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Mortgage lending is a trillion dollar industry and is one of the few jobs that can be mastered without a college degree yet which affords the potential of earning millions of dollars a year. Each state regulates the requirements for mortgage brokers and lending licensing. Some states require no license at all. However, rookies considering this profession who want to be successful need to learn the rules of the game.

A mortgage broker is an intermediary linking a borrower and a lender. You will need to master this process.

Find out from your state what licensing requirements are there, if any.

To unlock the unlimited potential of the income stream of this industry you must move into other areas of the industry like buying second mortgages, funding loans, buying real estate venture properties, etc.

Ambition means success in this industry.

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Tags: Mortgage, Rookie Mortgage

Layaway is back this year just in time for the holiday shopping season.

Although the returning program may excite and entice your sense of nostalgia as it brings back memories of Cabbage Patch Kids and Tickle Me Elmo shopping frenzies, you might want to think twice before putting your holiday shopping spree on a layaway contract.

Layaway programs are basically in-store credit programs which allow you to purchase items over time without having to use a credit card.

Unlike using a credit card, however, the customer doesn’t get to take possession of the items until they have been paid in full.

Essentially, the customer picks out their desired merchandise, enters into the layaway contract by paying the service fee and down payment, and continues to make the required payments until the merchandise is completely paid off.

Keep in mind that you will lose the service fee and have to pay a cancellation fee if you cannot continue to make the required payments.

This is a tough question, and the answer will more than likely depend on your own perspective of holiday spending and your use of credit cards.

Obviously, layaway programs stop the consumer from charging the merchandise to a credit card. T

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Tags: Back, Back Worth

Rules for opening a Roth IRA account are modified and updated every year. A person who had opened it a year ago, also needs to check for updated rules regularly to avoid being penalized. These rules are also necessary when one has to file taxes. Though roth-ira.org lists all details, having a financial adviser to deal with rule checks is a good practice. Read full post…

Tags: roth ira

30-year fixed mortgage rates declined sharply on a weekly basis, the Mortgage Bankers Association (MBA) said earlier today.

The MBA released the results of its latest Weekly Mortgage Applications Survey (for the week ending November 4, 2011) this morning, which revealed week-over-week decreases in average rates for both fixed-rate mortgages (FRMs) and adjustable-rate mortgages (ARMs).

“Treasury rates dropped last week, as renewed turmoil in Europe once again led to a flight to quality, and 30-year mortgage rates dropped to their second lowest level of the year,” Mike Fratantoni, MBA’s Vice President of Research and Economics, said in a statement.

According to the MBA, average rates for three different types of 30-year FRMs all showed marked decreases from one week earlier.

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Tags: Mortgage Rates, Week

Christmas is still over a month and a half away, but if you head out to any of your local stores its pretty likely theyre already stocking their shelves for the Christmas season. I was at my local Target store this week and now that Halloween is in the past theyre putting up the Christmas tree displays, selling wrapping paper and Christmas gifts galore. They were even playing Christmas music over the loudspeakers. Everything they do is done in order to make as much money on you and Christmas as they can. Thats understandable theyre in business to make money.

At our house Christmas is important because its a time to celebrate the birth of our savior, a time to enjoy being with our families, and its a time to sit back and be thankful for all of the blessings that weve been given.

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Tags: Christmas, Christmas Expanded