NLIC.org

Jackie Said:

Realestate agents? Are you the one who is supposed to find the lender or is the buyer?

We Answered:

First of all, I think I would rather work with someone more experienced, as buyers need considerably more expertise than a newbie can provide.
As for mortgage and closing that is up to the buyer. As part of my services, I generally give me clients some names and let them choose. They should talk with at least three lenders to see what different programs are available and of course rates. While I can make arrangement for closing, I always ask if they prefer one place over another. Most folks don't know title companies like they do lenders.

Nowadays, some Realtors (depending on the client relationship) do not want to know the borrowers financial information. For example, if the borrower is purchasing a property the agent has listed (dual agency), then it's best if the borrower keeps his financial information confidential. Since I am not a mortgage professional, I leave most of the qualifying up to the lender. I am happy to accompany the client to each lender, but it's not necessary. If I've worked the area for awhile, I know most lenders. And in some places, each real estate company has their own loan divisions and/or title companies. Again, the buyer can select whom they want to work with.

If I can help further, just email me. Hugs from Minnesota!

Monica Said:

Has anyone every heard of Royal Lending Group out of NC?

We Answered:

I've worked in finance for over 20 years(part of that time in mortgage) and anytime the company is with the bbb you can be 1000000% reassured that it is a legitamite company. It is actually highly unlikely to have any problems with a mortgage company and about 90% of major problems come from large companies. So I would not worry.

Florence Said:

A mortgage lender wants $6000 in closing costs on $180,000 refi of mortgage. Is this too much?

We Answered:

Look at your good faith estimate and see how many points you are paying. (You are probably paying at least two. A point is 1% of the loan amount or, in this case, $1,800.) You pay points upfront to get the loan at a much lower rate which means you will pay less on your monthly mortgage. You could significantly reduce the closing costs IF you dropped the points from your loan, but then you would be paying more on a monthly basis.

Have your mortgage broker run numbers for both so you can see exactly what it would cost.

If you still aren't satisfied, (or even if you are) call a few other mortgage brokers to see what they will offer on the same loan.

FYI, mortgage brokers often have the ability to dig into their 'personal' points bank to bring a point or a percentage of one to the table to make the loan happen. So, if they want the loan bad enough, they can help you make it work. But they are reluctant to do so unless they have to, since they often get a bonus based on the amount of money remaining in their points bank at the end of the year. The best way to make this work for you is to consult several mortgage companies to see who will offer you the best deal. Then take the best rates and fewest points you were offered and present them to the broker you personally liked the best to see if they will match it. They usually will if they want the loan. And in a market like this, believe me, they want the loan. Good luck.

Danielle Said:

Do I have to sign the note on a loan with my husband even if I don't work??

We Answered:

There are two things that happen when getting a loan on a house.

There is the NOTE (mortgage, etc).

And the DEED (the instrument that gives the lender a lien on the property).

You will be asked to sign a:

1) Note - that details the terms of the loan. If you are asked to sign a note, your credit was pulled, and your credit/income was used in qualifying for the loan. You will be obligated to repay the note personally (along with your husband).

2) Deed putting your husband with you on title OR a Disclaimer Deed putting him on title without you. Since yours is a home equity loan (2nd or 3rd position) you will likely take title as you have with the 1st mortgage... whatever way that is (community property, joint tenants with right of survivorship, etc). You own the house... that is all that a deed says.

I hope this helps!

Cory Said:

How do economies work then?

We Answered:

paper money needs to be outlawed. We have to go back to the Gold Standard. It is not working

Audrey Said:

I had a loan with what I know now is a Predatory Lender. I need help with this issue.?

We Answered:

EASY- contact HUD. Housing and Urban Development.

You can also try some local consumer advocates, but HUD is the governing authority that's looking heavily at Predatory Lending.

Thr problem with most of these cases is that the borrower doesn't discover the fraud until after signing all the documents.
If the lender disclosed properly, and you signed the docs, you probably don't have a lot of ground to stand on. Unless you can prove they held a gun to your head and made you sign.

Dora Said:

NC and SC realtors!!!?

We Answered:

I was an agent in NC and am now a real estate assistant for another thriving agent...yes, most of us prefer to have one or two lenders that we deal with on a regular basis, so we know that everything possible is being done for our clients. If I were you, I would definately invest in lots of business cards and pass them out at real estate offices as often as possible. They all need to be able to put a face to your name, and you want to be on the tip on their mind when they come around to needing a lender or end up being unhappy with the one they've been using. Just market yourself and provide the best customer service possible, as well as make yourself readily available, and you'll be fine. Good Luck!!