Block Financial Resources Mortgage Broker
in Mortgage Brokers from Block Financial ResourcesUnaffiliated
Block Financial Resources Mortgage BrokerUnaffiliated
in Mortgage Brokers from Block Financial Resources
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Block Financial Resources Mortgage Broker Review
Where does Block Financial Resources Mortgage Broker do business?
Block Financial Resources Mortgage Broker is a licensed mortgage broker (NMLS# 132830) with headquarters in New York, NY. It operates in 3 states.
The company was founded in 2008 and helps borrowers find a direct lender that will approve the loan amounts, rates, and terms they require.
How does Block Financial Resources get paid?
Mortgage brokers get paid either by lenders or by borrowers. However, they cannot receive compensation from both parties.
Block Financial Resources gets paid by lenders. Lender-paid compensation is the most common fee model among mortgage brokers. This fee model can help bring down the upfront costs to borrowers. However, it also gives brokers the incentive of promoting lenders that pay higher commissions.
What fees does Block Financial Resources charge?
Although cost should not be the only factor when choosing mortgage brokers, it is smart to compare the rates, fees, and services mortgage brokers offer before making a decision.
Does Block Financial Resources Mortgage Broker charge broker administration fees?
No, Block Financial Resources does not charge a broker administration fee.
Does Block Financial Resources charge broker loan origination fees?
No, Block Financial Resources does not charge a broker loan origination fees.
Does Block Financial Resources Mortgage Broker charge broker upfront fees?
No, Block Financial Resources does not charge broker upfront fees.
Does Block Financial Resources charge a yield-spread premium?
No, Block Financial Resources does not receive a yield spread premium from borrowers. Brokers that are paid a yield-spread premium from lenders have an incentive to steer borrowers to lenders thatt offer higher yield-spread premiums even if they qualify for a lower interest with another lender. This is not always bad for borrowers as it can lower the upfront costs of a mortgage. For instance, borrowers who only plan to hold a mortgage for a few years may find this option cheaper.
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What mortgage programs does Block Financial Resources Mortgage Broker offer?
Block Financial Resources Mortgage Broker offers the following mortgage programs:
- Conventional mortgages: This includes any mortgage that is not insured or guaranteed by the federal government.
- FHA: Mortgages insured by the FHA, which usually have less stringent eligibility requirements, but borrowers must pay a mortgage insurance premium. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
- FHA 203k: An FHA mortgage you can also use to finance home improvements.
- Jumbo: Any mortgage with a loan amount above the conforming loan limits set by Fannie Mae and Freddie Mac. As of 2018, the jumbo threshold is $453,100 in most of the United States.
- VA: A zero down payment mortgage or a refinance of up to 120% of the home's value for American military members, veterans, and their spouses.
What types of mortgage does Block Financial Resources broker?Block Financial Resources works with the following types of mortgages:
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- New Jersey
- New York