Agricultural credit … Report of the United States commission to investigate and study in European countries cooperative land-mortgage banks, … devoting their attention to the prom

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This is a reproduction of a book published before 1923. This book may have occasional imperfections such as missing or blurred pages, poor pictures, errant marks, etc. that were either part of the original artifact, or were introduced by the scanning process. We believe this work is culturally important, and despite the imperfections, have elected to bring it back into print as part of our continuing commitment to the preservation of printed works worldwide. We appr… More >>

Agricultural credit … Report of the United States commission to investigate and study in European countries cooperative land-mortgage banks, … devoting their attention to the prom

Agricultural credit … Report of the United States commission to investigate and study in European countries cooperative land-mortgage banks, cooperative … devoting their attention to the prom

Agricultural credit … Report of the United States commission to investigate and study in European countries cooperative land-mortgage banks, cooperative … devoting their attention to the prom

The Landschaften and Their Mortgage Credit Operations in Germany

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Publisher: Rome, Printing office of the Institute Publication date: 1922 Subjects: Agricultural credit Agricultural cooperative credit associations Mortgage banks Notes: This is an OCR reprint. There may be numerous typos or missing text. There are no illustrations or indexes. When you buy the General Books edition of this book you get free trial access to Million-Books.com where you can select from more than a million books for free. You can also preview … More >>

The Landschaften and Their Mortgage Credit Operations in Germany

The harmful economics of usury laws: usury laws, regardless of their form, hurt consumers rather than protect them. By studying the Italian mortgage market, … An article from: Mortgage Banking

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This digital document is an article from Mortgage Banking, published by Mortgage Bankers Association of America on June 1, 2005. The length of the article is 3152 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

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The harmful economics of usury laws: usury laws, regardless of their form, hurt consumers rather than protect them. By studying the Italian mortgage market, … An article from: Mortgage Banking

Parties to mortgage foreclosures and their rights and liabilities in connection with actions and proceedings for the foreclosure of mortgages

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This is a reproduction of a book published before 1923. This book may have occasional imperfections such as missing or blurred pages, poor pictures, errant marks, etc. that were either part of the original artifact, or were introduced by the scanning process. We believe this work is culturally important, and despite the imperfections, have elected to bring it back into print as part of our continuing commitment to the preservation of printed works worldwide. We a… More >>

Parties to mortgage foreclosures and their rights and liabilities in connection with actions and proceedings for the foreclosure of mortgages

The Mortgage Book: Most People Think Their Home Is Their Most Expensive Purchase

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No book has ever tackled home refinance, home purchase, or mortgages like The Mortgage Book! Oliver Maldonado is an industry expert, mortgage consultant, top producer and mortgage sales trainer. His expertise generates a yearly volume of over $3 billion in new mortgage applications and over $250 million in closed loans annually. Anything you could possibly imagine on qualifying for a new home mortgage and getting the best mortgage for any situation is conta… More >>

The Mortgage Book: Most People Think Their Home Is Their Most Expensive Purchase

Top 3 Ways Mortgage Brokers Can Stay on Top of Their Game

It’s no secret that our place in the current real estate market is at a steady decline. Refinances are proving to be more difficult to obtain due to stricter lender policies. The purchasing and selling of properties is stagnant because although it is a buyer’s market; buyers taking the bait are few and far between. As a society, we’ve hit rock bottom. The good news is that there is no other way to go from here except for up. Real estate professionals such as mortgage brokers can use this down time to sharpen certain skills, acquire new ones, and explore the possibilities of improving customer relations. The top three steps a mortgage broker can take in the right direction are as follows:

Ramquest
Ramquest is a Windows based software program that was released in 1991 to ease the operations of the land title industry. Since its release it has revolutionized the unity between mortgage brokers and title companies with its PaperlessCloser feature.

PaperlessCloser is a feature that allows mortgage brokers to submit their title search inquiry online as well as easily track its progress. Once the title search has been completed the title commitment as well any supporting documents; i.e. chain of title, explanation of liens and judgments, are uploaded for the mortgage broker to access. Furthermore, once the file is set up in the system, the mortgage broker can then identify which users may also access the information online; i.e. their clients.

Short Sales
More and more short sales are being approved by lenders for fear of losing any and all income on the property in question should a foreclosure arise. Short sale training is now being offered to mortgage brokers everywhere from large brokerages to online tutorials. Short sale tutorials will teach mortgage brokers how to initiate these types of sales on behalf of the prospective buyers.
A mortgage broker should know the ins and outs of this process because it is more than likely your next buyer looking for a loan is purchasing a short sale property.

