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Frequently Asked Questions & Answers Related to Loan and Lendings

Loan-faqs.com blog is designed to answer all your questions about financing the personal loans, business loans and mortgage loans.
what is a bridge loan mortgage

what is a bridge loan mortgage

Published 1 year agoUpdated 9 months ago
Dec 06, 2021 · A bridge loan is a short-term loan designed to provide financing during a transitionary period, such as moving from one house to another.
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how to become a mortgage loan processor

how to become a mortgage loan processor

Published 1 year agoUpdated 9 months ago
Aug 18, 2021 · When we researched the most common majors for a Mortgage Loan Processor, we found that they most commonly earn Bachelor's Degree degrees or Associate Degree degrees. Other degrees that we often see on Mortgage Loan Processor resumes include High School Diploma degrees or Master's Degree degrees.
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what does a mortgage loan originator do

what does a mortgage loan originator do

Published 1 year agoUpdated 9 months ago
Nov 09, 2021 · A mortgage loan originator (MLO) is a person or institution that helps a prospective borrower get the right mortgage for a real estate transaction. The MLO is the original lender for the mortgage and works with the borrower from application and approval through the closing process. An MLO can be a lending company, mortgage broker or loan officer.
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what is a mortgage loan officer

what is a mortgage loan officer

Published 1 year agoUpdated 9 months ago
Nov 16, 2017 · A mortgage loan officer helps prospective home owners find a mortgage that is right for them and determine if they qualify. There are two types of mortgage loan officers: residential and commercial. There are two types of mortgage loan …
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which two of these are essential for completing an initial mortgage loan application?

which two of these are essential for completing an initial mortgage loan application?

Published 1 year agoUpdated 9 months ago
Oct 23, 2021 · Answer. Question 4 "Home Purchase Price and Current Debts and credit History". To complete initial mortgage loan application home purchase price and credit history is essential as these helps in calculating the amount of loan and credit history helps in …
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how to be a mortgage loan officer

how to be a mortgage loan officer

Published 1 year agoUpdated 9 months ago
Oct 28, 2021 · After You’ve Become a Loan Officer. Earn a bachelor’s degree (Optional) Obtain your Mortgage Loan Officer (MLO) license. Find a job. Complete any necessary on-the-job training. Start closing loans!
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how do you know when your mortgage loan is approved?

how do you know when your mortgage loan is approved?

Published 1 year agoUpdated 9 months ago
You can certainly be denied for a mortgage loan after being pre-approved for it. The pre-approval process goes deeper. This is when the lender actually …
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how much do mortgage brokers make per loan

how much do mortgage brokers make per loan

Published 1 year agoUpdated 9 months ago
Jan 06, 2022 · Glassdoor shows an average base salary for mortgage brokers of $63,469 and a range from $27,000 on the low end to $149,000 at the high end. It doesn't report any data on additional compensation ...
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how do you know when your mortgage loan is approved

how do you know when your mortgage loan is approved

Published 1 year agoUpdated 9 months ago
Sep 17, 2017 · If you make $75,000 a year, but have $25,000 in credit card balances, $60,000 in student loans, and $30,000 in auto loans, you’ll make lenders wince. Your debt-to-income (DTI) ratio can tell you ...
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what is a loan modification on a mortgage

what is a loan modification on a mortgage

Published 1 year agoUpdated 9 months ago
Sep 04, 2020 · A mortgage loan modification is a change in your loan terms. The modification is a type of loss mitigation.
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