Mortgage Broker Training: What are Mortgage Loans? [mortgagegoalrates.blogspot.com]
Question by C: How do I pursue mortgage broker training? Can I work from home? I am considering pursuing work as a mortgage loan broker. I have always been a very aggressive sales person when I worked in that field so I am confident I could do well at it. I am degreed and motivated but do not know where to begin. I'd like to work from home. I already have a home office set up. I have to be licensed in NY and need direction on how to begin. Any professional advice would be greatly appreciated! Thank you. Best answer for How do I pursue mortgage broker training? Can I work from home?:
Answer by Kim
would really depend on your states requirements. For instance in the state of Texas you have to hold a real estate license for 18 months before you can become a broker. I would look on your states site- usually state insurance commissioner- Those sites will answer all of your questions and you will know what to do and how to do it within minutes.. Hope that helps.
Answer by robert w
C, candid answer is now isn't the best time to get into a dying industry with other struggling starving loan brokers. u'd be surprised the # of l.b. we have applying daily for work and training. in the 80's the S&L collapse drove most to other fields. u'd be luck to find 1 in 3000 who actually worked in the 80's today.. suggest reconsider - read '48 days to work ulove' d.miller see what ur skills would produce better income.
The www.RealEstateForeclosuresInvesting.com Provide Loss mitigation training & Short Sale Training. What is loss mitigation? It is a general term that refers to working with a lender, whether you are helping a seller negotiate a payment arrangement or if you are working short sales
mortgagegoalrates.blogspot.com Mortgage Brokers and Loan Officers Training
In modern terms, the word “mortgage†has the same meaning as “mortgage loansâ€. A mortgage loan is a loan secured for acquiring real property. Based on most property law, a mortgage happens when an owner (borrower) pledges his right of property (real estate) to a second party, usually a bank in return for a loan. The term “mortgage†originated from the Law French term “dead pledgeâ€, where it is said that the pledge ends or dies when the loan is either fully paid, or the property that has been pledge has been taken through foreclosure. This is one of the first things you’ll learn when you go for mortgage broker training.
Mostly, people who apply for mortgage loans are home owners and real estate developers. It is very common to see people going to banks or mortgage brokers to secure a mortgage loans.
Due to high prices of land and construction materials, getting a mortgage loan is one of the fastest ways for people to build or buy their very own homes.People can go to various financial institutions such as banks to get a mortgage loan. For those who haveissues with establishing credible credit history, going for a mortgage broker maybe the best choice as a mortgage broker can help you secure the loan that you need.
Mortgage loans have different features. Most mortgage loans differ based on the size of the loan, interest rates, maturity of the loan, payment methods and other factors. Most common plans for mortgage loans span from 10 to 30 years.
There are usually 2 types of mortgage loans.
First is the Fixed Rate Mortgage, while the other one is called the Adjustable Rate Mortgage. You will likewise learn the differences between each one during your mortgage broker training.Fixed Rate Mortgage or FRM
In the fixed rate mortgage, the periodic payment and interest rate for the loan are fixed for the duration of the loan. Except for property tax and insurance, the rate for paying of the loan and its interest remains from the first month of the loan till the end of the loan say 10 or even 30 years after.
Adjustable Rate Mortgage or ARM
In adjustable rate mortgages, the interest rate is only fixed on a certain period of time. After that, a periodic change, either by monthly or annually, can be made for an adjustment of market index. In most countries, particularly in the United States, Adjustable Rate Mortgages are the most common type of mortgage loan.
A combination of a fixed rate mortgage and an adjustable rate mortgage can also be arranged, and is also a common practice in the business.
Advantages of Having a Mortgage Loan
There are a lot of things that would work to your advantage if you’re in a mortgage loan. First up are house rentals and their ever increasing rates. So instead of paying your monthly rent, you can just pay your monthly mortgage obligations, and have your very own house in 10 to 30 years.
Another benefit of having mortgage loans is tax deductions. Many people use their mortgage interest as additional expense that they can charge for their tax deductions. You can apply this interest expense in many local and State taxes. This benefit is not applied for your expenses for renting your house.
Learn more about mortgage broker training by visiting our other articles here in Broker-Training.org.
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