Mortgage Guide

tomg asked:

[Please answer this question only if you are a mortgage professional, an MBA, a real estate professional, or someone in a similar profession who is very familar with mortgages]

I’m currently an assistant to a mortgage broker and I was very lucky to have worked with one of the ethical mortgage brokers though I will admit that sometimes he over stated some asset figures. I’m not too happy about that–but he would give his clients the best mortgage terms on the cheapest basis. i.e. he didn’t charge them points when he didn’t need to.

However, I’m hearing that the mortgage broker industry may end next year due to the alledged plans of several large banks like BofA (already did it), WAMU, Wachovia, Citi, Indy Mac, Wells, and so on. I’ve also noticed that these major banks are starting to expand their retail divisions thus making me believe that pretty soon we are aheaded towards a direction where mortgage brokers will become no more.

Does anyone else out there believe this to be so?

Question posted courtesy of: Howard

cctvca asked:

I received the following from the purchaser’s lawyor:
Quote: Please be advised that my client’s mortgage appraiser attended the premises and rejected the mortgage. Unquote:

Question:
1.Does a mortgage appraiser have the right to reject a mortgage?
2.Who has the right to reject a mortgage?
3.What might be the most common reasons to reject a mortgage in addition to the condition of house?
4.As the financing is waved and the sale is “as is, where is”, if there is no sufficient reason to proof deterioration, con we consider that the purchaser forfeited his deposit to the seller?

Please respond to cctvca@yahoo.ca as it is the most efficient way for me to receive e-mail.

Thanks,

Richard Wong

Question posted courtesy of: Marvin