Can I Use The Money I Am Saving In Closing Costs To Buy Down My Interest Rate
Yes! We have customers who want to buy down their interest rate, so they take the money they are saving in Closing Costs and choose to buy down their interest rate in the form of discount points. For customers who think they will be in their home longer, using the Closing Costs savings to purchase discount points and buy down the interest rate can be a smart choice. It can result in more savings over time.
Talk to your loan officer today about the options available to use some or all of your Closing Costs savings to buy down your interest rate.
Frequently Asked Questions Regarding Mortgage Lenders Investment Trading
Where are Mortgage Lenders Investment Tradings headquarters?
Mortgage Lenders Investment Tradings headquarters are in 1400 S International Pkwy, Ste 1000, Lake Mary, Florida, 32746, United States
What is Mortgage Lenders Investment Tradings phone number?
Mortgage Lenders Investment Tradings phone number is 882-1198
What is Mortgage Lenders Investment Tradings official website?
Mortgage Lenders Investment Tradings official website is //mortgageadvisors.com
What is Mortgage Lenders Investment Tradings Revenue?
Mortgage Lenders Investment Tradings revenue is $29 Million
What is Mortgage Lenders Investment Tradings SIC code?
Mortgage Lenders Investment Tradings SIC: 61,616
What is Mortgage Lenders Investment Tradings NAICS code?
Mortgage Lenders Investment Tradings NAICS: 522,5222
How many employees are working in Mortgage Lenders Investment Trading?
Mortgage Lenders Investment Trading has 138 employees
What is Mortgage Lenders Investment Tradings industry?
Mortgage Lenders Investment Trading is in the industry of: Banking, Finance
What is Mortgage Lenders Investment Trading’s tech stack?
The technologies that are used by Mortgage Lenders Investment Trading are: Cloudflare Website Optimization, Bootstrap
What Is An Accredited Investor
Many promoters of MICs will only allow accredited investors to be investors. An accredited investor is an investor with pre-existing wealth and/or substantial income who has the financial freedom to invest in whatever they please. Because of their financial situation, regulatory authorities dont think they need the same protections as other investors.
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What Happened To This Page
Big changes are coming to Modex and our profiles! In the meantime, if you’re a loan officer, claim your profile to get started.
Claiming your Modex profile allows you to see how you rank amongst others in your region, company, and branch. Also learn about your Modex Score, how others are compensated in your area, and who’s hiring.
Curious how other loan officers are being compensated? Modex collects compensation plans and averages them for your area. Learn how much you could and should be making with the right employer!
Search for any loan officer, branch, or company nationwide. Research companies and regions in detail. Filter loan officers by their volume, transaction types, and more! When you have your list of loan officers you can sort by volume, units, company and Modex Score.
Loan officer detail pages give you insights into a loan officer’s business. Learn about their transactions mix, product mix, where they do their business, and how their production trends. Detail pages are also available for regions and companies.
Modex’s Make a Move feature allows you to securely and anonymously connect with recruiters. Once engaged by a recruiter you can connect through the website and when you’re ready – release your identity to them.
The internal quality assurance and quality control processes take the data a step further in ensuring not only great data coverage, but excellent data quality.
How To Establish A Mic
The first step is creating a corporation, which you or your lawyer can do online with an approved service provider. After the company is incorporated, you will have to organize it by appointing directors and officers, establishing a registered head office, and putting in place a by-law.
In order to be considered a MIC under the Tax Act, it must have the following attributes:
What makes a MIC special is the treatment it receives under the Tax Act.
The Tax Act also deems a mortgage investment corporation to be a public company. The benefit of being deemed a public corporation is that the shares of a public corporation are qualified investments for registered plans, including registered retirement savings plans, registered retirement income funds, and tax-free savings accounts.
MICs are not publicly traded companies, so they can only raise money in the private investment markets under rules that govern raising private capital.
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Mortgage Investment Corporations For Mortgage Brokers And Agents
Mortgage investment corporations have been around since 1973. MICs are a terrific vehicle for bringing like-minded investors together to collectively invest in one of Canadas hottest investment products: mortgages!
Purchasing a mortgage is too expensive for many investors and may overly concentrate their investment portfolio in one asset class. MICs, however, mitigate those risks and add diversification. By bringing together several investors under one roof, the MIC can invest in more than one mortgage, distributing the risk among the members. The MIC can also distribute returns to its investors without making any withholding.
Any broker or agent seeking to create a MIC should seek advice and direction of a qualified lawyer. We put together an overview of the issues to keep in mind as you seek to create a MIC and/or advise your client to invest in one.
Where Does The Money Come From To Pay My Closing Costs
Unlike most mortgage companies, RP Funding doesnt pay BIG COMMISSIONS. Industry BIG COMMISSIONS range from $5,000 – $7,000 per loan! Just google How much money does a mortgage broker make per loan? or How much can a loan officer make per loan? to see hundreds of examples of this high cost to consumers. At RP Funding our loan officers make less per loan , but because of our technology, brand, advertising and volume our loan officers close more transactions per month so they can make a good living without the BIG COMMISSIONS that ultimately cost consumers thousands.
The same technology that allows our loan officers to be more efficient works across the rest of RP Funding as well. We have built a well-oiled machine that consistently CRUSHES the industry averages for productivity per employee. This increased efficiency creates even more cost savings that we pass on to our customers.
Even with all of those efficiencies, it still wasnt easy to pay our clients’ Closing Costs – You can read the rest of the story and the other factors that make this great deal possible here.
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If You Dont Raise Your Rates To Pay My Closing Costs Why Would Rp Funding Quote A Higher Rate Than What I See Advertised By A Competitor
Sometimes this happens, but its not because were paying the Closing Costs. The best rates are only available to the most qualified customers – this is standard across the industry. For the most qualified customers our rates are just as good or even better than most competitors . We back this up with our $1,000 guarantee. We’ve provided quotes to 70,000 people, we’ve funded 30,000 loans and there have only been 132 customers who closed on a deal we could not match and received the $1,000 guarantee. We’re proud of our 99% best rate guarantee.
Here are the factors that could impact the actual interest rate you are quoted:
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Below Average Loan Amount
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Other Risk Factors: High Loan To Value, Cash Out Refinance, High Debt To Income Ratio, No Reserves, High Risk Property
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Date and Time the Rate Is Quoted
As you can see there are many factors that go into determining mortgage rates, and unfortunately some lenders will quote a low rate before checking a client’s complete qualifications only to raise the rate later once all facts are known.
To protect our clients at RP Funding we have our $1,000 Price Match Guarantee, which means that if you find a lender with a more favorable pricing model, we will beat their offer or pay you $1,000.
Who Can Invest In A Mic
In Ontario, there are very strict rules about soliciting people to invest in a venture, including MICs. Raising money in the private markets is much less expensive than in the public markets, as one does not need to prepare and file an offering document with the Ontario Securities Commission . The most common way that a company organizes and brings in early investors is via the private issuer exemption.
To use the private issuer exemption, the following elements must be in place:
- There must be a provision in the articles of the corporation that a shareholder cannot trade their shares without consent of the board.
- There cannot be more than 50 shareholders, not including employees of the corporation.
- Those 50 shareholders must have a pre-existing relationship with the Corporation, including: an employee of the Corporation, an accredited investor, or a spouse, family member, close personal friend, or business associate of a founder.
Once the corporation passes the 50 shareholder threshold, the corporation is subject to various reporting obligations related to raising capital. It is necessary that the corporation seek appropriate legal advice at this stage.
A mortgage broker or agent cannot invite just anyone to invest in their MIC investors may only be from a select group and not members of the general public.
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