What Is Investment Property Mortgage?

Posted on July 21, 2011 by Admin

To buy or sell a home or other property is a contract that happens from time to time. These actions are generally complex and require certain skills. For best results, you need the services of a mortgage broker, real estate investments. Sometimes it is unavoidable to. Know about investment property mortgage.

Also included funding issues terribly well when it comes to negotiating a mortgage, which are better than come alone. His understanding of property taxes has also occupy a central place in the housing market. Agents help their customers with the negotiations for the purchase or sale of their properties. They are also responsible for organizing meetings between their clients and ensure that all other factors for the purchase or sale of the property are. The necessary research and verify the ownership of the property before the operation. Have their services particularly influential in the world of real estate.

Real estate financing has never been so easy. Investment brokers mortgage on a property are represented in a better position to their customers because of their vast knowledge. You have the knowledge so that they can negotiate with authority. Agents cannot make a big difference between success and in the real estate negotiations. Real estate mortgage broker will help you a list of properties for sale in a rating system Mufti. If you do this, they will hand the comparison between the right and was recently sold. It is usually removed in the same way that they can arrive at a fair price for the property. With the announcement, the property sell faster because many agents have access to the property if she would not slip through the system announces Mufti.

Whether you buy or sell real estate, mortgage broker want to invest, are always ready to help you get the most from the transaction. They help you evaluate your needs and possibilities for its compliance with the most efficient manner. Real estate is a complex world. If you buy or sell investment property, you can not underestimate the services of a broker. Know about investment property mortgage.

When selling, the agent will help you in your home and announces the best price would not be possible without their participation. When buying, brokers, is considered investment property mortgage will also your contact details and find a property that meets your needs. Meetings between the parties concerned to negotiate with the funding mechanisms. Including the financing of the name, can also help negotiate. Basically, it is important to questions of financing and also helps to close the real estate transaction.

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How Good Is Mortgage Broker Career?

Posted on July 21, 2011 by Admin

If you tired to be alone in your box office eight hours a day for at least five days a week, see it’s time for you, for alternative careers that you can control about your time at your own pace, you can be flexible and experimental approaches, and you can dictate your successful growth. One option you should consider a career in mortgage lending. Know about the mortgage broker career.

If solo a little scared of you, and if the thought of letting go of your current employee benefits is an important consideration, you can choose to have a career as a mortgage broker in the established banks and credit facilities. But if you really look for freedom limits work for a company, then a mortgage broker individual. Know about the mortgage broker career.

A career in mortgage placement may be worth it. Help owners sell their properties at a price acceptable to them. On the other hand to support and encourage people to find the desired properties to your budget and your needs. They also have a hand in the design and implementation of marketing plans and strategies. It is also an opportunity for you to increase your network. They talk and look for their services directly with developers and customers have the flexibility of using their time and resources. You can also agencies or persons to be treated. On the other hand, is that you can extend your coverage of the practice and increase your liquidity. This can be found a way to own mortgage Brokerage Company and will employ people as agents.

There are also several institutions that provide education and training plans specifically for individual mortgage brokers. You can plan your career and reap the fruits of your hard work in its entirety.

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Investment Lending Frequently Asked Questions

Posted on May 10, 2012 by Admin

George Investment Lending Frequently Asked Questions

George asks…

How do you start a small lending firm?

I have a lot of capital, and I am a financial analyst, but I’m interested in starting a small lending firm in Louisiana.

Admin answers:

There are a lot of consulting companies out there that handle the set of and formation of these types of entities. I used to work for a company they helped set up. They gave SBA loans which were guaranteed by the government to small businesses in the range of 5k to 25k without collateral.

First and foremost you need to incorporate and attain the proper banking licenses. Each state is different, and you may not even need one. The consulting company provided term sheets and contracts etc, as well as the system through which you collect the monthly payments on the loan. Interest rates you get are about 8%. You can also in some cases make money re-selling the loan to a portfolio lender.

