Seeking advice for two job application questions for a mortgage loan underwriting position.?

Question by IronMike: Seeking advice for two job application questions for a mortgage loan underwriting position.?
I recently graduated from college and applied for an entry level loan underwriting position. I have an interview set up and they would like for me to answer these two questions and bring my answers with me to the interview. Any advice on how to answer would be greatly appreciated.

What would you contribute to this company?

Why do you want to work for this company?

Best answer:

Answer by wizjp
Hard work, dedication to learning and contributing to a corporate culture as well as a chance to become a valued member of a respected organization.

Because I’m not looking for a job; I want to form a relationship with a company and begin a career.

Give your answer to this question below!

Q&A: How do you go about refinancing your mortgage?

Question by clemmie: How do you go about refinancing your mortgage?
I have a 5 year interest only mortgage and just closed on my condo 4 months ago. It appears rates are lower. How do I go about refinancing and what are the advantages? If it’s lower should I autmoatically do it?

Best answer:

Answer by researched it
Take a look at the federal government’s finance program to make homes more affordable and glimpse if you sufficed. I’ve attached an article to help you out. The article spells out what you should do if you think you qualify.

Know better? Leave your own answer in the comments!

Real estate agent or mortgage loan officer?

Question by mr.t’smom: Real estate agent or mortgage loan officer?
This is a feild that really appeals to me. I have always been interested. I know it’s hard to start out…I have tried and gave up once because of the costs….I was going in debt…lol. But, I want to try again. Any tips? What are some good companies to work for? Any of you make any money within the first couple months? Also, after you work for a while is it possible to work at home…or at least part time at home? I am going to have a baby in the near future?Also, is it better to start off working for a builer rather a real estate company?

Best answer:

Answer by Jean H
real estate agent you need to be a go getter,it doesn’t come to you.and you pay out dues depends on your state and then you have to glimpse who would take you under there wings so you can work out of there office.you never just go bam I’m unbar unless you take over an office from some one else and you need experiance from the old timers. if you only make a comission of 6 percent,think about that one.you need to sell a house for 100k oat least to make nearly 6k and then the real estate office gets there cut for over head and all and then you’ll pay taxes on it,etc. so if you think just sitting at home and it’ll work for you,good luck. we have the money to persure it and we find it hard to get listings and sell and foreclosures,alot of footwork and alot of the peole are just looking and your never hear from them again don’t know alot about mortgage brokers. but the other answer of 20k a month? I would question that one. but i could be wrong.

Give your answer to this question below!

Mortgage Inverview How to Shop for A home Loans Tips Tricks

Teach Me Home Loans exposes the mortgage insdustry from mortgage insiders. Makes it easy to shop for a home loan, FHA loan, VA loan, Rural Development, Fees, Interest Rates, Foreclosures, Short Sales, FHA Secure, Government Loans, First Time Home Buyers, Notary, Escrow, House, Purchase, refinance…
Video Rating: 5 / 5

HSH.com Weekly Mortgage Rate Radar: Lower Rates, Expanded Refinancing Program Could Spell Relief for Borrowers

HSH.com Weekly Mortgage Rate Radar: Lower Rates, Expanded Refinancing Program Could Spell Relief for Borrowers

Foster City, CA (PRWEB) October 26, 2011

Rates on the most popular types of mortgages eased slightly, reversing a minor uptick from the previous two weeks, according to HSH.com’s Weekly Mortgage Rate Radar. The average rate for conforming 30-year fixed-rate mortgages declined by 3 basis points (.03 percent) to 4.23 percent. Conforming 5/1 hybrid ARM rates besides decreased by 3 basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at a mean of 3.08 percent.

“This week, the Obama Administration announced new plans for helping underwater borrowers refinance,” noted Keith Gumbinger, vice president of HSH.com. “The expansion of the Home Affordable Refinance Program (HARP), coupled with approached-record-low interest rates, mean borrowers trap in higher-rate mortgages may find real opportunities for savings.”

“For many homeowners, these savings can’t come soon enough,” observed Gumbinger. Details of the government’s expanded refinancing program are due out in mid-November.

