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The Lending Group is a full service Direct Mortgage Lender. We lend on Residential and Commercial Real Estate. Our team specializes in Fast Closings, Low Down Payments, Unique Loan Programs, High Loan To Value Cash Outs. Working with a Direct Lender Guarantees your Home Loam application to to approve with the Lowest Rate on the Market as well as No Broker Fees! We cater to First Time Home Buyers, Realtors, Real Estate Investors, Refinance Customers (Example: Lower you Monthly Payment and Interest Rate). Debt Consolidation for Existing home owners.

*Product Types*: Conventional Mortgages, Home Equity Loans and Lines of Credit, FHA Home Loans (Including 203k), USDA Home Loans, VA Home Loans(for Veterans Only), No Income Loans, Sub Prime and Less Than Perfect Credit Loans, Commercial Loans, Construction Loans, Fix Flip Loans. Lending Group Company was established In 2013 with a combined group experience of over 60 years. The Lending Group Company ®, Home mortgage Loans ®, Mortgage Loans refinancing ® all of these are registered trademarks, or service marks of “THE LENDING GROUP COMPANY ® ” You may not use, display or recreate them without the prior written approval of THE LENDING GROUP COMPANY. You may not remove, modify , or otherwise change any trademark, signature, privacy or other exclusive privileges rights shown on, included in, or otherwise showing in any Content provided by, considered on, or obtained through this site. All other images recognized and included herein are the property of their specific owners and their use herein doesn t mean support or approval of their products or services.

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Kelowna Mortgages, Kelowna Mortgage Broker, BC Direct Mortgages, direct mortgage lenders.#Direct #mortgage #lenders

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With expert, creative solutions.

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Current Rates

We had the privilege of working with Ed, Shannon and Chris on our first mortgage, and our first renewal. There were various considerations that made both deals more complex than your run-of-the-mill mortgages (4 names on title, two homes, two mortgages, etc). The service was fantastic; they provided advice that could be easily understood and acted upon, and we got a great rate on every mortgage. We’ll certainly be working with them again on our next renewal!

I have known Ed at the Mortgage Center for several years and have greatly appreciated his “above and beyond” approach. He is by far a master at navigating the mortgage world and at finding the best rates and options available. His moral and ethical business practises are evident as he always puts the client’s best interests first. His high level of service and ability to deliver are 2 reasons that I recommend him highly and believe he will not disappoint.

Ed, Shannon and Chris are an exceptional team that guided us through the process of getting the best rates and the best mortgage step by step. They were very friendly, knowledgeable, prompt, and were never more than a phone call away. I would highly recommend these guys to anyone! Thanks guys!

Ed, Shannon and Chris have well-served many of my client’s mortgage needs. I appreciate most the time they take to explain the products they recommend. I, like many others, value and expect first-class treatment around my financial concerns, even more so for the client’s I introduce to The Mortgage Centre. Why don’t we expect that of our banks anymore? This level of service and trust is not the norm these days. You will be hard-pressed to find a better team to help you.

Ed and Shannon were both amazing through the entire process. This was our first home so we didn’t understand a lot of what was going on but they were always available at any time of day to answer our questions. We really felt like they had our best interest at heart and were treating our mortgage as if it were their own. We are so grateful for all their help and guidance and would recommend them to anyone, first time buyers or not. Thanks again Ed and Shannon!

I am very happy with the service that Ed Kolisnyk and his family has provided. They are friendly, knowledgeable, and prompt. They understand the system and are able to navigate the requirements and timelines to facilitate great rates on mortgages from all the different lenders. They work hard to get the best possible rate at zero cost to me! I will absolutely call Ed Kolisnyk when it is time for my mortgage term renewal.

Chris helped me every step of the way during the purchase of my first home. I had many questions about the entire process, he spent the time to walk me through anything I didn’t fully understand. Even when I was in Vancouver to purchase my condo, Chris made sure all the documents were available and that I was able to reach him whenever I needed. Thanks again Chris, and thanks for helping me get such a great rate!

