiliate" site, click on the link it takes you to and examine the web address. If it has a code at the end of the domain name, such as "www.anybroker.com/source=2519" it is generally an affiliate. There is nothing wrong or illegal about this, just realize some of the sites may be biased by the companies that pay or give an incentive to be listed on their site.

Another tip is not to waste time in clicking on sponsored links. On Google they are listed in the right column, (and recently at the top of every page in a shaded box) while AOL's links are lightly colored boxes at the top and bottom of the page and on Yahoo they are listed in the column on the right side and at the bottom of the page in a colored box. As they name implies they are "sponsored" links which means to be listed the broker has paid to be there.

Be aware that if you complete a form on a mortgage Web site concerning wanting more information prepared to be flooded with calls or emails from mortgage brokers wanting your business. There are a lot of Web sites that are only "lead" sites. They get your information and then sell that information to mortgage brokers across the nation. Only submit information on the Web site of the mortgage broker that you know you will be working with.

The bottom line is the Internet is a great way to find out more about a mortgage broker that you are considering using but it may not be the best way to find one you can trust.

Choosing a Mortgage Broker Based Solely On Rate
The interest rate obtained on a mortgage is one of the most important factors of a loan, but it is not everything. There can be over 30 separate closing fees that can factor into the total cost of obtaining a mortgage loan.

Don't be fooled by brokers advertising that they have the lowest rates. Most mortgage brokers and lenders have about the same rate on comparable programs on any particular day. They may quote them with or without Loan Origination fees and/or Discount Points, which makes it even more confusing. When selecting a mortgage broker the interest rate is an important factor but let's take it a step further to get a better picture of the total cost to you.

Sometimes when a prospective client calls me asking "What's your rate?" I ask them what they would like 6%, 5% or even 4%. The fees to obtain such a low rate may be exorbitant, but we offer it. So again, rate isn't everything. It is the total cost that the borrower ends up paying that makes the difference.

You have probably seen mortgage brokers advertise rates at 1%. Do you really believe that 1% money is available? The answer is No. This is what the monthly payment is based. Don't be deceived by just rate.

The Liar's Rate Sheet

Another way some borrowers shop for a mortgage broker is by comparing rates in the Sunday Real Estate section of their local newspaper. In the industry this is referred to as the "Liar's Rate Sheet". Here is how it works. Mid-week the mortgage companies forward rates and APR (Annual Percentage Rate) to the newspaper for the different loan programs. They may quote the actual rate for that day or they may be quoting what they think it will be on Monday. All mortgage companies know you can't call them until the first business day of the week so they may hedge the rate a little to get the phone to ring on Monday. I am not suggesting that all or even a majority of the mortgage companies that list their rates in the newspaper do this. Most mortgage brokers and loan officers that I have met over the last 20 years are honest and ethical. But this is a very competitive business and there is a lot of money to be made on every loan.

Another flaw in the Liar's Rate Sheet is in the APR's that are listed. A simple definition of APR is, the true cost of the loan including certain designated closing costs. There are some loan officers that do not know how to calculate APR correctly. So do not base your decision on choosing a mortgage broker solely on the APR quoted.

Here is a sample of 10 recent rates and APR's quotes in a major metropolitan newspaper by local lenders and mortgage brokers: (These are based on $175,000 loan amount with 20% down payment, 30 year fixed rate loan.)

Note Rate APR Origination Fee Discount Points

5.875% 6.050% 0 1.90

6.000% 6.103% 0 0

6.125% 6.603% 1.00 .13

6.125% 6.270% 0.16 0

6.250% 6.122% 0 0

6.250% 6.305% 0 0

6.250% 6.425% 0 0

6.250% 6.624% 0 1.00

6.375% 6.289% 0 .75

6.375% 6.470% 0 00

If you were trying to make a decision as to what mortgage broker you may want to contact based upon the note rate (interest rate) or the APR you would not only be terribly confused, you would also be misled. The only way you can accurately compare rates and fees among mortgage brokers is with an accurate and complete Good Faith Estimate and complete Truth in Lending forms.

It is also important to remember that many, if not all of the mortgage companies and brokers listed typically pay to be listed there each week.

If you want a partial list of mortgage brokers in your city use the Sunday paper for that reason. Utilizing the phone book or Internet will give you a bigger list. If you want a full list go to your state's Web site that lists all licensed mortgage brokers in your state.

Where to Start

When you are looking for any type of professional service person, accountant, dentist, etc, who do you turn to? People typically ask the opinion of someone they trust, be it family, friends, neighbors, co-workers, attorney, accountant or other professionals. The referral method can also be used to help find a mortgage broker.

Make a list of 10 people (who have a mortgage) and ask the name of the broker they worked with. Be sure and get the name of the person they worked with. Keep in mind that service between one broker or loan officer and another can vary widely so you will want to contact that specific person, not just anyone in that broker. Also be sure to ask if they were happy with the rate and service they received.

Collect at least three names of loan officers or brokers or maybe even up to seven or eight. Why so many? Because it may have been a few months or years since your referral source last used this individual and it is possible that they have moved to a different company or even changed careers. In addition, not every mortgage broker is going to want to work with you concerning items that we are discussing. Also list any broker or loan officer that you have used in the past and were happy with.

A wise business man once told me. "Know who you are dealing with". Now that you have a preliminary list of names let's try to find out a little more about whom you are dealing with. To help with this I have put together two simple approaches:

1. Background checks

2. Making contact (Parts A and B).

Step 1 - Simple Background Checks

Don't worry, there is no need to hire a private investigator or do any "dumpster diving" to gain secret information. I do, however, suggest that you do a little investigative work. It should only take about 30 minutes and it will not cost you anything. In fact, it may save you a bundle of money and stress later in the process.

Visit the government Web site for the state in which the mortgage broker is located that you are researching. Locate the page that has a list of mortgage brokers or lenders. If the company you are researching is not listed they may be listed under a different name. Also you may be able to search by the individual or loan officer's name.

If they are listed on the State's Web site, it may also list how long the broker has been licensed (you should do business with them only if they have been in business for a minimum of two years), how many loans they have closed in the previous year, how many employees they have, and if they have had any consumer complaints made against them, administrative fines levied or regulatory orders (such as "cease and desist" orders) placed on them, any of their employees or broker. Be sure to search under the individual broker or loan officer's name, keeping in mind that some states do not license loan officers so that person may not be listed. Checking with the Better Business Bureau may give you some additional information but in my experience most mortgage brokers and lenders are not members of the BBB.

Find their Web site and read about them. Do they post their rates and update them daily? Do they offer informative articles or information? Read their bio's, Mission Statement and Privacy Policy to try to get a sense of what they are about, what they stand for and their vision of how they conduct their business. In addition, look for membership in professional associations, awards, etc. If they do not have a Web site I would not deal with them.

Check to see if they are a member of the National Association of Mortgage Brokers. www.namb.org. I highly recommend working only with a broker or loan officer that has such designation because it shows a higher degree of professionalism and dedication to the industry.

Another organization to check with is the Association of Professional Mortgage Women. www.napmw.org Members of this association are made up of individuals in all aspects of the mortgage industry, however, you typically will not find many brokers or loan officers as members. This is a great resource for finding mortgage professionals in affiliated services in the mortgage industry such as title insurance brokers, appraisers, closing brokers and real estate attorneys.

