What Is A Licensed Mortgage Loan Originator?

If You’re Looking To Take Out A Mortgage, You’ll Need To Work With A Licensed Mortgage Loan Originator.

If you are new to this, you may be wondering: What is a licensed loan originator? And how can they help me?

A licensed mortgage loan originator is a professional who assists potential borrowers. They are sometimes called a licensed loan officer. They do client interfacing and review financial documents.

They ensure that application requirements are complete and accurate. They check a borrower’s background including credit reports. They look at the debt-to-income ratio to assess the risk. In the end, they decide if the applicant is a ‘fit’ borrower.

A licensed loan originator will also oversee loan approval and closing. They provide updates on the progress of the loan. If there are any issues along the way, they offer advice and support.

Lending is a highly regulated industry. A licensed loan officer must be registered in the Nationwide Multistate Licensing System.

They must not engage in “discriminatory lending practices.” They must ensure that borrowers know enough to make a well-informed financial decision. This is especially applicable to high-risk mortgages.

The Truth in Lending Act (TILA)[1] requires lenders to provide loan cost information. The intent is to give borrowers an opportunity to “comparison shop.”

If your loan is covered under TILA, you have up to three days to reconsider your decision. You can back out of the process without losing money. This prevents borrowers from giving in to “high-pressure sales tactics.”

What Should You Look For In A Licensed Mortgage Loan Originator?

• They are familiar with various loan products. They give you loan options based on your unique financial needs and situation.
• They provide end-to-end support. In the beginning, they should be able to educate you and provide sound advice. They should be available to answer questions. Towards the end, they provide progress updates. A reliable loan officer should see you through a successful application.
• They are aware of industry updates or changes in regulations that may affect your mortgage loan.
• They have good relationships with real estate agents, accountants, and other industry professionals.
• They understand the applicable state and federal laws on lending.
• They have strong analytical skills. They can look at your financial history and assess your loan options.
• They are customer-oriented. Taking out a mortgage is a major financial decision. A licensed mortgage loan originator should guide you through the process so that it improves your financial future.
• They have excellent communication skills. There many complex terms and policies you may need to navigate. A loan officer should be able to help you grasp these concepts with ease. Discussing finances can also be a delicate matter for many people. Your mortgage loan originator should be able to handle this with discretion.

Meet Our Sun Mortgage Funding Team

Our team at Sun Mortgage Funding meets all these criteria and more. Our licensed loan originators, Dianne Corona, Tammie Cavanagh, and Annette Hesse, have a combined total of 94 years of experience in mortgage funding. When you work with us, you’ll know you are in very capable hands.

Let our experts help you. Contact us now to get started.

Additional reference:

[1] https://www.occ.treas.gov/topics/consumers-and-communities/consumer-protection/truth-in-lending/index-truth-in-lending.html

Home Loans For Renovations

Home renovation is often a costly project. The actual cost will vary depending on several factors. These include your home s size, your location and the scope of work. Sun Mortgage Funding offers a loan product for renovation so you can renovate, remodel or repair with confidence. We specialize in home loans for renovations. Aside from helping you with a loan; we can assist in planning the project and handling inspection. Give us a call today and let us help you secure a loan. Sun Mortgage Funding Inc 3525 N Causeway Blvd #900 Metairie, LA 70002 504-837-3939 https://goo.gl/maps/C25hxUwD2G6hoX9N7

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The Pros And Cons Of Refinancing A Mortgage

What Are The Pros And Cons Of Refinancing A Mortgage? Pros of Refinancing The most obvious advantage of refinancing a home mortgage is getting a lower interest rate. You may have to pay an upfront fee. However, what you re getting is the chance to pay less each month. This frees up your budget for other financial goals like short-term savings or an emergency fund. Cons of Refinancing A Mortgage If you are too far in your mortgage, refinancing may not always be a good idea. You may end up paying more monthly, even if you get a lower interest. In the early stages, your payments hardly make a dent on the principal amount. Therefore, it makes sense to consider refinancing. Still on the fence about refinancing? We can help you. Our mission is to help you achieve your goals through smart refinancing. And we do this by empowering you with the knowledge to make an informed decision. Not sure how to use a mortgage calculator? We ll break it down for you. Call us now and let s see how we can help. Sun Mortgage Funding Inc 3525 N Causeway Blvd #900 Metairie, LA 70002 504-837-3939 https://sunmortgagefunding.business.site

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Benefits Of Renovating Your Home

The Benefits of Renovating Your Home Are Worth Taking A Look At.

Renovating your home requires a lot of time, money and effort. So, why do it? It starts with knowing why you want to do it. For many homeowners, it can be as simple as improving the quality of life.

For others, it can be a way to mark a new beginning or to close a chapter in the family’s life. Empty nesters may want to renovate to help them adjust to life without kids at home. A young family who just bought a fixer-upper may want to renovate to ensure the house is suited to their needs.

Home renovation can also be a more ‘sensible’ alternative to moving. If you’re looking to stay in your neighborhood for the next couple of years, it might make more sense to renovate.

Renovating your home means avoiding inevitable costs related to selling. These can include your agent’s commission, taxes, and legal fees, among others.

What Are The Other Benefits Of Renovating Your Home?

• Boost your property’s value. A well-planned and executed renovation can increase your home’s value. If your intent is to resell or rent, consult with an agent. Find out which improvements will most likely appeal to tenants or buyers.
• Be more environment-friendly. Renovating your home can be an investment towards minimizing your carbon footprint. You can also enjoy long-term savings. Low flow taps and shower heads can reduce water use. Installing solar panels can help lower energy costs. Do note that these eco-friendly changes may cost you more at the beginning. Over time, you should be able to appreciate the return on investment.
• Maximize your space. As families grow or priorities change, so must your space. A home renovation project can help you make sure your home is well-suited to your changing needs.

