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Consumer credit card debt is at an all time high in America. With so many home owners financially leveraged to the breaking point and mortgage rates still at all time lows a mortgage loan refinance and debt consolidation loan go hand in hand. Although many people are not sure what type of mortgage to use for their mortgage loan refinance and debt consolidation. Choosing the wrong loan could end up costing you more then it should! So what types of loans can you use when consolidating debt or refinancing your mortgage?

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For obvious reasons the qualification requirements for a mortgage restructuring are quite different than those for a first time home buyer. The homeowner’s attempt to restructure usually indicates some current, or recent, financial duress on the homeowner’s part, who in all likelihood is trying to save the home and stop foreclosure. Understandably a lender will likely be very strict, even unforgiving, depending on the homeowner’s circumstances.

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Most insurance agents know the basics of selling mortgage protection plans. Generally the choice is term insurance that will pay a future benefit in the event of the death or disability of a mortgage payer. It is simple and an easy need to be understood by the prospect.

How do you convert a possible $600 to $1,000 commission to a larger payday and one where the result is not a transaction but a client relationship is developed? How do you make jump to big time sales from this basic insurance need sale? Here is a tried and true system which never fails.
Explain to the client that there are three ways to protect against the mortgage in the event of death. Each has different expenses and each has different benefits. Start with plan one.

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With a thirty year fixed mortgage a homeowner is locked into a set mortgage rate for three decades. This is considered to be a traditional type of mortgage. Now, there is a better mortgage option for homeowners to chose. A homeowner can experience leverage with an Equity Builder Plus mortgage. An adjustable rate mortgage (ARM) is when the mortgage interest rate is periodically adjusted. Meaning that the interest rate of the mortgage will rise and fall as the market experiences highs and lows.

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Not long ago, mortgage companies started to offer a smorgasbord of programs to make home ownership easily available to almost everyone. Some of the common terms we have become accustomed to hearing include:

• Low-Doc
• No-Doc
• Full-Doc
• 100% LTV
• Interest Only
• ARM
• Conforming
• Non-Conforming

The housing market has been red-hot for many months, but we are realizing that all these short-term “solutions” have become long-term “problems”. For instance, if a potential borrower had a decent credit score, they could obtain a “No-Doc” loan…which meant that they didn’t have to submit documentation proving employment, income or debts.

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No one wants to go to prison. More and more real estate and mortgage professionals are finding themselves in front of judges these days than ever before.

Unfortunately, there is no single simple answer to fraud problems, but here are some strategies you and your company can implement to deal with the intense pressure inherent to this industry:

• Hold regular “reality check” meetings between your sales managers and quality-control personnel. Make sure that one of these departments doesn’t outrank the other. You’re doomed if your sales team continually browbeats the underwriters.

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