There are also local mortgage associations that are not affiliated with a national association and I would still give credit to the broker or loan officer for being a part of a group that offers ongoing education and sets goals of ethical standards to their members.

Look on the company Web site to see if they are a member of any of these mortgage organizations or other trade associations. However, keep in mind that just because you see one or all of these logos or references on their Web site, does not mean that the person you are working with holds the designation or is a member of that association.

Here is a recap of information to research as you are narrowing down your top candidates:

• Broker or Lender?

• State Web site for complaints?

• How long in business?

• BBB complaints?

• Has a Web site?

• Rates are posted daily?

• Member of any national or local mortgage association?

• Professional designations?

STEP 2 - MAKING CONTACT

The next step is to contact the mortgage broker or loan officer to whom you were referred.

Part A - Approaching the Broker

If you were referred to a specific loan officer try to stay with that person. If you just have a broker name or if the individual you were referred to is no longer there and you still wish to check out the broker, ask for the broker or manager of the company and not just any loan officer who gets the phone. While this may not always be possible or practical, unlike a loan officer, the broker does not have to split the income with anyone else. In a larger broker the broker may not be able to give your loan the full attention it needs. But always start with the broker or manager and work down.

Many years back I received a phone call from a gentleman stating he was looking for a mortgage broker to "establish a business relationship with." That struck me as a professional way to do business. I ended up doing a couple of transactions with him and felt we had a good working relationship. He approached me as a professional and I treated him as such. The point is, when you contact the person you are considering working with, let them know you are looking for a mortgage broker to establish a business relationship with.

Here is a suggest way to start the conversation:

"My name is _________ I am shopping for a mortgage and am calling a few brokers that have been recommended to me to see who I would like to establish a business relationship with. I was recommended to you by __________.

Do you have a few minutes to speak?

Great, I have just a few questions:

If they agree to speak to you, briefly lay out what you are doing, including if you are looking for financing for a purchase or refinance and the loan amount. In addition, mention your credit scores or credit history, the percentage of down payment. Then ask, if they offer the type of financing you need. If the person starts to offer rates, terms etc. politely let him know that you are not shopping for the rate and program now, rather you just want to get some basic information.

Ask if they are a broker or lender. If you are speaking with a loan officer then ask if the broker is a broker or lender. If they are a lender, try to politely end the conversation or tell them you need to work with a broker. (I recommend only using a mortgage brokerage broker, not a mortgage lender for your transaction.

Another good question to ask is how long they have been in business. (If speaking with a loan officer - how long they have been with this broker as well as how long they have been in the mortgage business.) I suggest you work with someone that has been in the mortgage business for at least two years.

It is important not to commit to a meeting on the phone or let them send you a Good Faith Estimate. The most important information is if they are a broker or lender, how long they have been in the business and maybe if they offer the type of financing you are looking for.

Part B - The Interview

Once you have narrowed down your list of potential mortgage brokers that you may want to deal with, it is time for the interview.

Start by calling them back and let them know you may be interested in working with them and you would like to get more information. I always suggest that you meet face-to-face at their office to get a feel for them and their broker. If you can't meet with them at their office you can do it over the phone. Be prepared with your list of questions listed below, as they may want to do the interview immediately.

When you speak with them, again mention what type of loan you will need, (purchase or refinance, conventional, construction, investment, etc.) and be prepared to go into some detail about your financial situation, including employment status, credit history, down payment amount and the source of it and a rough idea of your financial assets. Do not let them start taking an application on you. You are there to interview them, not the other way around.

Do not give out your social security number during this interview. There is no need to do this yet as you are not going to decide on what broker to deal with until you have interviewed everyone on your list.

Questions to Ask the Mortgage Broker
Here is a list of suggested questions to ask the broker or loan officer.

Application Questions

• Will I get a signed Good Faith Estimate?

• Will you guarantee your estimate of closing costs? If not all at least yours?

• Who will pay for any extra charges that are over and above your Good Faith Estimate?

• Will you update the Good Faith Estimate as we move through the process?

• Is there an extra cost if I do not set up an escrow account (commonly called waiving escrows) providing the loan program allows that to be done?

• If my credit score affects the interest rate and/or program is it possible that you will help me raise my score to obtain a better rate and program?

• Does your credit reporting system offer a Credit Score Analyzer so we can work on raising my score?

• What is your approximate closing ratio for loan applications taken?

Service Questions

• Do you have in-house or contract processing? (If you are scoring these answers then in-house processing gets an extra point.)

• Will it be okay if I speak directly with your loan processor?

• How often can I expect to be updated on the progress of my loan?

• (If purchasing). My contract has a date to get approved for financing Can you make that deadline?

• What will you provide me to give to the seller to satisfy that stipulation?

• Will I get a copy of the appraisal, title commitment, and credit report? Note: Some, but not all states require the mortgage broker to give you a copy of the credit report that they have pulled. If they are not allowed to give you a copy they must at least give you a form that shows the credit scores on your report.

• Do you utilize Automated Underwriting?

•May I pick my own title or closing broker or attorney?

• Will I have a Preliminary Closing Statement 24 hours prior to the closing so that my attorney and I have time to review it?

• Will you be present at the closing?

Fee Questions

• Do you charge an application fee? (Be aware that some brokers charge a non-refundable up-front loan application fee. Is the fee applied towards the appraisal and credit report? Ask if you will receive a refund of the unused portion).

• What is your typical Loan Origination fee on a loan of this size?

•I s there a separate broker fee? If so, how much is it?

• What is your processing fee?

• Is there an admin fee or any other fees that will be paid directly to you?

• Will you refund any overage on the credit report or courier fees?

Note: Do not mention the word or imply that there are any junk fees. It may be construed as offensive to a broker or loan officer. Be specific when addressing the fees or charges.

Rate Questions

• Do you have a rate float down policy?

• What if I lock a rate and the rate goes down? Will you lower the rate?

Privacy Questions

• How will you secure my private financial information?

• Do you have a written information and privacy plan?

Note: The Gramm-Leach-Bliley (GLB) Act requires financial institutions to ensure the security and confidentiality of all personal information collected from potential customers and to have a written policy and plan in place that all employees must abide by. Ask for a copy of their privacy policy (If they don't have one, you may not want to give this broker all your personal and financial information, including data needed for someone to steal your identity).

Miscellaneous Questions

• How long have you been in the business?

• About how many lenders are you approved with?

• What professional associations are you a member of?

• Do you have any professional designations?

• Tell me about your broker and why I should choose you to handle my loan transaction?

Loan Program Question

If you are unsure or if you would like more input ask: What loan program would you suggest?

Cost Estimate Question

Would you mind preparing a Good Faith Estimate and Truth in Lending statement?

Broker Questioning Opportunity

Do you have any questions of me?

When the interview is complete, thank them for their time and let them know that you will get back with them. If at this point you feel comfortable with working with this broker or loan officer you may ask that he forward a Good Faith Estimate and Truth in Lending to you so you can review these forms and estimates.

EVALUATING THE BROKER

After your interview you may want to ask yourself some other questions to help determine or grade the mortgage broker regarding how you think they will handle your loan.

Consider these points:

Did the mortgage broker have any questions for you?

Did you feel he wanted to know more about your overall financial goals and how this mortgage fits with those goals?

