How to Quote an Interest Rate on a Mortgage Loan

How to Quote an Interest Rate on a Mortgage Loan

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What you’ll 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 paymentsinterest 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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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.

Who this course is for:
  • Anyone who wants to master a position as a mortgage loan processor or mortgage loan originator working in office or remotely.
  • Anyone who wants to maximize their potential compensation.
  • Anyone who wants to learn more in depth about mortgages and interest rates.
  • Anyone who currently works in a related field and wants to try learn new.

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