Customers seek a Better Mortgage at iWantaBetterMortgage.Com
By Homer Slobotnic
Vice President of Sales and Marketing
Customers seeking a greater mortgage or even a better mortgage refinance loan have already been finding greater success online having a company called iWantaBetterMortgage.Com. By removing the mortgage broker, iWantaBetterMortgage.Com offers customers a easy and quick method to use the internet to get a mortgage loan. For years (and industry wide), there have been issues with mortgage brokers selling mortgages with inflated fees and interest levels beyond a consumer would have to pay. Over time, customers have complained that mortgage brokers had talked them into getting a mortgage that they really could not afford, only learn after the fact that the mortgage lenders had hid an added back end points and fees inducing the interest rate to skyrocket. In many cases, a greater mortgage could have been obtained had the individual had the opportunity to shop around. Because of this, iWantaBetterMortgage.Com has begun to capture additional market share giving the customer with this €better mortgage€.
Together with the new Dodd Frank rules which are in place, some mortgage lenders are now being forced to not lend to qualified individuals. iWantaBetterMortgage.Com is assisting customers shop multiple lenders at some point that can assist remove the add-on fees that can come from independent mortgage brokers.
The newest term around the street is €qualified mortgage€. Mortgage lenders are now forced to abide by a pair of rules that leads to exactly what is being referred to as "qualified mortgage standard€. Mortgage lenders are discovering it hard to add on extra fees, both about the front along with the back end. Without these extra fees, lenders are denying home loans to an otherwise qualified borrower. So, how can a buyer realize that €Better Mortgage€? Consumers need a better mortgage and have begun to use iWantaBetterMortgage.Com.
More regulations mean fewer better mortgages.
Mortgage lenders don't like the limits being put on their fees, or the new debt to income requirements for the mortgage to fulfill the €qualified mortgage standard€. The matter available is that the mortgage lenders are complaining that they'll turn away qualified deserving borrowers because of these new regulations. Lenders feel that this can slow the housing recovery and hurt the general health from the economy. iWantaBetterMortgage.Com is already supplying the link between the consumer along with the lender whereby the consumer can pit Home Equity Loan lenders against the other, thus lowering fees and points. Getting that better mortgage is critical into a healthy industry.
"Unless there are actually changes in the near future, these new regulations will have a dramatic influence on credit availability to the consumers seeking a better mortgage that they are in position to protect," said Edward Brooks, of the United Mortgage Association. He's mentioned that here is where a firm like iWantaBetterMortgage is available in. iWantaBetterMortgage.Com takes the guesswork from finding the best mortgage loan for that individuals credit score. iWantaBetterMortgage.Com could possibly get a pre-approval for any mortgage in under two minutes.
Brooks testified looking at a property Hearing on home mortgages that industry is improving with the top end borrower, while the budget of the mortgage market is actually shrinking. Use of credit remains an issue with first time and low to moderate income borrowers incapable of be entitled to a house mortgage. The €ability to repay€ rule could fuel this trend and additional tighten credit to worthy borrowers.
Just how do the latest rules to get a qualified mortgage turn it into a better mortgage?
Early this year, the individual Financial Protection Bureau's €qualified mortgage rule€ went into effect. This rue is designed to help the consumer have a better mortgage. To be designated a qualified mortgage, a loan must fulfill certain requirements, including:
€A 3 percent cap on points and lender's fees for loan levels of $100,000 or more.
€A maximum debt-to-income ratio of 43 percent, which means that debt payments can't exceed 43 percent of your borrower's before-tax income.
However, there are exceptions. The percentage cap on fees is higher for smaller loans, and some mortgages backed by Fannie Mae, Freddie Mac and the FHA can have debt-to-income ratios above 43 percent.
In a testimony while watching House Banking Committee, some lenders complained about the 43 percent limit for debt to income ratios. They said oftentimes, borrowers can get an improved mortgage and afford loans at higher ratios, and thought about being allowed leeway inside their lending decisions, and never attach a tough debt to income ratio to the process. Further, lenders had requested a debt-to-income ratio number for clarity and therefore are now complaining about this.
