Bank do finance For Sale By Owner deals in Canada but they might ask you for an appraisal before committing for a mortgage. When the bank does a regular deal the loan officer will ask for MLS listing printout to see the price of the property and even if the home was listed on the MLS but the price for the area is higher then normal the bank might ask for home appraisal as well.

Powered by

I have been in the mortgage business for more than a year. over the year i have moved to different companies twice. with the first company, the branch manager who was also a friend of mine their fees was too high so he suggested to move to another company with him so we could get lower fees. i went along with him but, with this company there were times he took 20 % off my paycheck eventhough our deal was 100 % and his reason was it was out of state. i didn't think it was fair. so i moved to another company that my brother is also using, i like this company since the broker is pretty laid back, but this company has only 5-6 lists of lenders! getting broker's package is big hassle since it delays the funding way too long. so this time i'm trying to be more careful so i wouldn't have to hop around companies too much. any suggestions on how to pick the right one ? thanks

Ok I am a mortgage broker. I have moved around 3 times and finally found the right one. Mostly they want you to work off of commission. Usualy 50/50 or 60/40. Depends on how much you can close a month. I now work for a Mortgage Banker. This is the best because everything is in house lending. Then after you close the loan they sell the loan with in 30-90 days to a major lender. These are 100 of lenders. You make money from the closing of the loan and the selling of the loan. Double Money. Really we do all the same stuff its how you handle the customer,.Make sure the customer comes first before any other, oh yea and the Realtor too. They are your best advertising.

Powered by

I'm prepping to buy my first home but have not found a mortgage agent yet. is there any advice on government programs for first time buyers? i'm looking for the best advice to save money on a mortgage. does anyone have any advice on how to buy smart when dealing with real estate agents? any tricks on how to deal with them. i really want to avoid getting taken of advantage of. your advice is really appreciated! thanks!

A great place to start is www.hud.gov. This is the official website for the US Department of Housing and Urban Development. They offer a good walk-through of how to go about buying a home. There are also links available to programs for first-time homebuyers, which may offer assistance in lower rates, down payment assistance, or even both. You also mentioned some worries about being taken by a real estate agent. What you might want to consider is using what is called a buyer's agent. Basically, it puts a real estate agent in your corner too. They will end up splitting the commission with the seller's agent, so they do have some incentive to get you into a home that fits what you want and need. In the meantime, make sure you are a great candidate for getting approval. A good place to start here is annualcreditreport.com, the official government website to receive a free credit history from all three major bureaus. You'll want to check for public records, ie judgments, bankruptcies, and collections. If there are any, you'll want to get those resolved, or be sure you have the documents you need to show they are taken care of. Beyond that, if you have balances on your credit cards, keep working at whittling those away. Be aware of what "assets" you have, things like checking or savings accounts, 401K, IRA, anything you can use to show you have the money to move ahead with this pruchase. Having all this information easily available to you will make the process go much more smoothly.

Powered by

We have been pre-approved by a mortgage company. the mortgage company has recommended a real estate agent. i am a little leary of going with this real estate agent, however, because, being a first time home buyer, i need a lot of guidance. i am afraid that, being tied to the mortgage broker, the real estate agent might not fight to get us the best mortgage deal (if it happens to be with a company other than the original mortgage broker's). how do you go about getting a good mortgage deal?

first of all, the real estate agent is not there to get you a deal on a mortgage - that is either your responsibility or the mortgage broker's responsibility. The agent is there to put you in a house (show you houses, explain the offer/acceptance routine, be there at closing and walk you through the purchase process). If you do not trust you mortgage broker to get you a fair deal, then you can start calling around to banks in your area and inquire about their rates. This means, however, getting a new pre-approval and starting from scratch on the mortgage. Being a first-time buyer, if you go this route, you are going to have to educate yourself regarding rates and points and buy-downs.

Powered by

I have a call centre dealing with american customers in mortgage campaign.now i need the experiance call centre executives in specially in mortgage process

hello, here's an easy link with info and offers on mortgages: http://finance.ebookorama.com/ also perhaps here: http://credit.ebookorama.com http://credit-repair.ebookorama.com http://credit-cards.ebookorama.com if you get any luck please don't forget about me lol, hope it helped you, thanks!

Powered by

Anyone with experience believe this to be possible? i'm working towards my commercial real estate license already, but i'm thinking that i could also eventually get my license as a mortgage agent. as far as i know, commercial real estate transactions take several months to close, so i'm thinking that i could focus on commercial leasing of industrial, office, and retail while filling the time with brokering residential mortgage deals. this may not be the best in the future once i get more business (main goal is to be a commercial real estate broker), but at the start one could supplement the other. obviously both will require many hours/week, and collectively even more, but i'm willing to do that. thanks.

