Laura Diekman ~ First Integrity Mortgage: Secondary Market

Monday, May 17, 2010

Secondary Market

What is the Secondary Market?

The Secondary Market is a group of investors (mainly banks), that will buy a mortgage from a mortgage banker or mortgage broker.

What are the benefits of selling loans to the secondary market?

For lenders:

-creates liquidity for them to create more loans
-allows lenders to generate more money for more loans
-allows lenders to transfer the risk on to the investor

For borrowers:

-Makes the process more efficient
-Allows for the creation of new loan programs ~ meaning more options
-Helps to maintain LOWER INTEREST RATES

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For Renters

If you are looking at the mortgage calculator to compare to your rent, make sure to figure in taxes and insurance.

In Missouri, a good average for taxes would be about $2,500 and a good average for insurance would be about $1,100. Divide this by 12 and you have your monthly taxes and insurance costs. Add this to your principal and interest payment, and you have your total monthly payment.

*Every state does vary in terms of taxes and insurance so make sure you are doing your homework to see what the average figures are for your area.

People and Services I Recommend

Realtor Resources -

Jeanne Hunsaker - Coldwell Banker Gundaker

*Jeanne is my personal realtor and helped my husband and me buy our first home. She really made us feel comfortable, and we knew that she wouldn't put us in a home that we would ever regret buying. She is very patient and extremely professional. She really does her homework, and I would recommend her to anyone to work with.

Greg Harwood - Remax Results

*I met Greg through a friend of mine that I did a loan for. Greg and I have had many successful purchase transactions together. Greg's passion is working with first time home buyers, and he is excellent at what he does. I recommend Greg to anyone, but I would say if you are a first time home buyer looking in South County or in St. Louis city, Greg is the realtor you should be working with.

Mark and Becci Sasser - Keller Williams

*Mark and Becci Sasser have been working with the owner of my company for many years. I was ecstatic when Joe said he wanted me to work with Mark and Becci. They are two of the most professional, hard-working people I have come into contact with. It is a pleasure to be working with them, and I would say it would be a pleasure for anyone to work with them.

Insurance -

Courtney Heffern - Liberty Mutual

*I was introduced to Courtney when she came into my office to speak with some loan officers. I was unable to talk with her that day because i was busy with a customer. She was persistant, and she invited me to go to a Women's Business Alliance meeting. I went, and I spoke with Courtney later. We have had the pleasure of working together since. I truly believe that Courtney cares about her customers, and most importantly, she is very honest and wants to take care of her customers the best she can.

Steve Rhodes - Farmers

*I knew Steve from my past life at Enterprise Rent-a-Car. We worked together at a couple different branches. Steve is very hard-working and does a great job for his customers. When he sees an opportunity for his customers to save money, he jumps on it. He has referred to me a few of his customers to refinance because he thought it could be beneficial for them. When working with Steve, I know that he will be prompt and get the deal done well before I need him to. He is a pleasure to work with and very knowledgable of his industry.

Mike Ehrlich - Crawford Butz

*I also knew Mike from my time at Enterprise. Mike is a very dedicated professional, and he has taught me things about the insurance industry that I would have never known before. He is always wanting a chance to see if he can beat someone else's rates, but he wants to make sure that his customers are insured the way they need to be. Mike is very knowledgable, and I know he does a great job.

Laura Diekman ~ First Integrity Mortgage

Monday, May 17, 2010

Secondary Market

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