1st And 2nd Mortgage Refinance Loan - Refinance And Lower Mortgage Payments

Author: Carrie Reeder

Refinancing both your first and second mortgage will lower your monthly mortgage payment and qualify you for overall lower rates. It will also save you money on closing costs and application fees. And while you are looking at rates and terms, you can reevaluate your loan's payment schedule to better fit your budget needs.

Why One Mortgage Is Better Than Two

Lending companies prefer financing one total mortgage rather than two separate loans. So second mortgage rates are at least a point higher than first mortgage rates.

Refinancing your two mortgages into one will qualify your for a lower rate mortgage. Since lenders charge flat application fees, you will save money by going through the process only once. Closing costs can also be cheaper.

Readjusting Terms

In all likelihood, your mortgages have different terms. Refinancing is a good time to reevaluate those terms and decide what would best meet your budget concerns.

If lower payments are your concern, then choose a longer term. While this will increase your total interest costs, it will ease your immediate budget concerns. Then when your financial situation improves, you can make principal payments to offset the interest costs.

When concerned about interest costs, it's best to opt for a shorter term with its lower rate. You can also pay points to further lower your rates. But this is only wise if you plan to keep the loan for several years in order to recoup the costs.

Separate Is Sometimes Better

In some cases, it is better to keep two separate mortgages to save money. In some instances, refinancing your mortgages individually will get you better rates overall. This is especially true if your total mortgage principal equals more than 80% of your home's value.

If you plan to cash out part of your home's equity while refinancing, you may also want to finance a second mortgage separately. Cash out refi loans automatically boost your loan's rate.

In order to find your best option, request quotes for refinancing your mortgages together and separately. Also look at several different lenders to be sure you are getting the most competitive offer.

About the author: Carrie Reeder offers advice about Refina nce Mortgage Loans Online. View our Recommended Lowest Rate Mtg Refinance Lenders Online.

Home Mortgage - Reasons To Refinance Your House

Author: Carrie Reeder

Refinancing can have other financial benefits besides lowering rates. Locking in rates can protect you from higher rates, saving you money on future interest costs. You can also change your ARM for better caps to prevent huge monthly increases. Consolidating your bills with your equity saves on credit card rates while providing a tax advantage.

Protection From Future Rate Hikes

An adjustable rate mortgage (ARM) provides the lowest rates for home buyers, but these rates can increase. Monthly payments can jump a couple of hundred dollars a month depending on market rates and loan caps.

For those planning to stay in their home for more than seven years, it is a good idea to refinance to a fixed-rate mortgage if rates look likely to rise. Fixed-rate mortgages offer security from future payment hikes, but with slightly higher rates than ARMs.

Trading In For Better Caps

Many ARMs offer initial low set rates that can change after a couple of years. Jumps in payments can be surprising, especially if you have less than favorable caps. Caps set limits on how much and how often your payments can increase.

Refinancing your ARM can help you negotiate lower caps. You can also find an ARM with set rates for several years, just like with your original mortgage.

Helping To Pay Off Your Loan

Early payment of your home loan saves on interest costs. For those you need a structured approach to make larger payments, refinancing for a shorter term may be the answer.

For instance, exchanging your 30 year mortgage for a 15 year mortgage can reduce your interest costs by almost half, even at the same rate. Even with the origination costs, early payment will still save you money.

Taking The Tax Advantage

Mortgage interest is tax deductible, unlike interest on other bills. Cashing out part of your equity to pay off bills can give you a financial edge to get ahead. Be sure to make refinancing part of your larger financial goals to enjoy the full benefits.

Investigating Lenders

Investigate lenders before you sign a contract to be sure you are getting the best financial offers. Ask about their APR to get a true understanding of the loan costs. Many financial companies post this information online, or you can request near instant quotes.

About the author: View our recommended mortgage re fi lenders.

18 Ways to Reduce Your Mortgage Loan Part 1

Author: Kevin Saunders

1. Skip the introductory rate (Honeymoon)

Beware of lenders bearing gifts! Introductory or honeymoon rates have long been an important marketing tool for lenders. You are initially offered a cheap rate on your loan to get you in the door but once the honeymoon period is over, the lender will switch you to a higher variable rate of interest. An example of this is an Adjustable Rate Mortgage (ARM).

There are two problems with this scenario. First, the variable rate is often higher than some of the lower basic loans available so you could end up paying more. Second, you need to clearly understand that a honeymoon rate applies only for the first year or two of the loan and is a minor consideration compared to the actual variable rate that will determine your repayments over the next 20 or so years.

You may also be hit with fairly steep exit penalties if you want to refinance in the first two or three years to a cheaper loan. So make sure you fully understand what you are letting yourself in before setting off on a ""honeymoon"" with your lender.

2. Pay it off quickly

Time is money. There are all sorts of strategies for paying less interest on your loan, but most of them boil down to one thing: Pay your loan off as fast as you can. For example, if take out a loan of $300,000 at 6.5 per cent for 30 years, your repayment will be about be about $1,896. This equates to a total repayment of $682,632 over the term of your loan.

If you pay the loan out over 15 years rather than 30, your monthly payment will be $2,613 a month (ouch!). But the total amount you will repay over the term of the loan will be only $470,397 - saving you a whopping $212,235

· Make repayments at a higher rate

A good way to get ahead of your mortgage commitments is to pay it off as if you have a higher rate of interest. Get a loan at the lowest interest rate you can and add 2 or 3 points to your repayment amount. So if you have a loan at about 6.5 percent and pay it off at 10 per cent, you won't even notice if rates go up. Best of all, you'll be paying off your loan quicker and saving yourself a packet.

· Make more frequent payments

The simple things in life are often the best. One of the simplest and best strategies for reducing the term and cost of your loan (and thus your exposure should interest rates rise) is to make your repayment on a fortnightly (bi-weekly) rather than monthly basis. How can this make a difference I hear you ask? It works like this:

Split your monthly payment in two and pay every fortnight. You'll hardly feel the difference in terms of your disposable income, but it could make thousands of dollars and years difference over the term of your loan. The reason for this is that there are 26 fortnights in a year, but only 12 months. Paying fortnightly (bi-weekly) means that you will be effectively making 13 monthly payments every year. And this can make a big difference.

Using our example from above, by paying monthly, you will end uprepaying $682,632 over the term of your loan. But, by paying fortnightly (bi-weekly), you will save $87,254 in interest and 5.8 years off the loan. Zero pain to you, major benefit to your pocket.

· Hit the principal early

Over the first few years of your mortgage, it may seem that you are only paying interest and the principal isn't reducing at all. Unfortunately, you're probably right, as this is one of the unfortunate effects of compound interest. So you need to try everything you can to get some of the principal repaid early and you'll notice the difference.

Every dollar you put into your mortgage above your repayment amount attacks the capital, which means down the track you'll be paying interest on a smaller amount. Extra lump sums or regular additional repayments will help you cut many years off the term of your loan.

· Forego those minor luxuries

This is the bit you don't want to read. Once you have a mortgage, your life is likely to be luxury-free (or at least pretty close to it). Think of all the weight you will lose by giving up your favourite indulgent snack. For the sake of your health you should quit smoking and drink less anyway. Take your lunch from home and save on bad fast food. Trust me, your body will thank you for it.

If you're still not convinced consider the following example. A typical day may include a pack of cigarettes ($10), a coffee and donut ($5), lunch ($12) and a couple of beers after work ($8). That's $35 a day or $175 a week or $750 a month or $9,100 a year.

Assuming a mortgage of $300,000 at 6.5 per cent over 30 years, by making $750 in extra repayments each month, you'd save more than $216,000 in interest and be mortgage free in just over 14.5 years.

