Its agreat time to buy a home because it is a true buyers market but to get a loan nowadays take some major work. They are tightening down on lenders because in the past lenders had to much creative financing going on. You would think that the lenders would have been smart to stretch out the process and play fair so that everyone could have the american dream. Yes, it can be very profitable, but its not for everybody. For everywhere except the biggest companies, your income is directly related to your own marketing and sales. Some of the largest mortgage companies, Countrywide, for example, provide a salary and marketing for you. However, almost all of the Countrywide loan officers Ive ever met hated it and quit to work for a broker. To really learn about the business, go visit a few mortgage brokers and talk to the loan officers. 12 years and Ive worked for everyone from the large banks like Chase, large mortgage companies, like Countrywide and smaller mortgage brokers. What usually happens in the smaller business is that they are paying you more because you know what your doing and they dont. When it comes to these situations I can usually negotiate a base salary, commission and an overall cut but I usually end up doing all the work. If you were working with a Mortgage Broker to get your loan, that person was dealing with a Mortgage Company who actually gave you the loan.

Most Mortgage Companies make the loan and then sell the loan as soon as they can after the loan closing. There is NOTHING unusual about this. It happens all the time. It is no reflection on your loan. Your loan was sold as a normal course of business in the Mortgage Banking Industry. It has nothing to do with the mortgage crunch. In fact, one of the huge problems in the mortgage crunch is that loans could no longer be sold which resulted in mortgage companies having their money tied up. Therefore, there was no more cash to lend and the business stopped.

It could be that some mortgage companies might have exercised tighter underwriting guidelines and not loaned money as easily to borrowers who did not deserve it. If the mortgage company had not made you the loan, then you would still have not been able to hold them liable for anything. Again, you have nothing to worry about. Just make sure you understand what will happen to your loans Interest Rate when it resets in 5 years.

Just make sure you understand the terms of your loan and plan accordingly.

10,000 right off the bat. Therefore, the appraisal valuation is critically important to the mortgage process. Obviously, this is dishonest and illegal. In an effort to keep the appraiser completely objective, he cannot receive any kind of communication that might influence him in his valuation. What this means to you is that another appraisal will need to be ordered and executed with another appraiser who has not been compromised. As far as who instructed him or what exactly the information was, I would have no way of knowing that. The broker should be able to find out the details for you if youre really interested.

If everything goes smoothly, it could be less than 30 days. They make sure that the appraisal is ordered and received. They verify how much money you make.

They order your credit report and verify your payment habits and how much debt you have. They may ask the Processor for more information in order to make their decision. If everything is in order, they should be able to make the decision relatively quickly. The Underwriter will either Approve, Deny or Counteroffer. They will also have you sign all of the legal documents. The Closer will make sure you know exactly how much money you need to bring with you to the Closing. Theres a very good chance that your loan might be sold to another mortgage company very quickly. You have no control over whether your loan is sold or not. It does not change anything about your loan. The only change for you is where you send your payment.

The mortgage company giving you the loan is supposed to disclose the likelihood of your loan being sold to another mortgage company. Again, you have absolutely no control over whether its sold or not. Hope that all makes sense.