Hi, I’m Marc! Your anti-jargon mortgage expert. I look forward to helping you understand this crazy world of home loans.
I began my journey into the mortgage realm began back in 2012 during the HARP refinance frenzy. Starting as a Loan Processor, I quickly learned the importance of efficiency and precision, as the underwriting standards were exceptionally strict. This knowledge was carried along into Loan Origination when I obtained my license in 2014. Fast-forward to 2019, and I decided to become a Mortgage Broker and start my own 3rd Party Processing Company, Top-Shelf Processing. My primary focus is now educating clients on mortgage loans, while providing the highest level of service and expertise.
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A borrower's intent to reside within a property or not.
Also known as the Fed Funds Rate. The cost for banks to transfer funds between each other. NOT A PRIMARY DRIVER OF MORTGAGE RATES
Inter-day Interest Rate adjustements based upon market conditions. Can get better or worse
No Buydown/discount cost for the Interest Rate or Credit toward Closing Costs.
1 of Two Guarantees in Life. Guaranteed to increase annually when Democrats are elected.
Borrower chosen Homeowner's insurance. Provider and Premium CAN be decided by Borrower. Coverage is decided by the Lender
Upfront Cost to obtain mortgage loan financing at a particular rate.
Funds on Deposit (often with the settlement agent/title company) to show, in earnest, a borrower's intent to purchase a property.
Upfront or Monthly Mortgage Insurance charged when borrowers are above a certain Loan to Value Threshold.
The Primary Driver behind Mortgage Interest Rates. Inversly correlated to the rates. i.e. Bonds go Up, Rates go Down
The Industry Average at the Time of the Rate Lock. Qualified Mortgages must stay within a certain percentage of the industry average
A Mortgage loan with an adjusting Rate. 10/1,7/1,5/1,and 3/1 are common versions. The first number is the years prior to adjustment and the second one is how often it can adjust thereafter. (3/1 will adjust after 3 years and can adjust annually thereafter.
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