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The home buying process is such an emotional and stressful experience. During this process, you’ll also want to find a type of mortgage that best suits you and your situation. There are many different types of Home mortgage options available, so how do you know what type of mortgage loan is best when buying your home? We will discuss the options available and what is required to qualify for each.

Where Can I Find the Best Mortgage Loan Officer Near Me

It’s fairly simple to find mortgage loan officers in your area. The challenge is – where can I find the best home loan officer near me? With all of the options given to you through a simple internet search, how do you filter to find the one you need?

There are a few things that you need to keep in mind and some questions that you need to ask when deciding what type of mortgage loan is best when buying your home.

What Type of Home Mortgage Loan Do You Need

The first thing that you should ask yourself is, “what are my needs?” Basically meaning – what type of mortgage do you need? Determining this will make the selection of a loan officer easier. Are you in need of an FHA mortgage, a Jumbo loan, an Adjustable Rate Mortgage, or a Renovation Loan?

There are other situational questions that you should also ask. Is this your first time to buy a home? How high or low is your credit score? All of these questions will help you be prepared to meet with a loan officer. It will also help you figure out how much experience they have in handling clients in a similar situation as your own. Don’t be afraid to ask them tough questions – it is your money.

What Questions Do I Need to Ask My Mortgage Loan Officer

You might now be wondering, “what questions do I ask them?” One of the best things to ask about is the amount of time that they’ve been a mortgage loan officer. The more experienced the better.

Also, ask the loan officer for their NMLS number (Nationwide Mortgage Licensing System). Using this number, you can look up their track record and see if their have been any complaints or problems that have occurred in the past. You should also ask them how long their processing time is for whichever mortgage you need.

Great loan officers should always be in constant communication with all parties involved – their clients, realtors, title companies, and even departments within their own company. Having this open communication will help ensure you that your rates will be protected and locked in.

In this day and age, loan officers should be tech savvy. The different software programs used in today’s mortgage world are complex and require a great amount of knowledge. If your loan officer isn’t well versed in technology, it is likely to slow down the entire process; they’re likely to spend too much time navigating through the systems and not enough time working to fulfill your needs.

Keeping all of these things in mind will help make your job easier. Knowledge is truly power when searching for a trusted, loyal mortgage loan officer.

What Type of Mortgage Loan is Best When Buying Your Home

When searching for the right type of mortgage loan, you’ll find a few viable options. One of them being a fixed-rate home loan. With this type of loan, your interest rates remain the same throughout its entirety, making the same payments monthly.
Fixed-rate loans are typically available in 10, 15, 20, and 30 year options, with 30 being the most common. The longer the duration of the loan, the less money you’ll be paying each month.
Another major type of loan is the adjustable-rate mortgage, or ARM for short. With ARMs, the borrower starts out paying a fixed-rate for a certain period of time; once this period has ended, the rate fluctuates based on the index (set be a neutral party).

Typically, the initial rates are more favorable than those of a fixed-rate loan, attracting many homebuyers.The most common type of ARM is the 5/1 – this is where the rate remains constant for 5 years, changing each year after that.

The next type of loan is the jumbo loan. This name is sort of silly, but it is exactly what the loan implies – it is huge. Jumbo loans exceed the limit put in place by most conforming loans. These limits are typically set by Freddie Mac or Fannie Mae. Jumbo loans are typically considered any loan in excess of $424,100, but can vary depending on the typical home prices in a typical area. These loans are used to purchase affluent homes.
If you have any questions on how you can qualify for one of these loans, contact a trust mortgage loan officer in your area. These loans and their requirements are also discussed further in this article.

What are the Best Types of Home Loan for First Time Buyers

What are the Best Types of Home Loan for First Time BuyersPurchasing your first home is likely one of the biggest decisions a person will make in their life.

That’s why you want to take all of the necessary steps to ensure that you get the best bang for your buck and don’t break the bank. One of the major steps to take is finding out which method of financing is right for you and your situation.
A few of the first time home owner loan options available to first time home buyers are as follows:

1. FHA Loans

This is a loan program that has been set up by the Federal Housing Administration (FHA), under the United States Department of Housing and Urban Development.

FHA loans are great for people who have never bought a home before due to their low down payment requirements; with payments as low as 3.5%. This is also one of the easier types of loans to qualify for; when applying, they consider credit scores that are not-so-perfect.

