Tag Archives: Mortgage

The Role of a Mortgage Loan Processesor

A loan processor works with the mortgage banker on your loan application when you’re buying a home. Learn about their role in the loan process.

When you apply for a loan, once your application is submitted to the mortgage banker, it would also go to the mortgage loan processor at the same time.

What does a loan processor do?

• The loan processor would first review all your financial documentation and get projected expenses associated with the home you’re looking to buy. He/she will look at the type of mortgage and property information.

• The loan processor would then verify your information by contacting credit companies, your employer, and also get in touch with an appraiser.

• A loan processor also makes sure that all your paperwork is completed correctly before handing it off to an underwriter. It is important that a loan processor knows what the underwriter will be looking for in your application, so there are no discrepancies.

• The underwriter will make the initial lending decision, which will be communicated to the loan processor. The loan processor will then complete a final audit to ensure everything is in order before sending your file to closing.

Ashley, a loan processor, explains the typical timing of the process: “When things are organized, the normal process takes about 35 to 40 days; and with all the documents and everything, you know, organized and everything set into place and how it should be, the process can be done in 25 to 30 days”.

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We hope you’ve found this video and the many others on the My New Home YouTube channel helpful. Here are some other resources you might be interested in.

To discover more about the roles and responsibilities of the people involved:
http://www.youtube.com/watch?v=cBU4izWPk1U

For more real advice from real people on finding and buying a home:
http://www.youtube.com/mynewhome

Videos are for informational purposes only and represent the opinions of the speakers. Chase does not warrant the completeness, timeliness or accuracy of the content.

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VIDEO TRANSCRIPT:

ASHLEY: On a day to day basis, the processor is — I want to say it’s the glue for the process. You know, we work with the underwriters, the mortgage bankers, the title company, the closers. We work with the whole group that’s connected to the process.

MATTHEW: Once the application is submitted it will go through basically a pre-application status where they’ll review the file to make sure all the initial items that need to be there are actually there. That’s the point, once it gets through that review that would be when I would obtain the file.

MATTHEW: I will also complete a similar review to make sure all the items that I feel need to be there are there, to make sure that we are presenting a full and complete application to the underwriter once they review it.

MATTHEW: At that time the underwriter will review all of the documentation, whether it be asset or income documentation and make an initial lending decision based on that. And then at that point the underwriter will present that decision to me.

MATTHEW: The mortgage banker and myself will reach out to the borrower, discuss whether it be approval or a suspense item or whatever the decision may be, and then we go back and forth with the underwriting department until we satisfy all of the items which the underwriter wishes to review, until we have what we call a final approval.

MATTHEW: And at that point, a final approval, I move forward to an audit process just to make sure that everything that needs to be in the file is in the file and everything matches our documentation as well as in the computer system. That way we’re presenting a full and complete file to the secondary market, whether it be Fanny Mae or Freddie Mae or FHA.

ASHLEY: When things are organized, the normal process takes about 35 to 40 days; and with all the documents and everything set into place and how it should be, the process can be done in 25 to 30 days.

Dad Wants A Reverse Mortgage

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Pros And Cons Of Fixed Mortgage Rates

Are you checking into fixed mortgage rates so you can determine if this is the best solution for you? Before you make any decisions, you have to know the pros and cons for this type of mortgage rate.

Knowing the pros and cons will help you make the smart choice for you. Let’s start with the pros for fixed rate mortgages.

1. Rate of interest stays fixed during the whole term of the loan – This is the biggest pro for anyone because it ensures that you will not have fluctuating rates, which can be a problem for anyone. Fixed rates let you know what you will pay each month so you don’t have any problems ensure you will be able to pay your rates and other things on time.

2. Chance to plan your repayments – Getting the payments made on a mortgage is vital for anyone and having a rate that is fixed will give you the best chance of planning for this. This type of rate will not fluctuate and that means that every month you repayment will be the same amount.

That way you can put this into your payment plan each month so that you don’t forget it and end up with problems you don’t need.

3. Use the funds more effectively – One benefit is that with the fixed rate you will be able to easily use the funds more effectively than you can with other types of rates.

Now that you understand the most important pros, you have to know what the cons are, which are below.