No one is saying you should live a convict existence but just cutting down a little on your expenses will see you reap huge financial benefits.

3. Get a package

Speak to your lender about the financial packages they have on offer. Common inclusions are discounted home insurance, fee-free credit cards, a free consultation with a financial adviser or even a fee-free transaction account. While these things may seem small beer compared to what you are paying on your home loan, every little bit counts and so you can use the little savings on other financial services to turn them into big savings on your home loan.

There are also ""professional"" packages on offer for amounts over a certain limit, which can be as little as $150,000. Some lenders offer discounts to specific professional groups or members of professional organizations. Ask your lender if your occupation qualifies you for any discount. You might be pleasantly surprised. There are all sorts of discounts and reductions attached to these packages so make sure you ask your lender about them.

4. Consolidate your debts

One of the best ways of ensuring you continue to pay off your loan quickly is to protect yourself against interest rate rises. If your home loan rate starts to rise, you can be absolutely positive about one thing - your personal loan rate will rise and so will your credit card rate and any hire purchase rate you may happen to have.

This is not a good thing as the interest rates on your credit cards and personal loans are much higher than the interest rate on your home loan. Many lenders will allow you to consolidate - re-finance - all of your debt under the umbrella of your home loan. This means that instead of paying 15 to 20 per cent on your credit card or personal loan, you can transfer these debts to your home loan and pay it off at 7.32 per cent.

As always, any extra repayments or lump sums will benefit you in the long run.

5. Split your loan

Many borrowers worry about interest rates and whether they will go up but don't want to be tied down by a fixed loan. A good compromise is a split loan, or combination loan as they are often known, which allows you to take part of your loan as fixed and part as variable. Essentially this allows you to hedge your bets as to whether interest rates are going to rise and by how much.

If interest rates rise you will have the security of knowing part of your loan is safely fixed and won't move. However, if interest rates don't go up (or if they rise only slightly or slowly) then you can use the flexibility of the variable portion of your loan and pay that part off more quickly.

6. Make your mortgage your key financial product

Mortgage products known as all-in-one loans, revolving line-of-credit or 100 percent offset loans allow you to use your mortgage as your key financial product. This means you have one account into which you can pay all of your income and draw from for your living expenses by using a credit card, EFTPOS or a checkbook, as well as making your mortgage repayments..

These types of accounts can make a huge difference to the speed at which you pay off your loan. Because your whole pay goes into your mortgage account you are reducing the principal on which interest is charged. Sure, you might take a couple of steps back as you withdraw living expenses but careful use of this sort of product can get you thousands of dollars ahead of where you'd be with a ""plain vanilla, pay once a month"" home loan.

These loans work well when you are able to make additional payments towards the loan. If you are only able to make the equivalent of the minimum repayment on your loan (and not put in any extra) you may be better off with a cheaper standard variable or basic variable loan. However, it's not unusual for dedicated borrowers using these types of loans to cut the term of a 30 year-old loan to less than ten.

7. Use your equity

If you have already paid off some of your home, you are said to have equity. Equity is the difference between the current value of your property and the amount you owe the lender. For example, if you have a property worth $500,000 on which you owe $150,000, you are said to have home equity of $350,000, which you can re-borrow without having to go through the approval process by accessing it through your existing loan.

Many lenders will allow you to borrow using your equity as collateral. Most lenders will allow you to borrow up to about 80 per cent of the loan-to-value ratio (LVR) of your available equity. If you are careful, you can use this equity to your advantage and help to pay off your home loan sooner.

Using an equity loan to improve your property could be a good way to ensure that your home increases in value over time. But larger expenses such as cars and holidays that would have been paid by credit card are more affordable on the lower rate of your home loan.

8. Switch to a lender with a lower rate (But do your sums)

It may sound like a simple idea but switching out of your current loan and taking out a loan at a lower rate can mean the difference of years and thousands of dollars. If you have a loan that is tricked up with all the features, or even if you have a standard variable loan, you might find that you could get a no frills rate that is as much as a percentage point cheaper than your current loan.

However, before you jump the gun, check out what it will cost you to switch loans. For example, there may be exit fees payable on your old loan and establishment fees and stamp duty on your new loan. Work it all out and if it makes sense, go for it.

About the author: Kevin Saunders is one of the founders of MortgageLoanHints.com, bringing you tips and hints for paying off your mortgage quickly, helping you to use the power of a mortgage loan to increase your wealth and learn to take control of your own finances. You can see more of Kevin's articles here: http://www.mortgageloanhints.com

Where Mortgage Leads Come From

Author: Jay Conners

If you are a loan officer or mortgage broker, and you are considering purchasing mortgage leads, one thing that will be important to know, is where these lead companies obtain their leads from.

Many times, mortgage lead companies will sell their leads multiple times. They have a data base of thousands of leads that they sell repeatedly over and over.

Or, they buy leads in bulk from third party vendors and sell them at a profit.

This is known as recycling leads, or selling junk. And who knows how many times that third party vendor sold their leads to other mortgage lead companies.

By the time that lead lands on your desk, it has gone through the hands of literally dozens of loan officers.

Your best bet is to deal only with mortgage lead companies that own and operate their own mortgage lead generation sites. This way at least you now that there is an excellent chance that the quality of the lead will be good.

How can you find this out?

Call someone in the customer service department of the company you are considering. Don't be shy, come right out and ask where and how they obtain their leads.

If you are not satisfied with their answers, than move onto the next mortgage lead company.

Remember, if you are not happy with their customer service, than more than likely you will not be happy with their leads.

About the author: Jay Conners has more than fifteen years of experience in the banking and Mortgage Industry, He is the owner of http://www.jconners.com, a mortgage resource site, he is also the owner of http://www.callprospect.com, a mortgage lead company.

2nd Mortgage Loan After Bankruptcy - Understanding The Basics

Author: Carrie Reeder

Getting a 2nd mortgage loan or home equity loan after a bankruptcy is workable. However, loan applicants should be aware of certain disadvantages to bad credit loans. A bankruptcy is destructive to credit scores.

In reality, many financial experts discourage bankruptcies. Those who file Chapter 7 or Chapter 13 are subjected to higher finance rates on homes, cars, etc. Before applying for a 2nd mortgage, know what to expect and understand the basics of getting a reasonable rate.

Expect Higher Finance Fees or Interest Rates

After a bankruptcy, many people are hesitant to apply for credit. They expect higher rates, which will also increase monthly payments. However, obtaining new credit accounts is crucial to re-establishing and building credit history. On the other hand, getting a lender to approve a credit card application after a bankruptcy is challenging. For this matter, some people choose to get a 2nd mortgage loan.

Getting approved for a 2nd mortgage following a bankruptcy is easier because the loan is secured by your home or property. Thus, if you stop paying on the loan, the lender may claim your property and resell it to recoup their loss.

While these loans are great for improving credit, applicants should not expect the best rates. Traditionally, 2nd mortgage loans have higher rates than first mortgages. However, if you have a recent bankruptcy, anticipate above average rates. To avoid a huge monthly payment, borrow a small amount of money.

Another option involves borrowing money, and depositing the funds into a savings account. Over the course of six months, repay the lender using the deposited funds. This way, you improve credit history and avoid the risk of not being able to repay the loan.

Using Sub Prime Loan Lenders For Best Rates

Applying for a 2nd mortgage with your current lender may not be the best option. If you obtained your first mortgage with good credit, the lender may not approve your loan application following a bankruptcy. Instead, contact several sub prime lenders. Sub prime lenders approve loans for all credit types. Hence, applicants can get approved after a bankruptcy, foreclosure, repossession, etc.