Exactly what does this implies to the rural borrowers?
Alfred Winningham, testifying with respect to the Rural Bankers Association, mentioned that the latest qualified mortgage rule will restrict mortgage lending in rural areas. Mr. Winningham's bank can't pay for the legal hazards of expanding its lending efforts, although his bank is exempt from a number of the rules mainly because it underwrites less than 500 mortgages per year. However in 2012, Winningham's bank closed 441 mortgages, which will leave little room for rise in mortgage lending side.
Where do Credit unions fit in?
Jenny Maloney, representing the American Lending Institution Association, testified that current regulations develop a costly and unnecessary "compliance burden." She remarked that "Credit unions didn't result in the economic crisis and shouldn't be caught from the crosshairs of regulations geared towards those entities that did.€ Ms. Maloney testified that getting a better mortgage can be carried out using internet resources like iWantaBetterMortgage.Com. Businesses like these could help lower costs industry wide on the buyer and mortgage lenders end. It's a win-win to the industry.
Whose risk could it be, anyway?
All this comes down this: when the objective is usually to assist the consumers select a better mortgage, who should assume the potential risk of a bad mortgage? In past years, mortgage lenders made a lot of money giving people bad loans, and taxpayers and individual homeowners paid the bill. Congress and regulators pushed the danger back onto lenders and investors, who are now pushing back. To get a fair balance, consumers require the various tools essential to evaluate home loan products inside an open environment. Choosing a better mortgage has become incredibly easy with companies like iWantaBetterMortgage.Com.
How are markets changing and where are customers going?
Not so unfamiliar with the lending industry, but gaining ground fast is Home Equity Loan. iWantaBettterMortgage.Com is positioning itself being a major player in your house Mortgage Lending business. Consumers are demanding better mortgage products and therefore are now finding it easier to bypass traditional mortgage brokers and go straight to the lender in their choice.
By Homer Slobotnic
Vice President of Sales and Marketing
Customers seeking a greater mortgage or even a better mortgage refinance loan have already been finding greater success online having a company called iWantaBetterMortgage.Com. By removing the mortgage broker, iWantaBetterMortgage.Com offers customers a easy and quick method to use the internet to get a mortgage loan. For years (and industry wide), there have been issues with mortgage brokers selling mortgages with inflated fees and interest levels beyond a consumer would have to pay. Over time, customers have complained that mortgage brokers had talked them into getting a mortgage that they really could not afford, only learn after the fact that the mortgage lenders had hid an added back end points and fees inducing the interest rate to skyrocket. In many cases, a greater mortgage could have been obtained had the individual had the opportunity to shop around. Because of this, iWantaBetterMortgage.Com has begun to capture additional market share giving the customer with this €better mortgage€.
Together with the new Dodd Frank rules which are in place, some mortgage lenders are now being forced to not lend to qualified individuals. iWantaBetterMortgage.Com is assisting customers shop multiple lenders at some point that can assist remove the add-on fees that can come from independent mortgage brokers.
The newest term around the street is €qualified mortgage€. Mortgage lenders are now forced to abide by a pair of rules that leads to exactly what is being referred to as "qualified mortgage standard€. Mortgage lenders are discovering it hard to add on extra fees, both about the front along with the back end. Without these extra fees, lenders are denying home loans to an otherwise qualified borrower. So, how can a buyer realize that €Better Mortgage€? Consumers need a better mortgage and have begun to use iWantaBetterMortgage.Com.
More regulations mean fewer better mortgages.
Mortgage lenders don't like the limits being put on their fees, or the new debt to income requirements for the mortgage to fulfill the €qualified mortgage standard€. The matter available is that the mortgage lenders are complaining that they'll turn away qualified deserving borrowers because of these new regulations. Lenders feel that this can slow the housing recovery and hurt the general health from the economy. iWantaBetterMortgage.Com is already supplying the link between the consumer along with the lender whereby the consumer can pit Home Equity Loan lenders against the other, thus lowering fees and points. Getting that better mortgage is critical into a healthy industry.
