What is a mortgage loan originator?

By |2022-05-29T15:37:17-07:00May 29th, 2022|Categories: |

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, [...]

What is a loan officer?

By |2022-05-29T15:37:11-07:00May 29th, 2022|Categories: |

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 [...]

What is a Mortgage Consultant?

By |2022-05-29T15:37:04-07:00May 29th, 2022|Categories: |

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 [...]

What is a Real Estate Broker?

By |2022-05-29T15:36:56-07:00May 29th, 2022|Categories: |

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 [...]

How do real estate agents get paid?

By |2022-05-29T15:36:49-07:00May 29th, 2022|Categories: |

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. [...]

What is a Buying Agent?

By |2022-05-29T13:58:15-07:00May 29th, 2022|Categories: |

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 [...]

What is a Listing Agent?

By |2023-07-03T16:40:18-07:00May 29th, 2022|Categories: |

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 [...]

What is a Real Estate Agent?

By |2022-05-29T15:52:52-07:00May 29th, 2022|Categories: |

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 [...]

What is a Realtor?

By |2022-05-29T15:52:59-07:00May 29th, 2022|Categories: |

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 [...]

How do I pay PMI?

By |2019-06-09T16:26:43-07:00May 18th, 2019|Categories: |

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 [...]

What is PMI (Private Mortgage Insurance)?

By |2019-05-18T22:35:23-07:00May 18th, 2019|Categories: |

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 [...]

What is insurance in closing costs for?

By |2019-05-18T22:18:32-07:00May 18th, 2019|Categories: |

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).

What are Prepaid Items?

By |2019-05-18T22:18:40-07:00May 18th, 2019|Categories: |

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 [...]

What are closing costs?

By |2019-05-18T22:19:03-07:00May 18th, 2019|Categories: |

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 [...]

How long is a pre-approval letter good for?

By |2019-05-18T22:13:34-07:00September 10th, 2018|Categories: |

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 [...]

Why not use online loan approval apps?

By |2019-05-18T22:16:15-07:00September 10th, 2018|Categories: |

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, [...]

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