Take time to evaluate which broker you wish to work with. Do not make a commitment to anyone until you have reviewed the Good Faith Estimate and Truth in Lending disclosures closely.
When you do receive the Good Faith Estimate, and hopefully, the Truth in lending statement, it should look professional and be complete have accurate dates and other information disclosed.

Hopefully, after you have done all of your homework you will be able to find a broker you feel comfortable with and that you believe will give you honest and ethical service.

To learn more, go to http://www.secretsofmortgagelending.com Excerpted from the e-Book, Secrets of Mortgage Lending. Available at http://www.SecretsOfMortgageLending.com About The Author - Adrian Skiles, GML, began his career in the mortgage business over 20 years ago. He has held the title of a loan processor, loan officer and branch manager. In 1997, Mr. Skiles opened his own mortgage brokerage firm in Atlanta, Georgia where he is currently located and offers mortgage services for both residential and commercial lending. He is a long time member of the National Association of Mortgage Brokers and the National Association of Professional Mortgage Women. Mr. Skiles's broker and employees have achieved awards for continued success in the mortgage industry including Georgia Mortgage Broker Association "Top Gun" Mortgage Broker and the Atlanta Business Chronicle "Top Mortgage Broker Performer" for the last five years. You may contact Adrian Skiles, GML at Adrian@SecretsOfMortgageLending.com Article Source: http://EzineArticles.com/?expert=Adrian_Skiles

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June 2008 Mortgage Licensing Update.(mortgage)

mortgage

The activity in the states continues to rise. Numerous states are considering legislation to curb the foreclosure crisis. Nothing of course can stop it at this point, but the states seem to feel that increased regulation of mortgage companies will at least help the situation. Mortgage Licensing is one of the hotly debated topics in the states. Consumer groups feel that there should be increased licensing, education, and bonding requirements for the mortgage companies and their employees. Many people think that too many requirements may increase the difficulty of a borrower to find the right loan for the right price as mortgage companies have to spend more money to comply with these requirements. Let's take a look at the recent regulatory activity as it relates to mortgage licensing.

Washington Mortgage Lender Licensing

Washington has changed their requirements for mortgage lenders. Many will now need to be licensed under the Consumer Loan License. What activities can a licensed mortgage broker engage in under the Mortgage Broker Practices Act (MBPA) without triggering the license requirements of the Consumer Loan Act (CLA)? As a licensed mortgage broker you may act in these capacities:

Broker - assisting borrowers, or holding yourself out as able to assist borrowers, in obtaining a residential mortgage loan. Loans close in the name of the lender.

Table Fund - "Table-funding" means a settlement at which a mortgage loan is funded by a contemporaneous advance of loan funds and an assignment of the loan to the person advancing the funds. The mortgage broker originates the loan and closes the loan in its own name with funds provided contemporaneously by a lender to whom the closed loan is assigned. WAC 208-660-006.

Non-delegated Correspondent - You close loans in your name with funds provided by a lender through a line of credit. The lender provides the underwriting criteria the borrower must meet and makes the final underwriting decision.

Masachussetts Loan Originator Licensing

WHO IS REQUIRED TO HAVE A MORTGAGE LOAN ORIGINATOR LICENSE?

Any natural person who: (a) is employed by or associated with one (1) and not more than 1 mortgage lender or mortgage broker licensee regulated by the Division; and (b) negotiates, solicits, arranges, provides or accepts residential mortgage loan applications on real property located in Massachusetts, or assists consumers in completing such applications.
Sole proprietors licensed as mortgage brokers or mortgage lenders by the Division, as well as owners, officers and directors or entities licensed as mortgage lenders or mortgage brokers, are required to be licensed as mortgage loan originators in Massachusetts if they meet the definition above.

WHEN CAN AN INDIVIDUAL APPLY FOR A MORTAGE LOAN ORIGINATOR LICENSE?

LOAN ORIGINATORS WHO WERE WORKING FOR A LICENSED MORTGAGE LENDER OR MORTGAGE BROKER PRIOR TO NOVEMBER 30, 2007:

Applications must be submitted to Massachusetts through NMLS before May 28, 2008. The requirement for applicants to have completed a residential mortgage lending course does not apply to any individual who was working for a licensed Mortgage Lender or Mortgage Broker prior to November 30, 2007. Individuals who have changed employers since November 30th are also not required to complete a course prior to becoming licensed. Please note that any individual who meets these dates of employment standards and who does not file a license application with the Division of Banks prior to May 28th must complete a residential mortgage lending course prior to becoming licensed.

LOAN ORIGINATORS WHO FIRST BEGAN WORKING FOR A LICENSED MORTGAGE LENDER OR MORTGAGE BROKER AFTER NOVEMBER 29, 2007:

Applications must be submitted to Massachusetts through NMLS before July 1, 2008. Prior to becoming licensed, all applicants must complete a residential mortgage lending course that has been approved by the Division of Banks. However, applicants may submit their application filings to Massachusetts through NMLS prior to completing a course. Individuals who are presently working as loan originators may continue to operate after June 30th only if they have submitted a mortgage loan originator license application to Massachusetts through NMLS. Beginning July 1st, any individual who does not have a license application pending with the Division of Banks may not continue to originate loans in Massachusetts. Any individual who submits an application before July 1st will have until August 31, 2008 to complete a residential mortgage lending course. If such an applicant fails to complete a course prior to September 1, 2008, his/her mortgage loan originator license application will be terminated.

For information regarding the educational requirements for Mortgage Loan Originator license applicants, please see Regulatory Bulletin 5.1-105. The Division of Banks currently accepting applications for the approval of Mortgage Loan Originator educational courses.

Oklahoma Amends the Education Requirements for Mortgage Brokers and Mortgage Loan Originators

Effective November 1, 2008, new applicants for a mortgage broker license in Oklahoma will be required to have completed 20 hours of approved education during the three years immediately preceding the date of application, and new applicants for a mortgage loan originator license will be required to have completed 16 hours of approved education during the three years immediately preceding the date of application.

Tennessee Amends Mortgage Licensing Requirements

Effective January 2009, applicants for a license as a mortgage lender, mortgage loan broker, mortgage loan servicer, or mortgage loan originator will be required to complete an educational training course. Criminal background checks will also be required for mortgage lender, mortgage loan broker, mortgage loan servicer, or mortgage loan originator applicants, and for registered mortgage loan originators seeking to continue registration.

Minnesota Adds Commercial Loans to Definition of Residential Loans

Effective August 1, 2008, the definition of "residential mortgage loan" under the Residential Mortgage Originator and Servicer Licensing Act (the "Act") will expand to include commercial loans secured by 1-4 family residential real estate. The bill also expands the definition of "residential real estate" to include non-owner-occupied property, and extends certain record-retention requirements from 26 to 60 months.

Colorado Adopts Emergency Rule Making Initial and Continuing Education Mandatory for Mortgage Brokers

Effective January 1, 2009 all mortgage broker applicants must complete the 40 hours of licensing education and pass the two-part exam prior to applying for a mortgage broker license.

All mortgage brokers who currently maintain a Colorado mortgage broker's license must complete 40 hours of licensing education and pass the two-part licensing exam by January 1, 2009.

