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Home > Financial Services > Mortgage Brokers > Southwest Equity Mortgage
Southwest Equity Mortgage
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.
The Company provides different types of loans products such as Fixed rate mortgages, Adjustable rate mortgages, Standard ARMS and the differences, Introductory rate ARMS, Reverse mortgages, London inter bank offered rate LIBOR, Balloon mortgages, Interest rate buy downs, Cost of funds index COFI, Graduated payment method. The Company also offers different loan programs to meet the need of customers Refinance, Purchases, FHA and VA, 2nd Mortgages, First time buyers, Debt consolidation. Company’s second mortgages include Home Equity Credit Line, Interest Rates, Loan CostsPayment Calculations, Second Mortgage Term and many more.
The community homebuyer program reduces the down payment to 3 percent, which must be the borrower's own funds. Closing costs can be gift funds, a grant, or seller assistance up to 3 percent of sale price. This loan requires the homebuyer to take a class on home ownership. Upon completion of the class, the homebuyer receives a certificate that reduces cash requirement and expands the qualification ratios.
Company assists you through six basic steps in procuring a loan for buying a house or renovation of your home. The six steps are Getting your documents organized, convincing the loan company that you qualify for the loan, explains the best loan plans from various companies available within your budget, applies for the loan, obtains approval for the loan, and assists in closing the loan.
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