|
A: Why use a Connecticut Mortgage Broker?
Connecticut Mortgage brokers.
Apply for a Connecticut Home Equity Loan
Apply for a Connecticut Home Mortgage Loan
Contact Us
First Time Buyer in Connecticut Seminar Sign Up
Get Pre-Approved or Pre-Qualified
Refinance your Connecticut Home Mortgage Loan
|
1. What Can You Afford >>
Quick Guide through the CT Mortgage Puzzle
HOW THE CONNECTICUT HOME MORTGAGE LOAN PROCESS WORKS
10 Clients often ask, "Why can I get financing for a car in one day but it can 11 take months to get a Connecticut home mortgage loan?"
12
13 In our age of fax machines, ATM's and the Internet, it is hard to
understand and explain why the Connecticut home mortgage loan process should take so long to
16 complete.
17
18 Securing a Connecticut home mortgage loan is a very complicated process. To be successful in
19 this business, you need the skills to advise your clients, keep them
20 informed on the application process and foresee ways to solve problems 21 that may come up and believe me, they always do!
22
23 First we need to talk about who and what is involved in a Connecticut home mortgage loan
24 application.
Mortgages are home loans from lenders, which borrowers pay back over
29 time with interest. The lenders use the mortgages as a claim against the 30 property until the home loans are paid in full.
31
32 Written agreements that spell out the terms of the home loans are called 33 Notes.
34
Borrowers can secure mortgages from lenders who can be banks,
37 mortgage banks or mortgage brokers.
38
39 Banks lend money and offer mortgages they either hold or sell on the
40 second mortgage market. Bank that hold mortgages and do not
41 sell them on the second mortgage market are called Portfolio Lenders. 42 Portfolio lenders use their own funds so they are able to create their 43 own underwriting guidelines, which can be more lenient than conforming 44 guidelines.
45
A mortgage bank is not actually a bank. It takes no deposits. The
48 mortgage banker has a line-of-credit established with an investment
49 bank. The Connecticut home mortgage loan banker borrows from this line-of-credit to provide 50 Connecticut home mortgage loans.
51
52 When the Connecticut home mortgage loan banker has enough existing Connecticut home mortgage loans in their
53 pipeline, they are grouped together and sold on the secondary Connecticut home mortgage loan 54 market. The money received from the sale of the Connecticut home mortgage loans is used to
payoff the line-of-credit, make new home loans and start the cycle over again.
Mortgage brokers bring together a mortgage lender and a borrower
59 who needs a home loan. Mortgage brokers do not lend money.
60
61 Connecticut mortgage brokers take applications and then "shop the home loans" for the 62 best rates and terms. Connecticut mortgage brokers may work with many lenders.
10A lender will approve the Connecticut home mortgage loan and provide the funds to close the 11 home loan. When the borrower closes on the home loan, the Connecticut mortgage broker's job is
|