Hard Money Lenders
Hard Money Loans are an excellent way to keep your bad credit buyer on the approval track. With the stringent new policies that lenders are implementing, a hard money lender may be your customer’s only hope. Hard money and private lenders can be found through extensive networking. As mortgage brokers you may have, in the past, worked with an investor clientele. Broadening that circle through networking may introduce you to additional private lenders willing to make hard money loans.

The looming question regarding the real estate market isn’t if it will rise again. Rather, it is when will it rise again? Instead of waiting around for the inevitable to happen to the market, why not take advantage of its current state? For mortgage brokers, staying in tune with what your costumers need will not only keep you on top of your game but may open doors to additional opportunities.

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mortgage needs.

Reverse Mortgages Allow Seniors to Draw on Their Home Equity

Q: My wife and I have just retired. Our home is paid off but we are concerned about having enough money to enjoy our retirement. Is there anything we can do to get the equity out of our home to live on now?

A: For adults over the age of 62 who own their home and plan to continue living in it there is a form of mortgage – called a reverse mortgage – that could be the solution to your need to have money today. A traditional mortgage is one in which you borrow the money to purchase a home and pay it back, with interest, on a monthly basis.

This is the type of loan most homebuyers use to make their purchase. Equity builds up over time and eventually you pay off the loan either when you sell the property or at the end of the term of the loan. With a reverse mortgage you can turn the value of your home into cash without having to move and with no monthly payments to make. You do not have to pay back a reverse mortgage so long as you continue to live there. Instead of turning your income into equity, you reverse the process and turn your equity into income. There are a variety of options on how to take the income from the mortgage. You could arrange for monthly cash advances, a single lump payment, a credit line account that you draw on as needed or any combination of these. Even better, there are no restrictions on how you can spend the money. Travel, medical expenses, remodeling or just adding a cushion to your financial situation are all legitimate reasons people have elected to take a reverse mortgage. So long as all owners of the property are at least 62 years old and it is a single-family home (detached, town home or condominium) or a two- to four-unit building you are likely to be eligible for a reverse mortgage. Unlike a traditional loan where you build equity, with a reverse mortgage you build debt as you withdraw the home’s equity – but you postpone having to repay that debt typically until you leave the home by moving or through death. An exception to this would occur if the value of your home rose considerably over the time you had the reverse mortgage. In that case, you could actually have some equity available even after you have taken what you could on a reverse mortgage. You keep any difference between what you owe the lender and the value of the home at the time the reverse mortgage is paid off.

As with any important financial decision it is best to consult with a professional – a bank, mortgage broker or a REALTOR® – who could help you decide if a reverse mortgage is appropriate.

For more information on reverse mortgages, please visit www.secureseniorliving.org

Reverse Mortgages and Their Growing Popularity

There seems to be a new phenomenon in the mortgage world known as the reverse mortgage. The ads touting how they can improve quality of life are everywhere and if you’re a homeowner, age 62 and over, you receive them in the mail almost daily. Then there are the articles warning that reverse mortgages may be the new mortgage rip off. So what’s the truth about this financing vehicle? Is it a God-send for seniors, or something for which older homeowners need to be wary? It can actually be both, so it pays to understand the loan if you or a loved one are contemplating a reverse mortgage.


Reverse mortgages have been around since 1961 and President Reagan signed the legislation to allow HUD to insure them in 1988 on their Home Equity Conversion Mortgage (HECM). So why the sudden stir and what makes this mortgage so unique? The baby boomer population that we’ve all been hearing that is about to start retiring, begins to do so as of January 1, 2008. What this means is that America will have an unprecedented number of people retiring with many having their main asset being their homes.


Gone are the days of the American worker working to the age of 62, retiring with a pension and social security, then passing by age 70. People are living longer and fewer are retiring with adequate income provided to meet their life needs. The huge appreciation most properties have experienced allows seniors an avenue to augment this growing need for income. A traditional or a forward mortgage, is known as rising equity, falling debt mortgage. The individual pays a payment monthly to pay down the debt thus making the equity higher and the debt lower.