I first met Ed, Shannon and Chris while I was President of an Investment Dealership. In that role I worked with a number of high-caliber investment and mortgage professionals, this team of 3 is second to none. Their level of professionalism and drive to exceed their client’s expectations is both outstanding and encouraging. I can, with confidence, highly recommend Ed, Shannon and Chris.

We have been working with BC Direct Mortgages for over 10 years. We have really enjoyed our mortgage product our low rate and I absolutely love not going into a bank to negotiate a better rate. Ed and Shannon looked after everything for us including shopping around for the best rate, referring an affordable home appraisal expert and making closing costs as low as possible. We are very happy about our new arrangements and we will be thinking of you two working hard while we are lounging in our new pool.

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First Lenders Mortgage

Call Us Today Toll Free! Day Or Night

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    New Jersey Mortgage Rates

    We are the premier source of financing for New Jersey Mortgage Loans. We educate our clients about every option available so they have the power to make informed decisions about what’s right for them. If your looking for New Jersey Mortgage financing then look no further than First Lenders Mortgage of New Jersey!

    NJ FHA

    Our New Jersey FHA mortgage loans allow for purchasing a home with little down and secure fixed rates. Refinance with an FHA loan. No cost refinancing with NO CREDIT SCORE qualifying.

    NJ Jumbo

    We offer Jumbo mortgage Loans for your purchase or refinancing needs up to $10 Million with rates among the lowest in the country. Loans are considered jumbo loans when they exceed $424,100.

    NJ COnforming

    Our New Jersey conforming loans allow for low fixed rate purchase and refinance mortgage loans. NJ loans are loans under $424,100 with full documentation.

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    documentation List

    Lending guidelines sure have gotten tougher over the past year. Lenders are requiring more and more documentation than ever before! As a result, we at First Lenders Mortgage thought it would be a good idea to provide an “UPDATED” list of what is required by banks when applying for a mortgage! You most likely DID NOT have to provide some of these the last time you applied for a loan. These are Fannie Mae and Freddie Mac guidelines and apply to all lenders!

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    Pre Qualify Now!

    • Conforming and Non-Conforming Jumbo
    • Get approved for up to 3 million
    • Great Terms and the Best Rates
    • Up to 95% Loan Value
    • Low Down Payment
    • Higher Debt to Income Ratio Requirements
    • Low Interest Rate
    • Gift Funds Allowed for Down Payment
    • Close in 30 days or less
    • Low Interest Rate
    • Closing costs can be included
    • All repairs can be included

    • 1st Preliminary Assessment Let s see if you re qualified.
    • 2nd Appraisal Report Let s find out the value.
    • 3rd Approval and Closing We can close your file in 30 days or less!
    • See exactly how much you can qualify for instantly!
    • Work with our award winning team of local Loan Specialists.
    • Let us help you close your loan in 30 days or less.

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    • Latest U.S. Mortgage News
    • Mortgage Rates are Updated Daily
    • Complete Consumer Mortgage News
    • AMCAP Mortgage provides the lowest, most current mortgage rates available.
    • Work with the BEST lending company in the Greater Houston Area.
    • Discover simple, affordable, and effective tools to help you secure a mortgage.

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    Real Clients. Real Stories. Real Results.

    Our goal is to provide you with the best customer service possible.

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    AMCAP Mortgage is a company i would really recommend to anyone, not to mention that Gerry , Anna and Donna are very knowledgeable and helpful View more »

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    Mr. Nicodemus is truly one of the best in the mortgage industry. He is well versed and extremely knowledgeable regarding View more »

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    Before we started looking for a home, we had gone to one of the “big bank” mortgage departments to get pre-approved and to see how View more »

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    would highly recommend AMCAP for ANYONE looking to buy a home. Gerry, Anna and the whole team were great to work with and guided View more »

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    We just wanted to say thanks again for all your help with everything. We closed and are now proud home owners! The title company View more »

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    Converting Your Home to Rental Property

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    Converting your primary property into a rental property cannot be done on the spur of the moment, it requires planning and a cost benefit analysis

    Assess the risk

    May require another type of insurance

    Repairs and/or Upgrades

    Deciding What Will You Charge
    Finding a Tenant

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    How to Get a Second VA Mortgage?