2. Conventional Loans

Unlike FHA loans, conventional loans are not backed by the government. They are fixed-rate mortgages that are more difficult to qualify for than their FHA counterparts. In order to qualify, you’ll need a high credit score and a stable income; you’ll also need to purchase private mortgage insurance. For conventional loans, there are strict requirements set by Fannie Mae or Freddie Mac. They come with either a fixed or adjustable rate.

3. VA Loans

If you are a service person or veteran, a VA loan is likely the best option for you. VA loans are backed and guaranteed by the US Department of Veterans Affair (VA). These loans come with great terms and are easier to qualify for that conventional loans. In order to apply for the VA loan, you must first seek approval from the VA; they will then give you a certificate of eligibility that allows you to apply for a VA loan.
When searching for a first time buyer loan, it is important to do research on each and cross-reference your current situation. This will allow you to go into a meeting with the loan officer with knowledge.

First Time Homeowner Bond Loan Program

 

If you’re in the low to middle-income class, a bond loan program might be the best option for you. These bond loan programs are created by local and state governmental authorities to help these families become homeowners. They do so by offering lower interest rates and even cash assistance. Making that transition from renting to buying is a terrifying journey, but bond programs can help ease the process.

What is a Bond Loan Mortgage

Bond loan mortgages are issued by state and local governments to help ease the burden of purchasing a home for people in the lower income brackets. What the government does in this case is sell mortgage revenue bonds. These bonds then supply the necessary funding needed to subsidize the purchase price of a home. People that invest in these bonds receive tax-exempt interest payments. This is a great program that has help thousands of people buy a home that might not have had the money to do so.

 

How to Qualify for a Bond Loan Mortgage

How to Qualify for a Bond Loan Mortgage bond mortgage loanIn order to qualify for a bond mortgage loan, you must be in the low to middle income bracket. In order to apply for the bond loan, you do not go to the government entity that is supply the loan – you instead go to a participating lender. It is important to note that not every person in the lower income category will get one of these loans; however, it has helped many people across the US.

 

If you do qualify for the bond loans, you will likely receive a lower interest rate than a typical home loan and – in some cases – cash to help pay for the closing costs or the down payment. Bond loans are partially backed by the government in order to make lending companies more likely to issue them to low income families.

 

How are Interest Rates on Home Loans Calculated

There are several factors that go into determining what interest rate you will be paying on your mortgage. Lenders know how to calculate this, and so should borrowers. The following is a list of the major factors:
– Down payment
– Location of home
– Credit score
– Loan type
– Term of the loan
– Price of the home
– Type of interest rate

Given this information, you should ask your mortgage loan officer many questions. This will help you get the best rate possible.

What is a Conventional Mortgage Loan

Earlier, we touched a little on conventional mortgage loans. But what exactly is it? They’re loans that are not backed by a government entity. They come in either fixed or adjustable rate options. For fixed mortgage loans, the interest rate remains the same over its 10 to 30 year lifetime. On the other hand, an adjustable-rate mortgage, or ARM, have a lower initial interest rate for a certain period of time, then are susceptible to adjustments based on either the T-Bill index or LIBOR.

 

What Are the Conventional Home Loan Requirements

In order to meet the conventional mortgage loan requirements, you must meet a certain income and credit score criteria. Typically, conventional loans require that the down payment be at least five percent, but optimally 20 percent and higher. You’ll also want to make sure your credit score is relative high. An ideal credit score to qualify for a conventional home loan is 740 or higher.

 

There is also a limit to the loan amount. In most cases, the loans amount is limited to $417,000 in the United States (as of 2016), with homes in higher-cost locations stretching into the $600,000 range.
Conventional loans typically require you to cover the mortgage insurance and fees for the appraisal and origination. This makes conventional loans one of the highest out-of-pocket loan options.

How Much is Mortgage Insurance on a Conventional Home Loan

When deciding what type of mortgage loan is best when buying your home, you also need to consider purchasing a conventional mortgage loan. You have the option to purchase private mortgage insurance (PMI).

The cost of conventional mortgage insurance varies. If your down payment and/or credit score is low, then the premiums for the mortgage insurance are likely to be high. This premium for the insurance typically runs anywhere from $25 to $75 per month for every $100,000 borrowed. For example, if you borrowed $200,000, the premium is priced anywhere from $50 to $150. PMI is typically only required for people who put less than 20% down on the home so that the lender can be protected in the case that the borrower defaults.

