How Much Do Loan Officers Make?

The average loan officer usually makes a 40%-90% commission with no salary or hourly rate.  The difference in commissions is usually based on experience and whether or not leads and/or advertising are provided by the mortgage company.

Private Mortgage Insurance

What is PMI?

PMI is insurance lenders require from most home buyers who need loans which are more than 80 percent of their new homes value.

First Time Home Buyer Grants: Free

How would you like free money to put down as a down payment or handle closing costs for the acquisition of your first home? If you’ve answered yes, then you’ll be glad to know that you can get this money.

There are all kinds of free money to help the first-time home buyer pay for a down payment or closing costs.

Loan Officer Scams and Tricks

There are many problems with the mortgage industry, most are caused because loan officers know far more than the average borrower.  Knowledge is your best defense against these mortgage scams and tricks.

Bait & Switch

This game is played by many industries including the mortgage industry.  In the auto industry, they advertise a sports car in the paper but when you show up it suddenly turns into a Yugo.

Guide to Rate Locks

Locking your interest rate gives you the best chance of receiving what you spent all that time shopping for.

Generally, the terms you are quoted when shopping among lenders represent the terms available to borrowers who are closing their loans immediately.

The quoted terms you receive may not be the terms available to you at closing; weeks or even months later.

Yield Spread Premium

The Yield Spread Premium is a payment by the lender to your mortgage broker for having the consumer agree to a higher interest rate then what is known as par.

Par is the interest rate provided by the lender to the mortgage broker for zero cost.  Meaning the broker will receive no additional (hidden) payment from the lender for the interest rate being offered to you.