For senior homeowners a reverse mortgage is a very helpful option. This kind of loan option gives the senior citizens of the age above 60 years to utilize the equity and henceforth use it to supplement an existing income. Reverse mortgage loan is a sort of loan advance. The home in which the borrower resides must have an equity. And till the borrower occupies that particular house he is not required to repay the loan.
/>There are 2 distinct categories of reverse mortgage loans. A jumbo reverse mortgage loan is also known as the non –conforming mortgage. The other category of reverse mortgage is known as the FHA conforming mortgage loan. A jumbo reverse mortgage is issued only when the value of the property or the residential house crosses the conventional limit of an FHA conforming loan. The value restriction of a jumbo reverse mortgage is not same as an FHA reverse mortgage. Thus a loan provider can offer a higher value to a senior citizen when the value of his house increases than the usual conforming limit.
Fannie Mae sets the maximum limit for an FHA conforming loan. FHA conforming loan is also known as Home Equity Conversion Mortgage. Generally most of the countries have fixed $ 362,790 as the maximum limit of issuing conforming mortgage to a borrower. When this limit is exceeded, one is entitled to apply for a jumbo reverse mortgage loan.
There are a number of benefits of jumbo reverse mortgage loan. If a senior citizen’s house is valued with high equity then it can be transformed to tax free cash. Once a person’s house become eligible for reverse mortgage, he does not have to make monthly payments. When a person moves or sells his house, the reverse mortgage is repaid by his home equity. The more the value of a home goes up the more the amount for jumbo reverse mortgage is offered by jumbo reverse mortgage lender.
Reverse mortgage providers in California and other primary cities of USA issue reverse mortgage and jumbo mortgage. The value for conforming loan in California and other American cities is fixed to $ 362,790. California jumbo reverse mortgage loan is valid when this fixed rate is exceeded.
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(Click “More Info” to see full video script!) www.60MinuteLoanModification visit for a free CD on Mike Rockwood’s experience modifying 5 of his own home loans – and how you can too. Ask Mortgage Modification questions on our forums at http Cheat me once, shame on you. Cheat me twice SHAME ON ME! Do you really want to use one of those former sub-prime brokers for ANYTHING? Do you really want to pay for a forensic audit when you just need an application filled-out and some advice? No, dont try to pay your way out of this one. You might as well flush that money down the toilet. Mortgage Modifications are better done yourself with insider information to make it good and fast! Here are 4 reasons why:. You Already Have Help A ton of tax money has gone toward helping homeowners get mortgage modifications. Lenders and the federal and state agencies involved have staffed and contracted to make the process easy and readily available to you. Dozens of community-based non-profits have staffed to meet the challenge. Also, many first-rate private companies (such as the Collection Agency Resolve Corporation and the debt counseling company Greenpath Debt Solutions) have contracted with the lenders to facilitate the process. Some of these resources are truly helpful. These well-intentioned organizations are, for the most part, helpful. Thats the good news. No one Loves You more than You? Not the non-profits – Like most government or bureaucratic efforts, the non-profits provide way too <b>…</b>
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How does one become a Mortgage Loan Processor?I am looking into getting a job in the Mortgage Loan Processing field. What training, certification will i need to establish this as a career path?
If you are both going to be on the loan, then both incomes will count. Critereia for a mortgage is dependent on the following:
* Credit Score – there are 3 credit bureaus and this thing called a FICO (Fair Issac) score. The closer your score is to 850 the easier the loan is to get and the better rate (lower interest) you will be offered.
* Debt to income ratio. If you earn $1,000 a month and have $750 per month in bills to pay, it will be tougher. Banks/mortgage companies like debt to income to be less than 50%, and would prefer 30% area.
* Don't be getting new loans and don't apply for new credit until after you have purchased your new home. These "inquiries" will bring down your credit score.
Look up your credit online now. You can get it done very inexpensively and know where you stand.
Hope that help
Salam
Search for Q/A: Mortgages? RESP plans? in youtube
The above link from “let the quran speak” refers to “reputable scholars” who state that the 1st mortgage ( the home you will live in) is permissible. They say that the TAKING of interest is haram, but the GIVING of interest is a contributing factor and sometimes cannot be escaped (e.g. student loans). Is this correct?
@”Livinghalal” Wouldn’t it be better to publish a FREE guide to help people rather than make $27 for ebooks?
لا اله الا الله محمد رسول الله
im from saudi arabi
Alhamdulilah thank you for this guidance…
As salaam aleykum warahmtullaahi wabarakaatuh
Jazaaka Allaah kheiran for this guidance brother.
RAMADAN MUBARAK
Wasalaam aleykum
Yes it is. In fact, it is common these days. It will all depend on what type of loan you are going for, and what type of collections you have. If you owe 200 bucks to a phone company from a year or two ago, it isn't as big of a deal to the lenders as owing 5,000 in back child support…. they do whatever makes sense…
Comment back on what type, how old, and total number of collection accounts, as well as a total dollar amount and I will tell you how your chances look…
no offence but i didnt think he answered the topic of this video. if there are no banks in my country offering shariah compliance loans, then how can muslims buy a house?
