To become an "Upfront Mortgage Broker" you pay a fee...makes me question the real value of that designation. As you have pointed out the new disclosure laws force lenders that weren't being upfront to be upfront...So I am really confused in the need to work with a loan officer that has paid the mortgage professor to be designated as an upfront lender.
The rate will depend, quite frankly, on who your loan originator is. For a 203k mortgage, our sources for the funds are the same. Your rate will depend on when you close and how much compensation your originator charges. The new changes for 2010 forces your lender to disclose this to you up front. You may want to research a mortgage professional that is associated with the Upfront Mortgage Brokers Association. Please feel free to contact me if you have further questions.
Your ability to repay the loan
Your willingness to repay the loan
Your ability to repay a loan is determined by verifying your current employment, total income and current assets. Generally, mortgage companies like to see that you've been employed at the same place for at least two years or that you have been in the same line of work for a few years.
Your willingness to repay a loan is, in part, determined by examining how you will use the property you're planning to buy. For instance, will the property be owner occupied, non owner occupied or an investment property. In addition, they will try to determine your willingness to repay a loan by looking at your previous financial commitments and how you've handled them. They will gain this information by looking at your credit report.
Also your qualifying rate will be based on your down payment. Obviously, the more you are willing to put down the better your qualifying rate will be.
Hope this information is helpful.
To get an exact quote I would encourage you to speak with Christina Longo
81 Newbury Street
Boston, MA 02116
978 886 9359
617 236 7764
If you have not yet put in an offer please call me to discuss. Condo Domain is an exclusive buyerâ€™s agent and due to our business model we are able to share our commission with you!!
Real Estate Consultant
319 A Street 3rd Floor
Boston, Ma. 02210