Furthermore, sub prime lenders usually offer better rates than traditional mortgage lenders or banks. Online mortgage brokers can help you find a bad credit or sub prime lender. Moreover, brokers offer applicants various loan options. As a result, loan applicants can select the lender offering the best rate and loan terms.

About the author: View our recommended

Home Equity Loan After Bankruptcy lenders or view all of our Recommend ed Home Equity Lenders Online .

18 Ways to Reduce Your Mortgage Loan Part 2

Author: Kevin Saunders

9. Stay informed - don't forget about your mortgage - visit http://www.mortgageloanhints.com

With any long-term commitment, there is always the temptation to let your mortgage roll along, make your repayments as they fall due and think as little about it as possible. As long as you keep up the repayments, there's not much else you need to do, right?

This attitude can be a big mistake. Keep yourself up to date with what's happening in the marketplace. You might find that there's an opportunity to put yourself well ahead of the game. Rates change, new products and changes in the market itself may allow you to seize an opportunity or negotiate a better deal.

Stay informed and stay ahead of the game.

10. Get a cheap rate and invest the difference

When interest rates are low, like now, it is usually safe to say that inflation is also low. Thus, bricks and mortar may not be the best place to invest. Try getting the cheapest home loan you can find and make the minimum repayment. This allows you to use the extra cash to invest in other, more profitable areas.

You may find that the return you get on shares or some other type of investment means that you have created a nice little nest egg which you can use to pay off a bigger chunk of your home loan than you might otherwise have been able to do.

But beware - high returns often mean high risks. Before undertaking any investment, invest in a consultation with a qualified financial adviser.

11. Run an offset account

Instead of earning interest, any money you have in your offset account works to offset the interest you are paying on your home loan. For example you may have a mortgage of $300,000 at 6.5 percent and an offset account with $50,000 in it earning 3 percent.

This means that $250,000 of your loan is accruing interest at 6.5 percent but the rest is accruing interest at just over 3.5 percent (6.5 percent on your loan less the 3 percent the $50,000 in your offset account is earning). Imagine how much you can save!

Of course, the best sort of offset account pays the same rate as your loan (100 per cent offset).

12. Pay all your mortgage fees and charges up front

Some lenders allow you to add to the amount you borrow instead of coming up with cash for your upfront costs. While this can seem a blessing try to avoid doing this. Consider the following example:

Borrower A borrows $300,000 over 30 years at 6.5 percent. Her upfront costs are $1,000 but she has enough cash to make sure she can cover these. Her total repayment over 30 years will be $682,632

Borrower B takes out the same loan but doesn't have enough cash to cover the upfront costs. So he borrows $301,000, at the same rate. Her total repayment over 30 years will be $684,907.

Two thousand odd-dollars might not sound like a huge amount but what could you buy with it if it stayed in your pocket?

13. Pay your first instalment before it's due

With most new loans, the first instalment may not become due for a month after settlement. If you can manage it (and your lender will let you), pay the first instalment on the settlement date. If you do this, you will be one step ahead of the lender for the term of your loan. Every little bit counts.

14. Shop around and make sure your lender knows it

One of the most powerful tools you can have in the search for the best home loan is information. Make sure you have rung half a dozen lenders and brokers (as well done some internet research) before you start talking to your preferred lender about getting a new loan or refinancing your existing loan.

Make sure you know what rates and features are offered by each of your lender's competitors on comparable products. Be ready to tell the lender what you are looking for and don't be afraid to ask for extras. If they want your business, and know you know what you are talking about, they may be prepared to work that little bit harder to get your business.

Don't be afraid to walk out if you aren't getting the best possible deal you can.

15. Make sure your loan is portable

If there is any chance that you will move house during the course of your loan (and let's face it, there is a strong chance), make sure that your lender will allow you to transfer your loan to a new property and that it won't charge you the earth for the privilege.

Be careful. If you sell up and buy a new house, you could find yourself down thousands in discharge costs on your old loan and establishment fees on your new one.

16. Avoid bridging finance

Someone once said bridging finance is so called because it allows you to ""pylon"" the debt. The joke's appalling, but so is bridging finance. Unless you get your timing right you could find yourself with two home loans at the same time - with the bridging finance element costing you an extra couple of percent premium on the standard variable rate.

Consider using a deposit bond or selling before you buy, as it will be much more cost effective for you than another loan.

17. Choose the loan that suits your needs

Choosing a loan is about knowing what you want. Draw up a table of potential home loans and rank them. Make a list of all the features that are important to you and rank them according to importance. Give each feature a score out of 5 - one for unimportant right through to 5 for indispensable.

Use this technique for ranking the loans on offer and pretty soon you'll see the one that's right for you. Remember, different loans have different purposes so you need to match a loan to your need. Taking out an interest only loan suitable for investors if you are planning to live in the house is just foolish.

Ditching the features you don't need can save you up to 1 per cent on the interest rate of your loan. Over 30 years that's a whole lot of money you've just saved yourself.

18. Don't be afraid of smaller lenders with cheap rates

Since the advent of the mortgage managers over the past five or six years there's been a lot of talk about smaller and ""non-traditional lenders"" and how they have forced interest rates down. With the property boom, plenty of opportunities sprang up for smart lenders with low fees willing to take on traditional lenders and many have done very well indeed.

Some borrowers worry about what might happen if their lender gets into financial trouble. Keep in mind that you've got their money - so don't worry too much. There are some smaller lenders whose names might not be readily familiar but whose rates might be enough reason to get in touch.

Be wary, however. Some of these smaller lenders can have huge hidden fees and charges. It is true that the interest rate might be much lower, but in many cases, they exit (or penalty) fees can be very high if you refinance or pay off your mortgage in the first couple of years. Of course, if you're planning on staying with that lender for some time, then these fees will not impact your pocket at all.

About the author: Kevin Saunders is one of the founders of MortgageLoanHints.com, bringing you tips and hints for paying off your mortgage quickly, helping you to use the power of a mortgage loan to increase your wealth and learn to take control of your own finances. You can see more of Kevin's articles here: http://www.mortgageloanhints.com

Mortgage Marketing: Content Strategies for Keeping in Touch

Author: Jeffrey Nelson

So you've just returned to your office from a successful meeting with a Realtor®. At the end of it they expressed optimism in your services, and told you some famous last words, ""I'll be sure to send you my next deal...""

...a week goes by, no deal...

...two weeks go by, no deal...

...a month later, still no deal.

To make things even more painful...you're chatting with a title rep about business and they mention the agent's name. You probe deeper and uncover that the agent has done 3 transactions in the past 30 days. Before we jump to conclusions, it's possible they were the listing agent. Or they could have been the buyer's agent, but the buyer came to them pre-approved. We just don't know.

You re-trace your steps backwards and look for clues. You've left messages regularly and had one or two quick, really quick conversations, more like, ""Hi, how are you,"" and that's it kinda conversation. But nothing appears out of the ordinary. Why didn't they send you a deal as promised?

We may never know that answer, but we do know that in the process of initiating a relationship, you have to continue sending messages that deliver content. Content that powerfully refreshes their memory why they want and should send you their next piece of business.

Content Strategies

How do you effectively keep your information in front of prospects and clients without becoming a pest? Studies consistently demonstrate that it takes 7 to 12 impressions before people act on their intentions, which means when it comes to initiating relationships with agents, you have to find ways to keep your message in front of them on a regular basis, otherwise you're invisible.

Here are some Content Strategies that can work for you:

Tips & Ideas Insider Information Information From Other Sources Success Stories Innovation in Progress Leisure News

Tips & Ideas

If you've positioned yourself as a specialist and want to become recognized as an expert, this is your best strategy. Helping prospects to solve their problems quickly transfigures you from a stranger to becoming their friend.

