Second Mortgage

This is what you may be looking for as a lender. But it’s not a difficult one to get. 

When borrowers supply their forms of request for a mortgage loan, lead providers generate leads from the data supplied by borrowers and mail them to several brokers or lenders. Very often these leads get recycled, as they move from one broker or loan officer to the other. Such leads are known as Non Exclusive Mortgage Leads.

Though Non Exclusive Mortgage Leads have a downside related to confidentiality and speed of transfer, they are less expensive than Exclusive Mortgage Leads. More importantly, they can offer the best deal to the borrower. Let’s take an example. Read the rest of this entry »

Mortgage insurance is coverage to the mortgage lender in case of the potential default of payments by the borrower.

It is an insurance policy like any other, and requires premiums to the paid. Premiums are generally passed on by the mortgage lender to the buyers of the mortgage. Mortgage buyers may wish to pay the premiums either on a monthly basis, or as a lump sum amount at the end of the year or closing period.

Since mortgage insurance premiums have to be paid by the borrowers of mortgages, mortgage insurance companies target their advertisements to the borrowers. Read the rest of this entry »

Sometimes you just need to buy mortgage leads.

Maybe you’re new to the business, recently relocated, your favorite niche dried up or you need a bump out of a slump. Whatever the reason for choosing this path, there are several things to consider when choosing the best mortgage leads company.

1. Does the mortgage leads company seem reputable?
If possible, find out how long the company has been in business and who the principals are. Check the contact info. Do they have a physical address or just a website with a somewhere-out-there cyberspace location? Do they have a toll-free number AND a standard phone number? Read the rest of this entry »

Sometimes you may not know the differance between a second mortgage commitment and a pre approval. It is important to know the difference.

A mortgage commitment is a signed agreement to essentially proceed with the mortgage at a given institution on mutually agreed terms. Once you sign the commitment, the lender techniceally receives a green light to instruct your lawyer on the details of the mortage funding and paperwork requirement. It also (pretty much) gives a green light to officially charge you for the appraisal should such be required. Read the rest of this entry »