Mortgage Broker
Person or business that obtains mortgages for others by finding suitable lenders. The mortgage broker sometimes deals with collections and disbursements. Typically the mortgage broker receives a percentage of the amount financed. A finder's fee equal to 1% or so of the amount borrowed is normally paid by the borrower. The financial success of the mortgage brokerage firm depends upon the ability to locate available funds and to match these funds with creditworthy borrowers. Certain sources of funds, particularly insurance companies and the secondary sources, do not always deal directly with the person looking for capital; rather, they work through a mortgage broker. Normally, the mortgage broker is not involved in servicing the loan once it is made and the transaction is closed.
Popular Real Estate Terms
An upper limit on the interest rate that can be charged in a variable rate mortgage over its life. For example, a variable rate loan is initially offered at 7% loan rate, and its interest ...
Investments you can hold on to all your life or sell for a profit when they have appreciated in value. Real assets are those investments you can put hands on. Real property includes real ...
Surveyor's use of hypothetical lines to portray a properties position. North to South in the meridian line while East to West is the base line. ...
Interest rate on an adjustable rate mortgage based on the total of the current value of an index and margin applicable to the mortgage. The rate is the basis for the computation of monthly ...
Final property appraisal estimate arrived at by applying appropriate appraisal methods. ...
Involves the transfer of property from one individual to another for a consideration in the form of sale. It is the most widely used type of real estate deed with a period of bargaining ...
The real estate world features many tricky terms and concepts. One that often sneaks up on even the most experienced buyers and sellers is the "red herring." What is the meaning of red ...
Real estate, home and life insurance use numerous ambiguous terms you should know because you can significantly benefit from them. Let’s discover what the word boot usually applies to ...
Legal order for a person to present at a deposition or trial documents in his possession, such as related to a real estate transaction. ...
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