Sentences with phrase «mortgage brokers say»

As lending requirements loosen and home values increase, mortgage brokers say they expect more homeowners will look to pay for improvements with home loans.

Lenders may ask you to pay a higher rate of interest, perhaps a quarter or half percent more than the average national home loan interest rate, mortgage brokers say.

TORONTO — Mortgage brokers say the borrower rejection rate from large banks and traditional monoline mortgage lenders has gone up as much as 20 per cent after Canada's banking regulator imposed a new stress test for home buyers who don't need mortgage insurance.

OTTAWA — Canada's first - time home buyers may have to shelve their dream house fantasies due to lending changes announced this week by the federal government, mortgage brokers say.

Everything will be paid current or paid off (accept about $ 5k in medical bills which our mortgage broker said they can try and work around).

The mortgage broker said he uses the middle score, so my EXP score would be used currently.

«I want to give him a good home,» the Orlando mortgage broker said.

Often times realtors do this because they have been burned by a mortgage broker who did not properly underwrite the client and blew the deal at the last minute when the borrower did not actually qualify for the loan the mortgage broker said they would.

The mortgage broker said that I had to accept another mortgage proposal, now including a second mortgage, or I would be sued by the seller.

But interest rates could decline or hold steady in coming months, the National Association of Mortgage Brokers says.

Not exact matches

Because her credit cards were loaded with debt to pay for the classes, mortgage brokers told her she was ineligible for a loan, she said.

«Home Capital ran into problems with one of its mortgage brokers who gave it some bad information,» he said, referring to how the company cut ties with 45 brokers after an internal investigation revealed borrower income and employment information had been falsified in some instances.

Rabidoux says he works with mortgage brokers who tell him these unregulated mom - and - pop lenders grew from 4 % of their total volume in 2014 to 33 % this year: «I know people who borrowed against their homes to invest in these mortgages.

BMO Financial Group says it has entered into a definitive agreement to buy the fixed income broker - dealer, which specializes in the institutional investor market for U.S. mortgage - backed and asset - backed securities.

«CMHC is making an absolute fortune right now, and I don't think it is fair,» says James Sears, co-owner of Toronto - based mortgage broker Trillium Mortgage, which has been in business sinmortgage broker Trillium Mortgage, which has been in business sinMortgage, which has been in business since 1989.

Though PRIMARQ may leverage cutting - edge technology to provide it, down payment assistance provided through equity - share arrangements is not a new concept, said Lou Barnes, a mortgage broker and Inman News columnist.

The bank expects that most of the 300 employees in its broker - related business will find other jobs in the mortgage unit, Citigroup spokesman Mark Rodgers said.

He said that the way in which banks pay mortgage brokers are set to change in the wake of the inquiry.

«Banks are happy to dole out these HELOCs because they can come after your home if you don't pay,» said Terence Michael, a mortgage broker with Omni - Fund.

«The feds clearly wanted to puncture the housing market and they have certainly done so,» Sherry Cooper, chief economist at Port Coquitlam, British Columbia - based mortgage broker Dominion Lending Centers, said in a note to clients.

«I think that people are frightened of the unknown,» said Douglas Elliman broker Frances Katzen, who added that she's noticed more homeowners trying to refinance or lock in fixed - rate mortgages in anticipation of rate hikes.

Mike Bricknell, a mortgage broker with CanWise Financial, says that limits options for borrowers who may not satisfy «A» lending requirements.

«A particularly strong factor in deciding to publish this new edition was driven by the continuous change in terms of the standards of practice required not only of agents and brokers, but also of lawyers, mortgage brokers, lenders, financial advisors, appraisers and other involved parties,» says Rumack.

«If you acquired your retail property in the past two years, you are in this situation where if you don't hit certain minimum rents, it can be to the detriment of your business plan and the underlying mortgage,» said one mortgage broker who asked to remain anonymous.

The alleged discrimination involved so - called wholesale loans that were made through mortgage brokers the bank used to originate loans, the complaint said.

Ragbir says he was a low - level employee at a now - defunct mortgage broker when he processed applications by a real estate broker that were later proven fraudulent.

«A lot of home buyers think the process is simple, but when you start explaining the details, their eyes glaze over,» says Richard Redmond, mortgage broker at All California Mortgage in Larkspur and author of «Mortgages: The Insider's Guidemortgage broker at All California Mortgage in Larkspur and author of «Mortgages: The Insider's GuideMortgage in Larkspur and author of «Mortgages: The Insider's Guide.»

That's good news for homeowners who are looking to refinance in order to get out of a loan with mortgage insurance, says Richard Redmond, mortgage broker at All California Mortgage in Larkspur and author of «Mortgages: The Insider's Guidemortgage insurance, says Richard Redmond, mortgage broker at All California Mortgage in Larkspur and author of «Mortgages: The Insider's Guidemortgage broker at All California Mortgage in Larkspur and author of «Mortgages: The Insider's GuideMortgage in Larkspur and author of «Mortgages: The Insider's Guide.»

