Welcome to Mortgage And Real Estate Tips Revealed
Mortgage Jobs Article
This is a selection made from among articles on Mortgage Jobs. For a permanent link to this article, or to bookmark it for future reading, click here.
What is a Mortgage Agent?
from: David Cooke, AMPWHAT IS A MORTGAGE AGENT?
By David Cooke
One thing most homeowners have in common is that we are paying off a mortgage. The mortgage market can sometimes be confusing. There are a vast array of choices – open, closed flex down, equity take-out, cash back, and of course the rates themselves. While we would not attempt to try to muddle through the intricacies of insurance or investments without expert help we will go it alone when it’s time to get a mortgage.
We will call a variety of banks and other lenders in an attempt to get the best rate. After numerous phone calls you get back to your original lender, and they agree to meet your best rate. Why should you have to spend so much of your time finding the best rate? If you are not quick enough the rate may change before you lock it in.
There is a solution to this problem, use the services of a mortgage agent. 85% of Americans use mortgage agents today but only 33% of Canadians; mainly because they do not know what a mortgage agent is and what they do.
What is a mortgage agent? A mortgage agent is an individual who represents a mortgage brokerage firm. The brokerage has access to over two dozen banks, trust companies, insurance companies and other lenders at their fingertips. By dealing with these lenders on a day to day basis we have access to wholesale lending rates which can save you thousands of dollars. It should also be noted that the majority of mortgage brokerages are not owned by the lenders they represent. Agents work for the borrower, not the lenders. Mortgage software allows us to scan all the lenders for the best rate for the term you are looking for in seconds. In addition we will advise you on the best options for your own personal situation. Newlyweds with no cash can purchase a house with 0 down under certain conditions. Some lenders will even give you 1-5% cash back. Wouldn’t that come in handy for buying curtains and furniture for your new home?
Now this sounds great! Everyone could use an expert to save them money but how much does it cost? The majority of mortgages are arranged at no cost to the consumer. The lenders pay a finders fee to the brokerage firm for finding and arranging the mortgage. If you have an unusual credit history which involves more work a set fee would be agreed upon before we start on the application.
Why would you choose to use a mortgage agent instead of your bank?
Lower Interest Rates
Wholesale mortgage rates are discounted an average of 1.20% over what the bank will offer you. A 1% interest discount on a $150,000 mortgage can save you more than $7900 in interest costs over a 5 year term.
Best Mortgage Options
By shopping the lenders’ market we can find you the best options for your particular. Banks are limited to the products carried by their institution.
Bank Loan Officers are employees of the bank
Mortgage agents work for you, the borrower.
Fast Service
A mortgage agent can often get your mortgage approved in a day. In addition we can meet you at your home, office, wherever it is convenient for you.
As you can see, mortgage agents offer convenience, service and great rates. It’s no wonder more and more Canadians are choosing to call a mortgage agent when it is time to renew their mortgages.
About the Author
David Cooke is an accredited mortgage professional (AMP) with The Mortgage Alliance Company of Canada.
He has written articles over the past 30 on sports, the video industry , local interest and finance. His website is http://www.mortgagealliance.ca/davidcooke
 |
 |
Mortgage Jobs News
Wells Fargo to cut mortgage jobs in Irvine - OCRegister
Wells Fargo to cut mortgage jobs in Irvine OCRegister, CA - Wells Fargo is cutting 80 percent to 90 percent of its wholesale mortgage jobs nationwide, according to the Web site the Mortgage Lending Implode-o-Meter, ... |
Citigroup Pays for a Rush to Risk - New York Times
 The Money Times | Citigroup Pays for a Rush to Risk New York Times, United States - A Financial Supermarket Exposure to obscure mortgage instruments from Citigroup’s trading operations has taken a severe toll on the company, which provides ... While you were sleeping: BusinessWire overnight wrap Asian, Pacific stocks slump despite Wall Street gains Giants on their knees |
Houston housing gets a vote of confidence - Houston Chronicle
Houston housing gets a vote of confidence Houston Chronicle, United States - ... 90 percent of the workforce do have jobs — they respond to incentives. Back in 2001, it was lower mortgage rates that drew buyers back into the market. ... |
WaMu to slash 1600 jobs - CNNMoney.com
 KCBS | WaMu to slash 1600 jobs CNNMoney.com - But fallout in the US mortgage market and waning confidence in the company proved too much for the Seattle-based thrift. -- CNN's Amanda O'Donnell ... WaMu cuts 1600 jobs in Bay Area |
Tough economy: Here's how Bakersfield folks would solve the ... - Bakersfield Californian
 guardian.co.uk | Tough economy: Here's how Bakersfield folks would solve the ... Bakersfield Californian, CA - Brian Dawson, president of America Financial Services, a residential mortgage company. Pumping money into banks hasn’t yet had the desired effect. ... Advice for Congress on automaker bailout Local players in auto industry advocate assistance Auto bailout: The best medicine? |