Going to Bankrate.com shows a lot of rates that are much better / lower fees / 0 points than the local banks like BofA and Wells. Is AimLoan and other online-only lenders just as legitimate?
Are there any disadvantages to going with these lenders? Because even with local big banks, most of your mortgage needs can only be handled via telex / mail. Just want to know if they can be trusted and what the worst case can be.
by Owen Geronimo
I am fresh out of a college. Not just any college; a community college. And I need step by step how to become a mortgage broker or mortgage agent please. Thanks alot.
mortgage tax is the same as property tax but mortgage tax is pay to the bank because you borrow the mortgage loan?
Thank you.
Tags: BofA, Fargo, from, Just, legit, Loans, Online, Sources, Wells
Get a job at the Mortgage Broker Office.
at first, you’ll just answer phone calls and all, but eventually, you’ll either be a processor or agent.
Are you sure thats a business you want to go into? Your entering a very tough market were people are leaving the business and not entering it because its so tough.
You have 2 options available to you. First option is to go work for a direct lender as an originator. This will allow you to get to know the business and you will work under their DOC license. If licensed under the DOC then the individual employees do not need to be licensed.
Second option is to go to work for a Broker. To be a loan officer (originator) you will need to enroll and complete a real estate princiapals course, then schedule with the Department of Real Estate for your sales persons license exam. Once you pass and pay the state their due you will then have a real estate license. This will allow you to originate loans and represent buyers and sellers in Real Estate transactions.
The above poster is correct in pointing out that the market is difficult right now. Many lenders and brokers are closing their doors due to slowing in the industry. However, people are still buying and selling homes and there will always be a need for agents and loan officers.
Best of luck to you!
Kevin 949-375-2380
[email protected]
In the USA, I don’t know of anything called a Mortgage Tax. The money you pay to the bank, because you borrowed the loan is called Interest.
Usually, the lender pays the property tax using funds from the escrow account in your mortgage.
Property taxes are taxes assessed on property, normally based upon the value of the property.
Have never heard of a “mortgage tax” but some jurisdictions to assess a tax for recording property deeds and transfers and since the mortgage usually requires an additional filing there could be additional taxes due to record the mortgage and/or record the lien release when it’s paid off.
Most lenders require payment of a portion of the estimated property taxes (and homeowners insurance) with each payment. That’s not a tax but money held in escrow by the lender until they receive the tax bill and pay it. The amount that they pay on your behalf is deductible on your tax return if you itemize.
As far as I know, if you have a home mortgage, your property taxes are figured in with your monthly payments. After you receive clear title to the home, you pay property taxes. Like the others, I have not heard of a mortgage tax.
You are very confused. I’m guessing you’re talking about property taxes paid through a lender impound account (escrow account) as opposed to paying them directly to the county.
It doesn’t matter which way you pay them. If it is through the lender, you will get a Form 1098 from the lender that shows the property tax paid on your behalf.