You can also do payday loans, I could also explain these. I have a lead on a established small business needing a loan that would accept interest as high as 13.75%, if you are interested my email is below.

Contact me if you want to know more about anything – b.clsix@yahoo.com

Michael Investment Lending Frequently Asked Questions

Michael asks…

What can the peer-to-peer lending industry change or add to better benefit consumers?

I’m researching and writing a paper regarding the US peer-to-peer (P2P) lending markets. (1)If you have ever used or have been tempted to use micro-lending for personal gain how has this new trend of lending/borrowing benefited you, (2)what/how do you think these companies can change and/or add to better benefit the consumer, and (3)what segmented markets are still untapped? Thank you icon smile Investment Lending Frequently Asked Questions

Admin answers:

IT DONT IF YOUR CREDIT IS NOT SO GOOD THEY WONT HELP SO ITS THE SAME AS A BANK

Susan Investment Lending Frequently Asked Questions

Susan asks…

How do I transition over to commercial lending?

I am currently in residential lending and want to transition into commercial because of the challenge and of course because of the money. What do you suggest I do to transition over slowly but surely?

Admin answers:

I would suggest you try and get a bit of experience and then if you like it, apply to go full time commercial. The experience will make your acceptance more probable.

Linda Investment Lending Frequently Asked Questions

Linda asks…

What is asset based lending and factoring?

I’m unable to qualify for a bank loan for my small business. I’ve heard of asset based lending and factoring, but am not sure how it would work for me and how I go about finding someone who does this and help me make sure that asset based lending is the right thing to do. My banker didn’t know who to recommend me to.

Admin answers:

Factoring is the selling of a company’s invoices to a factoring company or factor in order to increase cash flow and provide working capital. As work or services are provided to a creditworthy customer, the factor advances funds (usually around 80% of the invoice) when the invoice is issued. When the invoice is paid 30, 45, 60, etc. Days later, the remaining funds are paid less a small transaction fee.

With asset based financing, working capital and term loans are secured by accounts receivable, inventory, machinery, equipment, and/or real estate. A company’s financial statements are usually analyzed as in traditional lending, but it is less costly than factoring.

Both factoring and asset based financing are more costly than traditional bank financing but are available to companies with creditworthy clients that may not qualify for bank loans.

Hope this helps!

John Investment Lending Frequently Asked Questions

John asks…

How much does someone make who is an assitant vice president of commerical lending?

How much does someone make who is an assiant vice president of commercial lending for a bank?

Admin answers:

It depends on the size of the bank. 40-50k a year maybe more with a larger institution.

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Investment Lending Frequently Asked Questions

Posted on May 10, 2012 by Admin

Thomas Investment Lending Frequently Asked Questions

Thomas asks…

What is the difference between the types of students loans you can take out?

I’m currently a junior in college and I’m considering taking out a loan for the first time to help with costs. I’ve been looking over the different types of student loans available and am completely lost by the jargon. Specifically, I would like to know about the origination fees, rebates, differences between subsidized and unsubsidized loans, etc. Any info would be greatly appreciated.
My school is part of the UC system, if that makes any difference.

Admin answers:

The difference between subsidized loans and unsubsidized loans are one collects interest while you are still in school and the other doesn’t. Subsidized is the one that does not accrue interest until you begin paying it back. Unsubsidized charges a certain percentage from the time you take out the loan until the time you pay it back. Most loans you have quite a bit of time to pay it back if you stay in school they usually wait until two years after you completed your program. I haven’t heard of any rebates but loans rack up fast be careful how you use them!

Sandy Investment Lending Frequently Asked Questions

Sandy asks…

Can students get loans from banks even they make no income?

l need to get a student loan ASAP and l dont have a cosigner or make any money is it still possible for me to get a loan from the bank? l already tried Sallie Mae loans and some other loans but l don’t qualify.

Admin answers:

You should first try Stafford loans and Perkins. Banks have stricter requirements so you will probably be denied.

