Posts Tagged ‘Mortgage Brokers’

Hard Money Brokers 100% Loan-Myths

January 23rd, 2010

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Ok, let’s talk about one hundred pc financing from hard money lenders. Many people have become used to a hundred percent LTV loans ( and higher ) over the past few years. Unfortunately, many lending organizations and banks have been really irresponsible in how they lend money and we are starting to see the nasty effects of these policies today. Banks are starting to shut up shop, banks and investors who have purchased loan packages on the secondary market are going after banks and mortgage brokers, and even Congress is holding hearings. What many people do not understand is that tough money lenders often are far more conservative when underwriting a loan. Why is this? Simple, non-public money lenders need to make sure the collateral is good and that in the even they should take a property back, they’re secure and can sell the property in an efficient fashion. Most banks employ a property valuation that estimates a six month to 1 year market time for selling a property, a private equity lender has to sell the property in 90 days or less generally.
How does all this relate to 100 percent financing? Straightforward, 100% financing does not exist ( to the best of our knowledge ) in the hard cash / private money worldat least not unless your elders are prepared to loan you all of the money. While we don’t know of anyone who will provide 100% hard cash / personal cash financing here are a couple of vital items when you’re out there looking for any sort of hard cash purchase loan :
one. You want some’Skin in the Game’ – you need to have a significant amount of money going into the deal if this is a purchase transaction. Why? Easy, we want to know that you are not going to just run away from the deal provided it really is not the deal of the century or you get in over your head. This is the most significant item people looking out for a purchase loan or ARV purchase loan. This is a price off price loan.
2. Some lenders will let you use some of the equity of the deal kind of like a jv partner on the deal. The lender will look at the ass is worth and go off this rather than the purchase price and this type of loan is a purchase off as is value not purchase price deal.
the commonest of the two is the 1st choice being that no-one wants to chance very much in this economy. But they are both out there.
This is not meant as a joke. This is something that eighty percent of the people that call us every day are looking for and can’t seem to wrap their heads around. Lenders need to see that borrowers are ready to back up claims that they have the deal of the century. The best way to do that is to show them that you/the borrower believes it’s the deal of the century by putting their own greenbacks into the deal also. If you’re prepared to do this put a good information package together on the deal, how much money you are looking for, how the funds will be used, and some info on the exit strategy. Simply fill out the fast form on our site and we are going to see if there are any options for you out there!

we hope we hear from you and wish you luck.

A freelancer, online journal editor, Article Writer, e-book author…
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Not All Mortgage Brokers Are Created Equal

January 19th, 2010

So you have decided you want to buy a new property and need to organize finances. With over 1000 home loans available to Melbourne Home Loan Customers, do you have the time to find the best deal for you?

Like most of us the answer is No. Melbourne Home Loans are becoming more and more complicated, quoted interest rates are not the true interest rate so you have decided to use the services of an expert, such as a reputable Melbourne Mortgage Broker.  Using an Independent Melbourne Mortgage Broker delivers the following benefits to you:

1. A simplified way of understanding and evaluating home loan products
2. A Mortgage Broker saves your time
3. To ease the stress of the home loan application process
4. To obtain truly independent advice about the best product that suits your needs. Most large Mortgage Brokers in Australia are owned, controlled or affiliated with a major bank. So ask yourself am I getting truly independent advice?
5. To get a better deal All Mortgage Brokers have access to a Home Loan Calculator which allows you to access 1000’s of Melbourne Home Loans. The real value that an Independent Melbourne Mortgage Broker delivers is the ability to deliver independent advice and recommendations. Anybody can operate a calculator.

Leading Independent Melbourne Mortgage Broker What If We Finance CEO Spiro Kolokithas says ” the larger mortgage brokers are similar to a fast food chain. They claim to serve customers and meet their interests but if you have a major shareholder that is a major bank or shareholders not happy with the return on investment or mortgage brokers being expelled for not meeting industry standards how objective is the advice you are getting?”

What If We Finance recommends you ask Mortgage Brokers if they meet industry standards and also if they are truly “independent”. The Global Financial Crisis and the shrinking of competition in the Melbourne Home Loans Market means you may still be ultimately dealing with a major bank. Alternatively contact What If We Finance and see why not all Mortgage Brokers are created equal.  Independent Melbourne Mortgage Broker What If We Finance recommends that a Home Loan Health Check is conducted every 12 to 18 months. Melbourne Mortgage What If We Finance advises borrowers to monitor their home loan when considering Melbourne Debt Consolidation, Melbourne Refinancing options.

