Mortgage referral is a process by which the mortgage borrowers are referred to the various mortgage lenders. The process of mortgage referral is carried out by mortgage loan officers. The mortgage loan officers charge a fee for the referral which is known as referral fee.
Mortgage referral helps the mortgage borrowers to qualify by assessing their financial condition (their ability to repay the loan) and also their credit rating for securing a mortgage loan. Mortgage referral also functions as a guide to the rates offered by a large number of mortgage lenders and also information regarding various mortgage companies online or over the internet.
Mortgage referral can work both at the local level or the national level. The network of mortgage referral is implemented by the mortgage lenders for attracting customers.
Mortgage referral offers a comprehensive range of tools to facilitate the mortgage buyers, for example, online application, mortgage calculators etc. With the help of mortgage referral tools, the mortgage borrowers are able to find a lender in their area pretty quickly.
Competitive mortgage rates are available from various mortgage lenders over the internet which ensures that the mortgage borrowers are able to check the rates and find out the best option possible.
The mortgage borrowers are able to apply online and this allows a sponsoring lender in their area to contact them. Free market commentary is available from a number of websites from which the mortgage borrowers can gather a lot of information.
The different types of calculators offered by the mortgage referrral tools include the following:
- Mortgage & loan calculators
- Budgeting calculators
- Present value calculators
- Future value calculators
- Financial lesson calculators
- Automobile calculators
The mortgage borrowers can search the property by any of the following means:
Street search: The sales of houses can be viewed on a particular street for a number of addresses.
Single house search: In this kind of a search, the previous selling price of a specific house can be found out.
Price range search: In this type of a search, all houses sold within a specific price range in a particular location can be compared.
Usually, a mortgage broker earns more money each loan in comparison to a loan officer, however, by the implementation of mortgage referral network of the lenders, a mortgage loan officer is able to sell more loans compared to a mortgage broker.
One of the best consumer resources of mortgage referral is “Mortgage 101”.
The various information received from “Mortgage 101” include the following:
FHA (Federal Housing Administration) loans
State FHA loan limits
VA (Veterans Administration) loans
VA state offices
Mortgage principal calculator
Mortgage period calculator
The online application process for mortgage referral is short and simple. The application is sent to a specific number of mortgage lenders in a particular area. An individual can choose which lender is able to satisfy his needs. Every information is kept as confidential and is only surveyed by subscribing mortgage lenders of the mortgage referral network. Mortgage referral process proves to be a smart method for finding a mortgage lender in a particular area.
Last Updated on : 24th August 2013