Mortgage Loans are being denied on a daily basis. Will you qualify for a new mortgage?
You know who you are. You're the prospective borrower that keeps calling and calling a mortgage broker that will not call you back. It's almost like you're a stalker because you know that by the broker not calling you back he doesn't want to speak to you but you still call and call and call. You leave message after message.
How do I know this? I own a mortgage company and I know this from talking to borrowers that can't understand why their mortgage broker ignores them.
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Mortgage Brokers Are Notorious For Not Calling You Back.
If you're ever used a mortgage broker you may have gone through this. The old my mortgage broker isn't calling me back and I can't understand why. We'll call it mortgage broker blues syndrome. The symptoms of this syndrome are that you keep calling and calling a mortgage broker even though he never returns your phone calls. The mortgage broker that was so nice, funny and engaging when you first started dealing with him no longer even wants to talk to you.What could have happened? Why won't my mortgage broker call me back? I know why. Your mortgage broker is not calling you back because he can't get the mortgage refinance done for you. If he could, trust me he would be all over you. It's a sad truth in the mortgage broker business that a lot of mortgage brokers will not call a customer back to let then know that they can't do the mortgage loan. I don't advocate not calling a customer back nor do I allow it at my business. If a mortgage cannot be done a client deserves to know why it can't be done. It's only common courtesy to advise a prospective client what their options are, if any. But it's still a question that I hear again and again and it's only gotten worse with the mortgage meltdown.
I've definitely talked to quit a few borrowers that have tried to refinance a mortgage or purchase a property with another mortgage broker and I had to be the one to tell them why the broker wasn't taking or returning their phone calls. Trust me, it's not a good sign if a mortgage broker will not call you back. If I'm taking a mortgage application and the borrower tells me another mortgage broker won't return their phone calls I know right away, watch out. They have issues. I'm not saying that because one mortgage broker is not returning your phone calls you will never be able to get your mortgage refinanced. I'm just saying it probably won't happen.
And if you do talk to a few different mortgage brokers and they all tell you the same thing or don't return your phone calls take it as a sign and quit shopping around and having all these different brokers pull your credit. Because as I said earlier, if a mortgage refinance can be done that broker is going to call you back and try to sell the mortgage loan to you. I hate to see borrowers that have had their credit pulled again and again because it's only lowering their credit score. I've seen borrowers that have had credit pulled 30-40 times and still hadn't gotten a new mortgagenew. It's almost like the borrower doesn't want to believe that the mortgage loan can't be done.
Most mortgage brokers work on commission and if there's a dollar to be made they are going to jump right on it. Especially in these trying times in the mortgage industry. It's not like it was before during the mortgage refinance boom where a mortgage broker may just be too busy to get back to you. If it happens now it usually means you're not going to get the new mortgage.
Mortgage Broker Refinance
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Mortgage Broker. Let Me Know If You Like!
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Mortgage-Advice
Great lens you've got here! People need good information about Mortgages. 5 Stars! Vote for Your Lens on Mortgage Advice. Posted January 13, 2008 |
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ssheely
i'm a loan officer and i always try to let my clients know their loan has been cancelled. Posted December 06, 2007 |
This is my favorite lens by far because I hear this all the time from clients that they have spoke to broker's gave them their information and never heard back its sad but it is so tell it like it is five stars
Posted November 27, 2007
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sgrady68
This isn't just another 5 star rating. But what you have to say and the insights into the mortgage industry are good. It's not always about the Broker or the Lender, the customer needs a good loan officer. Posted November 17, 2007 |
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gearon_garlic
Soo interesting and informative lens, thanks! FIVE STAR By me. Posted October 17, 2007 |
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ShortSaleRealtor
great insight it happened to me too before I got in the business 5 stars 4 u Posted September 28, 2007 |
Mortgage Broker
A mortgage broker acts as an intermediary who sources mortgage loans on behalf of individuals or businesses.
