When buying a house, the last thing you want to worry about is whether or not your mortgage broker will abide by the rules. This is why more and more people are applying for mortgage broker bonds, to ensure that this isn’t an issue. Most bonding companies will be able to accept your application, regardless of your credit history. This makes it slightly different to other bonds, such as auto dealer bonds.

Another factor to keep in mind when considering mortgage broker bonds is that different states have different expiration dates and requirements. Consult the following list for more information.

• Indiana. Mortgage Broker Bonds for the State of Indiana are required to expire on December 31st, and must run for a term of greater then 12 Months.
• Michigan. The expiration for Michigan’s first mortgages bond is June 30th, the secondary mortgages bond is required to expire on December 31st.
• Mississippi. Mississippi requires their mortgage bond to expire on June 30th.
• Ohio. Mortgage brokers are required to have a surety bond that expires on April 30th in Ohio.
• Texas. Broker Bonds in Texas must run for a term of 2 years.

Keep mortgage broker bonds in mind if you are considering a house purchase in the next year. It could make all the difference in your negotiation process.

This entry was posted on Thursday, February 26th, 2009 at 5:00 am and is filed under Real Estate Center, School of Information, World Of Finance. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.