Home-based Mortgage Broker Businesses, a Growth Industry

With today's job losses and downsizing, plus increased cost of living, many people are looking for business opportunities that enable them to work from home. We, here at Professional Financial Associates, have a proven opportunity that provides both training and support to anyone willing to learn.

Dana Point, CA (PRWEB) August 29, 2009 -- Professional Financial Associates (www.pfa.com) announces the launch of its "New" Home-based Mortgage Broker Business program to assist those who are looking for career opportunities in home-based mortgage lending.

Due to increased unemployment and concerns about the loss of income due to downsizing as well as the skyrocketing cost of living, many people are exploring the possibilities of operating a business from home. Today, more and more people are looking for a business that will enable them to earn an executive income from home. They are looking for a business plan that gives them several avenues for generating income. Although there are many options available to people wishing to run a home-based business, one that has proven to be successful and profitable over many years has been the home-based mortgage broker business.

Like many home-based businesses, the home-based mortgage broker business is simpler if you have someone who can lend you a guiding hand and get you off on the right foot. Professional Financial Associates (PFA) has more than thirty years experience in this business and can now offer you the training and support necessary to enter into this lucrative field. All you need is to be willing to learn!

The Home-based mortgage broker business is not dependent on managing outside employees, purchasing inventory, and doesn't incur large start-up costs. Plus, with interest rates and real estate values extremely low, now is the perfect time to take advantage of career opportunities in home-based mortgage lending. PFA understands that the biggest road block to starting your own business is getting the needed training and support. The PFA Registered Loan Broker Home Training Program will provide you with all the tools you need to move forward.

One of our customers, J.C., an insurance agent who was already working from home, watched as his business began to decline due to today's economic climate. He applied and received training through PFA's home-based mortgage broker business program (http://www.pfa.com). J.C. began offering FHA, VA, Conventional, and Reverse mortgage loans to homeowners wishing to refinance at lower rates, as well as home buyers wanting to take advantage of the lower real estate prices and interest rates. Today, J.C. has not only replaced his lost income from reduced insurance commissions, but has generated a new and very profitable income stream that well exceeds what he was making on his insurance business alone.

So, with foreclosure rates on the rise, short sales looming and property values and interest rates both at record lows, there is no time like the present to take advantage of the career opportunities in home-based mortgage lending. By opening your home-based mortgage broker business and completing our Registered Loan Broker Home Training Program, you will receive all the training and support you require to guide you down the path to a successful career in your own home-based mortgage broker business.

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Using a Reverse Mortgage Calculator

Using a reverse mortgage calculator is a great place to start if you are trying to see if you have enough home equity to qualify for a reverse mortgage loan. A reverse mortgage calculator will give you an approximation of your reverse mortgage loan amount eligibility.

Using a reverse mortgage calculator is the easiest way for senior homeowners to find out if they have enough equity in their home to qualify for a reverse mortgage. If you have been thinking about tapping into your home equity through this unique type of home loan, you might be wondering how much money you could actually get from your home and still continue living there without monthly payments.

The easiest way to get an approximate idea of what you might be able
to qualify for, is to utilize an online reverse mortgage calculator tool. A reverse mortgage calculator is very simple to use. You only have to input a couple of personal details into the reverse mortgage calculator and it will estimate approximately how much money you are eligible for.

The required details consist of your zip code, the dates of birth of all persons on the title to your home, what you think your home value is, and what your current mortgage balance is, if any. Once these details are entered, the reverse mortgage calculator will then show you the approximate loan amounts for several loan programs that you are eligible for.

FIXED INTEREST RATE VS. ADJUSTABLE

Each loan choice displayed by the reverse mortgage calculator will offer slightly different loan amounts because they have slightly different interest rates and margins. In most cases, the reverse mortgage calculator will also show you a fixed rate loan choice along with several adjustable choices. Sometimes there is a fairly large difference in the amount of money you can get from a fixed rate reverse mortgage versus an adjustable. Current market interest rates will dictate these differences.

INTEREST RATES AFFECT LOAN AMOUNTS

One noteworthy thing to keep in mind, is that interest rates are constantly changing with market conditions. Consequently, a reverse mortgage calculator must be re-programmed whenever interest rates change. Usually changes are made each Tuesday, if there has been a fluctuation in the indexed rates that these loans are tied to.

If you are using a reverse mortgage calculator, please be aware that it is strictly a tool for you convenience and will give you an approximation of how large a loan you might be able to qualify for. If the numbers provided from the reverse mortgage calculator are attractive to you, you will definitely want to take the next step and get a customized loan benefit summary from a lender. The summary that a lender can provide will be much more comprehensive and will be a more accurate presentation than what can be provided by a simple online reverse mortgage calculator.

The lender's benefit summary will provide a complete cost breakdown of the fees that will be involved in obtaining a reverse mortgage. It will also give you an amortization schedule so that you can estimate years into the future what the loan balance will be compared to your home value in later years. This is something that many people are interested in seeing because they want to know how a reverse mortgage will impact their estate over the long term.

START WITH A REVERSE MORTGAGE CALCULATOR

So if you are just starting to look into the possibility of getting a reverse mortgage, using a reverse mortgage calculator is a great first step. Because, if you are not even close to having enough equity in your home to qualify, you might as well find out right away and be done with it. On the other hand, if the reverse mortgage calculator displays numbers that you like, you will probably want to do further investigation and request a full blown benefit summary from a reverse mortgage lender.

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