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Master the process of quoting, locking, and extending an interest rate as a loan processor or mortgage loan originator

What you will learn

You will learn how to quote a borrower an interest rate.

Become a pro at reading pricing details on a loan scenario.

Develop a deeper knowledge on how interest rates are priced.

Learn to become more hands on in the mortgage loan process.

Understand what you can do for borrowers to lower their interest rates.

You will learn how to compare interest rates as a loan processor or mortgage loan originator.

You will learn how to extend an interest rate.

Master mortgage calculators by learning fundamental calculations.

Description

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


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– 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.

English
language

Content

Introduction to How to Quote an Interest Rate on a Mortgage Loan

Why should you start this course?
Why quote a range of interest rates?
What determines a borrowers interest rate?
Why do some banks have different interest rates?

Practical Examples Showing How to Quote Interest Rates

Quoting an interest rate on a 30 yr conventional purchase
Quoting an interest rate on a conventional 15 yr mortgage
Quoting a 30 yr interest rate on an FHA purchase
Quoting an interest rate on a cash-out refinance on a vacation home
Refinancing a conventional 25 yr fixed mortgage
Quoting an interest rate on a VA loan
Obtaining pricing on a VA IRRRL rate and term refinance
A quick interruption
Obtaining pricing on an FHA streamline refinance
Pricing a jumbo loan of $800,000
How to beat competitors and quote the lowest rate
Do’s and don’ts
Interest rate advertising rules for mortgages

Using Creative Interest Rate Quoting Options

How to benefit from exact interest rates
Using an exact interest rate to beat the competition
Quoting a 29 year mortgage rate
Tips to give your borrower the lowest interest rate possible
Borrower paid comp on investor loans
Why it’s sometimes necessary to switch from lender paid to borrower paid comp

Locking interest rates

How to choose for how long to lock an interest rate
How to lock an interest rate
Locking the interest rate with different lenders
How to extend an interest rate lock for a rate that’s expiring

How to Maximize the Use of a Mortgage Calculator

What can you do with a mortgage calculator?
Why you should learn to use a mortgage calculator
Real estate and mortgage calculator payment example
Real estate and mortgage calculator PITI calculation
Real estate and mortgage calculator bi-weekly payment calculation

Comparing Interest Payments on Different Interest Rates

Knowing how to compare interest rates
Comparing interest payments for a purchase on www.consumerfinance.gov
Consumer Finance rate comparison website
Comparing interest payments for a refinance
Thank you
Bonus: What I recommend