Tips For Renovating Your Home

• Get ideas from magazines and brochures but don’t buy just yet. Check to see if there are cheaper alternatives or if there are more cost-efficient ways to achieve your goal. For instance, if you want to make a room look brighter, a paint job can do the trick. If you want to create the illusion of a bigger space, the strategic placement of mirrors is an inexpensive way to do that.
• Set a limit to how much you are willing to spend. Not sure how much? Go back to tip #1. This will give you a ballpark figure. Don’t forget to factor in a buffer for unexpected expenses.

Also, don’t be shy about negotiating for a better deal. But when you do, make sure you look the part. Don’t wear designer clothing or noticeable jewelry. Keep it casual and simple. If you look like you don’t need the discount because you can afford the fancy stuff, you’re probably not going to get it.

• If you’re on a budget, choose which area will benefit you most once renovated. It also helps to break down the renovation into smaller projects. This is to avoid getting overwhelmed and losing track of the budget.
• Professional help. If you are not confident about your DIY skills, you may end up making costly mistakes. Consider investing in professional help. Find a contractor who can work with your budget and timeline.

Now that you’ve got ideas for renovating your home, here’s the next big question.

Where Do You Get The Money For Renovating Your Home?

Whether you’re renovating your first home or fixing an investment property, we can help you. Sun Mortgage Funding offers a loan product specifically for home renovations.

We also offer expert assistance in project planning and inspection. From interim funding to permanent financing, we can guide you so you can renovate with confidence.

Call us now and let’s see how we can make your renovations goals a reality.

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Loan Product Metairie

Sun Mortgage Funding has years of experience and knowledge with Metairie Real Estate. We will work with you every step of the way helping you make informed decisions in securing the loan product that is best for you and your family. Give us a call today, we d love to work with you! Sun Mortgage Funding Inc 3525 N Causeway Blvd #900 Metairie, LA 70002 504-837-3939 https://sunmortgagefunding.business.site

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Loan Programs Metairie

Sun Mortgage Funding provides services to help people buy new homes, refinance, fund construction projects, consolidate debt, renovate residences, invest in real estate, and so much more. The question is...what is it that you need? We have a comprehensive range of loan programs specifically designed to encompass all scenarios and circumstances including credit problems, bankruptcy reporting, and foreclosure histories. We cater to every customer, give us a call today and learn how we can help you! Sun Mortgage Funding Inc 3525 N Causeway Blvd #900 Metairie, LA 70002 504-837-3939 https://goo.gl/maps/C25hxUwD2G6hoX9N7

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The Pros And Cons Of Refinancing A Mortgage

It’s Important To Understand The Pros And Cons Of Refinancing A Mortgage.

Are you thinking about refinancing a mortgage? It’s a big financial decision to make, so it is important that you understand its short, and long-term impact. Before we review the pros and cons of refinancing a mortgage, here’s a quick recap of how it works.

• Define your goal. Why are you refinancing?
• Talk to your current lender. Ask about your refinance mortgage options. In most cases, they would want to try and keep you as a client. Use this as leverage to get a better deal.
• Shop and compare rates. Don’t get blinded by lower rates. Read the fine print. Consider the upfront fees. Once you have a shortlist, ask for a loan estimate. This allows you to compare in detail. It helps to set a meeting so you can assess a lender’s credibility. This is also your opportunity to ask refinance mortgage questions specific to your situation.
• Check if interest rate applies to the life of the loan. Some rates are only available for a set period. Afterward, it reverts to a higher rate and you may end up paying more.
• Apply within a short period. Bulk applications can affect your credit score.
• Lock the rate you agreed upon. Interest rates are always changing. Make sure you get the rate you agreed to.

So, What Are The Pros And Cons Of Refinancing A Mortgage?

Pros of Refinancing

The most obvious advantage of refinancing a home mortgage is getting a lower interest rate. You may have to pay an upfront fee. However, what you’re getting is the chance to pay less each month. This frees up your budget for other financial goals like short-term savings or an emergency fund.

If you can now afford to, refinancing also allows you to finish paying your mortgage debt in a shorter period. If you are switching from adjustable to fixed interest rate, you can avoid ‘surprises’ that lead to a sudden surge in payments.

Refinancing a mortgage lets you access your home equity. Home equity is the difference between your home’s market value and what you still need to pay off. Accessing your equity means you can get cash for major expenses like tuition fees or hospital bills.

Cons of Refinancing A Mortgage 

If you are too far in your mortgage, refinancing may not always be a good idea. You may end up paying more monthly, even if you get a lower interest. In the early stages, your payments hardly make a dent on the principal amount. Therefore, it makes sense to consider refinancing.

But if, for example, you are on year 15 of a 20- or 30-year mortgage, refinancing now may not be a good deal. A great and simple way to find out is to use a mortgage refinancing calculator.

Refinancing comes with certain risks that you can weigh beforehand. For instance, is your refinanced mortgage a recourse product? This means that if you default on payments, the lender can seize your assets. Another thing to check is if there’s a prepayment penalty for your original mortgage.

Still on the fence about refinancing? We can help you. Our mission is to help you achieve your goals through smart refinancing. And we do this by empowering you with the knowledge to make an informed decision.

Not sure how to use a mortgage calculator? We’ll break it down for you. Call us now and let’s see how we can help.

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