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MORTGAGE BROKER OR BANK FOR A MORTGAGE?

MORTGAGE BROKER OR BANK FOR A MORTGAGE? In 2017 there still seems to be a disconnect for many who simply don't know why a Mortgage Broker has so much more to offer than a bank. It is simple: a typical bank offers the very BASIC loan programs and their underwriting guidelines are stringent. Their rates are higher due to their overhead. Niche products are shunned, as they desire the cookie cutter Borrowers. Mortgage Brokers offer a variety of Lenders and Banks that can meet a Borrower's specific needs. This equates to better rates, less stringent underw...

April 21st, 2017 MORTGAGE BROKER OR BANK FOR A MORTGAGE?

HOW TO GET A MORTGAGE LOAN CLOSED FAST

HOW TO GET A MORTGAGE LOAN CLOSED FAST:There are several components that attribute to whether a mortgage loan gets closed fast. 1) How quick can the Borrower provide all of the processing items needed to be presented to the loan officer? This seems to be one of the biggest problems in loan efficiency. 2) How efficient are the Realtors at getting a ratified contract to the loan officer and ordering the home inspection and termite/water/well inspections that may be needed3) How quick and efficient are the loan officer and his company at getting the paperwork ready for th...

April 14th, 2017 HOW TO GET A MORTGAGE LOAN CLOSED FAST

GETTING A "PROPER" MORTGAGE LOAN PRE-QUALIFICATION

GETTING A PROPER MORTGAGE LOAN PRE-QUALIFICATION: For the most part a pre-qual is not worth the paper it is written on. Why do I say this? Because most pre-quals that I see are done with nothing to back it. In order to really get a "proper" pre-qual the Borrower must bring to the table the following: last 2 years tax returns and W2s, last 30 days pay stubs, last 2 months bank statements, a letter explaining any credit issues, and a MORTGAGE credit report. With this information presented, a Mortgage Officer should be able to do the analysis to honestly tell IF the ...

April 7th, 2017 GETTING A "PROPER" MORTGAGE LOAN PRE-QUALIFICATION

UNDERSTANDING MORTGAGE LOAN CLOSING COSTS

MORTGAGE LOAN CLOSING COSTS EXPLAINED: If you shopped closing costs from a variety of firms, the total costs should really not differ that much from one firm to another, perhaps +/- $300. If there is more of a difference than this something is amiss. Since the Dodd Frank Act in 2011 basic categories have been established to follow for closing costs. There are also only 2 ways to do a mortgage loan now: 1) Borrower paid (Borrower pays the Broker and fees can be negotiated, and optional fees MAY be added such as processing and loan application fees), and 2) Lender paid (Lender pays the Broker an...

March 31st, 2017 UNDERSTANDING MORTGAGE LOAN CLOSING COSTS

WHAT HOME BUYERS SHOULD KNOW AND DO

WHAT HOME BUYERS SHOULD KNOW AND DO: Buying a home is probably the largest purchase and expense you will ever have, and yet most buyers have no real idea what goes on, what to ask, what to expect, and who to trust. My advice is simple-YOU are the buyer and therefore YOU are the BOSS-you should make it clear that you are INTERVIEWING all involved, and that each party must  sell you on why they should be chosen to represent your needs and act as your FIDUCIARY. Ask the Realtors what they specifically CAN offer you, and what help or guidance they WILL provi...

March 24th, 2017 WHAT HOME BUYERS SHOULD KNOW AND DO

Mortgage Loan Education

The basic loan types are Conventional (Fannie Mae and Freddie Mac), FHA, USDA, and VA. Most  lenders typically require 640 credit scores or higher, but there are also Lenders that will go to 620 scores, and specialty lenders that will do FHA and VA loans down to 580 ... some below this on a case by case basis. It is good to have a Mortgage Broker in your arsenal that can handle all these needs. Interest rates are determined by the following criteria: 1) Credit scores (the highest category is 740+ and then they drop in 20 point categories- thus the higher the score the bette...

March 17th, 2017 Mortgage Loan Education

Diversified Mortgage Brokers

100 Copley Place, Suite D, Lynchburg, Virginia 24502
Toll Free: 800-388-3561 | Phone: 434-237-3143 | Fax: 434-239-4852
Email: dbi4009@aol.com | NMLS ID# 188675 (www.nmlsconsumeraccess.com)
http://www.diversifiedmortbrokers.com/

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