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What Is Alternative Lending? Alt A Lending.
Alt A is what we call it in the industry. It’s also a Borrower Type as an Alt A Lender will naturally lend to an Alt A Borrower. There are usually Mortgage Fees associated with this type of lending. Alt A closing costs will show you what it looks like to close with this type…
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4 Main Types Of Alt “A” Lending. Alternative Lending.
There are 4 Main types of Alternative Lending. This is not the same as Alternative Mortgage Solutions. The rates on this type of mortgage typically range .5% to 2% higher than your best mortgage rate on the market. The is a lender, that offers mortgages that fit clients with Bruised Credit, and or lower income…
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Self-Employed.
We all know we need income for a mortgage. What Income is needed on a mortgage is always good to know. Most lender’s take one form of self employment or another. It all depends on which lender has a certain Appetite for your self employment. There are 3 different types of Self Employment income when…
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(Mortgage) Letter Of Direction Deciphered
A letter of direction is a legal document that a client signs in order to acknowledge and direct the lawyer to take a fee for the Mortgage transaction. The signature has to be witnessed. This direction only applies if the client must pay a mortgage brokerage fee. This fee is a percentage of the loan,…
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What Everyone Ought To Know About Mortgage Fees
This topic could expand into an all encompassing look at the actual process and degree of tenacity and skill it takes a broker/agent to obtain approvals on certain mortgage loans but we’ll skim here in this post. We are basing this on Borrower Types, and mortgage types we see in the current mortgage industry in…
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Borrower Types Explained In Few Minutes.
We could go into the 6 c’s of lending here and go into exhausting detail about how every client is different because they are. Instead we are going to sum up types of borrowers by matching them to the type of lending Mortgage Suite achieves approvals with. It’s not the borrower that’s called this type,…