Home mortgage bankers fund initial home mortgages. These bankers may not work in a traditional bank but have access to funding to help homeowners pay for their new houses. Home mortgage bankers may work as freelance agents or for a specific company or group of lenders. Home mortgage bankers in Orange County assess a particular home buyer’s needs and review applications by the buyer for home financing. The banker also sets requirements for funding the mortgage.
Home mortgage bankers have very strict requirements for approving loans. These bankers must ensure that borrowers have, at a minimum:
- Credit scores that meet lender approval
- A valid appraisal of the property value
- All required letters regarding home inspections
- Income sufficient to justify the mortgage amount
- Required down payment in cash that is not from a borrowed source
- References and other requirements for approval
If a home mortgage banker works with only one lender, the borrower’s choices may be limited. However, if the banker is able to work with various lending groups to fund mortgages, he or she may be able to offer buyers choices in the type, term and funding of mortgage products. Some of the choices available to mortgage holders may include:
- Variable terms of repayment from as little as five years to as many as 60 years
- Interest rates based on credit ratings and other factors
- ARMs, fixed-rate loans and other interest configurations
- Low- to no-down payment loans
- Loans that accept alternative forms of collateral for down payments
- Loans that have flexible repayment plans
- Loan options for people with poor credit or a record of bankruptcy
An Expert in Your Corner
An Orange County home mortgage banker can assist borrowers with almost any type of home mortgage loan imaginable and can find the perfect mortgage product for a borrower’s individual needs. When you need help with your home loan you want the best home mortgage banker in your area to help you find the right loan. Call 949-973-0141 to get started.
Many home mortgage bankers only work with borrowers to secure initial funding. In some cases, mortgage bankers sell most or all of their mortgages immediately after closing. Borrowers must be notified of the sale of their mortgage and their obligation to pay a new lender but do not have to approve the transfer. Borrowers must be notified of the new lender’s name, address, their account number with the lender and the amount which was purchased or transferred.
Find the Right Home Loan for Your Family
Borrowers in Orange County may find that using a home mortgage banker is preferable to trying to secure a loan with a traditional bank or mortgage broker. Orange County home mortgage bankers have developed a close business relationship with real estate agents, mortgage brokers and others involved in the real estate industry and can utilize this knowledge to help borrowers secure loans. A good Orange County home mortgage banker works with potential borrowers to help them qualify for a loan through the use of options and products that may be suitable for their particular situations. Professional Orange County home mortgage bankers are able to work with clients to successfully secure funding for their dream home purchase, second home purchase or other mortgage needs. If you are serious and would like to get started today please call 949-973-0141.