Average mortgage rates and points for conforming residential mortgages for the week ending October 25 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

    Average rate: 4.23 percent     Average points: .34

Conforming 5/1 ARM

    Average rate: 3.08 percent     Average points: .28

Average mortgage rates and points for conforming residential mortgages for the previous week ending October 18 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

    Average rate: 4.26 percent     Average points: .26

Conforming 5/1 ARM

    Average rate: 3.11 percent     Average points: .22

Methodology
The Weekly Mortgage Rate Radar reports the average rates and points offered on conforming 30-year fixed-rate mortgages and conforming 5/1 ARMs. The weekly mortgage rate survey covers a large sample of mortgage lenders and is conducted over a Wednesday-to-Tuesday cycle, with data released every Wednesday. HSH.com’s survey helps consumers find the best rates on home loans in changing market conditions. Unlike mortgage rate surveys that report average rates only, the Weekly Mortgage Rate Radar’s inclusion of both amount rates and average points provides a more accurate view of mortgage terms currently offered by lenders.

Every week, HSH.com conducts a survey of mortgage rate data for a broad range of consumer mortgage products including ARMs, FHA-backed and jumbo mortgages, as well as home equity loan and lines of credit from hundreds of direct lenders in the U.S. For information on additional loan products, visit HSH.com.

About HSH.com
HSH.com is a trusted source of mortgage data, trends, news and analysis. Since 1979, HSH’s market research and commentary has helped homeowners, buyers and sellers make smart financial choices and save money on mortgage and home equity products. HSH.com, of Pompton Plains, N.J., is owned and operated by QuinStreet, Inc. (NASDAQ: QNST), one of the largest Internet marketing and media companies in the world. QuinStreet is committed to providing consumers and businesses with the information they need to research, find and select the products, serving and brands that meet their needs. The company is a leader in visitor-friendly marketing practices. For more information, please visit QuinStreet.com.

Press Contact
Andrew Heilman
775-784-3842
pr(at)hsh(dot)com

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About getting a mortgage loan?

Question by gracemleone: About getting a mortgage loan?
Hi,I am looking to purchase my first home. I have excellent credit and tin prove my current income through my paycheck stubs.I work as a waitress, and the previous places I have worked did not require that I report my tips, I know it is my responsibility to do so in the state of CA , but at the time I didn’t really think about it. Anyway, so I have a lot of unreported income that don’t show on my past W-2′s.However, at my current position, my paychecks reflect the exact amount I earn including tips. My question is, what is more important to lenders? Current income, or the ability to prove previous income? I have excellent credit and no debt. Will they take into consideration that unreported tips are a common issue?Thanks in advance for all your answers…

Best answer:

Answer by Ask Me Anything
It will only be a problem if you needed that *unreported income* to qualify for the loan. That is why it is so tough for self employed to get a house loan. We take a lot of deductions in order to pay as small tax as possible, but, when we go to get a mortgage, it bites us in the butt, because on our tax return, it looks like we are poorer than a church mouse! If your tax returns for the endure 2 years show you do enough to qualify for the loan, you should be ok.

Know better? Leave your own answer in the comments!

Need Mortgage Loan Advice?

Question by kmlittlejohn: Need Mortgage Loan Advice?
I need to refinance my house to get away from the THDA policies that restrict me from renting my house. My house is currently listed for sale, but due to the economy, it could be months/years before it sales and my family and I would like to move as soon as possible. If we refinanced we could at least rent the house if it came down to that.The bank is suggesting that I do a 3/1 or 5/1 ARM since I am planning to sell the house immediately. From what I hear, ARM’s are selfsame scary and I’m not sure this is the best dispatch. Help!!!Pls understand that I am not trying to do a refi in hopes on a lowering my rate. I also understand that doing a refi will add more money to my loan, but in the end, I could likely still sale the house at a price to pay the entire loan balance.Selling the house is my ultimate goal and I really don’t want to rent, but if it comes down to it, I may have to in order for my family to move into a bigger, more suitable home. My house is priced for quick sale, but their is so much competition flop now.I’m considering the refi to get out from under the THDA guidelines..THDA did provide grant money that I have been repaying with my mortgage since I bought my house. I will have to pay the balance of if I sell the house, but that’s no concern of mine. The guideline that THDA imposes that is crucial to me can be read at the weblink below. It’s question 12: http://www.thda.org/Programs/Mortgage/svcqstns.html

Best answer:

Answer by Big Al
Arms are very scary but if you know you can sell it in 3-5 years then you can do it. Now if you cant sell it and the rate goes up to 10% get ready to pay your butt off in interest.