    A Quick Guide to Understanding the Second VA Mortgage

    Best mortgage lendersThe U.S. Department of Veterans Affairs backs VA mortgages also known as VA Loans for military families since 1944. A VA Mortgage helps families purchase single-family homes through private lenders.

    There are a lot of misconceptions out there about the VA loan program or the VA Mortgage. Two of the most common are rooted in the concept of VA entitlement, which is basically the amount of money the agency guarantees they will pay back the bank in case if you foreclose or short sale the home. It is possible in certain cases to have 2 VA home loans at the same time. And you can definitely qualify for a VA Mortgage even if you defaulted on one in previous years.

    Understanding Entitlement

    Can You Have More than One VA Mortgage at one time?

    What are the Advantages?

    Types of VA Loans

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    How to Buy a Home with a Low or Zero Down Payment

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    What are Mortgage Overlays?

    Navigating the wide world of lender mortgage overlays

    Specific Overlay Examples

    We have put together a list of most common mortgage overlays in relation to the published mortgage guidelines.

    • Debt to Income ratio – FHA set a maximum debt to income ratio of 56.9% for potential buyers with a minimum credit rank of 620. However, there are a few lenders that will not approve a mortgage unless the debt to income ratio is over 43%
    • Minimum credit scores – While the FHA requires a minimum FICO score of 580 to qualify, the majority of lenders require a score of 600 or 620 or even 640 in order for them to consider the mortgage loan.
    • Down Payment requirements – According to Fannie Mae and Freddie Mac’s guidelines borrowers need a 3% to 5% down payment in order to buy a house using a conventional mortgage. However, some lending institutions may increase the interest rate on the mortgage by 0.125% up to 0.50% or, they might require a bigger down payment if you have a credit score below 700.
    • Bankruptcy requirements – If you have a prior bankruptcy, foreclosure, deed in lieu of foreclosure, and/or short sale, there are certain federal mandatory requirements for you to qualify for a mortgage loan. After a potential borrower is discharged from bankruptcy they may apply for a mortgage loan. However, most lending institutions ask customers to wait up to two years once the discharge is complete. There are different waiting periods for different types of loans.

    Additional Common Overlays

    • Property types – A veteran may use a VA mortgage to purchase almost any kind of property; however, some lenders do not offer a VA mortgage for a condo or a manufactured home. Some lenders won’t lend on condotels or timeshares at all. Or non-warrantable condominiums.
    • Credit History – With limited credit history, it’s more difficult for lenders to determine a track record of how you handle credit. There are lender overlays in place that require a certain number of credit accounts and a minimum number of years of payment history in order to consider you for a loan.

    Dealing with lender credit overlay when you are planning to purchase a house can be challenging. As each lending institution has a different set of credit overlays. To avoid shopping around contact Casey Moseman. She will find you a lender that perfectly matches your criteria. Here at, All Western Mortgage, we can help you shop around for multiple lenders at once, which will limit the amount of work you have to do.

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    Mortgage Credit Certificate (MCC) Tax Credit Program

    Nevada State Mortgage Credit Certificate (MCC) Program

    Current Mortgage Rates Today – View The Best Mortgage Rates, best mortgage lenders.#Best #mortgage #lenders

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    Mortgage 101: A Mortgage Resource Guide

    This guide will help first-time home buyers and seasoned veterans get the information they need to make the correct financial decision regarding their mortgage. Our goal is to provide information and resources for everything you need to know about the mortgage process. Whether you are shopping for your first home or you are already established in a existing home, this page can be your guide. Take the necessary steps to make purchasing your first home or maintaining your existing home a seamless [Read More. ]

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    Top 10 Loan Modification Lenders

