Mortgage Loan Officers: Money and Loan Information

When applying for a loan make sure the mortgage broker expalins to you all the documents you are going to need. It is a good idea to gather this documentation together well before you apply for loans. Make copies of everything. This will help when the lender "mis-places" your documents during the application process. Also, if you do not have one already, it pays to invest in a fax machine for your home. You will be faxing documents back and forth for several weeks. Make sure delays on the lender's end do not become delays on your end.

Fixed rate mortgage loans, in the current interest rate environment (2005) make the most sense, especially if you plan on living in your new home for several years. Rates are almost certain to rise in the near term. Even if they do not rise, an adjustable rate mortage's rate will rise. Most banks set the initial rate low in order to entice new borrowers. However, as soon as they get the chance, they will raise the rate. Right now, 30-year and 15-year fixed-rate loans are very low. It is also unlikely that rates will fall again to a level where refinancing is worth the fees and closing costs.

About 1/3 of the loans offered today are "subprime." A "prime" loan is given to people with excellent credit. These are the rates you normally see advertised on t.v. and in newspapers. A "subprime" mortgage is a loan offered to people with bad credit; it usually carries a higher interest rate. This higher rate is meant to compensate the bank for the extra risk they are taking on. The good news: People with less than stellar credit can still get a home loan. Rates are higher, but it may still be a good deal as opposed to renting. Everybody and their brother are becoming mortgage brokers these days. The competition has really helped in getting affordable loans into everybody's hands.

Billie Mills, Loan Officer - Billie Mills, Loan Officer Mortgage company offering home financing to the Arizona market.
Curt VanderZanden, Loan Officer - Curt VanderZanden, Loan Officer Offers FHA/VA, conventional and non-conforming loans for purchase and refinance.
The Mortgage Office - The Mortgage Office Offers a suite of products to service and process loans.