Customers seek a greater Mortgage at iWantaBetterMortgage.Com

By Homer Slobotnic

V . P . of Sales and Marketing

Customers seeking a much better mortgage or perhaps a better mortgage refinance loan happen to be finding greater success online with a company called iWantaBetterMortgage.Com. By removing the mortgage broker, iWantaBetterMortgage.Com offers customers a easy and quick approach to buy online for a mortgage loan. For many years (and industry wide), there have invariably been troubles with mortgage brokers selling mortgages with inflated fees and rates of interest higher than a consumer will have to pay. Through the years, customers have complained that mortgage brokers had talked them into obtaining a mortgage that they really could not afford, only learn after the fact that the mortgage lenders had hid any additional back end points and fees causing the rate of interest to skyrocket. Most of the time, an improved mortgage might have been obtained had the client been able to buy around. Due to this, iWantaBetterMortgage.Com has begun to capture additional market share giving the customer with the "better mortgage".

Using the new Dodd Frank rules that are in position, some mortgage lenders are being required to not lend to qualified individuals. iWantaBetterMortgage.Com is helping customers shop multiple lenders at the same time which will help eliminate the add-on fees which come from independent mortgage brokers.

The latest term around the street is "qualified mortgage". Mortgage lenders are made to adhere to a set of rules that results in what exactly is being known as the "qualified mortgage standard". Mortgage lenders are finding it tough to add on extra fees, both around the front and the back end. Without these extra fees, lenders are denying home loans with an otherwise qualified borrower. So, how does a buyer discover that "Better Mortgage"? Consumers require a better mortgage and have started to turn to iWantaBetterMortgage.Com.

More regulations mean fewer better mortgages.

Mortgage lenders don't much like the limits being placed on their fees, or maybe the new debt to income requirements for any mortgage to meet the "qualified mortgage standard". The matter on hand is the fact that mortgage lenders are complaining that they'll turn away qualified deserving borrowers because of these new regulations. Lenders think that this will likely slow the housing recovery and hurt the general health of the economy. iWantaBetterMortgage.Com is currently offering the link involving the consumer along with the lender whereby the buyer can pit Home Equity Loan lenders against the other person, thus lowering fees and points. Getting that better mortgage is critical to your healthy industry.

"Unless there are actually changes in the future, these new regulations could have a dramatic impact on credit availability for your consumers seeking an improved mortgage they are set up to shield," said Edward Brooks, of your United Mortgage Association. He's said that this is when a company like iWantaBetterMortgage can be purchased in. iWantaBetterMortgage.Com takes the guesswork from locating the best home loan for your individuals credit history. iWantaBetterMortgage.Com can get a pre-approval for the mortgage loan in just two minutes.

Brooks testified looking at a property Hearing on home mortgages that company is improving with the top quality borrower, while the lower end in the mortgage marketplace is actually shrinking. Usage of credit has become a problem with first-time and low to moderate income borrowers not able to be entitled to a property mortgage. The "ability to repay" rule could fuel this trend and further tighten credit to worthy borrowers.

Just how can the new rules for any qualified mortgage make it the better mortgage?

Early this current year, the Consumer Financial Protection Bureau's "qualified mortgage rule" went into effect. This rue is made to help the consumer obtain a better mortgage. To be designated an experienced mortgage, financing must fulfill certain requirements, including:

•A 3 percent cap on points and lender's fees for loan levels of $100,000 or more.

•A maximum debt-to-income ratio of 43 percent, meaning that debt payments can't exceed 43 percent of the borrower's before-tax income.

However, you can find exceptions. The percentage cap on fees is higher for smaller loans, and some mortgages backed by Fannie Mae, Freddie Mac as well as the FHA may have debt-to-income ratios above 43 percent.

In the testimony before the House Banking Committee, some lenders complained in regards to the 43 percent limit for debt to income ratios. They said in many cases, borrowers could get a greater mortgage and afford loans at higher ratios, and thought about being allowed leeway with their lending decisions, and not attach a hard debt to income ratio for the process. Further, lenders had requested a debt-to-income ratio number for clarity and they are now complaining regarding it.

Exactly what does this simply means for that rural borrowers?

Alfred Winningham, testifying for the Rural Bankers Association, said that the newest qualified mortgage rule will restrict mortgage lending in rural areas. Mr. Winningham's bank can't afford the legal risks of expanding its lending efforts, although his bank is exempt from several of the rules mainly because it underwrites fewer than 500 mortgages each year. Nevertheless in 2012, Winningham's bank closed 441 mortgages, that will leave little room for development in mortgage lending side.

Where do Credit unions fit in?

Jenny Maloney, representing the American Lending Institution Association, testified that current regulations build a costly and unnecessary "compliance burden." She remarked that "Credit unions didn't cause the economic crisis and shouldn't be caught within the crosshairs of regulations aimed at those entities that did." Ms. Maloney testified that acquiring a better mortgage can be carried out using online resources like iWantaBetterMortgage.Com. Companies like these could help lower costs industry wide on the consumer and mortgage lenders end. It's a win-win to the industry.

Whose risk would it be, anyway?

It all comes down this: in the event the objective is to assist the consumers find a better mortgage, who should assume the danger of a bad mortgage? In past years, mortgage lenders made lots of money giving people bad loans, and taxpayers and individual homeowners paid the bill. Congress and regulators pushed the risk back onto lenders and investors, who definitely are now pushing back. To experience a fair balance, consumers require the equipment essential to evaluate home mortgage products in a open environment. Getting a better mortgage has become incredibly easy with businesses like iWantaBetterMortgage.Com.

How are markets changing and where are customers going?

Less than a new comer to the lending industry, but gaining ground fast is iWantaBetterMortgage.Com. iWantaBettterMortgage.Com is positioning itself being a major player in the house Mortgage Lending business. Customers are demanding better mortgage products and they are now finding it easier to bypass traditional mortgage brokers and go directly to the loan originator of their choice.