Whatever is your niche specialty, than sharing your ideas will come in that form. It only makes sense that if you're in the information business, the business of helping agents solve a particular problem, than you share your knowledge. It gives them a sample of what you know and demonstrates your expertise.

Insider Information

This strategy is excellent for agents who want to know everything, and I mean everything. Particularly, they want to know mortgage related information, so they can articulate their viewpoints with peers, other agents, to show their level of competency, which is a nice way of saying, ""It feeds their ego.""

If you are apprised of current market conditions or new and niche loan programs and communicate by email with prospects and clients, some agents are like messengers, they must be the first ones to know so they can pass it along before anyone else does.

Information from other Sources

Do you have a network of relationships with other professionals who serve the real estate community, i.e. interior decorators, home improvement specialists, landscapers, etc.? They can supply you with valuable content, especially if you like using the newsletter format. Having a network of other sources clearly tells an agent that you understand the bigger picture.

Success Stories

If you're the type who doesn't like to toot your own horn, this strategy is for you. Using a story format, you can creatively describe the quality of your service supported by actual documentation, without it being perceived as boasting. Think of it as a press release with a touch of flair.

Innovation in Progress

Are you always tinkering with your business, searching for new ways to improve it? Are you the type to purchase the latest gadgets? Agents who innovate constantly in their business will appeal to this strategy. Even without buying every gadget known to mankind, usually you can find research online, like product and tech reviews, and compile the information and forward as a message. Two excellent resources include, zdnet.com & cnet.com.

Leisure News

This content strategy exhibits caring and thoughtfulness. It compliments loan officers who want to develop rapport on a personal level. You can apply this on a per prospect basis, for instance, if you meet someone who enjoys a hobby, you could give them subscription or a complimentary copy of a leisure magazine.

Please check RESPA laws prior to awarding gifts considered of monetary value.

Learn from Others

Sometimes you'll learn your best content strategies from watching what others do. If you work in an office with other loan officers, at your next sales meeting request that everyone bring their materials to share with each other.

Look at every newsletter and mailing you receive, notice which writers get and keep your attention. Notice what bores you and what you end up reading and responding to. Always take the best things you like, adapt it to your style and leave the rest.

About the author: Go to

www.loan-officer-marketing.com to get a free copy of Jeff Nelson's Marketing Planning Guide, a 20-page workbook designed to help you outline a strategy to become an Agent Magnet.

Mortgage Marketing and Advertising: Can You Tell The Difference?

Author: Jeffrey Nelson

If you ask a real estate agent, ""What's the difference between loan officers?"" you'll consistently hear the same response, ""Nothing,"" or ""They're all the same."" Yet, when you look closely, there are lots of differences between them.

There are loan officers who get 98% of their loans closed on time, and then there are those who get 2% of their loans closed on time. There are loan officers who return phone messages to agents within the hour and then there are those who haven't returned phone messages to agents from last month. There are loan officers who solicit referrals for their agents, and then there are those who don't know how to spell the word, ""referral.""

So if there are differences between loan officers, why do agents struggle to notice? Why, when it's glaringly obvious, that you're better than your competitors, agents can't see it?

Chances are, it's in your marketing, particularly with what it says. For instance, grab your brochure. Read it. What does it communicate?

Does it tell the reader the length of time you've been in business?

Does it list the different type of loan programs you offer?

Does it say you're a proven, experienced professional?

Does it comment about fast & friendly service?

If your brochure says these things, guess what...Agents have heard this before, so much so, your message is being ignored. Plainly speaking, your brochure - ink and all - are getting no attention from agents.

Difference is Everywhere

The brochure's headline blares, ""We make the difference for you,"" or ""feel the difference,"" or ""experience the difference,"" and one of a hundred other variations of the same theme. What doesn't make sense is, what's actually the difference? Every mortgage company is bragging about how they're different, which makes everyone appear the same, and leaves agents to figure out what that difference is specifically.

If the difference is your main selling point, then articulate it. For example, if you have a track record of closing loans early, don't communicate that you offer great service, in fact, don't even say that you close loans on time. Instead, factually state how you close loans early, i.e. ""For 3 straight years and running, we've proudly closed 99% of loans 5 days prior to escrow.""

Your Service Point of Difference

Commonly, agents will tell you the typical issues they have with loan officers' service points involve:

Poor Communication During Loan Application Process Loan Doc's Not Arriving to Escrow Before Closing Date Lack of Accountability When Matters Go Upside Down No Reciprocity of Leads or Referrals

Herein lies your opportunity. Services are similar from one lender to the next, so the more similar the services, the more important the details. Your marketing should accentuate the trivial, because when services are alike and meaningful differences are difficult to spot, prospects look for trivial matters to make judgment.

Quantify Your Service Points

To uncover the trivial within your differences to stand out from competitors, begin with quantifying each service point. Quantification makes it easier to document your points of difference, providing the reader, through your brochure, numbers, facts and data.

Let them decide if your factual statement is a compelling difference. If they know your competitors, they'll recognize your factual statement as a claim of difference. And if they don't know your competition, and your factual statement resonates, they may pursue your services first.

Here are some examples:

Close of Escrow ""Can you afford to lose good clients over loans not closing on time? In 2005, our motto has been about consistency - with 99% of loan documents arriving to Title a minimum of 5 days prior to close of escrow date. Your loans don't just close on time, but ahead of time.""

Returning Calls ""Tired of poor communication with loan officers? Our returned call policy brings back the ole days of good customer service. If your message is received between the hours of 9:00 a.m. - 5:00 p.m., your call will be returned within the hour, and messages received after 5:00 p.m., your call will be returned before 10:00 a.m. the following day.""

Reciprocity ""Are you stuck attracting new clients? Agents, who work with us, average 7 sales annually from the referrals produced by our client retention program. Clients receive over 36 pieces of communication from us throughout the year that generates nearly 2.5 referrals from each client.""

Personal Guarantee ""Losing sleep and growing weary from lousy service? We put money where our mouth is. Any loan that doesn't close on time, due in part to our mistake, we'll credit the buyer $500.00 toward closing costs."" Be sure to check RESPA laws in your area. Offering some type of personal guarantee can be an incredible way to differentiate since it's so rarely done.

Hopefully, as you can see from these examples, ideas on how you can tell the difference. So what's the next step? Begin measuring your service points. And if you can't quantify anything, don't fix your brochure - fix your service.

About the author: Go to

www.loan-officer-marketing.com to get a free copy of Jeff Nelson's Marketing Planning Guide, a 20-page workbook designed to help you outline a strategy to become an Agent Magnet.

Refinance Home Mortgage Loans With Poor Credit - Reduce Monthly Bills With A Refi Loan

Author: Carrie Reeder

Reducing consumer debts will ease anxiety and open the door for better rates on a home loan or mortgage. Unfortunately, becoming debt-free is a long process, and it may take several years to achieve this goal. If you own a home, refinancing your existing mortgage - even with poor credit - may present extra cash to payoff high interest credit cards.

What Does it Mean to Refinance a Home Mortgage?

Refinancing a home loan is an everyday practice. There are several reasons to contemplate a refinancing. For starters, if you attain a cash-out refinancing, the mortgage company will hand over a lump sum of money at closing. Prior to this, homeowners apply for a new home loan, which replaces the old. In addition to creating a new mortgage, homeowners also borrow money from their home's equity. For example, refinancing an existing $125,000 mortgage, and borrowing $25,000 of the home's equity will produce a new mortgage of $150,000.

