Welcome to Mortgage Guide
Debt Consolidation Mortgage Leads Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
How to Spot a Good Mortgage Broker
from: Deb St. George - HomelessInKingCounty.comWith the FBI investigating some lending institutions and mortgage brokers, it becomes clear that most brokers do not represent anyone’s interests but their own. Mortgage brokers are regulated by state agencies but are not under any compulsion to get the buyer the best or safest deal. Brokers make money by closing deals for lenders or banks and then taking a commission or fees off the value of the loan from the lender. You may not realize that you are paying the broker, but they are getting paid. Some are getting paid by the borrower and the lender is paying others. In some cases, it was even shown that mortgage brokers might end up getting paid more if they steered clients to mortgage loans that had high prepayment penalties, making it difficult for the borrower to refinance later.
What a Broker Should Do
Mortgage brokers should assess your financial capabilities and try to find a market product that suits your present situation. The problem comes in when they are steering you to products that are risky. You also need to do your own homework in deciding whether any product offered is a good deal or not.
The broker works with a lending institution in providing the paperwork and application forms necessary to substantiate your income and ability to pay the lender. This can include all the copies of your tax returns, W-2s, and bank account statements. Be prepared to give your mortgage broker any type of document they need to apply for your loan.
What a Broker Shouldn’t Do
If you are not in a position to buy a home because of your income, steer clear of any mortgage broker that fudges the numbers. The numbers are set so that you don’t borrow above your means. Lying on a loan can have serious consequences, both legal and financial. So, if you see a discrepancy between what you stated to your mortgage loan officer and the final paperwork, speak up before you sign.
If you are in a fixed rate loan with little incentive to refinance, you may still get brokers who call trying to sell you all the benefits of a refinance. Keep in mind that they are paid to close deals, not necessarily to make sure you get a better deal than the one you have.
The mortgage broker should also provide you with a good faith estimate and the cost of fees assessed to your loan before you close. Any paperwork that is missing or different at closing should be reviewed thoroughly before you sign.
Debt Consolidation Mortgage Leads News
Fitch Rates Orlando Health's (FL) 2012 Revs 'A'; Outlook Stable
Fitch Ratings has assigned an 'A' rating to Orlando Health's expected revenue bond issuance through the Orange County Health Facilities Authority, FL:
Read more...Just Energy Reports Fiscal 2012 Annual and Fourth Quarter Results
- Record 1,091,000 Customers Added through Marketing - Customer Base reaches 3.9 Million, up 17% Year over Year - Gross Margin up 5% per share - Adjusted EBITDA up 7% per share - Payout Ratio of 62% on Adjusted EBITDA versus 66% in Fiscal 2011 - Management Provides Guidance for Fiscal 2013 - Gross Margin Growth of 10% to 12% and Adjusted EBITDA Growth of 8% to 10%, Substantially Higher than the ...
Read more...Strongco Reports 100% Increase in Q1 2012 Net Income
MISSISSAUGA, ONTARIO-- - Strongco Corporation today reported financial results for the three months ended March 31, 2012.Summary -- Total revenues increased by 11% to $96.8 million -- Gross margin percentage of 20.0% compared to 19.4% -- EBITDA increased by 18% to $8.0 million -- Earnings before income taxes of $1.7 million compared to $661,000 -- Net income of $1.2 million compared to $598 ...
Read more...1st Source Has Strong Earnings in First Quarter, Cash Dividend Declared
1st Source Corporation , parent company of 1st Source Bank, today reported net income of $11.72 million for the first quarter of 2012, up 10.44% compared to the $10.61 million reported in the first quarter a year ago.
Read more...Alpha Bank A.E. - FY 2011 Results
Full Year 2011 Results Participation in PSI+ [1] leads to additional impairment of Euro 3.2 billion Core Tier I at Euro 1.3 billion [2] post PSI+ related impairment Balance sheet structure absorbed adverse ...
Read more...Occupy London Tour Shows Bankers Profiting Amid Poverty
Bank security guards in London lock the doors when they see Liam Taylor coming.
Read more...Wonkbook: A 'mistake' Europe would be wise to make
The U.K. is in a double-dip recession. Spain has fallen into a recession. Belgium, Greece, Ireland, Italy, the Netherlands, Portugal and Slovenia are in recession. Perhaps this might mean a bit of a rethink in the euro zone? Nah. Read full article >>
Read more...