How Much is Mortgage Insurance

How Much is Mortgage InsuranceMortgage insurance is also available for non-conventional loans. It typically follows similar requirements to that of PMI – if you put less than 20% down on the home, then you’ll likely have to purchase mortgage insurance. Purchasing this insurance could possibly provide tax benefits for people due to the higher interest rate on the premium, making it tax deductible.

 

The FHA and VA provide public mortgage insurance to those who put less than 20% of their home value down when purchasing a house. This causes you to pay a higher premium at the time of purchase and for each monthly payment until you have reached the 20% mark. This premium is around 1.5%-1.75%, meaning that you could be paying up to 6.25% of the mortgage cost until 20% of the mortgage is paid off. Once you reach the 20% mark, the public mortgage insurance goes away and you only make payments on your mortgage.

How Do I Qualify for an FHA Loan

FHA loans are an incredible source of funding for people with a less than stellar credit scores.  The Federal Housing Administration requires that you have a credit score somewhere in the range of 500 to 579. If your credit score falls within this range, then they are likely to require a 10% down payment. If your credit score falls at 580 or above, you may be required to only make a 3.5% down payment.

 

Additionally to credit score and down payment amount, there are other requirements that you must meet in order to qualify for an FHA loan. You must be able to prove that you have steady employment for the past two years. There is also a minimum amount set up by the FHA that you must borrow; this so-called ‘floor’ is $275,665.
There are also FHA loan limits to the amount you are able to borrow; this ‘ceiling’ currently sits around $636,150 and varies in different parts of the United States. If a person has gone into bankruptcy, you must be at least two years out of it and show that you have re-established good credit standing. If a person has gone through foreclosure, you must be three years out of it and have re-established good credit.
Always check with a expert mortgage loan officer; they will be able to see your options for your current situation.

FHA 203K

Many times, people will purchase a house that is in need of renovations and/or updates. This is where an FHA 203k loan comes into play. An FHA 203k loanallows homeowners to to to fund both the purchase and the rehab of their home. These loans can cover an extensive list of updates:
– Flooring
– Siding
– Plumbing
– Electrical
– Patios
– Roofing
– HVAC systems
– Kitchen/bathroom remodels
– Decks
– Second story and other additions
– Structural alterations
– Plus more
 
FHA 203k loans do not, however, cover what they call “luxury improvements.” Luxury improvements are things such as a swimming pool, basketball/tennis court, etc.
But how much money can a person get from an FHA 203k loan? The standard 203k loan is typically used for renovations and rehabilitations over $35,000. The minimum you can borrow is $5,000. On the flip side, limited (streamline) 203k loans are used for projects that fall underneath $35,000.

There is no minimum amount attached to streamlined 203k loans. Depending on what kind of upgrades your home will need will determine which 203k loan is right for you.

FHA 203K Loan Requirements

 

In order to qualify for a 203k FHA loan, there are certain requirements the borrower and the property must meet. The home must be at least a year old and no more than a four-family home. The value of the home cannot exceed the FHA limit of $636,150 – depending on what part of the US you live, as stated previously. In order for an individual to qualify for this loan, they must meet the requirements set by the FHA. The ideal credit score range to fall between is 620 and 640. However, there are instances where individuals with a credit score under this have qualified – where they have offered a higher down payment amount. Talk with a trusted mortgage loan officer to find out your options.

 

What is an ARM Loan?

What is an ARM LoanAn ARM loan is an adjustable-rate mortgage loan. ARM loans have monthly payment amounts that fluctuate instead of remaining constant throughout the duration of the mortgage. Initially, there is a period of time where the rate is fixed. Once this period ends, the rate is susceptible to shifts caused by the index rate. This can either make the rate rise or fall.

 

 

The main incentive of signing up for an adjustable-rate mortgage loan is the low initial interest rates during the fixed-rate period. This period generally lasts for five years (5/1 ARMs), but are also available in three, seven, and ten year options (3/1, 7/1, 10/1 respectively). However, there is a level of risk involved once this period ends. There is no way to predict whether interest rates will rise or fall.

 

What are the Benefits of an ARM Loan

There are a couple of benefits associated with signing up for an ARM mortgage loan. Discussed in the previous paragraph, initial interest rates are lower than their mortgage loan counterparts. This means that you’ll have more money in your pocket to spend on whatever you want/need over the course of the fixed-rate period.

Additionally, there is a chance that interest rates will fall after this period has come to a conclusion. You even have the ability to refinance your home for up to 95%, with a down payment of only 5%. ARM loans are also available through the FHA and VA, offering more flexible requirements and guidelines to follow.

