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Marcus Said:

How easy is it to get ceMap qualified (as a mortgage adviser)?

We Answered:

There are plenty of ways to become cemap qualified just google it but it will cost you for the course material and to sit the exams. Or if you wanted i know there are a few mortgage brokers that will pay for you to become cemap qualified, just go on some recruitment websites and search for "trainee mortgage advisor". Good luck.

Joann Said:

How do i set up my own mortgage advisory business?

We Answered:

All the info you need to know about regulatory, licensing and qualification matters can be found here:

http://www.fsa.gov.uk/Pages/Doing/small_firms/mortgage/index.shtml

From a business development viewpoint, I'd agree with the prior poster who suggested association with an IFA or IFA network - this has advantages both for compliance and back-office costs, access to insurance and other products, and of course referrals..which will be very necessary unless you have a ready source of new business (e.g. relationships with estate agents)

The type of business entity (sole proprietor or limited liability) you choose may be influenced by regulatory requirements and indemnity insurance requirements as well as cost; the prior advice regarding personal liability is also a very important consideration.

I'd strongly recommend talking to someone who's followed the same path in another part of the country (trying calling the owners of small mortgage advisory firms in regions distant from yours...they might also be interested in you being an associated person).

good luck!

Manuel Said:

When qualifying for a conventional mortgage, does the underwriter take taxes and insurance into account?

We Answered:

Yes they do.

Daisy Said:

Any way to avoid mortgage insurance?

We Answered:

No, the only way to convince the bank that they do not need to insure themselves in case you are a flake is to pay the 20% down, just like the rest of us.

If 20% is too much for you maybe you should be looking at less expensive houses. You are buying more then you can afford.

Bobby Said:

What does it mean in your income tax form that says?

We Answered:

The PMI has to be from a loan taken out in 2007.
The PMI will show on the 1098-E form.

Kirk Said:

Will the Mortgage company get arid my mortgage insurance?

We Answered:

How long is PMI required?
The answer to this question depends on the mortgage lender. At the time of loan closing, lenders are required to give borrowers a disclosure stating when the PMI premium can be cancelled.

You can read more about it here: http://realestate.msn.com/insurance/Arti…

For home mortgages signed on or after July 29, 1999, your PMI must - with certain exceptions - be terminated automatically when you reach 22 percent equity in your home based on the original property value, if your mortgage payments are current. Your PMI also can be canceled, when you request - with certain exceptions - when you reach 20 percent equity in your home based on the original property value, if your mortgage payments are current. "Good guy" lenders Fannie Mae and Freddie Mac will cancel PMI if you ask.

One exception is if your loan is "high-risk." Another is if you have not been current on your payments within the year prior to the time for termination or cancellation. A third is if you have other liens on your property. For these loans, your PMI may continue. Ask your lender or mortgage servicer (a company that collects your payments) for more information about these requirements.

http://www.appraisercentral.com/1998Act.…