Illinois Anti-Predatory Lending Database Registration for Mortgage Brokers and Loan Officers

On May 15, Illinois began registration of mortgage brokers and loan officers on the Anti-Predatory Lending Database. The Anti-Predatory Lending Database Program, pursuant to Public Act 95-0691, will become operational on July 1, 2008. In order to record any mortgage against Cook County property, a Certificate of Compliance or Certificate of Exemption must be attached to the mortgage. Property located outside of Cook County is not subject to the act. A mortgage broker or loan originator that takes a loan application will be required to enter certain information into the database. The database will first determine whether the property is exempt. If it is not exempt, the database will then determine if it will be necessary for the borrower(s) to obtain counseling. If counseling is not required, the loan may proceed to closing. If counseling is required, the borrower(s) will be notified and given a list of all participating counseling agencies. The act aims to reduce predatory lending practices by assisting the borrower in understanding the terms and conditions of the loan for which he or she has applied. The act does not prohibit any type of loan.

Connecticut Eliminates Secondary Lenders and Brokers Act

Effective July 1, 2008, new legislation essentially does away with the Secondary Mortgage Lenders, Brokers and Originators Act by consolidating all regulation of mortgage lenders and brokers under one act. The bond amount for lender and broker licensees will also increase and the mortgage license application procedures and requirements will be modified.

Iowa Amends Code Chapters Administered By Division of Banking

Effective January 1, 2009, new legislation establishes initial education and examination requirements for persons subject to registration under the Mortgage Bankers and Brokers Act. Effective July 1, 2008 the required surety bond amounts will increase and the annual license and registration expiration dates will change from June 30 to December 31 for mortgage banker and broker licensees.

Steven Sheasby, founder of Integrity Mortgage Licensing, has worked with numerous mortgage companies with licensing across the country. He has managed multiple compliance departments for nationwide lenders and brokers. His experience in mortgage licensing and other mortgage regulatory compliance issues has given him the inside track for dealing with the states without the expensive cost of an attorney. Contact Integrity Mortgage Licensing at 714-721-3963 or ssheasby@integritymortgagelicensing.com Or Visit their website at http://www.integritymortgagelicensing.com/state-licensing-requirements/ Article Source: http://EzineArticles.com/?expert=Steven_Sheasby

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Mortgage Finance - Many Benefits For Home Buyers To Take Advantage.(mortgage)

mortgage

A majority of home owners today got their houses through mortgage finance or loan. In the last decade, the changes in home mortgage finances and loans have brought many promising benefits to homebuyers. However, these changes in mortgage finance have also cost some important tradeoffs.

The most important benefit that a homebuyer got from this change in mortgage finance is the fact that they are now offered more choices. This allows them to do a more effective comparison shopping of mortgage finance products and make a more critical decision.

Where To Get A Mortgage Finance Loan?

Several specialized mortgage finance institutions offer mortgage finance products to home buyers. These savings and loan mortgage finance institutions were also called thrift associations because lenders take in deposits of their savers and use the money to make mortgage finance and loan products. Thrifts experienced a wane in the 1980s when interest rates were more or less erratic and mortgage finance failure was on an all-time high.

The thrift institutions were later on replaced by mortgage finance bankers. These people are the ones who originate the mortgage finance product and offer these to investors. The 1990s brought on the arrival of mortgage brokers who are savvy freelance mortgage finance agents who originate loans for several lenders and sell these to several clients, from enterprising investors to homebuyers.

Today, mortgage brokers are still popular among homebuyers who get mortgage finance advice. Because mortgage brokers maintain associations with several lending companies, they are probably the best sources of mortgage finance advice in the market right now. The Internet is also a great help for homebuyers when they make their final mortgage finance decision.

What Type Of Mortgage Finance Loan Can You Get?

During the 1980s, the general rule was that only people with good credit standing can get a mortgage finance loan. In today’s market, almost anyone can apply for a mortgage finance loan in order to buy a house. With an excellent credit, it is very likely that you can get a mortgage finance loan that covers 100% of the purchase price. Poor credit does not necessarily mean that you are excluded from getting a mortgage finance loan. Securing a mortgage finance loan on bad credit is still possible but with higher interest rates.

First-time homebuyers who do not yet have a credit record also have a number of mortgage finance loans available for them. These mortgage finance loans usually have low down payments and flexible standards specified in the underwriting.

How Mortgage Finance Loans Work

Streamlining some underwriting parts of the mortgage finance loan has made loan approval a much quicker process for homebuyers. With the advent of computers, information on mortgage finance loans can be easily accessed. In some mortgage finance companies, approvals are done online or using computer programs. The notion of “credit scores” has also reduced the number of mortgage finance loans to get rejected. Since credit scores can ease the usually strict mortgage finance loan approvals, applicants experience less hassle.

The mortgage finance market of modern times seemed to have developed new mortgage finance products. For instance, when interest rates began falling, home owners took advantage of this by refinancing their mortgages. In an effort to reduce their costs on refinancing, lenders began offering mortgage finance loans with no discount points.

Dean Shainin is a consultant specializing in home loans, strategies for loan financing, home equity loans, and consolidation loan information. To see a list of recommended loan companies, tools, resources, free quotes and articles, visit this site: http://www.homemortgageloantips.com Get free valuable online tips for saving money from his: Home Mortgage Loan website. Article Source: http://EzineArticles.com/?expert=Dean_Shainin -mortgage-

Texas Mortgage Loans with Savings Road-The Path to the Ideal Mortgage Loans.(mortgage)

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Texas Mortgage Loans with Savings Road-The Path to the Ideal Mortgage Loans

Buying your own house is a dream that we all foster. And to fulfill this dream, you might have to get your finances in order and apply for a mortgage loan. Put in simple terms, Mortgage Loans are loans that are secured by the real estate that the loan is allowing the buyer to purchase. There are many confusing and complicated facts and figures involved in deciding which loan suits you best and further in applying for a loan. There are numerous options available, and to judge what fits your requirements best might be a daunting task. The terms of mortgage loans for different loans are different; in fact home buyers have access to different types of mortgage loans and a number of lenders who offer different packages and terms. At the same time, the functioning and legal effect of mortgage loans varies somewhat from state to state. We at Savings Road can provide access to information on mortgage loans in different places including information on Texas mortgage loans and can further assist you in picking the mortgage loans that are perfect for you.

A word of caution

With so many different types of mortgage loans and cheap mortgage loans available, a borrower planning to invest in Texas such as the Houston real estate market, the borrower may just get overwhelmed and consider a loan program that sounds simple and familiar. Also with the so many options available for the Houston real estate market, from single house homes to condominiums, a borrower might not know what Texas mortgage loans to pick. At the same time, a Texas home mortgage loan lender in the Houston real estate area might take advantage of the situation by only enumerating the benefits of the mortgage loans that he offers. He might avoid discussing the disadvantages of the Texas mortgage loan touching the Houston real estate in question. As a result, a borrower might get taken in and actually end up picking the wrong mortgage loan.

Numerous options for Texas mortgage loans

Applying for a Texas home mortgage loan or a mortgage loan for any other area can be both stressful and exciting. The options available for mortgage loans Texas are numerous, at the same time the packages for Texas home mortgage loan offered by lenders are also one better than the other. As a result, taking a decision regarding a Texas mortgage loan can be difficult for a first time borrower or even for a person considering refinancing their home. To simplify the process of selecting mortgage loans Texas that are ideal for your requirements, our experts take your financial situation into consideration, analyze it and then advise you on the Texas mortgage loans that are ideal for you.

