A mortgage loan originator, or MLO, is a mortgage consultant who helps a prospective home buyer get the mortgage they need for a real estate transaction. They work with the borrower from the beginning of the transaction to the end, [...]
Loan officers are employees of lenders, like banks and credit unions, or mortgage brokers. In the case of a one-person mortgage broker firm, the person is both the broker and the loan officer. If a consumer tries to buy or [...]
Mortgage consultants, AKA mortgage brokers, are finance professionals who help people buy homes and investment properties with financing that fits their circumstances. The consultant's relationship with buyers includes: helping buyers understand the arbitrary rules of mortgage lending presenting buyers with [...]
A real estate broker is a licensed real estate agent who has additional education earning a broker license. There are three types of real estate brokers: Associate brokers, who have broker licenses but choose to work under another broker Managing [...]
Real estate agents are paid by commission on a percentage basis for their work for real estate brokers or real estate agencies. Agents share their commission between the buyer's agent, the listing agent, and the agencies those agents work for. [...]
Buying agents are real estate agents who represent buyers during the purchase of a property. Their duties include: helping buyers find properties that meet their wish list finding properties in the buyer's price range arranging home appraisals and inspections negotiating [...]
Listing agents are real estate agents who represent sellers during the sale of a property. Listings agents' duties include: helping owners determine the appropriate listing price advising the owner about updates that will increase the appeal of the property to [...]
Real estate agents are licensed to help people buy, sell, and rent real estate. Agents put buyers and sellers together by guiding and organizing transactions between them. Each state has its own requirements for licensing. Typic responsibilities are: Following the [...]
A Realtor is a licensed real estate salesperson who belongs to the National Association of Realtors. Realtors are held to a higher ethical standard than licensed agents and must adhere to a Code of Ethics requiring them to make their [...]
When you're required to have Private Mortgage Insurance on your loan, the lender will require the property taxes and home owner’s insurance to be collected monthly as part of the total mortgage payment. The loan servicer will make the bi-annual [...]
PMI is a Recurring Closing Cost or Prepaid Item. When the loan amount is greater than 80% of the property price/value the lender requires you to have insurance on the loan. This protects the lender in case something happens and [...]
Insurance is one of the Recurring Closing Costs or Prepaid Items paid in your closing costs. This insurance includes Home Owner’s Insurance/Fire Insurance/Hazard Insurance (three terms for the same exact thing) and in some cases, Private Mortgage Insurance (PMI).
Prepaid Items are costs that are associated with the maintenance of the borrower’s loan and normal property maintenance, regular recurring costs that are paid monthly or annually. These costs include normal interest due on the loan, property taxes that are [...]
There are two different categories of closing costs. Recurring Closing Costs, also called Prepaid Items, and Non-Recurring Closing Costs, NRCCs.
Closing costs are required fees that are paid at the closing of a real estate transaction. The point in time called the "closing" is when the title to the property is conveyed to the buyer. Closing costs are paid by [...]
Many people worry about how having your credit run for a pre-approval, sometimes called a “hard check,” affects your credit score. Hard checks occur when you apply for a mortgage or auto loan. Credit card applications, student loans, personal loans, [...]
A pre-approval letter is good for 90 days from the time it’s run. Many big lenders will automatically re-run a credit check every 90 days, but we don’t want that. I have hands-on relationship with my clients. I stay in [...]
Quicken Loans, Rocket Mortgage, the fill-in-the-blanks form on your bank’s online banking interface, all of these online loan approval systems are designed to benefit them, not you. They want to gather your data and determine if you are, [...]
Independent mortgage brokers like me are motivated in a different way. We build a relationship with you. I help you get into the position you need to be to buy the property you want. I have a vested interest in [...]