Karen Rickert

Melbourne Mortgage Broker
Melbourne Home Loans
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Have You Found the Right Mortgage Professional?

January 13th, 2010

Will you work with a mortgage broker or mortgage lender?  Brokers get paid a fee to shop your application around to find the best lender to fit your needs.  Lenders can only offer you the loan options specific to their particular institution (bank, credit union, etc).  A Broker could be helpful to good people with bruised credit.  Lenders on the other hand tend to be less accommodating to buyers with challenged credit.  However, if you don’t have credit issues or special needs you could find using a lender a good fit, it just depends on your situation.

Whether you work with a broker or lender understand that your mortgage professional should work for you.  In order to provide you with the best service the lender should return your phone calls in a timely fashion and answer any questions you may have thoroughly.  Your lender should inform you of your mortgage options and allow you to make a decision based upon what you are comfortable with.  Avoid lenders who will try to push you into products of their choice.

Be prepared to do your homework.  Ask family, friends and coworkers who have recently financed a home about their lender and their experience.  Search the Internet, and local news papers.  Have a list of questions prepared to ask each potential lender.  Below is a list of suggested questions, if you have additional questions, by all means ask.

What is the interest rate? (be aware that rates change frequently)

What is the annual percentage rate (APR) fixed or adjustable?

How many points will you be required to pay?

What are the closing costs?

How long will it take to process the loan?

What is the lock-in policy for the interest rate?

Is there a prepayment Penalty?

Does the lender have a first-time buyers program?

What are the loan origination, underwriting, settlement and transaction fees?

What is the lender’s track record on closing loans?

Ask if there is a broker involved? (Brokers are paid a fee for their services that may be separate from and in addition to the other fees)

Ask how your credit history affects the price of your loan and what you would need to do to get a better price. Take the time to shop around and negotiate the best deal that you can.

Note: To avoid adding too many inquiries to your credit report which would lower your credit score, it would be wise to obtain your own 3-in-1 report with FICO scores for the initial meeting with your mortgage professional because ordering your own report does not affect your score.

Ask questions! We can’t stress that enough this is a huge undertaking and you should leave nothing to chance.  Do your own research, the Internet holds a wealth of knowledge.  Have a complete understanding of what you are getting into.

If you have questions or need further assistance the staff at will be more than happy to help.

Christopher Shaw is a seasoned Real Estate Investor, with over 12 years of experience and has a passion for working with First Time Home Buyers; Mr. Shaw has an ambitious goal of helping 1000 new First Time Buyers become home owners of the next 36 months. In addition to the 1000 new home owners he expects to create over the next 36 months wants to leverage each transaction to adopt up to 1000 families through Volunteers of America’s Adopt a family Program.

When it is obvious that the goals cannot be reached, don’t adjust the goals, adjust the action steps.

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How to Choose Working With Mortgage Brokers

January 12th, 2010

How to Choose Working With Mortgage Brokers

If you’re buying a new national in Australia also don’t understand the difference between mortgage brokers and bank lenders, then it’s occasion you learned. Educating yourself on this topic is key to finding the best deal possible.Visit here now

Bank Loan Officers: What Are They?

Working with a lending institution like a bank or a credit union item working obscure bank loan officers. While these kin can give you access to many different types of loans, all of that financing is only ball game to come from one source: the whole in quiz. In different words, you are restricted to working within the bank or notion union’s terms. If the loan officer processes your spurt further deems you unqualified, they consign be unable to help you further. This blame perform a notably frustrating experience, and can establish multifarious people looking for a spare central feel love giving up altogether.

What About Mortgage Brokers?

In the past, the only available solutions during the life of purchasing a new home were bank loan officers. Fortunately, you now postulate the option of liveliness with mortgage brokers. The thing that really sets mortgage brokers apart from bank loan officers is that they work with numerous lending institutions at a time. Instead of basing a decision on one dependable okay of criteria, a mortgage broker evaluates your informal reliance situation again endowment to pay, then works to find lenders stash the best available terms thanks to you. Generally, you are much more likely to find a larger range of options using a mortgage broker.

