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A warehouse line of credit is a credit line used by mortgage bankers. It is a short-term revolving credit facility extended by a financial institution to a mortgage loan originator for the funding of mortgage loans. The cycle starts with the mortgage banker taking a loan application from the property buyer.
Warehouse lenders typically offer this financing within a tight timeline, with the expectation that the loan will be sold right after closing, at which point the lender gets repaid. Correspondent ...
Gross commercial and residential lending began picking up at a similar pace from 2009 onwards, exhibiting 16.2% and 18.2% non-inflation adjusted growth respectively between 2009 and 2013. [4] In 2014, commercial lending represented just 5.2% of overall gross mortgage lending by volume, but 25.3% by value.
Loan to value is a ratio of the loan amount to the value of the property. In addition, the combined loan to value (CLTV) is the sum of all liens against the property divided by the value. For example, if the home is valued at $200,000 and the first mortgage is $100,000 with second mortgage of $50,000, the LTV is 50% while the CLTV is 75%.
Certain mortgage brokers specialize in this type of lending as well. Check rates and terms. Since blanket loans can come with higher origination fees, the down payment and costs are usually higher ...
Interest rates: A portfolio loan usually comes with the same features as a traditional mortgage: a fixed interest rate over a 30-year term that reflects the financial profile and assessed ...