The reverse mortgage operates in reverse of that. In a reverse mortgage, the borrower receives payment(s) from the lender, makes no monthly payments and the debt rises while the equity falls as payments, fees and interest accumulate. The borrowers make no monthly payments and the entire amount is paid in full when the loan is repaid.


Income and credit are not considered in qualification criteria, with the exception of the fact that the borrower cannot be delinquent on a federal obligation. There is no minimum income requirement and there are no minimum credit scores. In fact, many borrowers have been saved from foreclosure with a reverse mortgage. There have been so many myths and misconceptions surrounding reverse mortgages.


Some earlier versions of the product contained provisions for shared appreciation which hurt seniors, but those provisions are not in the HUD HECM loans. All of the government loans are also non-recourse loans, which means that the borrowers or their heirs can never owe more than the property is worth, regardless of how long they live in the home, how much they receive in payments through the years, what future values do or how much interest accumulates.


A reverse mortgage loan can be expensive, so it’s not the best option is you are not planning on using the loan, or do not plan to stay in the property. On the other hand, for some, the reverse mortgage is the only way they are able to stay in their homes. The bottom line is EDUCATION. Find an originator who really knows and understands the product. There are so many programs available now and some private or proprietary products that go down to 60 years of age and lower.


You need to work with an expert, not just a loan officer from a brokerage or a bank who was doing sub-prime loans last month and is doing reverse mortgages this month. Unlike forward mortgages, fees and rates are regulated by HUD so everyone is on an even playing field, and companies like All Reverse Mortgage Company often have many more programs available to us as we are not limited only to just the few products that just one bank has to offer. Lastly, talk to your family.


You’re spending the equity that would normally be the inheritance left to other family members and this can be an area of concern more often to the senior homeowner than to the family members themselves. Most family members we’ve talked to don’t have the means to take care of their own family expenses as well as those of their parents and senior relatives, so they are extremely happy that their loved ones have a way to age in place and dignity.

Michael G. Branson (CEO All Reverse Mortgage Company)is a Mortgage Broker who has over 31 years of mortgage banking experience. Toll Free (888) 801-2762

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Mortgage Brokers in Canada: Their Role to Compare and Get You the Best Mortgage Rates

In a nutshell, a mortgage broker acts as the ‘go-between’ a mortgage borrower (you) and the lender (typically the big Canadian banks).  Mortgage brokers act on your behalf offering their expertise and contacts for free, and receive their commission from the lenders only once a mortgage is arranged.  There may be charges for their services if you have an exceptional situation, such as very poor credit, as they may need to spend more time on your application.

Mortgage broker’s are able to get the best rates for homebuyers and their rates are typically discounted when compared to the big bank’s posted rates because they arrange so much volume for the lenders (almost $50B last year).  As a result, many times the banks and other lenders compete amongst themselves to offer the broker the best rate in order to secure their business.  Many deal with over 65 lenders, and this is the reason why they can get the best rate for almost any person’s situation.

The residential mortgage market is extremely lucrative and competitive, as there were $191B worth of mortgages approved last year by 80+ lenders.  As a result, mortgage brokers are becoming more popular as more people are turning to them to find the lowest mortgages, representing an estimated 25-30% of mortgages being arranged according to Jim Murphy, president of the Canadian Association of Accredited Mortgage Professionals (CAAMP).

Many people aren’t sure where brokers actually source the mortgages from.  A recent report by Canada’s leading mortgage systems supplier, showed that mortgage brokers secured home loans through the following channels through their network in April 2008:

·         Banks:                    50.68%

·         Mortgage Banks:      41.92%

·         Sub Prime:                4.25%

·         Credit Unions:   3.14%

The actual mortgage rate arranged by the broker, could be influenced by many factors, some of which are:

·         What type of mortgage (open or closed) are you looking for?

·          Is it a fixed rate mortgage or variable rate mortgage (adjustable rate mortgage ARM)

·         Is this a single home mortgage loan?

·         Or do second or third loans exist?

·         How long do you want the mortgage amortized over?

·         Is this is a refinanced mortgage?

As is the case with brokers in other industries such as insurance, mortgage brokers are generally former employees of the lenders such as banks. As a result, they know the ins and outs of the industry, who to contact and where to find the rates across Canada.  If you’re looking for help arranging your next mortgage, a mortgage broker, may just be a sound option.

Kelvin Mangaroo is the founder of RateSupermarket.ca, enabling you to compare mortgage rates and find mortgage brokers in Canada.