1. Higher rates – One thing that you have to be aware of is that the rates for the fixed loans will be higher than the rates for an adjustable loan. This is going to be true for anyone, no matter what lender you use, but with a little shopping around and comparing you can locate the best rate possible for you.

2. Length of fixed rates – On these rates, they will be fixed for about two to three years and then they will be reviewed as per the mortgage market. So, in the future the loan can be subject to change, so you have to be prepared for this.

Now that you have the most important pros and cons of fixed rate mortgages in your mind, you can make a more confident decision about whether this is the right choice for you. It is smart to have the help of a professional before you make your decision so you can be very confident that the best decision is made specifically for you.

How to get a mortgage loan step by step – Loan Officer training, home buying, loan origination, MLO

This video is provided by http://www.passthesafeexam.com – link to it to inform your customers about the loan process. I find it’s very helpful to do so at the beginning.

You can also check out http://www.passthesafeexam.com to find resources for the new MLO that will make their first year MUCH less of a pain and more successful.

Music used by permission http://www.danosongs.com

Home Mortgage Loan : Things You Need To Know

Getting a home mortgage loan is a very important event for you. However, you will need to know the types of mortgages available to make your decision.

Home Mortgage loan can be an important event in your life. It will help define your credit history from that point on. Moreover, a home mortgage loan will help you to save equity in your house. Thus, it is important for you to know everything relevant about a home mortgage loan so that you can make the best possible decision. Home mortgage loans are classified in two ways:

1) Fixed Rate Home mortgage: In this type of a mortgage, the interest rate is fixed and thus your monthly payments will not change. This means that if you get a house mortgage for 20 years and your monthly payment is $ 760, then you will continue to pay $ 760 every month for 20 years.

2) Variable Rate Home Mortgage: This is a type of a mortgage in which your interest rates will vary. Usually your interest rates will be reappraised every 1 to 3 years. In this type of a mortgage, your monthly payments can change and you may end up paying less. However, you will need to take into account economic crisis etc. as in those situations you may end up paying more.

As far as the functionality of the home mortgage loans are concerned, there are two main types of mortgage.

1) Primary (First) Mortgage: This is the mortgage that you get, when you first buy your house. This mortgage will continue until you either pay off all your mortgage debt on the house or until you sell the house. When you sell the house, you will be responsible for paying off your debts so that the deed can be transferred to the new owner. If you default on your payments, then you may face a foreclosure on the house by the bank.

2) Equity Loan(Second Mortgage): This is the loan that you can get based on the amount of equity that you have on the house. It is called the second mortgage, as the creditor will be the second holder of the house, after the first creditor for the first mortgage. This type of a loan is generally used for debt consolidation purposes.

Now whenever you are thinking of getting a mortgage, then you should review your options carefully. Whether you are getting your first mortgage or a home equity loan doesn’t matter. You have many options that are available to you and you should use them to the fullest of your ability. You should search various banks and lender institutions for competitive interest rates. This is important as the mortgage will be with you for 10 to 30 years and thus it is not a light decision to make. You should review all of your options carefully. If possible, hiring a mortgage broker can help you solve your problems easily. This way you can make sure that you are getting all the information that you need in order to make well informed decision. In addition, you can save substantial money in the process.

If you are planning to get a home loan, then you should check out Home Mortgage Loan or Home Mortgage for the best options.

More Home Mortgage Loan Articles

Mortgage Loan for BPO Employees

Now days, when people are getting jobs very easily in fields like IT or BPO industries in very early time, after passing out or pursuing college in current life style in India. IT industry is booming with another upcoming next progressing business segment of outsourcing industries like BPO and KPO in India, entire young generation in India is crazy about enjoying their life lavishly and most of people today are full and blush with enough money, phenomenal more earning capacity more than enough to save, and very low invest in long term or more blow in life style and they want to spend it on a festival time!
Rocking Life with new delicious topping flavors loan offers on property mortgage loans in Pune, normally current life cycle is very fast but critical with regards of happiness and real enjoyment of life with family. Only secured loans is one of the best options which are available in market for easy mortgage loan for BPO employees just need to fill online application form on website and compare the best interest rates.