William Investment Lending Frequently Asked Questions

William asks…

How to know if I was accepted for a loan from Chase Student Loans?

So I just applied yesterday online and I checked out my applications and as I went on it, it came up with this “actions” symbol and asked if I wanted to accept the loan or not? I pressed accept and it said I have until September 7th to send in a copy of my drivers license and forms. Does that mean I got it?

I didn’t get no formal, “congrats! You have been accepted with a loan of $_______”. I’m really confused.

Admin answers:

If you are waiting only for that application than you are going to get an in big trouble, because if that application will rejected than you again apply for another organisation and thay will also take time to disburse the loan.so there are so many private organization available where you can get a student loan. How much time they take to disburse your loan, is up to the work they do and how many paper you can provide to them.
I can tell you who get me my student loan,which they provide me when my score is also not good.

Http://badcreditloans.50webs.org/studentloan.html

they can help you as well to get approved your loan, and if they cant then don’t worry at all there are so many others also who can help you as well. Good luck dear.

David Investment Lending Frequently Asked Questions

David asks…

Can I consolidate students loans and credit card to get a lower monthly payment?

I have 3 student loans out from college: 1 state, 1 federal, and 1 from my bank and a maxed out credit card that I am paying off. Is there a way I can consolidate all of these together for a lower monthy payment? Right now I pay each bill seperatly and the interest rates keep climbing! Any advice? I am under the impression that I cannot consolidate state and federal loans together…am I wrong about this?

Admin answers:

If a person has accumulated a large amount of credit card debt due to multiple credit cards, the need for a proper counseling for credit card debt consolidation can’t be understated. Credit card debt consolidation counseling helps a person get vital insights into the facts that can help him get control over the credit card debt.

Credit card debt consolidation counselors are experts with a good knowledge of debt management, budgeting and behavioral patterns of credit card holders. These services are vital for those struggling to manage their credit card debts. Also called credit counseling or debt counseling the credit card debt consolidation counseling brings immediate relief to a credit card holder.

A person seeking credit counseling can get it from two types of organizations. The professional or commercial organizations, and the non-profit organizations. As depicted by its name or categorization, the commercial organizations charge money for their credit counseling sessions and consolidation help on the other hand the non-profit organizations offer free of charge services. Just because the non-profit organizations are free, it doesn’t undermine their quality of service. The persons associated with such organizations are thorough experts and have lived the trauma of being under credit card debt themselves and hence bring their vital experience to the credit card holder. Read more from: http://www.credit-card-gallery.com/article/353,Credit_card_debt_consolidation_and_credit_counseling_great_tools_to_get_rid_of_credit_card_debt

Jenny Investment Lending Frequently Asked Questions

Jenny asks…

Are there student loans within Canada available for students from the UK?

I’m from the UK and I’m considering studying biology at a Montreal university. I currently live in the UK and would remain a British citizen throughout my studies. Part of the student visa application requires me to be able to prove that I would be able to support myself and currently, that is not an option I have. The heart of my question is: does Canada have a student loans programme, and if so, would it be possible for me to apply for one and use that as the method with which I would support myself?

Admin answers:

Sorry, Canada only loans out money to students who will live here and benefit the rest of the society that loaned out the money in the first place.

There may be private lenders however, try the banks.

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Investment Lending Frequently Asked Questions

Posted on May 9, 2012 by Admin

Mark Investment Lending Frequently Asked Questions

Mark asks…

How do i get money to rehab a 2 unit?

I was approved for a stated income loan in the amount of $325000.00. I cant find a 2 unit in good condition so I was wondering will I be able to find a 2 unit say @ $250000.00 and get money to total rehab it from the lender if so what do you call it.

Admin answers:

Hi there! Construction and Rehab loans are my specialty, and from what you are asking, it sounds as if you might qualify for this type of financing.

What you need to know is that most Construction to permenant financing programs are NOT for the do-it-yourself-er. You typically must use a licensed contractor to perform the work and that work should be an additional 50K above and beyond the purchase price.