What do you think? Answer below!

Countrywide Home Loans Assures Homeowners and Home Buyers That They Still Have Many Mortgage Loan Choices

Countrywide Home Loans Assures Homeowners and Home Buyers That They Still Have Many Mortgage Loan Choices

Calabasas, CA (Vocus) March 17, 2007

Countrywide Home Loans, Inc., a member of the Countrywide Financial Corporation family of companies, America’s #1 home loan lender,* wants to assure homeowners and prospective home buyers that there is still a broad range of mortgage loan choices available to them. Financial market conditions have required many lenders to make revisions to some loans offered to homeowners who have less-than-perfect credit, often known as subprime borrowers. In addition, there have been changes to some loans that fall between the prime and subprime categories. However, the majority of America’s homeowners and home buyers still have access to a wide range of mortgages, including no downpayment loans, or 100 percent financing.

“We want to assure homeowners that there is still an extensive selection of mortgage loans to suit a multitude of personal and financial circumstances,” said Tom Hunt, managing director of Countrywide Home Loans. “We recognize it’s been widely reported that some major lenders, like Countrywide, no longer offer 100% financing. In fact, we have made changes to certain subprime and former special mortgage programs, but we have not eliminated 100% financing. We still offer one of the widest selections of low- and no-downpayment options to qualified customers, including those with less-than-perfect credit.”

Countrywide offers a few tips to homeowners or home buyers who are seeking a mortgage loan:

1)    Don’t Panic. While there is a lot of news about changes in the mortgage market, most consumers will still be able to find a mortgage loan that fits their circumstances.

2)    Talk to a reputable lender. When you’re ready to refinance or purchase a house, be sure you speak with a reputable lender who can offer you a wide range or loan choices.

3)    Get the lowdown. Ask your lender to thoroughly explain each bond loan type you are see and be certain you ask questions until you completely understand your lend options. If you choose an adjustable rate loan or a bond with former unique options, learn how the interest rate or other feature may change over time and be sure you are comfortable with those changes.

4)    Take advantage of historically low rates. Remember that interest rates are still at historical lows. Regularly “manage” your mortgage to ensure that your loan and its term still match your current personal and financial situation. If changing life stages or early circumstances call for a mortgage freshening, you may want to take prefer of today’s relatively low interest rat.

As with any financial decision, consumers should carefully evaluate their options and fully understand the advantages and disfavour before making a change. Borrowers should evaluate the new loan’s mortgage payment structure and time to ensure that they feel comfortable with the monthly payment and understand the risk connected with the prospective mortgage.

*About Countrywide Home Loans, Inc.

Countrywide Home Loans, Inc., – a member of the Countrywide family: America’s #1 home loan lender as ranked for 2006 by Inside Mortgage Finance (Feb. 2, 2007), Copyright 2007 – originates, purchases, securitizes, sells and services home loans and is the primary subsidiary of Countrywide Financial Corporation (NYSE: CFC). Countrywide Financial Corporation, through its subsidiaries, provides mortgage banking and diversified financial services in domestic and international markets. Founded in 1969 and a member of the S&P 500 and Fortune 500, Countrywide Financial Corporation is headquartered in Calabasas, California and its family of companioned has a workforce of more than 50,000 in over 900 offices across the country.

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is there any chance of getting a mortgage loan with my situation?

Question by Melissa: is there any chance of getting a mortgage loan with my situation?
I am currently lliving in an apartment and I really want to own my own house… I assume that with my current situation, some people might not think that I would be able to own my house- and I am not sure if they are right,,,,I really don’t understand the mortgage stuff. any advice/info/helpa few things-Female21 yrs oldgood imputedpayed by the hour (not salary, obviously)$ 9/hr– atleast 40 hrs a weektips- atleast $ 200/week

Best answer:

Answer by marilyn4invest
If you can show deposits for the endure year that include your tip, you can show enough income to get a full loan. The best advice I can give you is to go to several lenders and have them qualify you for a loan so you can see how much you can afford with the down payment you have. Also, there are a lot of foreclosures right now and you can find some great deals.