Jumbo Home Loans

Jumbo loans are exactly as they sound: enormous. The reason they are called “jumbo” is due to the fact that they exceed the amount that conforming loans can offer to a person, set by the FHA. Jumbo loans are typically designed to help finance the purchase of luxury homes or homes that are located in a high-cost market. Jumbo loans are also considered non-conforming loans and typically have a higher rate due to their risk to the lender.

 

What is Considered a Jumbo Loan

What is Considered a Jumbo LoanThe jumbo loan definition – loans that exceed the maximum set by the Federal Housing Agency. Due to this fact, jumbo loans cannot be guaranteed or securitized by Freddie Mac or Fannie Mae. For most area in the United States, a jumbo loan is any loan in excess of $424,100. In wealthier, more expensive locations, a jumbo loan is anything in excess of $636,150 – these places include New York City, San Francisco, Los Angeles, Guam, Alaska, Hawaii, the Virgin Islands, plus more. To find out what is considered a jumbo loan in your area, check with the Federal Housing Finance Agency (FHFA).

 

What are Some Jumbo Loan Requirements

In order to reap the benefits of jumbo mortgage loans, there are a few requirements that you will need to meet. You’re probably wondering how to qualify for a jumbo loan. The requirements are fairly similar to those of qualifications for a conforming loan. Your credit score will be examined, the amount of down payment will be taken into account, your debt-to-income (DTI) ratio, and the amount of money remaining post-closing.

 

Requirements for your credit score are virtually the same as the requirements for conforming loans. However, when it comes to money remaining after closing, there are stricter requirements. Lenders of jumbo loans usually want to see around twelve months of reserves in the bank after closing. These funds must be half liquid and half retirement assets.

 

There are a few areas that jumbo loans have more wiggle room than conforming loans. If you have a DTI ratio that is greater than 43%, you still may be able to qualify for a jumbo loan; whereas, you couldn’t qualify for a conforming loan with a DTI higher than 43%. Jumbo loans also don’t require mortgage insurance in every case and can put as little as 10% down.

 

Talk with a trusted mortgage loan officer today to see if you meet the requirements of a jumbo home loan.

VA Home Loans

For people that bravely serve this country, there are options available to help ease the financial burden of becoming a homeowner. One of the most beneficial options is the VA home loan, backed by the US Department of Veteran Affairs. Since its formation in 1944, it has helped over 22 million veterans and active duty military members refinance or purchase a home.

 

A major benefit of VA loans is the fact that no down payment is needed for qualified candidates. Also, the purchase of private mortgage insurance is not required since the loan is backed by the United States government. Banks are generally more lenient on the requirements to qualify for a VA loan because of the backing by the government.

 

How to Qualify for a VA Loan Mortgage

In order to qualify for a VA loan mortgage, you must meet at least one of the following conditions:
– served more than six years in the National Guard/Reserves
– served 90 days of consecutive active duty in wartime
– served 181 days active duty in peacetime
– be the spouse of a service member who died in the line of duty
– be the spouse of a service member who died because of a service-related disability
In order to receive the loan, you will likely need to obtain a VA Certificate of Eligibility (COE). You can apply for one through the VA’s website, through the mail with VA Form 26-1880, or through an approved lender. This proves to the lender/lending company that you have fulfilled all of the requirements set by the VA to get this loan.

 

You now might be wondering what the requirements are in terms of income. While there is no set minimum income that you must meet, you still have to have some sort of stable income to make the necessary payments on the mortgage loan each month.

 

There is also a set amount that needs to be left over after the mortgage payment and all other major expenses have been made so that they can cover family needs. The excess is known as residual income. The residual income requirement ensures that the borrowers will have enough money to cover not just their mortgage, but also their family and other important expenses.

VA Home Renovation Loan

In addition to VA loans for purchasing a home, there are also renovation loans provided through the VA. If you are a veteran or active duty military member and meet all of the requirements set by the VA, you can qualify for one of these VA home renovation loans. One of the uses of this loan is for the new construction or rehabilitation of a home.

 

In order to qualify, you must meet the requirements set by the VA (listed in the previous section) and provide specific plans of what the construction project will entail. The plot of land chosen to build on can either be purchased by the borrower separately or be included in the cost of construction when applying for the loan.

