A Mortgage Broker doesn’t actually loan money. Rather, he assists clients in finding the right mortgage loans. It is a broker’s responsibility to discover the needs of the client, then shop around for the best loan deal lenders are offering on that type of loan. Brokers typically work with many different lenders so they have the greatest opportunity to match the right lender with the right client. Because brokers can choose from so many different lenders, they are more likely to be able to find loans for special needs borrowers.
Mortgage brokers take application information from borrowers, gather all the necessary documents, including credit reports, employment verification, and appraisal of the property, shop for the best loan for that client, then lock in rates and terms of the loan with the lender. Brokers are also responsible for providing required disclosures to the borrower. Once all of the documents are in the loan file, the broker submits the file to the bank who then handles the loan authorization and disbursement of funds.
Mortgage agents are people who don’t have a broker’s license, but work with mortgage brokers in real estate transactions. A mortgage agent will also assist his client in preparing for his loan and finding the right lender. This can be very helpful to people attempting to buy a new home and who feel like they are out of their element. Mortgage professionals are the go-between for all the lenders, and handle most of the paperwork, taking much of the anxiety out of the process for home buyers.
While there is no formal educational requirement to be a mortgage agent, most have previous work experience with a large institution, and at least have a bachelor’s degree in business or finance. Most agents receive on the job instruction while training to be a mortgage broker.
To become a broker you must complete a mortgage broker course. These courses can be taken either at a school or online. Then the best way to get started is to go down to a large firm and apply for a job. Many of these firms proffer on-the-job training, and some sponsor their novices in taking the licensing exam.
Mortgage brokers typically earn a commission based on the value of the loans they broker. Because this is a commission-based salary, you will need to put forth the effort to build your client list as well as your lender list. Good brokers typically earn a 6-digit salary.
When seeking that first job, make sure to ask the right questions. You should know when you can expect to start seeing some commissions, how much the company will take from your commission, whether or not the company reimburse you for required continuing education, and how you will receive referrals. Also, check to be sure the brokerage company itself is licensed, as well as the people with whom you will be working.
Because your income is commission based and therefore directly reflects the amount of energy you put into the job, don’t expect to become wealthy overnight. With time, however, and determination to build your client base you should be able to support yourself within the first year.
Yes, nowadays it’s easier than ever to get a car loan. There are so many offers going around, that it becomes difficult to make a choice. It doesn’t matter if you have bad credit, or just want to save important cash so as to go on a weekend getaway with your brand new car. There is at least one option for each financial situation.
If the case is bad credit, you just need to apply for a secured loan, in which the payment is secured with the car itself.
An Important Point To Consider
My suggestion is to go out with a notebook and pencil and jot down the three main items that you need to consider when buying a car:
2. Repay conditions.
Then, start investigating: The Internet will give you hundreds more options than going around personally, saving time and effort.
Take your time to search on the webpages, since all the information is there. You just have to find it.
Why Talk About The Price When You’re Just Looking For A Loan?
That’s exactly the point. You are NOT just looking for a loan. You want to buy a car! Most car loan brokers have a network of contacts that they move so as to get you the best deal for the type of car you want.
Now, The Loan Itself
After you have taken note of which car loan broker can assist you in the purchase, take note of the conditions. That is, if they are not advertised, ask for a quote. Generally this is the case, since everything is variable, according to the individual customer.
Different Situations, Different Deals
If you are an employee, for example, you might want to apply for a novated lease, in agreement with your employer. This means that the payment is taken from your pre-tax salary, making your taxable income a little lower. Should you change jobs before the last payment is made, the car and the novated lease follow you.
Third Consideration, The Insurance
Many loan brokers will offer a good insurance deal too. The more they give in a stock package, the better it is for you and the all the better for them too, obviously. Again, their network of contacts comes into the picture, to get you the best possible insurance conditions. Just in case you are thinking, “Why should they get better conditions when they are not buying the car for themselves?” They get wholesale prices, because they have hundreds of cases just like yours!
One Last Thing…
Also look out for anything that looks attractive on the webpage and look into it. You might spot something that others don’t offer, or maybe a feature that will give you assurance of the reliability of the broker.
