Finding the best mortgage note buyer for your Minnesota property.

If people are at least somewhat familiar with mortgages, then they should know that a Minnesota mortgage loan originator is somebody who sells loans in Minnesota. I’ve been doing this for almost twenty five year, and my experience tells me that most folks aren’t familiar with either the word “mortgage” or the concept of an “originator.” So, let’s first define those two things. A mortgage is basically a contract between a lender (the bank) and a borrower (you). You give the bank money to help buy your home, and in return, the bank gives you a promise to pay back the amount you borrowed plus interest over a period of time. An originator is somebody who gets paid to find borrowers and sell them these contracts.

For example, our fictional property buyer Steve is buying his Minneapolis condominium from Becky for a total purchase amount of $150,000 – $25,000 cash plus a $125,000 mortgage. Becky was having financial problems a few year ago, so banks aren’t lending to her to make a purchase of this size. Instead, she offers to put up $25,000 cash upfront and ask Steve to take out a mortgage for the remaining $125,000. Steve agrees to these terms and requests his lawyer or title company to prepare the paperwork needed to close the deal. After the closing, Becky will start paying off the mortgage every month until the entire debt is paid off.

After Steve receives three payments from Becky, she notices that he is paying too much interest on his cards and would be better suited to repay them instead of receiving her payments. He would call a note seller like ELM Capital who could help him figure out how to get rid of his notes and the different ways to do so. Then they would go through the steps below to potentially get rid of the notes.

A Minnesota mortgage loan broker is just like any other mortgage loan broker in other states, and they follow the same process.

1. The purchaser would gather information about the property and financials from Steve.

2. The purchaser would make one or more offers to purchase the loan.

3. Once the seller accepts the offer, the lender would contact the borrower to inform them that they can proceed with the sale.

4. After receiving approval from the bank, the seller would prepare the payoff amount to the lender.

5. The lender would then forward the payoff amount to the borrower via electronic transfer.

6. The borrower would then provide the lender with the requested documents.

7. Upon receipt of the documents, the lender would verify the accuracy of the information provided by the borrower.

8. Once verification is complete, the lender would issue a payment authorization letter to the borrower.

9. The borrower would then submit the payment authorization letter to the seller along with any additional documentation needed to close escrow.

10. The seller would then notify the lender that the funds have cleared and the deal is done.

11. The seller would then prepare the deed and deliver it to the lender.

12. The final step would be to record the document in the county recorder’s office.

13. In order to ensure the validity of the transaction, the lender would perform a title search.

14. The title company would confirm that the borrower owns the property free and clear of any liens or encumbrances.

15. At this stage, the lender would release the funds to the seller.

16. Finally, the seller would deposit the funds into the borrower’s account.

17. Depending on how quickly the process goes, the entire process may only take a week or so.

Finding a Mortgage Lender ELM Capital is an independent company that specializes in buying residential mortgages. We buy notes from individuals and banks. Our goal is to provide our clients with the lowest possible interest rate and highest amount paid on their loan. We are very experienced in finding buyers for loans and we offer a fast service. For more information about us visit www.elmcapital.net. To learn how we can help you get the money you deserve, call us today!