Michael's Specialties
• Reverse Mortgage Planner
• Certified Mortgage Planning Specialist (CMPS). Currently fewer than 7% of all loan originators carry this designation.
• Conventional, FHA/VA, Jumbo loans to 4 million.
Some frequently asked questions
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1
What is the difference between a mortgage broker, a lender, and a loan officer?
A mortgage broker covers a broad basis, linking buyers with appropriate lenders, counseling borrowers, and even processing loans.
A lender is the institution or agency that will actually loan the money.
A loan officer is an employee of either a lender or a mortgage broker, generally finding borrowers, counseling, taking applications, and often, being involved in the loan processing.
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2
Why do I need to check my credit prior to buying a house?
The lender will obtain a credit report. If you look at it prior to a loan application, you have a chance to clean up detrimental items before you have to explain them to the lender. Also, if your score is low, you can do specific things to increase your score such as paying down debt, increasing cash in the bank, and making payments consistently on time, over a period of time.
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3
What are points?
Points are a fee that is expressed as a percentage of the loan amount: one point is 1% of the loan amount.
Origination points are charged as a fee for some of the costs of the loan processing.
Discount points are basically a prepaid interest, or a fee to reduce the interest rate, known as a rate “buy down.”