 

Once the loan is granted, the VA will provide the necessary funds as the project progresses through each stage. At the completion of the home, the inspector is required to provide a “certificate of completion” to the VA. The borrower is not required to make loan payments during the construction process, but must start once the home is completed and ready for occupancy.

 

In terms of VA loans for renovation purposes, the requirements are extremely similar. Renovation plans must be laid out and approved by the VA before the loan can be granted and the construction starts. VA loans can cover a list of different upgrades or improvements that are needed to be made including:
– Flooring
– Roofing
– Heating and ac
– Bathroom remodels
– Kitchen remodels
– Plus more
It can be difficult to locate these types of loans, but they are definitely available. By talking with a mortgage loan officer in your area, you can find the VA loan that best suits you and your family’s situation.

I Need a Home Renovation Loan

I Need a Home Renovation LoanIf you don’t qualify for a VA renovation loan, that’s okay; there are other options available in terms of renovation home loans. One of the most common renovation home loan is the FHA 203k loan program.

 

Within the FHA 203k are two different categories: standard (full) 203k and streamline (limited) 203k. The standard is for major renovations while the streamline is for minor ones. A few of the different scenarios to use each are listed below:

 

1. Standard (Full) 203k

– Structural repairs
– Foundation repair
– Major landscaping corrections (such as grading)
– Completing an attic
– Relocating a load-bearing wall
– Addition of a room

2. Streamline (Limited) 203k

– Kitchen remodel
– Bathroom remodel
– New flooring
– Painting
– Sewer replacements
– Roof repairs (shingles, gutters, downspouts, etc.)
– Window replacement

 

Basically, if the renovation exceeds $35,000, you’ll need to purchase the full 203k; however, if the project falls under $35,000, you’ll need the streamline 203k. With other loans, you would typically need two separate loans – one for the cost of repairs and the other for purchasing the home. Thankfully, the FHA 203k loan allows you to include the cost of repairs and the cost to purchase the home all in one package.

 

If you are unsure which category your project falls under, you can consult with a mortgage lender in your area.

 

What are the Qualifications for Home Renovation Loans

Now that you know that you are in need of a renovation loan, there are a few requirements set by the FHA that you must meet. Loans for home renovationrequire that you meet a certain FICO score in order to qualify. The ideal range is between 620 and 640, but exceptions can be made for people that fall below this threshold. The lender will also likely require that your debt-to-income (DTI) is favorable and that you have a stable source of income. In addition to these requirements, a detailed plan of the necessary renovations will be need to be drawn out by a general contractor. Throughout different stages of the project, the lender will send an inspector to the property to ensure that all of the repairs are satisfactory.

 

How Can I Get a First Time Home Buyer Renovation Loan

Purchasing a home for the first time is a daunting task – especially if major repairs are needed. So, how can you get a loan for renovation of home as a first time buyer? The requirements are virtually the same as if you were a second/third/fourth time buyer. As long as you have a good credit score, a reliable source of income, and detailed plans of your project, you should be in good shape. In fact, first time home buyers could actually save money by purchasing a home that needs renovations instead of one that has been fully updated. If you are unsure of the next steps to take, contact a knowledgable loan officer to find out more information.

How to get a Home Renovation Loan for Your Home Renovation Project

By being aware of your current financial situation and talking with a trusted mortgage loan officer, you’ll be able to find the right renovation project. By checking customer reviews and the Nationwide Mortgage Licensing System using their NMLS number, you’ll be able to see their track record. Once you’ve done this and find that you can trust the lender, discuss with them your options based on your current situation. They will work with you to ensure that you get all of the money you deserve for your renovation project.

 

Construction Loans for Home Renovation

 

Can you use a home loan for renovations? Absolutely! With a FHA 203k loans, you can get access to money that will help fund your construction or rehab of a dated home. There are two main types of FHA construction loans that you should keep in mind:

1. Construction-Permenant MortgageConstruction Loans for Home Renovation

This type of FHA loan will help fund a construction project that starts from scratch. If can help fund the purchase of the lot and the cost of the contractors to build the home.

2. 203k Rehab Mortgage

This type of FHA loan is perfect for people who have purchased a home that is in need of major renovations or updating. This loan is even good for projects such as rebuilding.

 

What’s great about these loans, in comparison to others, is that the cost to purchase the lot and construct a home is bundled together in one mortgage loan package. This makes the process a lot easier in a since that you just borrow once instead of a couple times like other loans. These are great to consider when making a decision of what type of mortgage loan is best when buying your home.