Commercial loan brokers should provide a real service to their clients. An emphasis should be on saving their clients time, helping them avoid aggravation, costly mistakes and of course, should be able to line up the right bank to the borrowers unique situation. Bottom line, the broker’s prior experience should help guide the borrower, who may have little or no experiencing sourcing, negotiating, processing, and closing a commercial mortgage.
One of the more valuable components of what a good commercial loan broker does, is introduce the borrower to lenders they would never, (realistically) be able to find on their own. There is a full market of commercial lenders out there that do not have branches and instead depend on their broker networks to find deals and introduce creative/unique programs that traditional banks do not offer (such as commercial stated income loans, commercial 30 year fixed or second lien position loans, etc).
In addition, brokers should be able to give their clients solid, meaningful recommendations on which specific lenders fit the borrower’s situation. The real differences from one lender to the next can be very difficult to uncover. There are obvious factors, such as which banks are quoting the lowest rates, offering the longest amortization schedules, longest fixed periods, etc. But the issues that could potential kill or change loan terms in the middle of processing a loan are only discovered through experience. This is where a commercial loan broker really earns his fee and this intricate lender knowledge is only learned by being involved on a day to day basis. A good commercial loan broker closes 2 -4 loans per month, while a borrower will only close 2-4 in their life time.
Brokers are basically on the same side of the table as their clients. Although there is no official representation agreement like a listing agreement, a broker should be there with their borrower’s interests in mind. In addition, unlike bank loan officers, brokers only get paid when the loan closes. We get paid to close loans. Many bank officers in contrast are on salaries and have other quotas besides funding loans, such as weekly meeting goals, number of telephone calls made, turned in applications, etc. So the bank officer may know that your loan stands little to no chance of closing yet will “lead you on” simply to protect their job (this happens all the time!).
A good broker will create a competitive environment with funding sources to produce the best rates and lowest fees possible for their clients. The brokers reputation with banks will also add to this in that if the broker is known, the funding source will take the loan request more seriously, put more time and energy into the file. Lenders also will not “re-trade” as quickly with good brokers in fear that the broker will not bring the bank additional loans.
Brokers worth their “salt” should be able to identify the right options for the borrower based on small intricacies of the file. Often, it is a small detail that will slow or kill a deal. A solid broker should be able to identify these details from the beginning that would otherwise cost the borrower thousands, and waste months as the wrong lender tries to make the file fit their guidelines
If your car insurance is due for renewal and you are considering buying another policy then this article will provide you with important facts that you should know about. Car insurance policies are getting increasingly expensive and you should do all that you can to reduce your costs. How much you have to pay for your car insurance is dictated by a variety of factors as they apply to you and your vehicle.
In this article we will examine coverage limits, your age, gender and marital status, your location and insuring other household members. All of these factors will have a great influence on how much you will have to pay for your policy.
Coverage limits are generally dictated by the price that you are willing to pay for your insurance. A higher level of coverage will generally result in higher premiums. The best way to find a good value policy is to comparison shop. Nowadays it is generally accepted that the best way to do this is by using a car insurance comparison website.
Your age, gender and marital status will have a great effect on the auto insurance rates that you are offered. Insurers rate drivers using a variety of criteria, if you are a young single male driver you will usually have to pay higher rates. If you are a middle-aged female married driver then your rates will be lower. Insurers calculate the best car insurance rates for you by comparing levels of risk. Those groups which are statistically more likely to be involved in an accident have to pay correspondingly higher rates.
Location plays an important part in deciding how much your premiums will cost. Drivers who live in an urban environment will usually pay more than those from a rural area. This is because drivers who live in cities and heavily populated areas are more likely to be involved in an accident, or to have their car stolen or vandalized. Insurers generally offer better rates if you’re able to demonstrate that you keep your vehicle in a garage at night. You may also be able to improve the security arrangements of your automobile by fitting an alarm, immobilizer and steering wheel lock.
Insuring other household members will have an influence on the cost of your policy and the best car insurance rates that you offered. If you have teenage family members living with you and they are added to your policy, then your costs will increase. This may still work out cheaper than if your teenage driver were to have a separate policy in their own name.
In conclusion, there are a variety of different factors which can affect your ability to be offered the best insurance rates. Some of these are coverage limits, how old you are, whether you are male or female and whether you are married or single. Your rates will also be affected by the area where you live and whether other household members are included in your policy.