    Many Americans have been affected by the recent economic crisis. Millions of homes have gone into foreclosure, and millions of families have lost their homes. If you are at risk for losing your home, the good [Read More. ]

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    The Top 10 Tips to Help Homebuyers Thrive in Today s Current Home Market

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    Invest Smarter by Understanding the Top 6 Most Common Mortgage Myths

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    5 Important Reasons Why You Should Pay Off Your Mortgage Sooner Than Later

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    How to Tell if Current Mortgage Interest Rates Will Continue to Rise

    Up until not long ago mortgage rates used to be very low, close to the lowest they have ever been. Rates have decreased to near record lows due to the recent housing market crash, which affected both homeowners and mortgage lenders. While millions of people have lost their [Read More. ]

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    Could a 10 Year Mortgage Rate Be Your Best Mortgage Option?

    One of the key aspects of finding a good mortgage loan is determining what type of mortgage term works out best for you. Long-term mortgage loans seem more attractive at first glance because the monthly payment is much smaller, but if you factor in the larger interest rate, [Read More. ]

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    How the Current Government Shutdown is Affecting FHA Mortgages

    The housing market has been recovering steadily lately, but the current government shutdown may interfere with that progress. For the first time in 17 years, the government has partially shut down. Besides other important implications, this shutdown could affect people who [Read More. ]

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    Bad Credit Home Loans Are They Possible With Today s Stiffer Regulations?

    There are many reasons for having a bad credit score, and you might be wondering if you are still able to buy a home, despite your shortcomings. The truth is that there are no rules set in stone when it comes to bad credit home loans. Some lenders may be more lenient than [Read More. ]

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    What is this Difference Between a Home Equity Line of Credit vs Home Equity Loan

    When buying a home with a mortgage loan, both you and your lender own parts of the home. The part of the home that you own is represented by the equity which builds up each time you make a payment. Having equity in your home allows you to take out a house equity loan by [Read More. ]

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    What Are the Typical Home Equity Loan Requirements

    Home equity loans are designed to help homeowners gain quick access to some much needed cash by tapping into the equity in their homes. Home equity loans provide an alternative to taking out other types of loans or opening new credit card accounts. While other forms of [Read More. ]

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    Pros and Cons of Home Equity Loans

    Home equity loans allow homeowners to take out a loan using the equity accumulated in their home as collateral. Home equity loans give you quick access to money that can be used for a home remodeling project, medical bills or college tuition. A home equity loan can be more [Read More. ]

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    Is it Possible to get a Home Equity Loan With Bad Credit?

    Getting a home equity loan with poor credit is more difficult, but not impossible. Before you decide to make improvements to your home or decide that you need some quick cash, you need to find out if a lender is willing to give you a home improvement loan and how your loan [Read More. ]

    Mortgage Advice That You Can Trust – Mortgages-OnlineMortgages-Online, Mortgage Advice and Arranging, online mortgage lenders.#Online

    Mortgage Advice That You Can Trust

    Mortgages-Online are a team of mortgage advisers providing mortgage advice NATIONWIDE by remote means. Mortgage advice is delivered via the Internet, telephone and sometimes face to face. We have a wealth of experience having provided online mortgage advice since 1997.

    A professional mortgage broker is likely to save you money when a arranging your mortgage. Unlike a lender that can only offer a limited range of mortgages, Mortgages-Online can choose from thousands of mortgages from many lenders. With such a vast choice of mortgage products you can be confident of finding the best mortgage.

    It can be time consuming if you have to provide information to more than one lender. Once we understand your needs Mortgages-Online will eliminate lenders that cannot help, determine which lender is the most suitable and then make an application on your behalf. It s all rather painless and we can apply this principle the next time you apply for a mortgage, saving you time both now and in the future.

    What next?

    Either telephone and speak directly with a mortgage adviser or complete an enquiry form and we will contact you.

    Our initial consultation is FREE and we will be able to tell you immediately whether or not we can help. If we can help then we will need to gather some fairly detailed information; this is something that every lender and mortgage broker must do.