BPO/KPO Jobs & Loans: Business Process Outsource (BPO) It is one of the largest employment provider sector in India where new age boys and girls can easily get jobs, in this segment normally job can be started above high school standard, new age people can get up to 15 thousand per month as a fix salary and job timing depends on time zone of the site of the client for example for UK client base job timing are noon 2 pm to evening 11 pm hours on daily basis. Now if we talk about finance services available for this segments employee, it is something difficult for funding loan for BPO employee just because the low age factor of employee and the maximum expenses label in to life style, uncertainty in jobs, irresponsible life cycle etc the reason for avoiding the loan finding for BPO and KPO employees. Banks loan are available for BPO/KPO employee if they are getting salary above Rs. 20,000/- per month and they must have experience in current jobs is above 2 years or total experience is above 3 years in same fields. The same bank policy is applicable for KPO employee also just they get some flexibility for salary criteria as it may be consider as minimum salary per month Rs. 15,000/- for all KPO companies employees be it be a Indian or MNC Company.

IT Jobs & Bank Finance: Now we talk about IT job and loans for the same segments in India, Information Technology (IT) is one of the largest employment provider segments in India we are the largest IT service provider country in the world. We deliver the best quality of service for new software designing, maintenance, management of process and other tech supports in entire worlds we are the best in IT and our entire financial and banking sector respect the IT segment and just because of the same banks offers very special rates for IT companies and provide the best services as privilege customers for the loans.

Deals of Loan provides all types of Loan products in India such as Personal Loan, Mortgage Loan, Home Loans etc from various banks. It offers instant approval Personal Loans with lowest interest rates and Loan against Property at maximum loan funding for the property.

Related Mortgage Loan Articles

The 5 Reverse Mortgage Interest Rate Picking Arguments

If you should be a senior, just who thinks that it’s not too important, which reverse mortgage rate of interest you choose, because nothing will likely to be reimbursed through the operating time, please change your attitude right away! The interest price is just one of the costliest element in the ultimate expenses.

1. The Longer The Running Time, The More Difficult Is The Predict The Rates.

The interest could be the price of the money, which the lender makes use of to pay for his interest, the working prices therefore the profit. The main finance companies regulate the economic climate aided by the interest. When the rate is reduced, the borrowers take more financial loans when its large, the need associated with financial loans decreases. The loan quantity affects regarding the running expenses of consumers and so to the whole economy.

we are able to quite pretty sure state, what’s the reverse mortgage rate of interest for the following year, but it is very difficult to predict the average rate for two decades, as an example. Here additionally a brief history isn’t a beneficial way to obtain prediction, which we now have seen during finance crises, for example.

The much longer could be the working time of the reverse loan, the more tough is to predict the introduction of the economy and so the interest rate. But if the borrower uses their own, powerful concept of the rate development, he then may trust thereon.

2. The Variable prices as well as the dangers.

the variable rate implies, that rate uses some list during operating period of the loan. This means, your price can exceed the fixed rate alternative, but additionally be below that. This price is actually for a risk taker, whom trusts that the market prices are more effective, compared to fixed rates.

3. The Fixed prices And The dangers.

The great function of the fixed rate is, that the debtor knows beforehand, simply how much the price will undoubtedly be for each 12 months of this operating time. This can help the financial planning and gives quiter nights. If borrower is interested, they can determine after ward, just what would the real difference are between your adjustable and fixed rates.

4. Bear in mind, Which You Pay Interest On Top Of The Early In The Day Passions.

Because using reverse loan nothing would be paid back through the running time, all expenses will likely to be built up. This implies, the complete loan quantity includes the original money, all early in the day passions and costs and costs. And so the borrower will pay interest, that is calculated yearly, or month, in line with the total loan quantity, that he owes.

5. Trust On The Idea, Which Fits To You.

Because nobody can state, exactly what reverse mortgage interest is way better for the whole running time, the answer to select a person is to trust yourself idea. If you prefer the danger no-cost option, after that your option is a fixed price, however, if you believe, your adjustable market costs fit to you, then your variable option is for you. It is advisable to talk with the opposite loan counselor or your lender manager to obtain the expert view in addition. However, the responsibility is definitely with all the debtor.