Get The boss Deal

For you being a extra home buyer, the bottom line is in securing the mightily pragmatic loan viable. You definitely don’t want to pay an insanely high interest rate, and you need to ok a weekly payment that is hospitable and easy for you to meet. Otherwise, you jaunt the risk of facing repossession – and no one wants to go through that kind of enterprise. Considering the details outlined above, you’ll further than unfolding bargain that mortgage brokers simply credit more to instance you impact terms of the call and swing. Whatever you decide, though, always remember that know onions is sure to be a mortgage that’s right for you hereafter – you just need to go out and gem it. Visit here now

I am living in the United states but generaly i am indian , and I am writing this articles to share my thoughts on personal finance, globalisation, investment ideas, economics, Health Issues, technology and other things in life.I am a Freelancer Writer since 5 years.Plese visit my best finance blog at – Find Grant Opportunities

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Mortgage Q&A

January 11th, 2010

Are near mortgage loans that will use just your HiGHEST chalk up?
I have had credit problems within the past and would like to win a 155k mortgage loan. My high score is 620 and would resembling to know if there are loans that will use the high ranking? You should talk with a…

Are nearby any grant out here to support me next to my mortgage on my home after I become disabled?
in 2005 I had a disaster on a ATV. I was setting on watch my dog play contained by the river the machine fell back on me and broke my spine. Grants? No….

Are nearby any mortgage brokers contained by Panama?
I want to invest in Panama and had problems communicating next to the banks and I figuered I would try with a mortgage broker. Does this exist within Panama and can someone recommend a broker? Also what would be the benefits of getting a…

Are nearby any mortgage loans that require smaller quantity than 20% down?
I already own a house and now I want to buy my parents a house. Besides the programs for first-time homebuyers, are there mortgage loans out here that require less than 20% down? In the UK lenders are very slowly increasing %…

Are nearby any mortgage transmittal assistance programs for nation near low incomes due to employment losses?
My husband left active duty military and go back to the reserves. We took a 3,000 dollar a month paycut and are having trouble making our mortgage payments. We’ve have the house for 2 years …

Are nearby mortgage lenders that will allow a creditor beside a pronouncement to be scheduled as a subordinate on a title?
No legitimate mortgage lender will lend to someone with a verdict against them without the judgment self paid in full. And no title company will insure the title if within is any outstanding…

Are payment deeds rewarded within full or can they still hold a mortgage?
Meaning, my sis in law’s house shows it as a gift action. She claims they pay a mortgage on it, but would that be true? Some people articulate a property is a gift but there really is an…

Are points compensated when you refinance your mortgage export tax deductable?
They are deductible in the year paid to the extent that the proceeds are used to refinance a loan for the purchase or augmentation of property. If the refinance is just to get equity out of the property, the points must…

Are responsible feminists angry that Obama’s mortgage plan will force them to subsidize irresponsible men?
Since feminist women have worked so hard to build notably remunerable careers, buy homes, pay their taxes and otherwise behave as responsible citizens, does it anger them that Obama’s mortgage plan will require them to payment the mortgages of…

Are the “bear over the mortgage payment” postings a scam?
I’ve seen many TV commercials and Craigslist ad offering “rent to own” or rental properties that are immaculate homes – “just rob over the mortgage payments” on pre-foreclosed and foreclosed homes. No credit check, no down payment. Is this legit, is it…

Are the Democrats subverting the Mortgage Crisis Fiasco to catch Obama elected?
“Economic Fears Boost Obama”….well, then, to whose assistance is it to keep our economy careening beside this Fannie/Freddie thing, especially when the hearings are conducted by indubitable Democrats who themselves shared responsibility for creating the mess? By means of a delay…

Are the mortgage notice on home also sent to your brokers or agents besides the owner?
If you mean the real estate broker or agent, next no, they don’t receive any information about your mortgage after you close. If you have a budget mortgage, where on earth part of your monthly payment go…

Are the points surrounded by a mortgage already included within the closing costs or is that a tax you payment the hill seperate?
like if closing costs are about 3%, and youre points on the loan are 1.25 is that 1.25 already surrounded by the 3%? Points are part of the closing costs. …