 

What are Some Home Renovation Loan Options

Renovating your home is an important task to accomplish. Making the right updates and modifications can subsequently increase the value of your home and make a profit if you ever want to sell. So, what are some options when it comes to financing those renovations? We’ve gone into detail about the FHA loansavailable, but are there any other options? As a matter of fact, there are.

 

One of them is borrowing money from your 401(k). Many of the 401(k) programs will let you borrow money and pay it back over the course of a few years – typically five. You end up paying interest to yourself; however, it might not be the amount it would if you left it alone.

 

Another option is to use a line of credit from your home equity. If you have a goodmortgage, this could be a great source of funds for your project. It allows you to take money out only when needed and pay it back at a pace that is best for you (making monthly payments, however, is a must).

 

Beyond these, there are many different ways to finance the cost of renovations and upgrades. By speaking with a trusted lender in your town, you can ensure that the right option for you will be chosen.

 

How Do Home Renovation Loans Work

Renovation loans work in an interesting way, and you should understand them before you choose what type of mortgage loan is best when buying your home. After a borrower enters the mortgage, part of the loan pays for the home and the other part goes into an escrow account. As certain stages of the project are completed, an inspector is sent to the property by the lender to ensure that all repairs being made are up to code and follow the guidelines of the project. If all the requirements are met, money is then extracted from the escrow account to pay the contractor for their work.

What is a Reverse Mortgage

Define reverse mortgage. What is it exactly? For homeowners over the age of 62, a reverse mortgage is a home equity loan used to extract equity to supplement your retirement income. Through this, you can access cash payments that occur monthly while retaining the title of your home. The amount of money you can obtain through a reverse mortgage depends on the age of the borrower. A reverse mortgage is also referred to as a home equity conversion mortgage (HECM). Typically, reverse mortgages are used as a last-resort, but have become very useful for older homeowners that are tight on cash.

 

Is a Reverse Mortgage Home Loan a Good Idea

 

Before signing up for a reverse mortgage, there are few factors that you should take into consideration. Reverse mortgages can help people who might not have sufficient funding from their pension, savings, or social security to live a comfortable retired life. It can also help supply money for a rainy day fund. However, if the homeowner decides to move, the loan must be completely paid off. It is always a good idea to talk with mortgage company to see if a reversemortgage is a good idea for you and your current situation.

Reverse Mortgage Pros and Cons

When considering a reverse mortgage, it’s important to weigh the pros and cons.

Pros:

– You can continue to live in your home while receiving the benefits.
– You can retain the title to your home.
– Enables you to live a comfortable retirement.
– Monthly mortgage payments are not required (only if you live in the home).
– Remain equity after the loan is paid off goes to your heirs.
– It will not affect benefits received from Medicare or Social Security (typically).

Cons:

– Extracting equity leaves less assets to your heirs.
– If the home is not maintained, the loan will become due.
– The fees may be higher than typical mortgages.
– Your heirs will have to repay the balance of the loan.
These are just a few pros and cons of engaging in a reverse mortgage program. Check with a mortgage loan officer on more ways that it can affect you and your heirs before deciding what type of mortgage loan is best when buying your home.

 

How Reverse Mortgage Works to Provide Income in Your Retirement Years

reverse mortgage gives you a new source of income, so how exactly does it work? When you first purchase a home through a regular mortgage. Through this mortgage, you borrow money that you begin to pay off monthly. Over time, these payments decrease your debt and increase your home equity. Reverse mortgages work in the exact opposite way. The homeowner is given money payments by a lender, using the home as collateral. These payments are based on a certain percentage of your home’s value. You can receive the money monthly, in a lump sum, as a line of credit, or some variation of all three.

How to Find a Reverse Mortgage Loan Officer Near Me

How to Find a Reverse Mortgage Loan Officer Near MeFinding a trusted person to serve as your reverse mortgageloan officer is important. But how can you trust that you’re getting the best?

One major way you can check is by doing a search a general online search. This helps you come up with a list of potential officers. Then, you’ll want to find out their NMLS number an use it to do a search of their track record. This number is set up by the Nationwide Mortgage Licensing System & Registry in order to ensure that lenders and lender companies are following all regulations.

To determine what type of mortgage loan is best when buying your home, there are different factors to consider. Many of these have factors that include a person’s current financial standing, credit score, or location of residence. By doing a little research and speaking with a mortgage loan officer, you will discover all of the best options for you.