Juhani Tontti, B.Sc., Marketing. Note, That
Reverse Mortgage Interest Rate Could Be The Biggest Item Inside Final Expenses Of The
Reverse MortgagesMake A Range. Which Matches To You Personally And Also To The Length Of The Mortgage. Browse:
Reverse Mortgage

Shop Around For The Best Mortgage Rates

mortgage rates
by< a href=" http://www.flickr.com/photos/126377022@N07/14783921945" > Internet Archive Book Images

When it comes to the very best mortgage prices, all lendings are not created equal. Purchasing a house can leave lots of people extremely confused regarding the process. There is a great deal taking place during this moment and you are authorizing a wealth of papers. Discovering the rates you will be anticipated to pay can conserve you loan on the purchase of your brand-new home.You do not

wish to wait until you prepare to acquire a house to begin discovering mortgage prices. This is something you ought to know with ahead of time. The prices can alter depending upon where you live and also your credit report. You need to start checking out these prices and this can aid you to have a far better forecast of when they will be most affordable.

Functioning with a mortgage broker is a wonderful means to obtain the best prices. Your broker will assist to discover you the ideal offer for your loan and also this can be a terrific individual to carry your team during the buying process.

When you start to recognize exactly what the rates are at the time of your house purchase, you will have the ability to begin to identify what you are mosting likely to paying when you actually buy your house. This could be a great device for a property owner to make use of to ensure you will certainly be able to afford your house currently and in the future.You can additionally

set a budget plan of house cost and also you will just look at residences in this price array. This can keep you focused as well as on the right track. If you are collaborating with a realtor you should make this individual mindful of your budget plan which you are not ready to bargain this collection budget. You never wish to obtain stuck with a mortgage price that is tough for you to pay monthly as well as this can mess up the freshness of your house very rapidly.

If you are believing of re-financing an existing home mortgage you will want to make certain that you recognize what the prices are as well as this is something that you can bear in mind. You could not obtain the most affordable prices offered, however if you could reduce your rates it could help considerably.

The very best home loan prices could help you to find a home mortgage that you can manage. You need to never struggle to pay your home mortgage monthly as well as being prepared from the start can obtain you the very best rates around. Refinancing is another area of worry for rates and also refinancing could assist you to obtain back on the appropriate track.

< things type=" application/x-shockwave-flash" style=" size:425 px; height:355 px;" data="// www.youtube.com/v/2Ru3ejpFS3o?color2=FBE9EC&version=3&modestbranding=1" >< param name=" motion picture" value="// www.youtube.com/v/2Ru3ejpFS3o?color2=FBE9EC&version=3&modestbranding=1"/ > http://www.ratehub.ca- Repaired as well as variable home mortgage rates impact greater than your home loan repayment. RedPath Financial Home loan Broker Ian MacKay explains the distinctions between the two.

REGARDING MORTGAGE MATH:
Whether you’re a new homebuyer or a professional homeowner, finding out the ins and outs of the house purchasing process as well as the Canadian mortgage market can be a large endeavor. Produced by RateHub.ca and also The Loop by Sympatico.ca, Mortgage Math is an all-new video collection devoted to providing viewers every one of the details and also tools required to navigate via the globe of mortgages and also homeownership.

Showcasing several of RateHub.ca’s best and brightest partners, you’ll not only learn more about 7 different aspects of the residence purchasing process– like how you can receive a mortgage, contrast repaired and also variable rates, as well as compute CMHC insurance– however likewise comply with along as our experts carry out the associated calculations in real-time on a whiteboard.

SEE THE VARIOUS OTHER HOME MORTGAGE MATH VIDEOS:
1. The best ways to Get a Home loan in Canada – http://youtu.be/_mEp2ucQBy0
2. How you can Compute Financial obligation Solution Ratios – http://youtu.be/wz3qSoBGjp0
3. The RRSP House Buyers’ Plan –

4. Fixed as well as Variable Home mortgage Rates – http://youtu.be/2Ru3ejpFS3o
5. How you can Determine CMHC Insurance – http://youtu.be/GncRSX7BUvM
6. Exactly how to Calculate Land Transfer Tax obligation – http://youtu.be/xOf2dASV5nw
7. Home loan Repayment Choices in Canada – http://youtu.be/auS2HWiWD9w

Much more Mortgage Rates Articles