«Most mortgage loan officers and brokers only close one or two loans per month, so to make a living they need to make thousands of dollars in commissions on each loan they close,» he says.

«University administrators are the equivalent of subprime mortgage brokers,» he says, «selling you a story that you should go into debt massively, that it's not a consumption decision, it's an investment decision.

«It's a bit overstated,» says RateSpy.com founder and independent mortgage broker, Robert McLister, but the fact remains: lenders have tightened the discount new borrowers can expect on variable - rate mortgages.

Lenders will usually extend credit if your monthly obligations are less than 40 % of your gross income, says mortgage broker Robert McLister, but you'll want to stay below that number to protect yourself against rising interest rates.

«I've heard of this technique, absolutely,» says Nawar Naji, a Toronto - based mortgage broker.

It means you can no longer find a 2.39 % five - year variable rates, says Jake Abramowicz, an independent mortgage broker.

«They work with independent mortgage brokers and, quite often, offer more competitive rates,» says Garganis.

«These are jarring numbers,» says Robert McLister, an independent mortgage broker and founder of Ratespy.com.

That's why Richard Bettencourt, a mortgage broker in Danvers, Massachusetts, and secretary of the Association of Mortgage Professionals, says paying mortgage points typically isn't a good financimortgage broker in Danvers, Massachusetts, and secretary of the Association of Mortgage Professionals, says paying mortgage points typically isn't a good financiMortgage Professionals, says paying mortgage points typically isn't a good financimortgage points typically isn't a good financial move.

Recently, the agency stated that broker access to FHA products should continue by virtue their current relationships with banks and other wholesalers, saying, «It is the mortgage lender with the greatest control over the mortgage loan that should be subject to FHA's rigorous lender approval and oversight processes, and bear the greatest degree of responsibility and liability for the mortgage loan obtained by the mortgage borrower and insured by FHA.»

Wells Fargo spokeswoman Vickee Adams said the problematic FHA loans turned up as the bank reviewed operations at two mortgage channels it has closed down: a subprime lending arm, Wells Fargo Financial, and a wholesale arm that made loans through independent brokers.

As a result, scores of 760 and above are considered to be in the best range from a mortgage lender's perspective — meaning you'd qualify for the best (meaning lowest) interest rates, says Richard Redmond, mortgage broker at All California Mortgage in Larkspur and author of «Mortgages: The Insider's Guidemortgage lender's perspective — meaning you'd qualify for the best (meaning lowest) interest rates, says Richard Redmond, mortgage broker at All California Mortgage in Larkspur and author of «Mortgages: The Insider's Guidemortgage broker at All California Mortgage in Larkspur and author of «Mortgages: The Insider's GuideMortgage in Larkspur and author of «Mortgages: The Insider's Guide.»

Jason Scott, a broker with the Mortgage Group in Edmonton, says many of his clients would not have qualified for their mortgages under the more stringent rules.

Mortgage broker Frank Napolitano says that means the size of mortgage many buyers will be able to qualify for will be less once the rules take effect on Mortgage broker Frank Napolitano says that means the size of mortgage many buyers will be able to qualify for will be less once the rules take effect on mortgage many buyers will be able to qualify for will be less once the rules take effect on Oct. 17.

We are following up with the company that provides this tool to mortgage brokers, with industry associations and with Canada's credit reporting agencies to discuss best practices for the exchange of personal information,» said assistant commissioner Elizabeth Denham.

«Part of the process is to introduce them to a reputable mortgage broker,» she says.

It was those passages from the book that prompted Ross Taylor, a mortgage broker, to email me and say:

«You'll want to speak to a mortgage broker to start the loan process early so there are no surprises,» says Realtor ® Beverley Hourlier with Hilltop Chateau Realty, in San Diego.

The only solution so far, Trinity mortgage broker Pam Marron said, has been to turn to short - term fixes.

Tom of Mortgage Craft, a mortgage broker in Lancaster PA says, «we as mortgage brokers will know which banks tend to turn down applications as well as which banks are currently offering the best interest ratesMortgage Craft, a mortgage broker in Lancaster PA says, «we as mortgage brokers will know which banks tend to turn down applications as well as which banks are currently offering the best interest ratesmortgage broker in Lancaster PA says, «we as mortgage brokers will know which banks tend to turn down applications as well as which banks are currently offering the best interest ratesmortgage brokers will know which banks tend to turn down applications as well as which banks are currently offering the best interest rates».

To nab it, you'll need a high credit score (750 or above) and a low loan - to - value ratio, which essentially means you're making a sizable down payment of at least 40 % of the home's price, says Richard Redmond, a mortgage broker at All California Mortgage in Larkspur and author of «Mortgages: The Insider's Guidemortgage broker at All California Mortgage in Larkspur and author of «Mortgages: The Insider's GuideMortgage in Larkspur and author of «Mortgages: The Insider's Guide.»

«Don't just show you have the ability to cover your debts,» says David Luna, a Salt Lake City mortgage broker and the former commissioner of real estate for the state of Utah.