|
|
 |
| |
|
Home > Financial Services > Mortgage Brokers > Olympic Financial Services
Olympic Financial Services
A mortgage broker is an individual or firm that acts as an independent agent for both the borrower and the lender of a mortgage loan. Mortgage brokers are the middleman between you and the lending institution, which can be a bank, trust company, credit union, Mortgage Corporation, finance company or even an individual private investor. A mortgage broker will analyze your financial situation to determine which lender is the best fit for your loan needs. He or she will submit your mortgage application to one or more lenders in order to sell it, and works with the chosen lender until the loan closes. He or she receives a commission from the borrower if the loan closes.
OLYMPIAN MORTGAGE CORPORATION offers specialized programs for individuals who do not fit the traditional guidelines of institutional financing or choose not to go through the bank route for any particular reason. This program is called private lending because we utilize the capital from private individuals rather than from banking institutions. There are some benefits to this type of lending that are not present with conventional financing.
First, your credit report is not acceptable to the bank. Second, you are under some very tight time constraints and whether or not your credit is good or not, you simply do not have time to jump through all the numerous hoops the bank puts in front of you. Third, your income is sufficient to repay the loan, but your income is either hard, impossible or you refuse to report it on your federal tax return. If you fall in that category, you may be eligible for a private Presently, since our company is located in Tampa, Florida the majority of our private investors are from that area, but we are developing programs by which these special loans could soon be offered to the general public.
In order to obtain one of these loans, you must have more equity in your house than the bank requires in order to off set the lenders risk. In addition, the rates, costs and fees will be higher in exchange for the borrower being able to borrow the money despite their current circumstance. Some of the terms, for example, period of repayment or other clauses may be different than your ordinary bank, but then again these lenders are not doing typical loans. Lastly these loans are currently restricted to Florida only, simply because these individuals need to be able to inspect the property before the money is lent and also inspect the property on a periodic basis if need be.
Our mission is to deliver the best industry products in a timely manner and in a form understandable to the consumer. We strive to meet or exceed our customer's needs. We pledge to provide a caring, challenging and professional environment for our associates, colleagues and management. We promise to create a working team that is organized and at the top of our field.
Financial Services Companies
all are here at FinancialBrowsers.com Permission is granted to reproduce this article as long as the above resource paragraph is left intact with active links.
Back to Mortgage Brokers
|
|
|
|
|
|
|