Hi all.
I’ve been thinking about buying a home recently but I am a bit hesitant, living in South Florida I’ve seen the volatility down here for some years.
I don’t know how much I could qualify for, my credit score is around 830, I have about 20K saved up and I make 75K a year. Can anyone give an estimate or tell me if I’m a good candidate?
There are still a lot of homes, in my opinion, that are overpriced and they’ve been sitting there since last year! Should I wait some more hoping prices go down further and maybe qualify?
Thank you in advance!
by lumaxart
I heard that mortgage brokers drive Porches and make tons of money. By and large, how much does the average mortgage broker make?
Mortgages 101: Quick Answers to Over 250 Critical Questions About Your Home Loan
With mortgage stories dominating the front-page news, people - whether they're buying a new house or refinancing - increasingly have questions about the complicated issues at stake. Arranged in an easily accessible question-and-answer format, "Mortgages 101" provides readers with essential lending formulas, as well as important information on lending requirements and application procedures. This revised edition includes up-to-date material on new loan and government programs, changes to the law
Scenes from a broken economy: shuttered mortgage services store
Image by Chris Devers
Reads:
Excel Mortgage & Investment
MAKING DREAMS HAPPEN
They must mean like that dream I had when I had my wisdom teeth out, and I was knocked out on Percoset. You know, the dream where I was on a hike in the mountains with a bunch of people, and the terrain kept getting harder and harder, and then we were being chased by wolves, and everyone just seemed to disappear, and it was just me and the wolves, and I was running & running and getting so tired, and then I came to this big brackish, polluted lake, and the only options were swim or the wolves, so I jumped in with my camping gear and everything, and started swimming for the other side, and the wolves came in after me, and then I woke up. In a cold sweat. Exhausted.
I hated that dream.
* * * * *
This photo appeared on NPR’s Planet Money blog on 5 Jun 2009, and on paltalk News Network on 9 Dec 2009.
There is no set amount the average mortgage broker makes. It is a sales buiness and all depends on the amount of business they do on a given year. the last 6 years have been really good for us. So there is a boom of Brokers showing off their earnings.
They have allot people come and get mortgages they must make money helping people
How successful do you want to become?
Depends on the person. Two items that affect their income is volume (number of loans they close) and how aggressively they price their loans. With the real estate market booming and the rates being so low the last three years, loan officers stood to make quite a bit (everyone was buying and refinancing). Even inexperienced loan officers did well previously. When the market was hot, I saw good loan officers making around the $ 300,000 mark. But now things have slowed sales wise and rates have risen (not as many refinances). Some who made easy money previously have little to no pipeline now. Its sales – you need to build a referral base and be persistent. A good loan officer can still make over $ 100,000 per year. It can be a tough business (just like any competitive commission sales career).
This book is a must read for anyone in the business,
I train residential mortgage loan originators around the country and I recommend this book to all of them. I have learned more from this book than from dozens of other books combined. Do not lend or broker mortgage money without reading this book; you will learn more from this book than you would from spending ten years in the business.
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|An Excellent Primer,
Dave Reed has written an excellent book. His style of a Q & A format makes for easy reading and he keeps the answers short and on point. I own a mortgage company and a real estate brokerage, and I think his book could easily be used by the following 3 groups:
1) People shopping for a loan
2) Realtors who want to familiarize themselves with the multitude of loan products available.
3) Any agent new in the industry. I would advise every lender to have a copy on hand. If you get a new agent who is inexperienced, put them in a corner their first day on the job and have them read this book.
I think Mr. Reed has done a thorough job explaining what is currently out there in the way of mortgages, and his Q & A format worked because that is typically how a loan officer gets and delivers information, i.e. “If I do that what happens?” or “Can I buy this house with this much or that much down?”
He strongly encourages in this book to find an experienced loan agent who is working in your best interest. Even though there are a loans available these days, not all make financial sense to all people. Sometimes a borrower just has to take what is offered due to job history, credit history, or lack of downpayment. But, the good news is that people can now get loans who could not get loans in the recent past (at somewhat reasonable rates). Real Estate has been so good to so many people, that it is undeniably the best investment for the average person. I’ve seen it too many times in my 19 years of being in the business. Dave Reed has done much to add to the understanding of loans for the average person.
Good job Dave on this great book.
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|Great book, easy to understand, lots of secret information,
I picked this book because it was kind of a cross between Mortgages for Dummies because it was easy to get through and find different information and other mortgage books that get so technical that they’re boring. One of the quotes on the back cover said something like “…the book on getting the lowest rate is worth the price of admission alone…” I couldn’t agree more. I’m buying my second house now and wish I had this book the first time around.
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|Depressing stuff – but we have a group now for these shots. I hope you’ll join: For Rent, For Sale, Signs of the Times.