Mortgage Consultant Questions

i have a job interview for trainee Mortgage Consultant.What questions can I expect from interview.?

The main thing the lender is interested in, is will it get its money back. So how do you judge that? By knowing the customers income, backed up with recent pay slips, and their outgoings, which you will check the system for ( list of creditors) plus normal domestic bills, how many children etc. They will train you but you should be thinking about these things beforehand. The lender always has the security of the property on which the mortgage is borrowed, but prefer to avoid having to take it, where possible.

What is a Short Sale and How to Negotiate to Stop Foreclosure – RealEstateMarketingThisWeek.com


 

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The above mentioned are the basic requirements in order to qualify for a home loan. Secondly, I was interested to know how big a home loan I could get considering Mortgage Consultant Questions. As soon as I knew how much, I could start searching for a house.
Mortgage Consultant Questions
question from first time homebuyer!?

I am interested in buying a home for $185,000 30 year fixed interest rate at either 5.8% with the private mortgage insurance or 6.3% with the loan consultant paying the private homeowners insurance. The payments with the 6.3% rate are about $85.00 lower per month, but I know that after 20% of the house is paid I could lower the payment more with the lower rate. What is the best way to go?

Given you don’t have 20% to put down, while shopping mortgages, ask lenders about the ability to “buy down” their stated interest rates – and if it’s permissible to have seller contribution fund the “buy-down”.

A very powerful seller concession I pursue while negotiating on behalf of my Buyers is, rather than (or in addition to paying cash at settlement to offset closing costs, seller pay points so that the buyer can get a lower rate. For example:

If you were to make a full price offer that included a 2% seller concession to “buy down” your mortgage rate, that would equate to a $3,700 concession on the $185K condo. Ask your lender how many points that will buy you and do the math on how much $$ the lower interest rate would save you over the life of the loan. I’m certain you’ll find this long-term benefit is worth far more than asking for a couple of thousand in seller help with closing costs at settlement

Make sure you have an experienced REALTOR Buyer’s Agent advocate for your side of the transaction.