How to Quote an Interest Rate on a Mortgage Loan
- Description
- Curriculum
- FAQ
- Reviews
The #1 question borrowers ask when they call lenders, banks, or mortgage companies is “What will be my interest rate”? Mastering the process of quoting an interest rate will allow you to close more loans and increase your income as a loan originator, loan processor, or other. This course goes straight to practical examples. Borrowers will give you their loans if you know how to quote them lower interest rates!
This practical course will show you how to become a expert at: running a loan scenario for all types of borrowers, reading and understanding interest rates, be able to determine if a borrower will need to buy down the rate or if they will be able to get a credit to cover closing costs. You will also be able to lock and extend interest rates. Besides that, you’ll learn how to master a mortgage calculator, which you can download on your smartphone to be able to calculate monthly payments, interest paid through the life of the loan, tax deductible interest, bi-weekly payments, PITI payments, amortization terms, loan-to-value, and much more. This will make you look like a pro when your on the phone or in front of a borrower. Realtors will love you because you can tell borrowers what their monthly payments will be in a matter of seconds. Mastering the process of calculating interest rates will increase your potential to make more money on each loan!
Main benefits of this course and of understanding the process of quoting interest rates:
– Increase your income by closing more loans
– Close more loans by adjusting interest rates and mortgage payments.
Loan processors and mortgage loan originators save and close 30-50% more loans when they know how to use interest rates to benefit the borrower.
– Understand how interest rates are priced
– Learn to quote exact interest rates to beat the competition
– Learn the benefits of quoting 29 or 28 year mortgage rates
– Learn to use your compensation to help more borrowers obtain financing.
– Help more borrowers to reduce their closing costs or eliminate them completely
– Both you and the borrow will benefit from a lower interest rate since the borrower will have a lower payment and the risk of default will go down as well because their total payments will be lower
In the first section of this course, you will learn how rates are priced and why some borrowers qualify for lower rates while others have higher interest rates. You will also discover why lenders have different interest rates and why they constantly change on a daily basis. In the second section of this course, you will learn how to obtain an interest rate based on a borrowers particular situation or loan criteria. Besides that, you will see live examples of how to lock an interest rate for either 15 days, 30 days, or longer.
Once you complete this course, you will be able to confidently quote a borrower an interest rate based on their situation and be able to tell them what their mortgage payment will be. A course diploma will be available to you when all sections have been completed at 100% which you can save or print to show employers. For instructions on downloading your course diploma you can go to: https://support.udemy.com/hc/en-us/articles/229603868-Certificate-of-Completion
Your instructor
Joseph Correa is the founder and CEO of Finibi Mortgage, a licensed mortgage brokerage business based out of Orlando, Florida. Having closed hundreds of mortgage loans, he has quoted thousands of borrower’s interest rates. In the past, he has also owned a correspondent lender business and invested in real estate.
This course is more advanced so if you haven’t taken my “Become a Mortgage Loan Processor” course, I would suggest you start with that one first but you are welcome to start with this one and then move on to that one.
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5Interest rate pricing exercises: ExplanationVideo lesson
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6Interest rate pricing exercises: Pricing adjustments on a primary residenceVideo lesson
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7Interest pricing exercises: Pricing adjustments on an investment homeVideo lesson
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8Interest rate pricing exercises Get the least pricing hits and lowest rateVideo lesson
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9Quoting an interest rate on a 30 yr conventional purchaseVideo lesson
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10Quoting an interest rate on a conventional 15 yr mortgageVideo lesson
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11Quoting a 30 yr interest rate on an FHA purchaseVideo lesson
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12Quoting an interest rate on a cash-out refinance on a vacation homeVideo lesson
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13Refinancing a conventional 25 yr fixed mortgageVideo lesson
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14Quoting an interest rate on a VA loanVideo lesson
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15Obtaining pricing on a VA IRRRL rate and term refinanceVideo lesson
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16A quick interruptionVideo lesson
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17Obtaining pricing on an FHA streamline refinanceVideo lesson
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18Pricing a jumbo loan of $800,000Video lesson
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19How to beat competitors and quote the lowest rateVideo lesson
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20Do's and don'tsText lesson
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21Interest rate advertising rules for mortgagesText lesson
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22Loan CriteriaQuiz
LOAN CRITERIA
It's important to have a clear understanding of what loan criteria needs to be completed in order to obtain an interest rate and what loan criteria affects rates the most. Let's go over some questions to review what you have learned so that you can increase your comprehension in the subject and will be able to quote interest rates with more confidence when the time comes.
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23How to benefit from exact interest ratesVideo lesson
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24Using an exact interest rate to beat the competitionVideo lesson
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25Quoting a 29 year mortgage rateVideo lesson
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26Tips to give your borrower the lowest interest rate possibleText lesson
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27Borrower paid comp on investor loansVideo lesson
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28Why it's sometimes necessary to switch from lender paid to borrower paid compVideo lesson
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33What can you do with a mortgage calculator?Video lesson
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34Why you should learn to use a mortgage calculatorVideo lesson
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35Real estate and mortgage calculator payment exampleVideo lesson
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36Real estate and mortgage calculator PITI calculationVideo lesson
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37Real estate and mortgage calculator bi-weekly payment calculationVideo lesson
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38Important website links to rememberText lesson

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