Are the voters who thought Obama be going to pay packet their mortgage and saturate their gas cistern disappointed even so?
Isn’t it better that at least they’re getting some exercise walking back-and-forth to their mail box waiting for their check to come surrounded by? No, I am still HOPING that obama will…

Are these “lower mortgage payment” ad for indisputable or a scam?
my mortgage is $136,000. my monthly is $1,100. i think my interest rate is %5.7 fixed for 30 years (i’m only 2 years into the mortgage). i preserve seeing ads on the internet saying “lower your payments to $700 a month for…

Are these “lower mortgage payment” ad for physical or a scam?
my mortgage is $136,000. my monthly is $1,100. i think my interest rate is %5.7 fixed for 30 years (i’m only 2 years into the mortgage). i save seeing ads on the internet saying “lower your payments to $700 a month for…

Are these IRRRL mortgage notice only just a bunch of scam?
I have a VA loan on my house and lately I’ve been getting plentifully of notices in the post about lowering my mortgage with an IRRRL. I did some research, and the IRRRL is a genuine program offered by the VA, but…

Are we going to follow the “mortgage bubble” and the “grease bubble” next to a “stimulus bubble”?
The magnitude of the stimulus package, whether it be $460 billion or $900 billion, requirements to consider that the total of all the cash contained by the United States at any given time is about $750 billion….

Are we roughly speaking to enter another mortgage meltdown?
I’ve been reading and answering questions within the business –> rent and real estate category for several months now and I see a area of many people purchasing houses next to FHA loans because they have no/little money saved up to put as a down…

Are within any websites that will relay me how much deposit I stipulation to catch a mortgage?
I’m looking but my google-fu isn’t working properly and its all gobbldeygook to me! If I find a house for 125,000GBP then how much deposit will I requirement? I’m sooooo confused, why can’t they put…

Are within time margins that a guard can pilfer processing a mortgage previously I can annul a contract beside the owner?
The home is being purchased in Indiana. Read your purchase contract. It should outline the time frame surrounding cancellation. Banks typically take up to 2 months to process and approve new…

Are within traditional men that will salary for their children, the mortgage, 2 cars and put out the rubbish?
Is this incompatible with feminism? Is traditional anti feminist? My husband doesn’t mind supporting me and the children, he is quite beaming for the children to be looked after at home. Also, since…

Are you allowed to hold a second mortgage?
I will be leasing my house out and would like to buy another house within 1 year is this allowed? “> positively, as long as your dti (debt to income works) however, you will only be allowed to count as income 70% of the rental lease…

Are you competent to salary your rent or mortgage?
The government is lying. Does not want to admit recession Yes I can. Its called living within your medium. Dont buy a house you cant afford, (or autos ). Yes, & my employer is a grinch – but I love her. As for…

Are you going to thank the democrats that jump ship yesterday and back clobber the mortgage bill?
The hands of the mortgage banks are ill-fatedly deep in the pockets of both political party. This happened for the exact same reason as Freddie/Fannie recuperate failed in Congress contained by 2004. It’s not something…

Are you paying taylor bean whitaker your mortgage costs at this point?
Hi, I was in the process of modifying my mortgage near Taylor Bean Whitacker…(investor is Wells Fargo so not a Fannie Mae, Freddie mac loan) My paperwork was submitted to Wells Fargo for a loan mod…I’m self employed and business…

Are you penalised for taking a mortgage break when you procure a re-mortgage?
I know about the interest on everything whilst we are on a break but my question is concerning a remortgage. Especially if we move to a new bank for it, will they hurt us because of the break? you…

Are you planning to be an investment or mortgage backer someday?
Trust me. you can still make a killing. There is another sucker born every minute. Buy low, go high and talk it up until it is big, then dump it! Now you are ready to manufacture some money. Take no prisoners, be a…

Are you required to hold PMI on a mortgage to be precise 70% of the property advantage?
I recently read “your lender is obligated to automatically cancel PMI once your equity reach 22 percent based on the original property appeal, if your payments are current”. This leads me to assume that if the house…

Are you required to report mortgage interest salaried on your tariff return?
Last year, my earnings were adjectives social security and some interest. I also paid for mortgages and property rates on two homes out of my savings account. In file my taxes, the standard deduction and personal exemption wipe…

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