Welcome to 100% commissioned sales. If you are going to succeed in commercial real estate you can't do it being a part time agent. In addition, trying to do another job in the same arena of the business at the same time can hurt you overall credibility. I think it is great for a commercial realtor to be well versed in financing, to provide the added service to protecting their clients interests, but actually handling the finances can be a conflict of interest that can get you in trouble in a court of law. Ultimately I suggest you discuss this issue with you broker once licensed in real estate.

Powered by

The mortgage company i have been refering has given me the option to do be a motgage officer for them and make commission of the loans as well as my commission on my sales. can i do this?

It depends on the laws in your state. In Illinois you cannot be anything but the Realtor. While many people are both Realtors and Attorneys or home inspectors and so on and so forth, you can only be one of those in a transaction. Pick the one that will either pay you the most or you do they best because you might be going to jail if you do both.

Powered by

I'm in the process of purchasing a condo and my mortgage guy tells me he got an appraisal estimate from his appraiser and says the condo will appraise at 10k less than my offer price. he tells me this will prevent me from getting a mortgage because the bank won't take the risk. i'm putting 20% as a down payment. i already know every different scenario: it appraises, issue over; doesn't appraise, we go back to the seller, they come down or back out. this appraisal is based on one comp in the same building. take that comp away and you can't find a cheaper comp in the area. the appraiser hasn't seen the condo yet, but i'm assuming he knows his sh*t, because both my mortgage guy and my realtor know him and say he's good. so what do you guys think happens? anyone dealt with anything like this recently? the condo i'm looking at has a balcony (8th floor), the other (also on the 8th floor) does not.

I think we will see more and more issues like this come up. There are rules an appraiser must use when selecting comps for an appraisal. Since fewer properties have been sold recently, it makes for fewer viable comps. For condos, it is even trickier, because they like to use comps from the same complex, but they have to have more than one comp to do an appraisal. Sounds like your appraiser will either have to use older comps from the complex and "adjust" for time, or use comps from other complexes and adjust for differences. I guess something to consider is did you offer too much? Or, is the general market dumping values because of the global financial situation? What does your real estate agent suggest? Sounds like your lender said that they would only do 80% LTV (loan to value) mortgage? If so, then a lower appraisal will affect your ability to get financing without more money from you or a lower sales price. If your lender can put you in a 90% or even 85% LTV mortgage loan, then a lower appraisal may not be as dramatic an issue. Is getting an FHA loan possible? If you really want this property, get your agent and lender working on ways to make it happen. Good luck

Powered by

I have started learning about real estate investing and i've been searching for properties online. i called an agent (that works at one of the top real estate companies) and left a message for her with a with a question about a property. that was 2 days ago and she hasn't called back. i feel this is unprofessional. does she care to sell the place? or are agents just really busy? it's making me want to deal with another agent instead of her. also, i called a mortgage banker at chase and he never called me back either. i don't understand why people don't call back. is this common?

Wow, neither one of them called you back huh? While they should've called you back within a few hours, they are very busy. I'm in the Real Estate business, however I do call my clients back within a few hours. Two days is a long time, you should call her office ask to speak to a manager, and ask if this generally takes this long, or if anybody cares to sell that property, but you should go else where, because if this is now, and she/he does not care about returning an important phone call, then you'll likely have some trouble closing your transaction. It makes me really angry when someone doesn't return my phone call in a timely manner, it gives the message "I don't care, or you are not important" . These are the phone calls anyone in this business returns immediately, because it means business. You should ask management if this is the way they usually handle business. As for the mortgage agent contact someone else too, and when they call you back say: Someone else had the decency/ courtesy to call me back because you weren't. (A good agent/realtor calls back within minutes)

Powered by

As i understand, normally before you shop around for the properties, you have to get a mortgage agreement in principle. you'll bring this to the house agents and the buying procedures can begin. however, a friend of mine said that i should be careful. apparently, you should only get a morgage quote from one lender only. the more you go to different lenders, the worse your credit score will be. is it true? after i hear about this, i have been hesitant to go to a lender, because i think i need time to search for the best deals available.

I don't think this is true. You can get as many quotes as you like. I would recommend you use the advice of an IFA (independant financial advisor) You can find an IFA in the yellow pages or http://www.yell.com Their advice is usually free and can arrange your mortgage & insurances for free. IFA's make their money on a commision basis upon the products that they sell to you. Ask other people that you know to see if they can recommend and IFA that they have used.