home loan: What Every Mortgage Shopper HAS To Know, Now That The Fed Has Changed Mortgages!
- 04/06/11 11:31 AM
A little advice for folks shopping for a mortgages, the Federal Reserve changed the rules on how loan originators can get paid as of today. Our company has adopted a plan with one rate sheet where all loan officers get paid the same. We felt that this was the most fair to the consumer. Many of our competitors have adopted a multi-tiered approach to compensation. The loan officer can choose their commission rate based on which price the customer pays. So, for example, a loan officer can chose between:
•- A low commission to the loan officer and low cost to … (1 comments)
home loan: Beware the Home Inspection!
- 04/21/10 08:17 AM
What? Home inspections are a good thing aren't they? Of course home inspections are a good thing. Any smart buyer would get one. It only makes sense to make sure you understand the condition of a purchase as big as a home. Why beware? Because, your lender could require a copy. Again, this is not automatically a bad thing. The lender is concerned about the condition of the collateral on your loan. They want your home ownership to be successful, and not end up as one of the many that are being foreclosed on. They also don't want to end up paying … (40 comments)
home loan: It's Time To Buy!
- 06/04/08 06:13 AM
Ok, you say. Evey Realtor/Loan Officer/Home Builder tells you this because they are going to make money when you buy and are desparate for deals, right? Well - I guess you could be right on that, but, it really is the time to buy! Why? 1. Interest Rates Are Low. You've heard it before, but it bears repeating. Mortgage rates are a huge factor in making homes more affordable, I bought my first house in 1982 and got a screaming deal on rate of only 12%! Rates were 17% at the time. Our rates today are awesome right now. 2. Motivated … (0 comments)
A little advice for folks shopping for a mortgages, the Federal Reserve changed the rules on how loan originators can get paid as of today. Our company has adopted a plan with one rate sheet where all loan officers get paid the same. We felt that this was the most fair to the consumer. Many of our competitors have adopted a multi-tiered approach to compensation. The loan officer can choose their commission rate based on which price the customer pays. So, for example, a loan officer can chose between:
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