Traditionally, banks and other lending institutions have distributed their own products. However as markets for mortgages have become more competitive, the role of the mortgage broker has become more popular. Today in most developed mortgage markets (especially the U.S., UK, Australia, New Zealand, Spain and Canada) mortgage brokers are the largest distributors of mortgage products for lenders.
The majority of mortgage brokers are regulated to ensure compliance with banking and or finance laws in the jurisdiction of the consumer; however, the extent of the regulation depends on the jurisdiction. Only one state within the U.S. has no laws that govern mortgage lending.
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Fixed Rate Mortgage
A fixed rate mortgage (FRM) is a mortgage loan where the interest rate on the note remains the same through the term of the loan, as opposed to loans where the interest rate may adjust or "float." Other forms of mortgage loan include interest only mortgage, graduated payment mortgage, adjustable rate mortgage, negative amortization mortgage, and balloon payment mortgage. Please note that each of the loan types above except for a straight adjustable rate mortgage can have a period of the loan for which a fixed rate may apply. A Balloon Payment mortgage, for example, can have a fixed rate for the term of the loan followed by the ending balloon payment. Terminology may differ from country to country: loans for which the rate is fixed for less than the life of the loan may be called hybrid adjustable rate mortgages (in the United States).
This payment amount is independent of the additional costs on a home sometimes handled in escrow, such as property taxes and property insurance. Consequently, payments made by the borrower may change over time with the changing escrow amount, but the payments handling the principal and interest on the loan will remain the same.
Fixed rate mortgages are characterized by their interest rate (including compounding frequency, amount of loan, and term of the mortgage). With these three values, the calculation of the monthly payment can then be done.
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Interest Only Mortgage
An interest-only loan is a loan in which for a set term the borrower pays only the interest on the principal balance, with the principal balance unchanged. At the end of the interest-only term the borrower may enter an interest-only mortgage, pay the principal, or (with some lenders) convert the loan to a principal and interest payment (or amortized) loan at his/her option.
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Mortgage
A mortgage is the pledging of a property to a lender as a security for a mortgage loan. While a mortgage in itself is not a debt, it is evidence of a debt. It is a transfer of an interest in land, from the owner to the mortgage lender, on the condition that this interest will be returned to the owner of the real estate when the terms of the mortgage have been satisfied or performed. In other words, the mortgage is a security for the loan that the lender makes to the borrower.
The term comes from the Old French "dead pledge," apparently meaning that the pledge ends (dies) either when the obligation is fulfilled or the property is taken through foreclosure.
In most jurisdictions mortgages are strongly associated with loans secured on real estate rather than other property (such as ships) and in some cases only land may be mortgaged. Arranging a mortgage is seen as the standard method by which individuals and businesses can purchase residential and commercial real estate without the need to pay the full value immediately. See mortgage loan for residential mortgage lending, and commercial mortgage for lending against commercial property.
In many countries it is normal for home purchases to be funded by a mortgage. In countries where the demand for home ownership is highest, strong domestic markets have developed, notably in Spain, the United Kingdom, the Commonwealth of Australia and the United States.
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Commercial Mortgage
A commercial mortgage is a loan made using real estate as collateral to secure repayment.
A commercial mortgage is similar to a residential mortgage, except the collateral is a commercial building or other business real estate, not residential property.
In addition, commercial mortgages are typically taken on by businesses instead of individual borrowers. The borrower may be a partnership, incorporated business, or limited company, so assessment of the creditworthiness of the business can be more complicated than is the case with residential mortgages.
Some commercial mortgages are nonrecourse, that is, that in the event of default in repayment, the creditor can only seize the collateral, but has no further claim against the borrower for any remaining deficiency. The general reason for this is twofold: many laws significantly prevent the creditor from going after the borrower for any deficiency, and mortgages structured for sale as bonds give a higher priority to constantly receiving some sort of income and therefore require a clause which allows the lender to take the property immediately, regardless of bankruptcy proceedings that the borrower might be going through.
Frequently, the mortgage is supplemented by a general obligation of the borrower or a personal guarantee from the owner(s), which makes the debt payable in full even if foreclosure on the mortgaged collateral does not satisfy the outstanding balance.
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