If a mortgage loan officer gets just one of those deals to go through, it often equates to a huge payday, sometimes as much as a few months’ salary working a minimum wage job or other lower paying jobs. So that’s the incentive, big money. But there are a number of questions you need to ask.
These nonbank lenders such as Quicken Loans, Freedom Mortgage and loanDepot claim they aren’t making risky loans, but are instead filling a void by offering home mortgages in just a few days instead.
What’s got you wondering "what’s that about?" in the berks county area? Ask us your burning questions and we’ll investigate. Please note that questions may be edited for clarity or brevity.
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What is an FHA Loan? An FHA loan is a mortgage that’s insured by the federal housing administration (fha). They are popular especially among first time home buyers because they allow down payments of 3.5% for credit scores of 580+. However, borrowers must pay mortgage insurance premiums, which protects the lender if a borrower defaults.
Term: Mortgage loans generally have a maximum term, that is, the number of years after which an amortizing loan will be repaid. Some mortgage loans may have no amortization, or require full repayment of any remaining balance at a certain date, or even negative amortization.
A mortgage is a loan extended to you by a lender for buying a home. You have many years to pay back the mortgage, but it will accrue interest.
14 Things Facts About Mortgages That Will Impress Your Friends. Over the course of my career in finance and in writing about mortgages, I’ve found that one good way to make conversation is to reveal little-known facts about mortgages to my friends and family.
Your mortgage loan originator will help you throughout the entire mortgage loan process. Here's a summary of the process so you know what to expect.