Know better? Leave your own answer in the comments!

Q&A: Which should I pay more of right now? Mortgage, student loan, or neither. Should I invest instead?

Question by Nick K: Which should I pay more of right now? Mortgage, student loan, or neither. Should I invest instead?
I have a home mortgage for $ 260,000 and a student loan for $ 20,000. My interest rate on my home is 6.75% and my rate on my student loan is 3%. My student loan is much easier to pay off since because of the amount and I know I probably will never pay off my home before I end up selling it (I just purchased the home). I know the rate is higher on the home but I’m not sure if it’s worth putting more towards it if the payments are going to stay the same regardless. Just more principal will be paid off. It does not seem to be the best time to invest but it may be my best way to beat the system. My savings account is yielding 4% but has been dropping lately. I don’t have an auto loan because I made the mistake of leasing a car 2 years ago so I’m paying those payments when I wished I had bought instead.Any advice from people who have been in this situation before. I’m a new home owner looking to get the most for my dollar.What’s your opinion? Any good tips out there?

Best answer:

Answer by Em’s_The_Word
The best advice I’ve heard is that it is best to subsidized off amounts owe than to earn interest on money you have. Usually the interest you earn is a lot less than the absorbing you are paying out.

Know better? Leave your own answer in the comments!

Tips, financial advice to pay our mortgage off as early as possible.?

Question by Jennifer: Tips, financial advice to pay our mortgage off as early as possible.?
I am looking for tips on how to pay our mortgage off as quickly as possible. I am debt free other than a mortgage, no credit cards, vehicles or personal loans. My husband and I want to get that mortgage downwardly quickly… any advice.

Best answer:

Answer by PITBULL
Make one extra payment per year. On a typical 30 year fixed bond that should cut the payoff time down to about 22 years give or take. If you have even more money to save, because that’s what your really asking, then open a Roth IRA and max it out. The value of compounding interest over time, is of course, invaluable.

Give your answer to this question below!

Home Mortgage Loan : Tips on Getting the Best Package Revealed

Home Mortgage Loan : Tips on Getting the Best Package Revealed
Before you pick your lender and home mortgage loan, try to make further check on some important aspects of the loan, such as finance costs, interest rates and lenders. This move assures your obtaining the best mortgage loan in the end. If you have a good credit rating, preferably 680 or even much higher, you have a wealth of home mortgage loan options. You can have the privilege of selecting the loan term of your liking, but then first you have to make sure you choose the best home mortgage loan package. How do we do this? By focusing on finance costs, loan terms and lending companies. Finance Costs The most competitive in the mortgage market is the general loans which includes both the fixed rate and adjustable rate mortgage. Most competitive loans only mean having the lowest interests. Add some twenty percent down payment and you have lenders gravitating all over you. Fixed-rate home mortgage loan somewhat offers security because of its flat rate of interest. This means you will pay with the same rate during the entire term of your loan. You can also opt to lock in when times do happen to have low rates. An adjustable rate home mortgage loan on the other hand offers lower rates. However, this comes with the risk that they might increase with the coming years. One advantage of ARM is that home buyers who don’t plan to stay in the property for the long term can actually help in you saving significant amount of dollars in interests. Lender Conventional lending companies offer competent financing, even if your need is on an unconventional loan. They can actually process subprime mortgages. They can likewise find an underwriter for you, which will slightly add to your home mortgage loan rates. Or perhaps you still want to work thoroughly on your loan options. You can start by making a list of all interest rate quotes on a loan amount. With this method, you will find out which lender gives the best offer. You must also focus on the fees; this ensures closing costs do not offset interest savings. After selecting a lender, you can now request for a bid. The lender will then check on your credit rating and provide you will real numbers. This is when the lending institution will actually look at your credit history and give you real numbers. Now it is up to you if you are agreeable to the terms, otherwise your next move is to look for another prospective lender. Loan Terms The shorter the term of you home mortgage loan, the less amount that you will have to pay in charges. However, you monthly payments will have higher amount, you term being short in duration. The most commonly applied for mortgage loan lasts for 30 years; however, you have an option of 25, 20, 15 or even 10 year mortgage loan. You have to base your term on your capacity to pay every month.