Advantages of Refinancing an Existing Mortgage

If your intent is to become debt-free in the shortest amount of time, refinancing your home is a great alternative. High interest credit cards are difficult to eliminate. Unless you are able to make large payments, it may take ten to twenty years to payoff a $2,000 credit card balance. Moreover, a new mortgage is great for acquiring funds to make home improvements, build a savings account, or plan for retirement. Homeowners with poor credit may increase their credit rating upon reducing or eliminating consumer debts.

When is the Best Time to Refinance?

For many homeowners, now is a good time to refinance their current mortgage. Individuals who obtained home mortgages before rates began to decline are likely paying two or three percentage points above the current average. Refinancing for a lower rate may decrease your mortgage payment. Moreover, refinancing may eliminate private mortgage insurance.

With low mortgage rates, refinancing for a fixed rate or interest-only option may be favorable. Before refinancing, count the costs. Remember, refinancing will entail paying closing costs. If the monthly savings are insignificant, or you plan on moving in less than five years, you will not benefit from a refi loan.

About the author: View our recommended Ba d Credit Mortgage Refinance lenders or view all of our

Recommended Refinance Lenders .

1% Mortgage Loans... What's The Catch?

Author: Hartley Pinn

While there are several different types of 1% mortgage loans, there are really only two major keys to winning with a 1% mortgage loan.

The first key is to make sure the loan is set up correctly from the beginning.

And the second is to make sure you are using the loan correctly to gain the most benefit.

First, let's talk about how the loan works. Then we'll get into how to set the loan up correctly so you can reap the financial rewards these mortgage loans have to offer.

To start with, 1% mortgage loans have payment options. Each month when you get your mortgage statement you will have the option to make a 30 year fixed payment, a 15 year fixed payment, an interest only payment and a minimum payment at 1%.

Although you are given several payment options, you should only select the 1% minimum payment.

Why?

Because if you wanted to make a 30 year fixed, 15 year fixed, or interest only payment, you would be better off getting that type of loan. Typically, these payments are higher with a payment option mortgage loan.

If you select the 1% minimum payment your first benefit will be a significant monthly payment reduction. Your mortgage payment will likely be cut in half. Of course, this is a pretty attractive first benefit for most home owners.

To compound the effectiveness of selecting the 1% minimum payment you should save what you save. For instance, let's say you refinanced your home with a 1% mortgage loan, paid off all your credit cards, and reduced your monthly payment by $1,000 a month.

Now, if you save that $1,000 a month for yourself instead of giving it to your creditors, you will have $60,000 in cash at the end of five years - And that's with a zero percent return.

Here's the second benefit to selecting the 1% minimum payment option:

Tax savings.

If you make an interest only payment your mortgage balance will stay the same. If you make a 1% minimum payment you are actually paying less than interest only. Therefore, you are creating deferred interest which makes your mortgage balance increase each month. Before you freak out, keep in mind that deferred interest is mortgage interest and is therefore tax deductible.

Let's say your home is going up in value $2,000 a month. The 1% mortgage loan will allow you to take a small piece of that appreciation, say $500 a month, and turn it into a tax deduction.

So you are taking a small piece of your equity each month and turning it into a tax deduction. If you did not do this, all of your appreciation would be locked up in equity.

Equity is terrific and is certainly one of the many benefits to home ownership. But investing in equity will get you a zero percent return.

No one is going to cut you a check each month for the equity in your home. As a matter of fact, if you wanted to get the equity out of your home you would have to sell your home or get a loan. And you better qualify or you will not be able to get a loan.

So why not take a small piece of your equity each month, turn it into a tax deduction, and at the same time save $1,000 a month for your self? You will still have plenty of equity but with a 1% mortgage loan you will have cash AND equity.

If you do this for any length of time you will come out way further ahead financially than if you did a regular 30 year fixed or an interest only mortgage loan.

By the way, if the deferred interest is a concern, try making bi-weekly payments. Making a bi-weekly payment will reduce, and in some cases eliminate the deferred interest all together. Which means your mortgage balance would not increase.

How to set the loan up correctly:

1) The 1% payment option on these loans is only available for the first five years. But you could actually keep one of these loans for 30 or 40 years. If you select a 40 year loan your monthly payment will be lower but the payment options will not last for five years. The name of the game is to keep the 1% payment for as long as possible. So get a 30 year amortization.

2) The 30 year, 15 year and interest only payments are tied to an index. Select a slower moving index like the MTA (Monthly Treasury Average) instead of a faster moving index like the Libor (London Inter-Bank Offered Rate).

So how can you lose with a 1% mortgage loan?

Answer- depreciation.

If homes in your area are rapidly going down in value, deferred interest could cause you to become upside down in the home.

But if your area is experiencing a 3% to 5% rate of appreciation and you save what you save by making the minimum payment, a 1% mortgage loan can have an incredibly positive impact on your financial future.

For more information about 1% mortgage loans and other mortgage related topics, please visit:

http://Mortgage-Training.Mortgage-Leads-Generator.com

Please feel free to reprint this article as long as the resource box is left intact and all links are hyperlinked.

Hartley Pinn has recently created the Mortgage Leads Generator Training Course to teach people how to make over $50,000 a month working part-time (10 to 15 hrs per week) as a mortgage loan officer.

About the author: As a top producing mortgage loan officer, Hartley Pinn has been actively testing, researching, and evaluating lead generation strategies since 1995.

Mr. Pinn has written several articles on the subject and has recently created the ""Mortgage Leads Generator"" Training Course to teach new and experienced mortgage loan officers how to generate a five to six figure monthly income while cutting their work schedule down to only 10 hours a week.

Reverse Mortgage Refinance - A simple Guide

Author: Lendgo Editor

If you have already chosen reverse mortgage as your trusted partner in the mortgage refinance jungle it's a good time to explore in details the steps involved in securing reverse mortgage. Our simple little guide details the steps involved in getting a reverse mortgage. Be prepared and the entire process will go much smoother.

1. AWARENESS

Homeowner learns about the reverse mortgage program from a news article, advertisement, word-of mouth, etc.

2. ACTION

If necessary, homeowner seeks additional information by contacting a reverse mortgage lender or the National Reverse Mortgage Lenders Association.

3. COUNSELING

Homeowner seeks counseling from a HUD-approved counseling agency, or AARP-trained telephone counselor. Counseling is mandatory regardless of which reverse mortgage product you choose. Counseling is usually conducted face-to-face, unless you use an AARP counselor. The counselor provides supplemental information on reverse mortgages, determines whether you're eligible to get a reverse mortgage, and discusses other options that may be available to assist with your daily living. The homeowner will be given a certificate to give to the lender as proof they were counseled.

4. APPLICATION / DISCLOSURE

Homeowner fills out loan application and selects payment option: fixed monthly payments, lump sum payment, line of credit, or a combination of these. Lender discloses to homeowner the estimated total cost of the loan, as required by the federal Truth in Lending Act. Lender collects money for home appraisal. Homeowner provides lender with required information, including photo ID, verification of Social Security number, copy of deed to home, information on any existing mortgage(s) on property, and counseling certificate.

5. PROCESSING

Lender orders appraisal, title work, lien payoffs, etc. An appraiser comes to your home. The appraiser assigns a value to the home and determines the physical condition of the property. If the appraiser uncovers structural defects that require repair, the homeowner must hire a contractor to complete the repairs after the reverse mortgage closes.

6. UNDERWRITING

After receiving all pertinent information and data, lender finalizes loan parameters with homeowner (i.e., determining payment option, frequency of loan interest rate adjustments) and submits loan package to underwriting department for final approval. Currently, it can take anywhere from 4-8 weeks (sometimes sooner) to complete the underwriting of a loan package.