    We can start the mortgage application process either before or after you have found a property. Throughout the process we will liaise with the lender and any third parties to keep you updated.

    We can also help you with life assurance, buildings and contents and finding a solicitor if you do not have one in mind. We offer a one stop shop for friendly, unbiased mortgage advice that you can trust.


    Mortgages-Online is authorised and regulated by the Financial Conduct Authority, No. 442328. Some of our services may not be regulated by the Financial Conduct Authority.

    Initial consultation is free. If you decide to proceed with our service then a fee may be charged for our advice. See Charges.

    We can recommend mortgages from the whole of market.

    Your details remain confidential and are not shared with third parties except solely for the purpose of arranging a mortgage and related products that you purchase through us.

    Loan Program Handbook for Lenders, Realtors, Non-Profits, CalHFA, best home loan lenders.#Best #home #loan #lenders

    Loan Program Handbooks for Lenders, Realtors, and Non-Profits

    CalHFA has organized its program information into convenient handbooks for easy reference. All the information for a given program from qualifying criteria to forms docs is collected in one easy place. You can print them out for desktop reference, or browse and search them online in PDF format. Get familiar with their layout, and you’ll be a CalHFA program whiz in no time.


    Conventional Loans (Conventional Program Matrix)

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    Lender Training Video: Conventional First Mortgage Products

    A description of how your clients can benefit from CalHFA’s Conventional Loan Programs. Don’t forget to take the exam after each video for a verification of training.

    The CalHFA Conventional program is a first mortgage loan insured through private mortgage insurance on the conventional market. The interest rate on the CalHFA Conventional is fixed throughout the 30-year term.

    The CalPLUS Conventional program is a conventional first mortgage with a slightly higher fixed interest rate than our standard conventional program. This loan is fully amortized for a 30-year term and is combined with the CalHFA Zero Interest Program (ZIP) for closing costs.

    Government Insured Loans (Government Loan Programs Matrix)

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    Lender Training Video: FHA First Mortgage Products

    A description of how your clients can benefit from CalHFA’s FHA Loan Programs. Don’t forget to take the exam after each video for a verification of training.

    The CalHFA FHA program is an FHA-insured loan featuring a CalHFA fixed interest rate first mortgage. This loan is fully amortized for a 30-year term.

    The CalPLUS FHA program is an FHA-insured first mortgage with a slightly higher fixed interest rate than our standard FHA program. This loan is fully amortized for a 30-year term and is combined with the CalHFA Zero Interest Program (ZIP) for closing costs.

    The Cal-EEM + Grant program combines an FHA-insured Energy Efficient Mortgage first mortgage loan with an additional Cal-EEM Grant, making energy efficient improvements even easier. The interest rate on the Cal-EEM is fixed throughout the 30-year term.

    The CalHFA VA program is a VA-insured loan featuring a CalHFA fixed interest rate first mortgage. This loan is fully amortized for a 30-year term.

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    Lender Training Video: CalHFA VA Loan Program

    A description of how your clients can benefit from the CalHFA VA Loan Program.


    Offers a deferred-payment junior loan of an amount up to the lesser of three and half percent (3.5%) of the purchase price or appraised value to assist with down payment and/or closing costs.

    This program is for teachers, administrators, school district employees and staff members working for any California K-12 public school, which includes Charter schools and county/continuation schools. Applicants must also be first-time homebuyers. Offers a deferred-payment junior loan of an amount not to exceed the greater of $7,500 or 3.5% of the sales price or in CalHFA-defined high cost areas an amount not to exceed the greater of $15,000 or 3.5% of the sales price. Assistance can be used for down payment.

    Resubordination Process for CalHFA Junior Loans

    *As of February 1, 2017, all resubordination application packages must be submitted electronically. Please refer to the resubordination instructions below.

    Recent legislation has enabled CalHFA to resubordinate existing junior loans if homeowners meet certain eligibility requirements. This legislation will help existing homeowners keep their homes by allowing them to refinance their existing first mortgage and not be forced to pay off their existing CalHFA junior loan(s).