Mortgage Loan Officers Please give me some advice?

Question by misstrini1020: Mortgage Loan Officers Please give me some advice?
If there any loan officers out there that tin delight give me some advice i would really appreciate it. My son has a house that is currently being rented and I rent an apartment. Although he pays his mortgage on time he has bad credit and I have selfsame good credit. His score if 560 and my score is 740. He wants to refinance and put my name on the mortgage since I have good credit. Will the bank allow this? If so how will it be done. Some people are saying he has to add me to the deed and wait 3 months, I have also heard he can just add me to the title and do it flop away. I have heard some banks allow you to refi as long as you are just added to title. What is the difference between the two? I am trying to get a clear answer. Also, being that the house is rented do we have to get an investment property rate which is much higher than if it were owner occupied? The tenants that live in the house now are leaving and I am planning to leave my apartment and live there.

Best answer:

Answer by Mortgageman
Each bank is different as to their guidelines on how long you need to be on entitle before you refinance. And it varies depending on whether or not you need cash reveal. If you get quit claimed onto entitle and can result that you live there, you can get primary nonmigratory interest rates. Good Luck.

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Home Mortgage Loan – Tips for Reviewing Loans

Home Mortgage Loan – Tips for Reviewing Loans

When you are in the process of obtaining a home mortgage loan, there are undoubtedly many aspects of the process that are new to you.  The language that applies to loans, for instance can be unlike from the meaning employed to the same term in quotidian life.  It is far best to review each clause of the prospective loan document as soon as you have access to it and make certain that you understand the terms that are used and how they apply to your own fiscal situation. Here are some concepts regarding your loan that will be important in ensuring your loan package is acceptable in the long run.

Overall cost of the loan

There are many aspects that go into determining the loan cost on your home mortgage loan.  The interest rate, mortgage type, loan fees, and term of the loan are just a few of these.  You may understand the words, but it is important to take a look at what the words will cost you in dollars and cents.  Even a few dollars less in the early stages of a loan can save you thousands of dollars over the entire loan period. It’s important to take advantage of such savings.

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Mortgage type

The basic mortgage types that are common when you apply for a home mortgage lend include the fixed rate mortgage, the adjustable rate bond, reverse or negative equity mortgages and interest only mortgages.  Each of these has advantages and disadvantages and you are the better equipped to determine whether the type of mortgage will work for you. The significant factor is that you review the documents and proposals so that you know exactly which type of loan you are getting.  Being surprised in a few months by a two to five hundred dollar increase in your monthly payment due to an adjustable rate mortgage can result in the loss of your home.

Interest rate

When reviewing the loan documents for a home mortgage loan, one of the important factors that you should check and understand is that of interest rate on the loan. Mortgage interest rates can vary from low to high, depending upon such other factors as the type of loan, applicable usury laws, credit rating, term of the loan and others.  Review the stated rate and make certain it is what was agreed upon.  If you are expecting a fixed interest rate  and the documents provide for an adjustment in 24 months, chances are good that the mortgage has been prepared with a variable interest rate.

Broker’s reputation

Actually, checking the broker’s reputation should come swelling before readying or reviewing the documents for your home mortgage loan.  Sometimes though, you won’t see a problem until you actually get the documents in writing before you.  If there is anything that is ill-defined or incorrect, the time to get the problem corrected is before signing.  A reputable stony-broke should be willing to work with you to correct problems or clear up any communication issues.

Related Mortgage Loan Tips Articles

I am refinancing my mortgage, can I start to sell the house now?

Question by Claudio F: I am refinancing my mortgage, can I start to sell the house now?
I am refinancing a ballon to a fixed rate mortgage and in the agreement it says that I have to occupy the property for at least one year after financing closing. Can I start to look for a buyer now tho?