There are a number of different factors that need to be considered when you apply for a Texas mortgage loan be it for Houston real estate, or a loan for any other area in Texas. Just picking cheap mortgage loans might not be the best choice that you make. At the end of it, it is the long term effect that the Texas mortgage loan taken for the Houston real estate property will have on your financial stability that determines whether it is right for you or not. We at Savings Road provide expert advice on your Texas home mortgage loan that can help you in making the correct decision. You can garner information from our experts who specialize in mortgage loans Texas. These experts tailor information specifically according to your needs, goals and budget on the basis of the knowledge that they possess about mortgage loans Texas. As a result, with the vast knowledge and information presented, you can take a decision regarding the mortgage loans Texas that suit you the best.

Proper guidance to secure the ideal loan

We at Savings Road can help you in putting things in the right perspective and on the basis of our knowledge can help you in understanding the different types of mortgage loans that are available. We can also help you in narrowing down to mortgage loans that would be ideal for you while also providing information on the cheap mortgage loans available from different lenders.

If you are planning to invest in real estate anywhere or for that matter even in the Houston real estate market, you can contact us online and we would assist you in the best possible way. We can provide helpful tips, guidance and information on advantages and disadvantages on different types of mortgage loans, cheap mortgage loans, Texas mortgage loans, Houston real estate and generic mortgage loans offered by different lenders. Our information is unbiased and is aimed only at assisting you to get the right mortgage loans.

Useful Readings:

Low Interest Mortgage Rates: http://www.savingsroad.com/low-interest-mortgage-rates.php

Austin Texas Mortgage Rates: http://www.savingsroad.com/austin-texas-mortgage-rates.php

Texas Mortgage Loans: http://www.savingsroad.com/texas-mortgage-loans.php

Chicago Real Estate: http://www.savingsroad.com/chicago-real-estate.php

Mortgage Broker Texas: http://www.savingsroad.com/mortgage-broker-texas.php

Commercial Mortgage Loans: http://www.savingsroad.com/commercial-mortgage-loans.php

Refinance Loan: http://www.savingsroad.com/refinance-loan.php

Texas Mortgage Rates: http://www.savingsroad.com/texas-mortgage-rates.php

Mortgage Loan Real Estate: http://www.savingsroad.com/mortgage-loan-real-estate.php

Refinance Mortgage Rate: http://www.savingsroad.com/refinance-mortgage-rate.php

Texas Mortgage Refinance: http://www.savingsroad.com/texas-mortgage-refinance.php

Mortgage Rates: http://www.savingsroad.com/mortgage-loan-rates.php

Home Loans: http://www.savingsroad.com/home-building-loan.php

Dallas Home Loan: http://www.savingsroad.com/dallas-home-loan.php

Max Baba is the founder & CEO of http://www.SavingsRoad.com, a leading Residential and Commercial Mortgage Brokerage company. He has about 11 years of experience in the real estate arena, ranging from financing to legal consulting, utilizing both his finance degree and law degree.

Article Source: http://EzineArticles.com/?expert=Max_Baba

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Mortgage Lists - The Importance of Targeting.(mortgage)

mortgage

Since the beginning of printing technology, communication development has escalated to greater heights. Nowadays, printing technology had continuously proliferated in the world of communication through the postal mail system.

Consequently, the mailing system did not only serve its basic purpose but has, in some ways, diverted into a more lucrative function in the world of entrepreneurship and marketing. That is why most mortgage companies have engaged into the utilization of a mortgage list.

Hence, the mortgage industry followed the trend of this innovative marketing strategy. They, in turn, have come to use the mortgage list as their top marketing technique in order to boost their productivity.

Basically, the mortgage list is a collection of people’s names and addresses that represents the target market as far as a mortgage-lending business is concerned. In many instances, people who are included in a mortgage list are those that meet specific criteria.

For a mortgage broker who relies on direct marketing promotions as their way of promoting their mortgage refinancing packages, a mortgage list is considered as a vital element in accomplishing that goal. Therefore, most mortgage brokers understand that using a targeted mortgage list for their mortgage marketing campaigns, the success of their company relies squarely on the targeted mortgage list and the offer on the mail piece. It’s also a cost effective solution as opposed to an expensive media advertising campaign and at the same time an effective means of increasing the probability of a more responsive market.

Generally, there is a vast array of mortgage lists; some of the most used mortgage list criteria are as follows:

1. Basic demographic profile

This classification of mortgage lists refers to the demographic profile information of the people. The information contained therein is basically the primary source of most companies who seek the services of a mortgage list provider.

Under this category, the name, complete address, home telephone number, and the zip code of a consumer are all included.

2. The income data.

This category of mortgage list includes the income profile of the mortgage refinance prospects. This is very useful to mortgage lending companies who would like to promote their services to people who would most likely respond to their promotion based on their financial capability.

3. FICO scores.

This category relies on the FICO scores of the consumers who have an existing credit history.

Mortgage companies use the FICO mortgage lists to find prospective clients who are more closely targeted for the kind of mortgage refinancing that the mortgage company is interested in pursuing. In this case, the list can include those who have low FICO scores and have higher credit card debt so they are exceptional mortgage refinance prospects to pay off the high interest rate credit card balances.

With this type of mortgage list, mortgage-lending companies will have a greater edge on their marketing strategy by using the viability of the FICO mortgage list.

4. Home value

Because mortgages probes more on home equity programs and mortgage lending activities, companies who are in this kind of business will make use of mortgage lists with home values as a source of information. This means that people who would most likely seek mortgage refinancing are those who have higher amount of pending payables.

5. Bankruptcy files.

This category of a mortgage list refers to those who have already filed bankruptcy cases and who are in danger of imminent property loss. People on this list would make good mortgage leads because they would most likely seek the help of a mortgage refinancing company as an alternative move in their bankruptcy case, provided that the bankruptcy proceedings they have filed includes liens on properties etc.

6. Open mortgage balance.

Homeowners with an open mortgage balance for a mortgage list are great prospects for mortgage brokers & lenders. This is because people who have an outstanding balance on mortgage loans will most likely be interested in a financial solution such as home refinancing, home equity, or debt consolidations. Therefore, mortgage companies usually utilize this kind of mortgage list.

7. Name of lender.

This type of mortgage list would show a number of people who already have a mortgage with certain mortgage companies. To use this as your primary mortgage lead list, you will most likely end up with a number of potential clients who would also be interested in your services or products.

So, for businesses that are into mortgage lending, it is best that you use these mortgage lists so to help you in obtaining the kind of market suitable for the services that your company has to offer.

Chris Burns - American Profiles Mailing & Telemarketing List company. Providing telemarketing lists to the direct marketing industry since 1996.

A full service mailing & telemarketing list company with over 40,000 lists available. http://www.americanprofiles.net

Online counts and orders 24/7 http://www.mailinglistsusa.com

Article Source: http://EzineArticles.com/?expert=Chris_Burns

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UK Mortgage Insurance - Need for Mortgage Insurance.(mortgage)

mortgage

Insurance is a great way to safeguard your self from the uncertainties in life. Mortgage Payment Protection Insurance is designed to protect you from getting into debt or missing the mortgage payments due to unemployment. If you are living in a country like UK mortgage insurance is extremely important to protect your self from getting into ever increasing debt. In case you are not able to make the mortgage payments on account of various reasons like unemployment due to ill health or old age etc, having the Mortgage Payment Protection Insurance or mortgage insurance really helps.

