By joining the Mortgage Lenders Association (MLA), you can save up to 70 percent on the fees charged by the nation’s largest mortgage lenders.
Mortgage lenders are under increasing pressure to cut costs and make their services more accessible to consumers. By joining the MLA, you can save up to 70 percent on the fees charged by the nation’s largest mortgage lenders. This is especially helpful if you need a loan for your first or second home or business purchase.
The Mortgage Lenders Association (MLA) was established in 1924 as a trade association representing more than 700 mortgage lenders in 47 states. The membership represents more than two-thirds of the U.S. mortgage market. Its membership includes such major lenders as ARCA, Barrington Bank, Bank of America, Capital One, Citizens Bank, Discover, JPMorgan Chase, New Century, PNC, TD Bank, Regions Bank, SunTrust, US Bank, Weyerhaeuser, Fannie Mae, Freddie Mac, Wells Fargo, and Zions Bank.
On the MLA website, you will find information on what types of mortgage lenders it represents, how to join and how to best serve the needs of potential borrowers and clients. There is a detailed review of benefits of membership, along with a message from the MLA president, Anton Thompson, who stated, “All members contribute to the betterment of our country through helping consumers get loans and homes at affordable rates.” The full benefits of membership in the mortgage lender association are listed on the web site.
MLA members agree to open their door to potential clients and are ready to assist clients to make their housing and business loan requests, to assist them in obtaining their loans and make their home or business purchase more successful. Of course, you should work with a mortgage lender who will be a good long-term partner.
Typically, lenders and borrowers can work together to obtain pre-qualified funds. But if you don’t use a lender that is financially sound and successful, you may not see the benefit of using them. Many home buyers who require a home or business purchase make poor decisions because they rely on unrealistic expectations of savings.
One reason that home buyers choose to purchase a home they can’t afford, because they feel pressured by the advertisement of the seller or want the same level of luxurious living, is they think that they can’t do without that type of house. When home prices rise, many home buyers rely on the guidance of an “experienced” real estate agent who claims that he or she is in a better position to find the right home than the average home buyer.
A recent example of this trap is when I was a real estate agent. A client asked if I could help him find a home in a town where he previously lived. At that time, the house was priced at nearly $900,000. We didn’t do much further research, believing it to be a well-priced home with a good lot and good schools in an enviable location.
Later, when I took him on the trip to the town where the house was located, he told me that this was the home he wanted to buy, and all he needed was a little help. I agreed to do that, and he hired me to arrange the financing. Several months later, he was making preparations to buy the home he thought he had at first. He even came to me many times to ask if he could borrow more money and was turned down. As it turned out, the house he wanted to buy was in foreclosure. The home was listed for over $1 million.
Many home buyers are fooling themselves into believing they will have a house they love and buy at one of the lowest prices possible. You need to do research and determine if the price of the home you can afford is realistic.
If you are financially committed to a particular area and the homes and real estate market there, you can make a reasonable offer to buy a home in your preferred location. With the mortgage lender association’s assistance and your own financial strength, you can approach home buying and living with much greater confidence and self-respect.
Although the Nevada Legislature has passed the “Housing Act of 2018,” which mandates that lenders offer to lower borrowers’ closing costs and fees, the new law takes effect only the week after Christmas.
It will take years to ease the budget of prospective homeowners who are today paying close to $8,000 in average closing costs and often more in conjunction with pre-approval. With more than 70 percent of