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About Denise Monaco
Expertise
I can answer questions about home mortgage financing, the difference between a mortgage banker and a mortgage broker, fees involved in purchasing a home and refinancing a home or obtaining a home equity loan and the difference between a 1st & 2nd mortgage and the option to have PMI (Private Mortgage Insurance) Jumbo loans, conforming and non-conforming loans.

Experience
I have been a closer, processor and operations manager and currently a account executive for a national mortgage banking company. I have been in the field for 25 years.

Education/Credentials
Real Estate License & 25 years field experience with many national mortgage banking companies.

Awards and Honors
Top sales person, employee of the month, highest sales award

Past/Present Clients
personal home buyers

You are here: Experts > Shopping > Home Buying/Selling > Real Estate Home Mortgages > Referred Mortgage Loan

Real Estate Home Mortgages - Referred Mortgage Loan

Expert: Denise Monaco - 6/10/2009

Question
Currently live in North Carolina. Interested in purchasing a residence in South Carolina and keeping home in NC. Lender in Maryland states that a mortgage for this home in SC will be a "Referred Loan" with a 3% fee attached. What is a "Referred Mortgage Loan". Thank you.

Answer
Hi Doug

There are different levels of mortgage approvals. Approve/Eligible, Approved/Refer, you would need to find out why your loan was approved at a refer. It could be several reasons, not enough reserves (enough money in the bank or liquid assets) your debt to income ratio could be higher than the lender's guidelines, it could be as simple as putting a little more money down. I would suggest talking to your loan officer and seeing what you need to do to get an approve/eligible, it could also be as simple as having another month or two of reserves (an additional month or two of mortgage payments in the bank.

Good luck
Denise

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About Real Estate Home Mortgages
This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here