Earlier, the government used to pay the interest on the mortgage if you were unemployed. In the UK mortgage insurance was recommended by the government to the home owners. For millions of people in UK mortgage insurance is now becoming an essential part of their financial planning.

In UK mortgage insurance was brought into the market as a substitute to government help. The intention is to cover the mortgage payments in case of non-ability of the insured to make the monthly mortgage payments. Just like any other policy, the insurer has to pay a monthly premium depending upon the mortgage amount. In case of unemployment, the mortgage insurance company will make the payments on your behalf. There a many mortgage insurance policies available in the market. Many UK mortgage companies provide you with mortgage insurance. If you want to go for a mortgage insurance of your choice, then you can approach another mortgage insurance broker independently.

Choosing the right mortgage insurance.

There are many mortgage insurance policies available in the market. Choose the one that suits your needs and requirements perfectly. A mortgage insurance policy that covers a wide range of circumstances for accepting claims should ideally be picked. The mortgage insurance companies offer all kinds of covers like life insurance, handicap, ailment and severe illness.

The mortgage insurance policy should be carefully scrutinized. Read the fine print and understand the terms and conditions of the policy properly. There can be various conditions and clauses under which the mortgage insurance company is not liable to pay. Majority of the mortgage insurance companies do not pay out in the initial three months. Even afterwards, most of the mortgage insurance companies take around 60 days for a payout. So you will have to make arrangements for the mortgage payment during that period. Some UK mortgage insurance companies take around 90 to 120 days for a payout. Such mortgage insurance companies can be avoided.

The Premium

The premium for a mortgage insurance policy depends on the clauses and conditions it has. In the UK mortgage insurance quotes vary from £2.45 to £9 per £100 of the covered amount. The Association of British Insurers recommends a premium of £4.50 per £100 of the amount covered under the mortgage insurance. There are various deals and offers from the mortgage insurance companies all year around so you should do some research work before choosing a mortgage insurance policy.

Some mortgage companies offer a complimentary mortgage insurance policy along with the mortgage. Many people take the offer as they don’t have to pay any premium during the initial period. Although it might be beneficial to some extent, it should not be the deciding factor for choosing a mortgage insurance policy.

UK Mortgage Insurance - Low cost award winning mortgage payment protection insurance from Burgesses. Ensure that your mortgage payments will be paid if you become unemployed through accident, sickness or redundancy.

Article Source: http://EzineArticles.com/?expert=Nash_A

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On-Line Mortgage Calculator.(mortgage)

mortgage

Are you looking to make more profit from investment property? Learn how you can by using some of the best buy to let mortgage products. Using an on-line buy to let mortgage calculator will help you work out your monthly repayments on a buy to let property or the remortgaging of an existing buy to let property. This can help you establish if now is the right time to start investing in the property market.

It would be easy to start saying just how easy it is to become a landlord and earn income from investment property and how you can simply sit back and watch the profit tumble in like a cascading waterfall. The reality is that there are a number of key issues that you will have to be involved in to ensure your investment property portfolio works to its optimum. With tenants to source and vet, an investment property to maintain, buy to let mortgages to arrange, letting agents to manage and accounts to monitor, it does take a certain level of commitment. So if you are still keen to have a slice of the much talked about property game then you will want to read on to find out how to get started? It's also worth picking up a Free Buy to Let Guide and getting some provisional buy to let mortgage quotes using a mortgage calculator to help you assess the funding situation before you begin.

Firstly, you need to establish if this is the right time for you to become a landlord and how much it is going to cost you. Can you afford to tie up money in a property? If the worst comes to the worst, can you afford to lose that money?

The simplest way to work out the repayments on a buy to let mortgage is to use an on-line buy to let mortgage calculator to get a Free Buy to Let Mortgage quotation. Some buy to let mortgage calculator systems are generated from mortgage brokers who have access to numerous mortgage products and mortgage lenders.

The mortgage calculator can help you work out the best buy to let mortgage product for the type of investment property you are considering and your individual circumstances. Some mortgage lenders will offer different mortgage products subject to the type of property investment. For example, some mortgage lenders will lend on student or shared houses where others mortgage lenders may not. Some may accept first time property investors and others may insist that you are an experienced landlord etc. Either way though, you will need to know the likely rent that can be achieved for the property as this will determine the maximum loan amount available against the purchase price or refinancing value of the buy to let property. It is worth bearing in mind when you are getting your buy to let mortgage quotation, that lenders normally suggest that the rental income each month represents at least 130 per cent of the monthly mortgage payment. Although there are some buy to let mortgage products calculated on ratios of as little as 115%. Use the buy to let mortgage calculators to see how the buy to let mortgage payments work out on a monthly basis. By working on these calculations, gives the investor a margin to cover the letting agent's fees and other associated costs.

This is a long-term investment and you need to take the same approach to investing money into a house or flat as you would to buying into the stock market. Historically the value of properties in the UK have doubled every 10-15 years but that doesn’t mean to say that there won’t be peaks and troughs in between. These are times that you have to be prepared and most importantly can afford to ride through.

Increasing your returns by using buy to let mortgages to your advantage

For example, lets say you have £100,000 cash to invest into Investment Property. Is it best to buy a property outright or use this money as deposits on multiple buy to let properties?

Mr Jones – decides to use his £100,000 to purchase a brand new property outright for cash. He lets the property for £600 per month giving a return of £7,200 per annum. Due to inflation, the rent will increase accordingly and eventually, after fluctuations in the property market, the house doubles in value.

Mr Smith – decides to use £100,000 as deposits (15% for each investment property) to buy £500,000 worth of properties similar to the one Mr Jones bought. This results in Mr Smith receiving five times as much rental income, i.e. £3,000 per month or £36,000 per annum. The other £400,000 is borrowed on buy to let mortgages and Mr Smith pays interest on this at a rate of approximately 5%. These monthly interest only repayments would work out to be £20,000 per annum. Therefore, net of interest they receive £16,000 per annum. Mr Smith is already better off than Mr Jones….. but what happens in years to come? Well it is probably safe to say that Mr Jones’s rental income will rise with inflation as per Mr Smith. However, Mr Smith’s buy to let mortgage costs remain the same. Therefore, the gap between Mr Jones and Mr Smith’s rental income will continue to widen as time goes on. And finally after 10-15 years when property could have doubled again. Mr Jones would have made a capital gain of £100,000 and have £200,000 worth of investment property. Whereas, Mr Smith would have made £500,000, which is five times as much capital gain!!

The most successful landlords will use some of the best buy to let mortgages to fund their buy to lets and with buy to let mortgage products becoming more sophisticated and competitive the right buy to let financing can ensure you maintain your investment property portfolios in such a way that you are always working to the most optimum cashflow situation. As discussed previously, mortgage brokers often have access to a large variety of different buy to let mortgage products and if you don't have the time yourself to search the marketplace for the best buy to let mortgages, then it is worth considering using the services of a mortgage broker. Whether they are looking to make a new purchase of an investment property or re-mortgage a buy to let, you can use an on-line buy to let mortgage calculator to work out which products are likely to suit your circumstances.

Best Buy to Let Mortgages

Finding the best buy to let mortgage is crucial to your success as a property investor. Unlike other forms of investment, a lot of the money you put into a buy to let property is likely to be borrowed. Over the last few years, the buy to let mortgage market has boomed, and borrowing money to invest in this way has become easier than ever. There are a number of different buy to let mortgage products available from fixed rates, discounted variable rates, discounted rates and so on. A good buy to let mortgage calculator system should help you identify what would suit you best. Different products may be suitable for different investment properties. And don’t be tempted to just go for the cheapest buy to let mortgage as there may be penalties that make it less attractive in the long term.