Simply put the loan officer will get paid either three ways:
1. You pay him origination points
2. The lender will pay him
3. A combination of 1 and 2
For anyone to come here and tell you that only one or two ways is the right way or how much of % should be paid is completely wrong.
Each state is different on how much on an average a borrower will pay on origination points.
In order for you to find out how the loan officer is chargin your, look at the Good Faith Estimate.
If you are paying for origination points up front, you may be getting a better rate than having the lender pay the loan officer for his commission. Although you could be getting charge at both ends.
Look carefully at the Good Faith Estimate.
AA
everyone watching this video is already convinced what you are saying but tell us how you bought your house. I live in Vancouver, BC where average house is $500, 000.
Mortgage Loan officers do not make anything from the SALE of a home. They make a certain percentage of the amount of the mortgage loan on the PURCHASE of a house.
The percentage of commission varies from state to state and from lender to lender.
I can tell you from my own personal experience.
First off, modifying your mortgage is a very difficult thing to do. Forget what the media and all these other yahoos are saying about the government's modification act. Most banks are not willing to modify your mortgage without putting up a fight.
Why? Because it costs them money to do it. Most mortgages are sold off to someone else after you take out the loan, but the original bank still acts as the servicer. They receive a percentage from the buyer of your mortgage to handle the payments and record keeping.
When something complex as a loan modification is requested, any profits they would make disappear and as such they are reluctant to do it.
The media and the banks themselves don't tell you this of course.
First-expect to hire a lawyer or get a legal aid lawyer. Most banks will not take you seriously unless you have a legal mouthpiece going to bat for you. Having a lawyer shows you mean business and just are not some schlub looking for a handout.
If you try to do it yourself, expect to be jerked around for months only to be told it can't be done and by the way we're starting foreclosure proceedings, which will only make the modification even more difficult.
The bank will not talk to you unless you are delinquent. And this is where time is of the essence-if you're very late with your payments and they have'nt started legal proceedings it makes the process much easier. Once legal proceedings start, then it becomes difficult if not impossible to complete the modification because now the courts will be involved.
Second-you will be expected to make your new payments ON TIME if you do receive the modification. The bank will not care how you accomplish this. You will be told that the first 3 payments or such MUST BE ON TIME OR THE AGREEMENT IS NULL AND VOID.
Keep in mind whatever agreement you agree to will only stall the inevitable. Eventually over time your payments will return slowly back to where they originally were. The original terms and payments will not go away. ALL A MODIFICATION DOES IS LOWER YOUR PAYMENT FOR A PERIOD OF TIME UNTIL YOU CAN GET BACK ON YOUR FEET.
Third-If you feel you can't keep up with the payments at any time now or in the future, consider selling the home while you can or give it back to the bank. It may seem difficult but it's a far better option than having it being taken away from you. Also note that if you file for chapter 7 bankruptcy, don't sign a reaffirmation of your loan. That way if you need to walk away you won't be held liable for whatever is still owed.
Fourth-I can't empathize this enough: NEVER, EVER, LET ANYONE TALK YOU INTO BUYING YOUR TITLE OR ASKING FOR MONEY TO REARRANGE YOUR LOAN. IT WILL BE A SCAM I ASSURE YOU AND YOU WILL STILL BE LEFT HOLDING THE BAG.
I hope this helps you and don't believe Obama and his socialist bullshit. What I told you is the reality and what the government says is fantasy.
Good luck!
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۞..´*• *•. .•*´ •* ´..* • •. *• ۞
۞ . لا اله الا الله محمد رسول الله.۞
۞.•..* ¸.• •.¸ `*.. •.* • • . * •۞
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I really suggest looking around at different careers websites, such as monster.com, in addition to checking out our careers page (I’m an employee of Quicken Loans).
Don’t worry about your lack of experience. At many mortgage companies, including Quicken Loans, no lending experience is not a problem.
In addition to on-going training, all new mortgage bankers attend five weeks of industry-leading training. We’ve been hiring 200+ new mortgage bankers a month for the past few months and we consider candidates with various work backgrounds and experiences.
I’ve included a link to our mortgage banker careers page that has more information, but if you have any questions feel free to contact me through my profile.
One thing, we only hire for employment in Detroit, Cleveland, and Scottdale, Arizona.
Good luck!
Oh, the complete recording is posted as one of the latest videos.
Sorry for the confusion.
Avg. Salary: 42k$
50 Salaries registered here:
http://www.whatsalary.com/us/salary/MORTGAGE-LOAN-OFFICER-T4154.htm
In an interest-only loan or mortgage the borrower only pays interest each month. This makes it cheaper than a conventional mortgage, in which part of each month's payment goes towards the principal and part goes towards interest. These loans have become popular because the monthly payments are lower, allowing borrowers to afford a larger home.
However, these loans can be dangerous, especially in a down housing market. The interest rates are generally fixed for the first 1, 3 or 5 years. After that, they convert to a conventional loan, with a higher monthly payment. Most borrowers take on these loans because they assume they will sell the home before the interest rate increases. In a down market, they may not be able to sell. If they cannot afford the increased payment, they may have to default on the loan, and foreclose on the home. So, when the rate starts to adjust, you would need to refinance again. And, either get a fixed or another interest only adjustable. And, yes, I do believe you mean ARM. Although, if you have extra money every so often, you can pay down the principal in extra payments.