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Author: mandmweb

Getting Your New York Mortgage Broker License

New York has one of the most detailed applications for mortgage licenses and one of the longest timeframes in which to obtain the approval for the license. But the large population in the state coupled with some very high housing prices (and therefore mortgage budgets) make New York one of the most coveted licenses for a mortgage broker that can generate business in that state. The lengthy process starts with word approval from the Banking Department if you are a corporation or limited liability company (LLC). Even if your company is out of-state, you need the Banking Department approval to use certain words in your company name. "Mortgage" is one of the words that require approval. If another company has a similar name, you will need to use a different name in New York. It takes about 2-3 weeks to get the approval. Completing the application is where most of my clients stop cold. The personal questionnaire is 7 pages long and requests about your spouse, parents, dependents, professional references, personal references, military history, and 15 years of employment history in detail. It requests about your initial contribution to the company, outstanding debts in excess of $ 10,000, and your income sources. New York requires 2 years of mortgage industry experience and the principal who has it must draft an affidavit detailing each company he / she has worked...

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Learn What Private Mortgage Insurance Is

If you're looking at buying a home, you may have heard the mysterious acronym PMI being thrown around, never realizing what it stood for. It stands for private mortgage insurance, which is quickly becoming a favorite option among many people who might struggle making a down payment. A down payment is usually around twenty percent, but not everyone will have this much to spend up front. In that case, PMI can be used in place of the full funds. This is regardless of apllying for a fixed or adjustable rate mortgage. It might even manage to stand in completely for the payment, for people not to have to spend anything at all. Needless to say, it might well stick around. Part of the reason for this is that with the current state of the economy, there are more and more people wanting a house, but not knowing where they're going to get the money. If you're looking at a $ 200,000 home but are not in a great position financially, you might have a hard time buying it. Yet when you take advantage of private mortgage insurance, it could be very little time before all this is taken care of. You will have to make monthly payments, at the same time as your mortgage payments, but these will be easier to take on. You'll put in the funds in...

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Commercial Mortgage Loans

Only mortgage loans from commercial enterprises will help them acquire the commercial property. However, mortgage lending business plans are available with different interest rates, terms and amounts. As an entrepreneur, you have to be careful while opting for a particular mortgage loans of commercial services. The purchase of commercial property has become a fashion among business owners. After buying commercial property in a good location, leasing additional space. Therefore, advertising or recover the costs of equipment. If you do not have time to do all investigations, to get help from an experienced and dominate the commercial mortgage broker. The agent will help you select the best commercial mortgage lenders able to meet their needs and requirements. Not only that, which will offer valuable advice for you to get the best prices. However, some business owners do not want to go to commercial mortgage loans. To avail himself of commercial mortgage loans, one has to declare their financial information. May apply for a mortgage business is also quite difficult. But if you remain vigilant during the selection process, you definitely get the get the best offer. You must make an appointment only of commercial mortgage loans that companies are federally insured. You can check the credentials of companies with the Better Business Bureau. If companies have registered complaints with the bureau, then stay away from such dubious businesses. If you...

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Learn What Private Mortgage Insurance Is

If you're looking at buying a home, you may have heard the mysterious acronym PMI being thrown around, never realizing what it stood for. It stands for private mortgage insurance, which is quickly becoming a favorite option among many people who might struggle making a down payment. A down payment is usually around twenty percent, but not everyone will have this much to spend up front. In that case, PMI can be used in place of the full funds. This is regardless of apllying for a fixed or adjustable rate mortgage. It might even manage to stand in completely for the payment, for people not to have to spend anything at all. Needless to say, it might well stick around. Part of the reason for this is that with the current state of the economy, there are more and more people wanting a house, but not knowing where they're going to get the money. If you're looking at a $ 200,000 home but are not in a great position financially, you might have a hard time buying it. Yet when you take advantage of private mortgage insurance, it could be very little time before all this is taken care of. You will have to make monthly payments, at the same time as your mortgage payments, but these will be easier to take on. You'll put in the funds in...

Read More