Always find out the best buy to let mortgage deals available at the time. Some investors may decide to retain their entire portfolio with one lender, but it’s important to realize that different buy to let products between different lenders can provide you with maximum flexibility and cashlow depending on how you structure your funding.

However it is very important that you get the correct guidance with your buy to let finance. Speak to mortgage brokers, mortgage lenders and other landlords involved in property investment. Some can even offer exclusive products that wouldn’t necessarily be available to you if you approached the buy to let lender directly.

Questions that are worth considering when finding the best buy to let mortgage:

1. Do they have access to lots of different products in the market place?

2. Do they have the ability to create a long term property development strategy for you?

3. Are they able to secure Exclusive Products?

4. Are they able to arrange mortgages within 10 working days?

Most buy to let lenders will offer a maximum loan of 85% requiring you to fund at least a 15% deposit towards your investment property. The buy to let mortgage industry is very competitive with new products being launched on a very regular basis.

Some buy to let mortgage brokers may charge a brokerage fee up to 2% to arrange the buy to let finance for you but don’t let this put you off because if they do have the ability to secure exclusive products for you, it could be very beneficial to your cashflow as a landlord. Plus, if they are able to reach formal mortgage offer stage in a very short space of time, this could result in you being able to secure the investment property at very competitive prices if you have the ability to tell the vendor that you can have the deal completed within a matter of a few weeks.

How much you can borrow for the buy to let property will usually be worked out differently to how much you can borrow to buy your main home. Different lenders and different products carry different criteria for working out the maximum loans available. Some will lend on how much you earn, others on the rental income you achieve from the investment property. And sometimes a combination of the two.

Jennifer Tweed is the founder of http://www.buytolet4sale.com, a property portal dedicated to advertising all types of investment property for sale in the UK and Overseas including, new-build, re-sale, tenanted property, land and auction property. Also availabe on site are; Free buy to let Mortgage Quotes on-line, Tenancy Agreements, and Free buy to let Guides

Article Source: http://EzineArticles.com/?expert=Jennifer_Tweed

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Mortgage Refinance Tips And Advice.(mortgage)

mortgage

For the average person who does not work in the mortgage industry, the mortgage jungle is very overwhelming. Mortgages are complicated! This article is a small collections of tips and advice of what an average person should know when looking for a mortgage. We kept it simply, but informative.

Reverse Mortgage Funding

As we grow older, living expenses seem to increase drastically, it is for this reason a great number of elders choose to seek a reverse mortgage to provide help with these expenses. This option typically works well for those who have fully paid for their home, and have no mortgage upon it. Simply speaking, when you take advantage of a reverse mortgage you will receive a monthly stipend from the equity that your home carries. This is especially useful to the elderly, sometimes securing a reverse mortgage aides them with living expenses, that alone could help in allowing them to remain within their own home. It is wise to request to a mortgage broker that the cost of closing should be paid out of the money received from the reverse mortgage loan. Essentially meaning, no expenses directly out of pocket.

Mortgage Options - Interest Only

Interest only mortgages are specifically designed to substantially decrease your payment amount over the first years of the mortgage term. The way this program works is that for these first few years you are only making payments towards the interest of the mortgage. This keeps the mortgage payments lower than other mortgage options because you are not required to pay on the principal of the loan. Eventually the time will come that you will be required to pay both the interest and the principal. It is wise to fully investigate this mortgage option prior to choosing it. Very carefully make some calculations and determine rather or not you will be able to afford the payments once both interest and principal are required.

The Right Mortgage Broker for you.

With the vast presence of the internet, obtaining the proper mortgage broker has never been easier. Additionally the internet allows you to locate mortgage brokers from all over your area. You are not limited to using a local broker or company in any way. The mortgage brokers you can find on the internet are in great competition with each other. What does this mean for you? It is simple because they are so competitive, you will win with excellent program and competitive rates. To choose the proper mortgage broker for you, you first must be comfortable in choosing them. Choose a mortgage broker that gives you confidence in their guidance. Take your time in finding the perfect mortgage broker for you; make sure their goals and your goals match, thoroughly research all your options before making a choice.

Obtaining a Mortgage Loan the Fast way.

Obtaining a mortgage loan through the internet is easier than ever before. The benefit of an online mortgage broker is that generally, they have a wider spectrum of lenders and various programs that a typical mortgage broker might have. More often than not, they have the ability to process request more quickly, as well. Online mortgage brokers can even aid you if there is urgency because of a fast approaching closing date or you are in need of speedy refinancing. All of this is thanks to the technology of automated credit checks, verification of income and online loan applications. You can find mortgage brokers through various measures such as using a popular search engine like Google, simply type in mortgage broker and you will be amazed with the results. A better option is to search for reviews about the mortgage broker or seek the advice and referrals from your friends and family. The best mortgage broker will possess the seal of the Better Business Bureau.

Adjustable Rate Mortgage and What you should know about it.

If you opt for an adjustable rate mortgage ensure that you are fully aware of these facts , this will help you be ready when the time comes for your fixed rate mortgage ceases.

1) You should know when the first rate adjustment will occur and how much the adjustment will be. Knowing the specific date will prepare you for the event.

2) You should know that the adjustable mortgage rate fluctuates with the changes of interest rates. Find out what index your rate is associated with, so you can investigate the interest rates on your own.

3) Know all of your options when it comes to refinancing. If a adjustable rate mortgage proves to be unbeneficial for you, you have the option of refinancing with a fixed rate mortgage. To get a good interest rate on a fixed mortgage you should watch the rates closely and if you choose to refinance, do so when the rates are comfortable to you.

Obtaining Flexible Interest Only Mortgages

For those that practice self-discipline, a flexible interest only may be practical. This option provides a payment arrangement that is flexible in regards to the payments that you make. This does not mean they are flexible on the timely manner in which you pay them, this simply means when your payment date arrives you are required to make a minimum payment of at least an amount towards the interest on the loan. However, with this flexible option you can opt to pay an additional amount towards the principle of your mortgage. Generally, your flexible interest only coupon book will include an area that determines the amount needed to be applied towards the principle if you should choose to do so. This is where that self-discipline comes in handy, it is wise to apply as much as possible towards the principle, bringing the amount down and coming that much closer to paying off your mortgage.

Cyrus Zahabian is one of the editors of Lendgo.com. Lendgo is a website dedicated to consumer personal finance, mortgages, and credit cards. Find the a low rate mortgage refinance loan and save thousands. Read our credit card reviews and apply for the one right for you. Get a free credit report instantly online. Fix your credit with affordable and effective legal credit repair.

Article Source: http://EzineArticles.com/?expert=Cyrus_Zahabian

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Home Mortgage and Financing Terms.(mortgage)

mortgage

Every business has it's jargon and residential real estate is no exception. Mark Nash author of 1001 Tips for Buying and Selling a Home shares commonly used mortgage and financing terms with home buyers and sellers.

-Adjustable rate mortgage (ARM): A type of mortgage loan whose interest rate is tied to an economic index, which fluctuates with the market. Typical ARM periods are one, three, five, and seven years.

