In January 2012, the Company announced its relationship with Emery Financial, a division of W.J. Bradley. Together, W.J. Bradley and Emery Financial would have assumed a No. 11 position on the Top 100 Mortgage Companies in America list for 2011, ... WJ Bradley Mortgage Capital, LLC and Emery Financial Recognize Top Producers
When you are shopping around for a mortgage, one of the first things you need to know is the mortgage companies and other banking entities that offer mortgages. The most commonly used mortgage companies are mortgage bankers. Most people are familiar with this type of a lender. Mortgage bankers only work with mortgages. They do the work of finding the money, of underwriting the loan for the home, and then finally selling the loan to the secondary market for a profit. In some cases, these mortgage companies provide services for the loan such as collecting payments, sending statements, and collecting payments that are late. By shopping different lenders for home loans, mortgage banks are able to find the best mortgage rates .
When you decide to purchase a home, you may want to refinance the mortgage on your current home or take out a home equity loan. You may want to make sure you get the best deal possible. The fact is that each mortgage company is different and each may quote you an entirely different price. Therefore, you will want to take the necessary steps as you compare mortgage companies to ensure you get the best price possible on your loan. Mortgage company brokers act as a liaison between borrowers and lenders. Traditionally, banks and other lending institutions have sold their own products. However as markets for mortgages have become more competitive, the role of the mortgage broker has become more popular. The advantage provided by mortgage brokers is the relationship they have with lenders. Since brokers work with many different lenders, they are able to provide borrowers with competitive rates. A mortgage broker takes the application from the consumer who wants the mortgage, and th en they shop this deal around among various mortgage bankers or direct lenders. If the application fits the guidelines set forth by the banker or lender, then an offer is made to the broker to provide a mortgage to their applicant. In other words, a mortgage broker is an intermediary who brings mortgage borrowers and mortgage lenders together, but does not use his own funds to originate mortgages. A mortgage broker gathers paperwork from a borrower, and passes that paperwork along to a mortgage lender for underwriting and approval. The mortgage funds are then lent in the name of the mortgage lender. Usually, mortgage brokers charge fees based on the percentage of the loan amount ( probably 1-3% of the loan amount). A mortgage broker is normally registered with the State, and personally liable for fraud for the life of a loan.
A subprime mortgage is a type of loan granted to individuals with poor credit histories (often below 600), who, as a result of their deficient credit ratings, would not be able to qualify for conventional mortgages. However, some lenders count loans as subprime even if the borrowers have credit scores of 660 or higher, when the borrower makes a down payment of less than 5 percent or does not document income or assets. As subprime borrowers present a higher risk for lenders, subprime mortgage companies charge interest rates above the prime lending rate. Usually, borrowers with good credit histories will qualify for prime mortgages and borrowers with bad credit scores and the history of missed payments and high debt that comes with it will qualify for subprime loans. There are several different kinds of subprime mortgage structures available. The most common is the adjustable rate mortgage (ARM), which initially charges a fixed interest rate, and then converts to a floating rate based on an index.
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