Best answer:

Answer by David Z
yes. you can sell it in a month if you want. that language is there so that you concur not to turn place into investment property. it does not forbidding you from selling in less than a yearrefi is expensive. usually the cost requires 2-3 years to break even.

Give your answer to this question below!

Home Equity Loan Broker Awarded Preferred Mortgage Broker Status for Second Consecutive Year from IHE

Home Equity Loan Broker Awarded Preferred Mortgage Broker Status for Second Consecutive Year from IHE

Encinitas, CA (PRWEB) January 29, 2007

For the second consecutive year, BD Nationwide Mortgage Company was awarded “Preferred Broker” Status from Irwin Home Equity for home equity loans and 125% second mortgages. IHE announced last week that BD Nationwide was extended this award for their exceptional level of expertise for home equity loan origination. Last year, they were one of only three second mortgage brokers in the country granted this status.

The preferred status gives BD Nationwide a significant edge because they are one of the few mortgage brokers in the country who can offer large home equity loans to a 125% loan to value. Most lenders and brokers are restricted to $ 50,000 or $ 75,000 loan amounts but BD Nationwide is able to offer these high LTV second mortgages for loan amounts ranging from $ 100,000 to $ 200,000 to qualifying borrowers across the country.

IHE grants this competitive edge to brokers and lenders who continue to demonstrate a great understanding of their second mortgage product line. Irwin account executive, Dan Ambrose noted that “With this changing marketplace, having the ability to offer consumers 125% home loans for debt consolidation is imperative for hardworking families to save money by reducing their interest with low rate second mortgages.” Ambrose continued “this is a significant opportunity for BD Nationwide to take their loan origination to the next level.”

Noteworthy Guideline Expansion with Premier Loan Broker Status.

Interest Rate reduction up to for all 125% home equity loan products Expanded loan amounts of up to $ 150,000 for all 125% 2nd mortgage products Expanded cash-out limits of up to $ 65,000 for all 125% loan products

At this time, BD Nationwide continues to offer fixed rate home equity loans, interest only second mortgages, prime rate home equity lines, and sub-prime second mortgages for borrowers with bad credit scores from high revolving credit debt or past bankruptcies.

About BD Nationwide Mortgage Company:

BD Nationwide Mortgage is a California mortgage company whose corporate headquarters are located in San Diego County. BD Nationwide specializes in affordable home mortgages and debt consolidation for homeowners seeking cash out refinancing or residential financing. The company niche remains focused on home equity loan and second mortgages . Always striving to reach their goals, BD Nationwide Mortgage is determined to help expand home financing solutions so more people in the U.S. can take advantage and become a homeowner.

To learn more and get additional loan information, please visit: Home Equity Loans

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Is it reccomended to use newspaper ads for mortgage loans?

Question by samsrei: Is it reccomended to use newspaper ads for mortgage loans?
Im looking to attract more clients and I was wondering for any loan officers who have done it, if putting in a 3 lined ad in a 200k circulated paper might be good for attracting promising clients. If so whats the guestimated number of calls that you have recieved from putting it in the sunday edition, and what are some reccomended tips on whats to say in the ad? “We will work with you”? “100% FHA financed”?

Best answer:

Answer by dfrizzellffps
I ran a 1/8 page mortgage ad in a paper for 4 months once and got ZERO calls from it.Email me and I will give you a few tips on getting some great businessunited1st@live.com

Know better? Leave your own answer in the comments!

How to Obtain a Mortgage : Tips for Mortgage Loan Process

Set your house closing for the end of the month. Learn what to keep in mind before and during the mortgage loan processe in this free personal finance video from a loan officer and mortgage closing specialist. Expert: Sherry Berrier Bio: Sherry Berrier worked for major banks such as Bank…
Video Rating: 5 / 5

Understanding mortgage graphs and adjustable home loans is important when buying a house. See why in thisfree video on real estate and bank loans. Expert: Jim DiVietri Bio: Jim DiVietri Worked as a mortgage loan officer for over 5 years in Lansing, MI. Filmmaker: Robert Rogers
Video Rating: 3 / 5