Mortgage Specialist Career Guide and Counseling

Question: How do You land a career as a Mortgage specialist ?

Answer: You should see if you can find a job in a mortgage company. Most are not hiring right now, at least not for for new business. Find a way to get some experience even if it is with the collection or Foreclosure depts. Then, when the RE market turns around, you will have some experience and perhaps find a position within the same company dealing with new business, thus becoming a mortgage specialist.

Question: this person is a mortgage specialist for professional mortgage group? I have been trying to e-mail him but I can't never get a response

Answer: Doesn't sound professional to me. I know of many company's who hire people "specialists", but what they really mean is a sales person who doesn't know what they are talking about because they use scripted lines and don't know how to deviate from that script.

Question: any1 here is a mortgage specialist for a bank or a direct lender? how do u feel of the mortgage rate in the next couple of weeks? do u think it is going up or down? reason im asking is, all the bank i talk to, they all quoted me on 6.25% for a 30 yrs fixed rate. but there is one bank, chase, that told me that they can get me 6.125% sometime this week or next week. my closing date is aug. 9th 2007. should i just locked the rate in now for 6.25% because it may go higher next week or month? thx in advance.

Answer: You should look for some quotes from a broker that can access the rates from multiple banks, like at www.bestmortgageanswers.info The important thing to remember is that you can bring these quotes to your local bank, and they will match them.

Question: I am first time home buyer meeting with a mortgage specialist to discuss the mortgage process, what questions?

Answer: what is the loan to income value based on your earnings can you borrow 2x earnings 3x earnings etc what are the borrow cost on the mortgage most charge a set up fee on a mortgage which can be added to the mortgage how many years is the mortgage over interest rates, beware of low start mortgages they usually jump to a high rate after a year or so penalties for paying the mortgage off early, most have an indemnity clause whereby if you wish to swith mortgage lender or move they will charge you a fee for paying off mortgage. how much is the survey, most mortgages company do their own survey on a house to check it is in a livable condition and is worth what you are paying for it, find out how much this is some are free. what deposit do you need, in the current climate you have to find at least a 20% deposit. Interest only mortgage or repayment , interest only you will never pay the loan the house will either have to be sold at he end of the mortgage and hopfully there will be enough equity to pay the mortgage, or you will need to have an insurance plan to pay the mortgage at it end.

Question: what exactly does a mortgage specialist/broker do?

Answer: The question should be: What's the difference between a mortgage banker and a mortgage broker? I'm a mortgage banker and have been a broker in the past. A banker works for a bank. A bank has access to their own loan programs, such as my bank, having access to over 600 different loan programs. A broker works for a mortgage company that doesn't lend its own money. They have to find a lender outside of their company, pay that company a fee (which gets transferred to you) and get your loan done that way. A banker, such as myself, will pull your credit ONE TIME during the loan process. A broker will pull your credit for EACH lender they try to get you approved through. This will cause your credit score to DROP. A banker has standard fees, which are very reasonable. A broker has high fees. Origination, discount, mortgage broker fees, etc. The broker firm I used to work for charged an average of $4500 of fees (not including title company fees) and I never saw hardly any of it. Most banks will charge around $1,000 or less, if anything. If you want some free information, email me. pstang@1omni.com

Question: What are the new rules for mortgage loans? I got preapproved before (but didn't buy a house) and when I went to the same bank, they said they had new regulations (didn't meet with a mortgage specialist yet.) What kind of regulations are banks using now to qualify people for mortgages?

Answer: Much stricter on the credit scores Need a down payment They are just looking for those who are actually qualified and can verify their income etc now. No more lo doc, no doc, statement only loans. No more 100% down (in 99.9% of the cases) They have just tightened their belts is all. If your circumstances haven't dramatically changed, you should be ok.

Question: could any one tell me if you would need a specialist mortgage for a period thatched cottage? was wondering if there are special requirements for mortgages on Thatch homes or will high street lenders lend >

Answer: The previous answer is correct - buying this type of property will not be affected by a mortgage lender but the insurance - only certain insurance companies will insure these type of homes so check into this or ask the current owner how much he pays for insurance and which company he uses - the mortgage lender will require this insurance information before releasing mortgage funds

Question: i need the list of 5000 mortgage specialist in australia? could u pls tell me where i can find them?

Answer: in austrailia

Question: Can someone tell me where to find information on the government mortgage plan? My lender told me I qualify. Can someone let me know where is a good spot to find info on the new loan or even just tell me what exactly it is that I qualify for? The person I spoke with told me they would have to have a mortgage specialist call me in 7-10 business days. I mean for a refinance...not the purchase of a new home.

Answer: you should go to HUD.GOV

Question: Approved for mortgage what is the next step? My hubby and I just recieved our approval with conditions from wells fargo. We already sent in our paper work, but the seller has to do their part. Also, it says that our mortgage specialist will forward the commitment letter once the appraisal comes back. How long should that be? We are scheduled to close on the 4/30

Answer: Check on the conditions and make sure each has met so you can close the loan. Sometimes it depends on how busy the appraiser, your loan agent might need to push him for the report. Without the appraisal report you can not draw doc and close the loan. So keep calling if you past the deadline, you might have to pay some $$ to extend the time. I believe there's nothing the seller can do to your loan application.