7. CLOSING

If the loan package is approved, closing (signing) of loan is scheduled. Initial and expected interest rates are calculated. Closing papers and final figures are prepared. Closing costs are normally financed as part of the loan. Lender or Title Company has homeowner sign loan papers.

8. DISBURSEMENT

Homeowner has three business days after signing papers in which to cancel the loan. Upon expiration of this period, the loan funds are disbursed. Homeowner accesses the funds in the form of the payment option selected. Any existing debt on the home is paid off. A new lien is placed on the home. The homeowner may use the loan proceeds for any purpose. During the life of the loan, the loan ""service provider"" disburses monthly payments to the homeowner (if this option is chosen), advances line of credit funds upon request, collects any repayments on the line of credit, and sends periodic statements.

9. REPAYMENT

Homeowner does not make any monthly mortgage payments to lender during the life of the loan. The loan is repaid when the homeowner ceases to occupy the home as a principal residence. The loan may be repaid by the homeowner or the heirs/estate, with or without a sale of the home. The repayment obligation can't exceed the home's value or sales price.

To find more information about mortgages and home loans , please visit www.lendgo.com

About the author: This article was written by an editor at www.lendgo.com - A consumer guide to home loan, credit card, credit repair, and credit reports. For more information regarding these topics simply follow the links: Mortgage Refinance - Credit Card

Trendy Indiana Mortgage Refinancing and Second Mortgage Programs: A Brief Review

Author: Chris France

The combination of rising interest rates (although still historically low) and rising home prices has caused the robust mortgage market to slow from its record pace. This has motivated Indiana lenders to either introduce creative new loan products or to more aggressively market existing products. If you have not shopped for a in a while, you will find numerous new products from which to choose. Following is a brief review of some of the new and popular products available today.

Interest Only - With this loan program you are paying only the interest on your Indiana mortgage and are not paying any principal. This reduces your monthly payments and can allow you to afford a larger home or save more money on a mortgage refinancing or home purchase loan. If used carefully, you can also free up cash flow that can be used for investment purposes or to pay down high interest rate debt.

Negative Amortization - These are often marketed using the phrase ""option arm"" or ""choice mortgage"". With this loan type, your payment does not cover all of the monthly interest. Often, your mortgage balance is increasing and the underlying interest rate is usually a monthly variable rate. These loans are used to dramatically reduce your monthly payment and can be used for an Indiana mortgage refinancing or home purchase. This program should be reserved for the more sophisticated borrower and it is important that you understand the terms of the loan. Click here for more information about Indiana Mortgage Refinancing and Indiana Second Mortgage Solutions .

40 Year Amortization - Rather than paying off in 30 years, this loan pays off in 40 years. As with the Negative Amortization and Interest Only, this program is used to reduce your monthly payment.

Stated Income / Reduced Income Documentation Loans - There are a variety of these loan products available, but they are primarily used to for individuals with difficult to verify income. These can be used for Indiana Mortgage Refinancing, Indiana Second Mortgages and Home Purchase Loans . As lenders have become more comfortable with credit scoring, these products have become very popular. Essentially the lender is relying on the credit score for their loan decision. They realize that borrowers with higher credit scores will pay their mortgage and they do not need to fully verify their income.

ALT A Programs - The ""ALT"" is short for Alternative and the ""A"" refers to the borrower category. These are categories of mortgages that fall outside the more stringent guidelines of Fannie Mae and Freddie Mac. Generally these mortgage refinancing programs allow for more flexibility with regards to loan to values and income documentation requirements and can be used for home purchase, mortgage refinancing and second mortgages.

Hybrid Second Mortgages - Traditionally, your options for an Indiana second mortgage were either a fixed rate, fixed term loan or a variable rate, open ended line of credit. Now, you can have the benefit of both. You can start your second mortgage as a variable rate home equity line of credit and then lock in all or a portion of it to a fixed rate for a fixed number of years.

About the author: Chris France is a professional mortgage planner with over 10 years lending and banking experience. For additional questions or comments about this article, please contact Chris France at American Mortgage Funding Corp or christopher.france@branch.cfic.com or 1-800-943-9472.

The Bad Credit Mortgage Company - How To Avoid Predatory Mortgage Lending Companies

Author: Carrie Reeder

One of the most important parts of choosing a bad credit mortgage company to work with is avoiding predatory lenders. Predatory lenders run smooth operations, and specialize in taking advantage of those who are inexperienced or think that they have few or no other loan options. However, thoughtful and informed mortgage company shopping will go a long way towards avoiding predatory lenders and the hook, line and sinker methods they employ.

Watch The Hook - If a bad credit lender is trying to hook you - making first contact and aggressively selling their services - be suspicious. When avoiding predatory lenders, you'll have to be alert, as some use more subtle types of hooks than the blatant hard sell. They may sprinkle their conversation with such phrases as 'bad credit, no problem,' and make it all seem very easy. A predatory lender may try to rush you, perhaps pushing you towards a deal, saying it may not be available much longer. They are interested in making their fees, and you keeping the house is not important to unscrupulous bad credit lenders. In fact, it's better for them if you don't.

Beware of The Line - Knowledge is the best way of avoiding predatory lenders when seeking a bad credit lender. Predatory lenders count on their victims not having a lot of knowledge about the lending process, legal or financial. If you do a little research prior to seeking a lender, you have less of a chance of being fooled by some of the lines predatory lenders use. You won't be lured into a loan that is too high under the premise that you'll be able to refinance after a year or so for a lower rate. A legitimate new home loan bad credit lender will advise you against an arrangement that consumes more than 30% of your monthly income. You'll know to read every word of the contract to make sure that it matches exactly what you were told. With research, you'll know what common lending rates and fees are and be able to compare with clarity, rather than be taken a smooth line.

Avoid The Sinker - Often, predatory lenders prey upon those that they consider to be in a financially precarious position. They prey on people who feel as though they don't have a lot of choices when it comes to lenders. Unprincipled new home loan bad credit lenders take advantage of these situations by offering arrangements that court loan repayment failure. These include balloon payments, a large sum due at the end of the mortgage, prepayment penalties, which punish the borrower for paying off the loan early, generally through sale or refinancing, and mandatory arbitration clauses, which do not permit you to bring a complaint against the lender to court.

When it comes time to shop for a bad credit lender, do your research first. There are numerous resources available to help you in avoiding predatory lenders. And, remember, no matter how bad your credit may be, you always have a choice. Making the choice to wait is always better than accepting a predatory loan arrangement.

About the author: View our recommended lenders for Ba d Credit Mortgage Loans .

Last Year's Great Mortgage is This Year's Disaster

Author: Charles Essmeier

The market for real estate in the United States seems to have slowed down from the fever pitch of just a year ago. There are a number of reasons for this; rising interest rates and sticker shock among buyers are just two of them. Whatever the reasons, sales of homes seem to be slowing, and that trend will probably continue in the near future.

That being the case, several types of loans that have recently been very popular have suddenly become poor choices of financing for those buying homes. While some types of loans, such as the 30 year, fixed-rate mortgage, are usually safe choices, others, such as the interest-only adjustable rate mortgage (ARM) and the Option ARM have suddenly become not only poor choices, but potentially dangerous ones, as well.

The interest-only ARM was a great choice just a year or two ago among real estate investors. It permitted the buyer to make low monthly payments for the first few years of the loan that compensated the lender only for the interest that accrued on the loan. Payments did not apply even one cent towards reducing the principal. After a period of 3-5 years of interest-only payments, higher payments that applied a portion to the principal would kick in. Buyers, especially investors, weren't too worried about not paying towards the principal, as prices were rising so rapidly that the buyers were building equity in the property just the same. That is no longer the case, and anyone who takes out an interest-only mortgage today might find that, in five years time, he or she owns just as little of the property as they do today.