    To determine if subordinate lien(s) belong to CalHFA or Keep Your Home California (KYHC), please refer to these examples for clarification.


    A federal credit which can reduce potential federal income tax liability, creating additional net spendable income which borrowers may use toward their monthly mortgage payment. This MCC Tax Credit program may enable first-time homebuyers to convert a portion of their annual mortgage interest into a direct dollar for dollar tax credit on their U.S. individual income tax returns.

    Updates and changes will be announced from time to time via a Program Bulletin ( Program Bulletin or Program Bulletins ) and Lenders should sign up for Enews announcements and monitor CalHFA s website for specific Program Bulletin updates and changes to the Program Manual.

    Whenever possible, CalHFA will provide its Lenders a five (5) business day notice via a CalHFA Program Bulletin or Enews announcement regarding program and policy changes.

    Some exceptions may apply to the notification policy, such as daily interest rate announcements and changes directed by other state (e.g. State Treasurer s Office), federal (e.g. GSEs, FHA) or private (e.g. Master Servicer and Mortgage Insurance provider) partners who have not allowed sufficient time for a 5-day notification.

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    Home Loans For Bad Credit

    Are you wondering how to buy a home with bad credit? Do you know how to acquire a bad credit home loan? Thanks to the fact that they are government insured, the FHA (Federal Housing Authority) and FHA backed Mortgages, allow people to get home loans with bad credit; so you buy the home you ve been wanting. These “Bad Credit Mortgages” are not as expensive as some other home loans, and their relaxed qualifications help people every day stop being renters and become homeowners.

    Most people consider owning a home at one point or another in their lives, but do not know what it takes to do so. What houses can I afford? How much is it going to cost? Do I have enough down payment? Will a bank lend to me? Perhaps you have gotten past that part and actually have gone to a bank to find you are not eligible for a home loan, but were not told why, or do not understand why. Then you re left with even more questions. Do I have bad credit? Do bad credit home loans exist? How can I get home loans for bad credit or even how to buy a home with bad credit? What is my debt to income ratio? What do I need to qualify for an FHA bad credit mortgage loan?

    At Government Home Loans, we have answers and resources for every step in the home loan process, focusing heavily on FHA loans due to the relaxed guidelines and their ability to help the first time home buyer. Our goal is to give you a timeline and a plan to get you access to home loan that is both a safe, and responsible loan that you can succeed in.

    We have highly trained loan specialists available to you, and we are committed to sharing all of our resources to get you into your own home with an FHA Mortgage. Whether you are a first time home buyer and are looking for home loans for people with bad credit, or have owned before but have been recently turned down, our specialists as well as many online resources can provide you the tools you need to attain your goals. Things have changed a lot, you can buy a home with bad credit now. Talk to one of our bad credit mortgage lenders or find the information that may help you right here on the website.

    Types of Mortgage Lenders, The Truth About, mortgage lenders.#Mortgage #lenders

    Types of Mortgage Lenders

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    Mortgage bankers are essentially mortgage lenders that originate and sell their loans in pools on the secondary market to investors such as Freddie Mac and Fannie Mae, along with private investors. If they are non-depository institutions, they finance the loans with warehouse lines of credit extended by other lenders, but quickly sell them off on the secondary market so they can originate new loans. Chase, Quicken, and Wells Fargo Home Mortgage are three of the largest examples, though much smaller operations also share this distinction.

    Portfolio Mortgage Lenders

    Portfolio mortgage lenders originate and fund their own loans, and may service them for the entire life of the loan. Because they typically offer deposit accounts to consumers, they are able to hold onto the loans they fund. They are also able to offer more flexibility in loan products and loan programs because they don t need to adhere to the guidelines of secondary market buyers. That means unique program guidelines and special offerings that other banks can t offer. Once their loans are serviced and paid for on time for at least a year, they are considered seasoned and can be sold on the secondary market more easily. Bank of America, Chase, and Wells Fargo are examples of portfolio mortgage lenders.

