Your Questions About Mortgage

Richard asks…

What is the difference between Mortgage Modification and Refinance?

Also, if a wanted to do a Mortgage Modification should I do it directly with the bank I have the mortgage with or should I seek help from a lawyer or those institutions that do mortgage modifications?

admin answers:

Modification simply modifies your existing mortgage while a Refinance initiates an entirely new mortgage with new terms. You should always do the easiest thing first which is to consult the lender you have the original loan with and ask about modification. They have a financial interest to work with you, if they choose, but no legal obligation to do so.

Michael asks…

How do I become a mortgage broker in ohio?

I know the mortgage industry is in a mess right now, but I am looking toward the future when we rebound. Wondering what requirments there are to become a mortgage broker in Ohio. I am looking to work this industry on the side, as I already have a full time sales job. Also what are the typical commisions paid to brokers for sub-prime, prime, and jumbo mortgage loans…is this split with the company you work for? I already work 100% commission, so that is not a problem. Any input on this career is greatly appreciated, ie the ups and downs.

admin answers:

Here’s a link to the application required by the state. It included a list of requirements to be eligable. Http://www.com.state.oh.us/dfi/documents/mainofficemortgagebrokerapppacket_000.pdf

I would start by getting some of the required education. You may want to also work for a company before typing to open your own brokerage. Even if you only work in a related field it will be very helpful later on. Such as as a real estate assistant to a successful real estate agent.

Robert asks…

What is the difference between mortgage tax and property tax?

mortgage tax is the same as property tax but mortgage tax is pay to the bank because you borrow the mortgage loan?

admin answers:

There is mortgage interest not mortgage tax. That is paid to the loan company. Property tax is paid to the county.

William asks…

How can I become a mortgage broker in california?

I simply cannot seem to find legitimate information on becoming a mortgage broker in California. Many of the web sites that purport to have information really share very little of anything and some are just plain frauds. I’d like to find information on mortgage broker training and possibly information on finding a school (preferably Los Angeles) where I can get training on becoming a mortgage broker.

admin answers:

What are you thinking BRO that is a bad job especially this time of the year. You only get two applicants a week. No houses selling.

Susan asks…

Mortgage Finance Experts: How will the market affect homeowners who will be refinancing next year?

My parents bought their home 4 years ago at a 4% rate, which is due to change next year when their loan rate. With the market crunch and the new strict lending that’s bound to occur as a result of this, they are worried about what refinancing has in store for them. The good news is that they have flawless credit (they successfully removed their PMI, and they are early every month on their mortgage payments —and they pay an extra couple of hundred dollars than they should. Not to mention their credit card debt is very low (only a couple of thousand dollars). They’ve both been at their great paying jobs for over a decade; but they are still worried about whether they will be able to secure a decent fixed rate when their mandatory refinance is up. Any hope?

admin answers:

The biggest impact on our market is the following:

1. – There is no longer any subprime lending
2. – Jumbo loan rates have been rising disproportionate to the rest of the market
3. – The ALT-A market has all but vanished
4. – FHA Loans have become increasingly attractive.
5. – Fannie Mae loans have for the most part remained unaffected.

While I certainly cannot predict what the market will be like a year from now (if I could I wouldn’t be writing loans and training loan officers for a living) I don’t see subprime on the radar for quite some time. Everything else will come around and normalize.

Here’s a point that everyone seems to be missing. For the most part this is a market problem – Given time the market will correct the problem. Not the Senate.

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