The Option ARM is even worse in today's climate. This somewhat flexible loan allows the buyer to make four choices each month regarding how much to pay - a ""minimum"" payment, an interest-only payment, a payment based upon a 30-year repayment schedule and one based upon a 15-year repayment schedule. Those who really cannot afford the house in question most often use this type of loan. The touted ""minimum"" payment, which seems quite small, is really misleading. That payment not only contributes nothing towards the loan principal, but it doesn't even cover that month's accruing interest on the loan. After making a minimum payment, the outstanding balance on the loan will actually increase . When prices were going up, this type of loan was seen as bullish. With house prices stabilizing, and even beginning to fall in some markets, this type of loan will leave many borrowers owing more than their homes are worth.

As times change, so do the needs of homebuyers. At the moment, it seems that housing prices are either stabilizing or falling. That being the case, a loan designed for people in a market where prices continually go up is probably a bad choice today.

About the author: ©Copyright 2006 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including HomeEquityHelp.com, a site devoted to information regarding mortgages and home equity loans .

Debt Consolidation Mortgage Loans - How To Secure A Loan To Payoff Debts

Author: Carrie Reeder

Trade in your high interest credit card debt with a debt consolidation loan secured by your mortgage. With your home's equity as security, you qualify for some of the lowest rates. And you can select terms that best fit your budget needs. So you can either extend terms for a lower payment or shorten the length to get out of debt sooner.

Take Stock Of Your Debt And Equity

Before you start a cash-out refi, total up your short term debt and compare it to your equity. Remember too that your equity is based on your home's assessed value, not what you paid for it. List out interest rates on your cards and current mortgage in order to determine potential savings with a refi.

With the numbers in front of you, find out what type of debt consolidation loan would be best for your situation. With an especially low rate mortgage, getting a second mortgage is a good choice. The same is true if you plan to move soon. Otherwise, look into refinance your entire mortgage to lock in even lower rates.

Start Shopping Mortgage Loans

Mortgage lenders package loans with a variety of terms and rates. You can opt for a low interest adjustable rate mortgage, or choose the security of fixed rates. You may also select terms that will affect your monthly payments and interest charges.

Once you have an idea of the loan you want, start shopping for a lender with a low APR. APR includes both interest rates and closing costs, which are often the hidden costs of loans. Second mortgages and lines of credit often have lower closing costs than traditional refi loans.

It is important to compare several lenders before settling on one. Using the internet will put you in contact with lenders from across the nation. With so many more choices, you are sure to find a great deal by comparing loan quotes.

Completing The Loan Process

For a fast turnaround, complete the loan application online. Within days, your final paperwork will be mailed to you for your signature. Funds are soon dispersed and you can pay off your accounts.

About the author: View our recommended companies for

Debt Consolidation Services or view all of our

Recomm ended Debt Consolidation Companies Online .

High Risk Home Mortgage Lenders Online - Using Online Services To Find A Bad Credit Lender

Author: Carrie Reeder

Using an online service, such as a mortgage broker, can help you find high risk home mortgage lenders with the most competitive rates. So even with bad credit due to a bankruptcy or foreclosure, you can still buy a house with your budget. Shopping online for home financing also allows you to tailor your loan terms to best meet your housing goals.

What Online Services Can Do For You

Online mortgage broker sites consolidate a lot of different mortgage information into one easy to use site. By entering your basic information once, you can receive the three top loan offers from competing lending companies.

Within the one site, you can make side-by-side comparisons on rates, fees, and terms. You also have the option to apply online for your home loan, saving you additional time.

Broker sites can also save you money through the special deals they sometimes negotiate with financial companies. Even with their fees included in the loan's cost, you can save thousands of dollars through lower rates and closing costs.

How To Use Find A Lender Online

To get the most out of an online mortgage broker site, start with an idea of what type of loan terms you would like. If you are unsure what type of financing is best for you, get some trial quotes to see what payments and interest costs will be.

Don't rely on these preliminary quotes to choose a lender though. You will find that one lender may have the best fixed-rate mortgage rates, but another lender offers better terms on adjustable-rate mortgages.

Base your lender choice on quotes for your specific type of loan. Even with these quotes, be open to negotiating better terms. For example, some fees, such as early repayment fees, can be waived for a point paid at closing.

Act On A Good Lead

Once you find a financing package that looks good, complete your application. Rates change all the time, so quotes become outdated in less than a day's time.

With most lenders, you home financing can be completed in less than two weeks' time.

About the author: Visit ABC Loan Guide for advice about mortga ge loans for people with bad credit .

Mortgage Marketing: How to Find Your Niche

Author: Jeffrey Nelson

What do Ann Landers, Dr. Phil and Roger Ebert have in common?

Ann Landers, Dr. Phil and Roger Ebert take pleasure in being recognized as leading experts in their respective fields. Because of this status they enjoy greater visibility and reputation than their peers. So instead of having to cold call or advertise for new clients, they benefit from prospects seeking them out. Yet, when you study these experts closely you realize that they're no more talented, smarter or knowledgeable than the rest.

They achieved expert status not because they're good at what they do, but because they're great at marketing themselves. They identified a niche they could occupy as a leading expert. You can find a niche to fulfill as a leading expert and attract real estate agents the same way.

To find your niche, discover your unique knowledge

Over time and with work experience, every loan officer learns unique knowledge, skills and expertise that Agents can benefit from. By discovering this special knowledge, you begin the first step in the process of finding a niche that you can fill.

A loan officer doesn't achieve leading expert status because of extraordinary creativity or Herculean effort. Their mastery comes from learning through repetition and a discipline established from research, self-study, education and experience.

We live in the Information Age. You can position yourself as a knowledge expert in a particular topic or subject. Therefore, Agents needing help with your topic turn to you first.

Agents prefer to work with someone they view as an expert than to waste time shopping services. Remember we live in a period with greater urgency than in the past. Your status as a leading expert will attract clients because they value time as a precious commodity.

The first step is to take an inventory of your knowledge and skills. Use these questions as a guide to discover your unique knowledge.

- What problems have you solved repeatedly for realtors? - Do you have any specialized training? - What are your favorite or best loan programs? - What compliments about your skills have your realtor clients shared repeatedly? - What are you most passionate about in your business? - What knowledge or skills from previous jobs can relate to your present work? - What single area of your business are you best at?

What elements keep appearing? Are you onto a topic that you can further develop? What niches are you spotting?

To find your niche, focus on one area

By focusing on one area you can devote all your resources to it. Time, energy and money are resources you can put toward your development of your niche. That way, no resources are wasted and everything you learn builds toward your base of knowledge.

As you develop your knowledge in one area, you can build a reputation around it. The greater your reputation becomes the less likely Agents will question your service abilities, shop your fees or question your judgment.

As you become a recognized expert in your field of specialized knowledge, you can become more selective of whom you choose to work with. Agents are less susceptible to walk over the relationship or take it for granted.

And since you do not have to spend as much time marketing or selling yourself, you can spend more time servicing quality relationships that bring you more production. This adds wealth to your business.

To find your niche, decide realtors need your expertise

A great mistake is to assume that the knowledge you possess is already widely dispersed. An expert's knowledge is valuable to those who don't have it.

Dr. Phil propelled himself to the top from his self-promotion and thanks to Oprah Winfrey. He could have easily assumed that there wasn't need for his expertise because of scores of other doctors in his field. But he discovered the niche he occupies, Family Relationships, wasn't being adequately filled.