    Correspondent Mortgage Lenders

    Correspondent mortgage lenders originate and fund loans in their own name, then sell them off to larger mortgage lenders, who in turn service them, or sell them on the secondary market. The loans can be underwritten by the correspondent mortgage lenders, but the loan programs are usually based on terms approved by the larger mortgage lender, or sponsor . Correspondents usually have a array of products from different sponsors, and act as an extension for those larger lenders. In other words, a small correspondent mortgage lender may resell Wells Fargo products and/or Chase products under their own name.

    A direct mortgage lender is simply a bank or lender that works directly with a homeowner and underwrites their product in-house, with no need for a middleman or broker. Mortgage bankers and portfolio lenders usually fall under this category if they have retail operations. Examples include SoFi, loanDepot, Wells Fargo and Bank of America, though smaller entities could share this distinction as well.

    Wholesale Mortgage Lenders

    Wholesale mortgage lenders are similar to mortgage bankers in that they originate and sometimes service loans, and also sell them on the secondary market. Many mortgage banks have wholesale and retail divisions, although wholesale lenders can be independent entities as well.

    A wholesale mortgage lender is distinct because it works with independent mortgage brokers, who are client-facing. These brokers work on the retail end with borrowers and handle all correspondence, while simultaneously working with an Account Executive at the wholesale mortgage lender to carry out processing, underwriting, and loan funding. The borrower never actually interacts with the lender, only the broker does.

    The wholesale mortgage lender funds the loan, and will usually sell it on the secondary market within a month or two. Some examples include United Wholesale Mortgage and Carrington Mortgage Services.

    Warehouse lenders provide financing to other mortgage lenders so they can originate their own mortgages. This short-term funding provides smaller lenders with liquidity so they can focus on making more mortgages while selling existing ones on the secondary market.

    Smaller mortgage bankers and correspondent lenders rely on warehouse lines of credit to finance their operations. They pay back the warehouse lines of credit whens loans are sold, and may give a cut to the warehouse lender for each loan that is eventually sold. The mortgages are used as collateral for the temporary financing.

    Subprime Mortgage Lenders

    Subprime lenders tend to focus on homeowners with less than stellar credit. While the definition of subprime varies from lender to lender, most in the industry characterize it as lending to borrowers with credit scores below 620. But other issues may persist, including limited income and assets, or inability to provide documentation. As a result, interest rates provided by subprime mortgage lenders will be much higher than those at standard lenders. Essentially, subprime lenders are willing to take on more risk for a greater reward (a sky-high interest rate).

    This category has since been replaced by non-QM lenders, who make loans that fall outside the Qualified Mortgage (QM) rule. However, loan quality today might be better than that of their predecessors so a straight up comparison isn t entirely fair.

    Alt-A mortgage lenders typically offer mortgages to borrowers with limited documentation, limited or no down payment, and/or credit scores mostly between 620-720. This type of mortgage lender falls somewhere between a prime lender and a subprime lender. Borrowers may use an Alt-A mortgage lender because they have a tricky loan scenario or a sticking point that makes it difficult or impossible to close with a traditional mortgage lender. The risk appetite of an Alt-A lender is medium-high.

    Mortgage brokers work independently with both banks/mortgage lenders and borrowers, and need to be licensed. Their job is to contact borrowers and bring in potential deals. Once they have a deal, they can send it to a mortgage bank or a wholesale lender. They need to process the loan once it is approved, and can negotiate pricing with the bank or mortgage lender to receive a rebate, known as a yield spread premium. Mortgage brokers may form partnerships with real estate agents to ensure a steady stream of new business.

    Loan officers work at retail banks or under mortgage brokers, and basically do the same thing a broker would do, except they don t need to be licensed. They solicit borrowers using direct mail, telemarketing, and similar practices. Brokers usually provide them with office supplies and leads, and each take a split of the total commission. They may not need be well experienced, so take caution if and when one solicits you to ensure they are well educated on mortgages.

    Related: Take a look at the top mortgage lenders in the second quarter of 2010.