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iPad for Mortgage Brokers

One piece of technology I can't live without is my iPad. In the mortgage business I use my iPad to complete paperless mortgage applications ...

Should I Get My Loan Through a Mortgage Broker or Bank?

Below we take a detailed look at these two mortgage channels.

Who Is a Mortgage Broker?

A mortgage broker is an intermediary between the mortgage lender and the buyer. The broker works to prepare loan applications, issue pre-approvals for mortgages, and submit complete applications to the lender. Usually, a broker works with several lenders and acts as the point of contact between lenders and home buyers. For their service, brokers earn commissions from the lenders and customers will, rarely if ever, be required to pay anything out of pocket.

Bank Mortgage

Many banks offer different mortgages to their customers, but all these mortgages have one thing in common- the bank deals directly with the customer. If you are interested in a bank mortgage, your bank will in most cases assign a loan officer who is knowledgeable on the loan programs offered by the lender. The loan officer will help you identify a program that is ideal for you and help you complete your mortgage loan application. A loan officer generally offers advice based on your financial position and your relationship with the bank, among other factors.

Maternity leave nearly prevented this couple from taking out a mortgage: Here’s what you need to know about leaves and lenders

Why maternity leave could cause mortgage approval issues

Jane’s story raises a key question: how does maternity leave impact the mortgage approval process?

When you apply for a home loan, lenders consider two important factors to determine if you qualify for a mortgage : the likelihood that you’ll pay your loan as agreed (aka creditworthiness) and your ability to pay (aka capacity). While creditworthiness is determined based on your credit scores, capacity is largely measured by your income and job status.

If your credit is great and your income is sufficient to qualify for the loan, there’s one more catch. A lender isn’t going to take your word for it when it comes to where you work and how much money you earn. For most types of loans, your employment status and income must be verified by your employer.

Casey Fleming, a Silicon Valley-based mortgage advisor and author of “The Loan Guide: How to Get the Best Possible Mortgage,” says that “being on maternity leave can create issues” during the mortgage process, “but it doesn’t have to.”

if my mortgage broker quits can the lender finish the loan?

no reason why he would quit just did.... made a lot of bad excuses. Do we really need a broker, if the lender has all the paperwork sitting on her desk already?....we just want to finish the process
this was a streamline refi on a va loan...

Yes, the lender can finish the loan, but due to your circumstances you should contact the lender directly and make sure you get the name and number of someone who will be handling your file.

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