Survey Agents to learn which of their needs aren't being met that relate to your niche. My experience from surveying realtors has taught me that many basic needs aren't being met; inconsistencies in the loan process, lack of communication between lenders and realtors, too many fires at the close of escrow, etc.

The recognition of your unique knowledge and the calculated development of it is the first step to achieving leading expert status.

About the author: Go to

www.loan-officer-marketing.com to get a free copy of Jeff Nelson's Marketing Planning Guide, a 20-page workbook designed to help you outline a strategy to become an Agent Magnet.

Mortgage practices in UK

Author: Prince Mathew

Mortgage brokers help you pick the right home loan from the thousands on offer. Brokers can offer guidance on products from a range of providers. They search the market for you and do all the secretarial groundwork in setting up the loan.

Having pounds 20,000 for a pounds 160,000 home; you need a loan of 120,000. If you are with a percentage broker they may end up charging anything from pounds 400 to pounds 2500 for their service.

Some brokers do not levy fees and earn from procreation fee from the lender whose products they advocate and you buy from.

Many fee-charging brokers also receive commission and hence your fees get rebated.

For special deals like self-certification, buy-to-let or mortgages for people with poor credit records, the fee is more as more endeavor is required.

Fee based brokers may seem appealing but they have their critics. Commission brokers again can be your choice. Whether you are offered the best product for your need or the product, which offers them the best commission, is a question you need to consider.

Some brokers work for a panel of lenders and hence you get limited deals.

The best scenario for you would be to provide the lender with all the information and they come back to you with different options to choose from.

About the author: Prince Mathew is a freelance writer of Kentmortgagepractic e , Dealing with Kent Mortgage Service you will be offered courteous and personal service that you expect from professional brokers in Kent.

No Down Payment Poor Credit Mortgage Loan - Why Use A Sub Prime Mortgage Lender?

Author: Carrie Reeder

Getting a home loan with no money down and poor credit is feasible. Fortunately, various lenders specialize in mortgage loans for all credit types and situations. Sub prime lenders are unique and helpful. Finding a suitable sub prime lender is easy. If using an online mortgage broker, you will have access to several lenders eager to offer loans to high risk applicants.

Sub Prime Mortgage Lenders vs. Traditional Lenders and Banks

Even though several traditional mortgage lenders have begun offering sub prime loans, a large percentage of these lenders prefer applicants with good credit scores and large down payments. Fortunately, sub prime mortgage lenders recognize how difficult it is to maintain a good credit rating and save money for a home purchase. Hence, these lenders are willing to take a chance and give people the opportunity to achieve their dream of homeownership.

If your credit score is above 670, you may qualify for a prime rate mortgage. This involves considerably low interest rates and lower fees. Sub prime lenders work with low credit applicants. There are many types of sub prime lenders. Fraudulent lenders will take advantage of applicants and charge excessive fees. Those who do not compare lenders may accept a bad loan. On the other hand, reputable lenders offer comparably low rates. Additionally, applicants may obtain down payment and closing cost assistance.

The Quickest Way to Get a Sub Prime Loan

If searching for a sub prime lender, the internet is a valuable resource. Various mortgage loan companies offer online applications and quick responses. Getting approved online is simple and convenient. Moreover, getting multiple quotes from at least four different lenders is possible through a mortgage broker.

Applicants simply complete an online quote request, and within minutes a broker will email quotes. Broker quotes afford the opportunity to make side-by-side comparisons. Each quote includes detail loan information such as loan terms (15 or 30 years), interest rate (low fixed rate, ARM, interest-only), mortgage payment, and closing costs. Hence, applicants are aware of all costs before accepting a loan offer.

After carefully considering the pro's and con's of each offer, applicants must select a quote and complete the loan approval process.

About the author: Carrie Reeder offers advice about

Subprime Mortgage Loan Companies Online.

Low Interest Rate Mortgage Refinance Loan - Benefits Of A No Obligation Refi Quote

Author: Carrie Reeder

Getting a low rate refi loan may decrease your monthly mortgage payments by a few hundred dollars. For this matter, homeowners consider obtaining the lowest possible rate a primary concern. Before accepting a refi offer, researching and comparing offers are essential.

Benefits of a Low Rate Mortgage Refi Loan

If you are hoping to save money on your mortgage payment, refinancing your current mortgage is the solution. Refinancing is not ideal for everyone. Prior to applying for a new loan, take into consideration current mortgage rate, length of time you plan on residing in your home, and credit score.

If your current mortgage rate is comparably low, perhaps one percentage point higher than current averages, you may not realize huge savings from a refinancing. Moreover, if your credit is less than perfect, some lenders may not offer superb low rates.

Secondly, refinancing benefits homeowners who plan on living in their home for more than seven years. If you plan to move in a few years, the closing costs and fees paid will outweigh the savings.

Savvy Buyers Shop Around

If contemplating a refinancing, shop around for the best loan package. No obligation quotes are offered by various lenders. You have the option of choosing a local lender or an online lender. Before making a decision, request a quote from your present mortgage company. This is beneficial for two reasons. One, a good payment record has been established. Two, present lenders may waive some fees. Although current lenders may remit a great offer, do not make an immediate decision. First, obtain quotes from three additional lenders.

What are Online No-Obligation Quotes?

If you request a quote from an online lender, the lender will assess your stated credit rating, income, desired loan amount, and submit an estimated loan offer. Quotes include terms, interest rate, closing costs, and estimated monthly payments. This way, you can review several loan options before finalizing your decision. After acquiring three additional quotes, compare all four lender offer's side-by-side. Pick the lowest rate mortgage refi loan. Lastly, complete an online application. At this time, the lender will review your credit report and offer a final approval notice.

About the author: Carrie Reeder offers advice about Mortgage Refinance Loans Online.

Is a Reverse Mortgage Right For You?

Author: Ruben Soliman

As a senior, it can be difficult at times to enjoy life to its fullest. Sometimes there are just times when you need extra cash or a line of credit to access anytime you choose. Would you like to purchase a vacation home, assist or send your grandchildren to college while you are still here to see their dreams come true, help your favorite charity or church, pay off your current home to free up monthly cash flow, help your parents with medical expenses, or take that trip you have always dreamt of? Did you answer ""Yes!"" to any of these? If so, a reverse mortgage may be a great option for you. Reverse Mortgages are a resource for seniors that allow homeowners 62 and older to access the equity in their primary residence without having to make required monthly mortgage payments. There are no restrictions on how you can use the loan proceeds and the payments you receive are tax-free. In many cases the loan proceeds are used to pay off an existing loan, which eliminates your monthly house payment. You must live in the home as your primary residence. If you're looking to get a line of credit, one can be established that can be drawn on at any time up to the maximum amount available. The unused portion of available credit may earn interest, depending upon the loan program. It's that simple. As opposed to a large mortgage payment each month, pocket that money and use it any way you want. Take that vacation you have been dreaming of or help out a family member. It's up to you. It's your retirement years, making a large mortgage payment should not be a priority. You have worked all your life, take a break and treat yourself and your family! To find out if you might benefit from Equity Release products, ask yourself a few simple questions: 1)Do I want to live in my home for as long as possible? 2)Is my mortgage fully paid or almost paid? 3)Do I have a substantial amount of equity in my home? 4)Could my family and I benefit from extra income each month? If you answered yes to two or more of these questions, it's probably worth exploring the benefits of a reverse mortgage. It has benefited many seniors in your situation and a reverse mortgage can help you too.

About the author: Ruben Soliman has experience in the real estate industry. If you have any questions regarding California mortgages visit www.ameritekmortgage.com to find detailaed information & reverse mortgage programs in California .