"Unless there are actually changes in the near future, these new regulations will have a dramatic influence on credit availability to the consumers seeking a better mortgage that they are in position to protect," said Edward Brooks, of the United Mortgage Association. He's mentioned that here is where a firm like iWantaBetterMortgage is available in. iWantaBetterMortgage.Com takes the guesswork from finding the best mortgage loan for that individuals credit score. iWantaBetterMortgage.Com could possibly get a pre-approval for any mortgage in under two minutes.
Brooks testified looking at a property Hearing on home mortgages that industry is improving with the top end borrower, while the budget of the mortgage market is actually shrinking. Use of credit remains an issue with first time and low to moderate income borrowers incapable of be entitled to a house mortgage. The €ability to repay€ rule could fuel this trend and additional tighten credit to worthy borrowers.
Just how do the latest rules to get a qualified mortgage turn it into a better mortgage?
Early this year, the individual Financial Protection Bureau's €qualified mortgage rule€ went into effect. This rue is designed to help the consumer have a better mortgage. To be designated a qualified mortgage, a loan must fulfill certain requirements, including:
€A 3 percent cap on points and lender's fees for loan levels of $100,000 or more.
€A maximum debt-to-income ratio of 43 percent, which means that debt payments can't exceed 43 percent of your borrower's before-tax income.
However, there are exceptions. The percentage cap on fees is higher for smaller loans, and some mortgages backed by Fannie Mae, Freddie Mac and the FHA can have debt-to-income ratios above 43 percent.
In a testimony while watching House Banking Committee, some lenders complained about the 43 percent limit for debt to income ratios. They said oftentimes, borrowers can get an improved mortgage and afford loans at higher ratios, and thought about being allowed leeway inside their lending decisions, and never attach a tough debt to income ratio to the process. Further, lenders had requested a debt-to-income ratio number for clarity and therefore are now complaining about this.
Exactly what does this implies to the rural borrowers?
Alfred Winningham, testifying with respect to the Rural Bankers Association, mentioned that the latest qualified mortgage rule will restrict mortgage lending in rural areas. Mr. Winningham's bank can't pay for the legal hazards of expanding its lending efforts, although his bank is exempt from a number of the rules mainly because it underwrites less than 500 mortgages per year. However in 2012, Winningham's bank closed 441 mortgages, which will leave little room for rise in mortgage lending side.
Where do Credit unions fit in?
Jenny Maloney, representing the American Lending Institution Association, testified that current regulations develop a costly and unnecessary "compliance burden." She remarked that "Credit unions didn't result in the economic crisis and shouldn't be caught from the crosshairs of regulations geared towards those entities that did.€ Ms. Maloney testified that getting a better mortgage can be carried out using internet resources like iWantaBetterMortgage.Com. Businesses like these could help lower costs industry wide on the buyer and mortgage lenders end. It's a win-win to the industry.
Whose risk could it be, anyway?
All this comes down this: when the objective is usually to assist the consumers select a better mortgage, who should assume the potential risk of a bad mortgage? In past years, mortgage lenders made a lot of money giving people bad loans, and taxpayers and individual homeowners paid the bill. Congress and regulators pushed the danger back onto lenders and investors, who are now pushing back. To get a fair balance, consumers require the various tools essential to evaluate home loan products inside an open environment. Choosing a better mortgage has become incredibly easy with companies like iWantaBetterMortgage.Com.
How are markets changing and where are customers going?
Not so unfamiliar with the lending industry, but gaining ground fast is Home Equity Loan. iWantaBettterMortgage.Com is positioning itself being a major player in your house Mortgage Lending business. Consumers are demanding better mortgage products and therefore are now finding it easier to bypass traditional mortgage brokers and go straight to the lender in their choice.
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