-Affordable housing loan: umbrella term used to cover various loan products targeted to first-time homebuyers.

-Annual percentage rate (APR): The total costs (interest rate, closing costs, fees, and so on) that are part of a borrower’s loan, expressed as a percentage rate of interest. The total costs are amortized over the term of the loan.

-Application fees: Fees that mortgage companies charge buyers at the time of written application for a loan; for example, fees for running credit reports of borrowers, property appraisal fees, and lender-specific fees.

Appraisal: A document of opinion of property value at a specific point in time.

-Assumable loan: existing mortgage loan that can be assumed by another person; most conventional loans are not assumable; government loans are assumable with qualification of the new person.

-Balloon mortgage: A type of mortgage that is generally paid over a short period of time, but is amortized over a longer period of time. The borrower typically pays a combination of principal and interest. At the end of the loan term, the entire unpaid balance must be repaid.

-Bi-weekly mortgage: one-half of the mortgage payment is paid every two weeks, resulting in one extra full payment toward principal each year.

-Blanket mortgage: mortgage secured by more than one piece of property.

-Blended rate (or wraparound) mortgage: refinancing plan that combines the interest rate on an existing mortgage loan with current interest rate for an additional amount of loan.

-Bridge (or swing): loan used to bridge the gap when someone is purchasing a new home before they have gone to settlement on their previous home.-

-Budget mortgage: another name for a loan that included taxes and insurance along with the principal and interest payment (PITI).

-Installment sale (also called a land contract): usually a private agreement between a seller and buyer where title is not conveyed until all payments have been made.

-Carry-back financing: whenever a seller agrees to finance either the first or a second mortgage on the property.

-Chattel mortgage: a pledge of personal property to secure a note.

-Construction loan: short-term loan made during the construction of a house.

-Conventional mortgage: A type of mortgage that has certain limitations placed on it to meet secondary market guidelines. Mortgage companies, banks, and savings and loans underwrite conventional mortgages.

-Credit report: Includes all of the history for a borrower’s credit accounts, outstanding debts, and payment timelines on past or current debts.

-Credit score: A score assigned to a borrower’s credit report based on information contained therein.

-Down payment: The amount of cash put toward a purchase by the borrower.

-Earnest money deposit: The money given to the seller at the time the offer is made as a sign of the buyer’s good faith.

-Escrow account for real estate taxes and insurance: An account into which borrowers pay monthly prorations for real estate taxes and property insurance.

-FHA (Federal Housing Administration) Loan Guarantee: A guarantee by the FHA that a percentage of a loan will be underwritten by a mortgage company or banker.

-Gift letter: A letter to a lender stating that a gift of cash has been made to the buyer(s) and that the person gifting the cash to the buyer is not expecting the gift to be repaid. The exact wording of the gift letter should be requested of the lender.

-Good faith estimate: Under the Real Estate Settlement Procedures Act, within three days of an application submission, lenders are required to provide in writing to potential borrowers a good faith estimate of closing costs.

-Home equity loan: either a lump sum or a line of credit made against the equity in a home.

HUD/RESPA (Housing and Urban Development/Real Estate Settlement Procedures Act): A document and statement that details all of the monies paid out and received at a real estate property closing.

-Hybrid adjustable rate mortgage: Offers a fixed rate the first 5 years and then adjusts annually for the next 25 years.

-Interest rate float: The borrower decides to delay locking their interest rate on their loan. They can float their rate in expectation of the rate moving down. At the end of the float period they must lock a rate.

-Interest rate lock: When the borrower and lender agree to lock a rate on loan. Can have terms and conditions attached to the lock.

-Loan: An amount of money that is lent to a borrower who agrees to repay the amount plus interest.

-Loan application: A document that buyers who are requesting a loan fill out and submit to their lender.

-Loan closing costs: The costs a lender charges to close a borrower’s loan. These costs vary from lender to lender and from market to market.

-Loan commitment: A written document telling the borrowers that the mortgage company has agreed to lend them a specific amount of money at a specific interest rate for a specific period of time. The loan commitment may also contain conditions upon which the loan commitment is based.

-Loan package: The group of mortgage documents that the borrower’s lender sends to the closing or escrow.

-Loan processor: An administrative individual who is assigned to check, verify, and assemble all of the documents and the buyer’s funds and the borrower’s loan for closing.

-Loan underwriter: One who underwrites a loan for another. Some lenders have investors underwrite a buyer’s loan.

-Mortgage banker: One who lends the bank’s funds to borrowers and brings lenders and borrowers together.

-Mortgage broker: A business that or an individual who unites lenders and borrowers and processes mortgage applications.

-Mortgage loan servicing company: A company that collects monthly mortgage payments from borrowers.

-Open-end mortgage: one where additional funds may be borrowed without changing other terms of the mortgage, typical for construction loans.

-Package mortgage: mortgage secured by a combination of real and personal property; often used for vacation property such as a cabin, beach condo, or ski chalet.

-Payoff letter: A written document from a seller’s mortgage company stating the amount of money needed to pay the loan in full.

-Portable mortgage: new concept; mortgage loan can be carried with you from one property to another.

-Pre-approval: A higher level of buyer/borrower prequalification required by a mortgage lender. Some preapprovals have conditions the borrower must meet.

-Pre-paid interest: Funds paid by the borrower at closing based on the number of days left in the month of closing.

-Pre-payment penalty: A fine imposed on the borrower by the lender when the loan is paid off before it comes due.

-Pre-qualification: The mortgage company tells a buyer in advance of the formal mortgage application, how much money the borrower can afford to borrow. Some prequalifications have conditions that the borrower must meet.

-Principal: The amount of money a buyer borrows.

-Principal, interest, taxes, and insurance (PITI): The four parts that make up a borrower’s monthly mortgage payment. Private mortgage insurance (PMI): A special insurance paid by a borrower in monthly installments, typically of loans of more than 80 percent of the value of the property.

-Purchase money mortgage: any loan used to purchase the real property that serves as collateral but usually refers to seller-held financing.

-Reverse mortgage: special program for senior citizens (62 or older), which utilizes the equity in the seniors’ home to provide additional income without having to sell their home.

-Secondary market: An institutional investment market that purchases mortgages from mortgage lenders.

-Sub-prime loan: loan with risk-based pricing for persons unable to qualify for prime conventional loans; typically has higher rate of interest; credit scoring and appraisal are critical.

-VA (Veterans Administration) Loan Guarantee: A guarantee on a mortgage amount backed by the Department of Veterans Affairs.

-W-2: The Internal Revenue form issued by employer to employee to reflect compensation and deductions to compensation.

-W-9: The Internal Revenue form requesting taxpayer identification number and certification.

-1031 exchange or Starker exchange: The delayed exchange of properties that qualifies for tax purposes as a tax-deferred exchange.

-1099: The statement of income reported to the IRS for an independent contractor

Mark Nash's fourth real estate book, "1001 Tips for Buying and Selling a Home" (2005), and working as a real estate broker in Chicago are the foundation for his consumer-centric real estate perspective which has been featured on ABC-TV, CBS The Early Show, Bloomberg TV, CNN-TV, Chicago Sun Times & Tribune, Fidelity Investor’s Weekly, Dow Jones Market Watch, HGTVpro.com, MSNBC.com, The New York Times, Realty Times, Universal Press Syndicate and USA Today. Article Source: http://EzineArticles.com/?expert=Mark_Nash

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