If you have additional questions, please don’t hesitate to contact me… I am licensed everywhere in the US!

Ken Investment Lending Frequently Asked Questions

Ken asks…

How do you rehab home with no money down?

My husband and I are wanting to rehab a home.We found one for $40,000 that the bank owns and we think we can get for $35,000.It needs about $15,000 in repairs.(Maybe sell for high $70,000 when complete)My question is without touching our house note(equity line of credit,ect) what is the best way to go about getting a loan for this project w/o any $ down.We have excellent credit and was told possibly a construction loan where you just pay on the interest as you go.Any ideas would be greatly appreciated.

Admin answers:

As one that does rehabs that is what your HELOC Is for. You will be able to pay it back once you sell the property. You have alreay paid the fees and points on your HELOC.

You are about to throw away a lot of money with fees, points and other closing cost which will take away from your profit. Why would you do that.

You should get you some handy men and complete the job inside of 30 days also advertise the home for sale while it is being repaired. It should take no more than 10-15 days to complete the repair on a rehab job.

If you do it this way by the time the payment roll around for the line of credit payment you will have sold the house.

Now if you plan to go about doing the rehab yourself instead of farming the job out you might be doing yourself a disservice because if you have a regular job, you will only be putting in about 8-12 hour per week on the house which is about 48 hours per month. Do you really save by doing this? You have to figure it out for yourself.

The only other thing to do is get you several investors that will invest in your projects for a percentage of the deal. You could make it a loan and simple pay interest instead of giving away part of the project.

I hope this as been of some use to you, good luck.

“FIGHT ON”

Charles Investment Lending Frequently Asked Questions

Charles asks…

Rehab loan Refinance?

If I buy a home that needs an initial rehab loan also, can I refinance for the new value of the home once the constrution is done in order to avoid PMI? For example say there is a home that is being sold for $160K and it needs about 20K of work in order to make it really shine. The new appraisal for the house after construction would be in the mid to high 200K ,meaning a difference of 40- 60K. Can this new equity in the home be used for a refinance so that the value of the home is $260, but the loan is only 180K? Or do you only get the new value of the house when it is sold?
Sorry your answer doesn’t make sense in regards to my question…

Admin answers:

Most home loan programs use the lower of the purchase price or the appraisal value for determining the Loan-To-Value ratio. As you probably know, LTV’s of less than 80% require no PMI. That being said, if the home was purchased more than 1 year ago at the time of refinance, then the underwriting standard will be to simply use the Appraised value.

In short, get a loan for the purchase for 1-year, and then refinance with the higher appriased value to get out of the PMI. Hope that helps!

Laura Investment Lending Frequently Asked Questions

Laura asks…

Use of a FHA 203k Rehab loan?

I am a first time home buyer in the Seattle area. I have been looking at older homes within the city but the ones that are in my price range are “Fixer-Uppers”. I have been reading about the 203k rehab loan and have some questions. For these questions I have been using the following criteria: House – asking $230k, 4bd, 1 bth,1500sqft, 1200sqft unfinished basement. Will need kitchen update, flooring update, addition of another bathroom, paint in & out and basement finished. Other houses in the area (within 2 miles) that are similar in sqftage and improvements have been assessed for $450K+

Will a 203k cover these improvements?

If approved for $250K and purchase at $230k; How much more can be borrowed for the rehab? What is the basis for the dollar amount for the rehab portion of the loan?

What does this increased amount of $$$ do for the monthly payment, Percentage rate, closing costs/fees?

I know that I am considered a “First Time Buyer” and maybe not that well educated on this type of loan. From what I have read I am under the impression that (if approved): You purchase the home with the 203k rehab, Hire a contractor to make the improvements, then move in to a livable,newly updated home. Is my head in the clouds??

Thank you for any and all input!

Admin answers:

No, your head is not in the clouds…203(k) loans are great!
To answer your questions…
1) Yes,a 203(k) loan will cover the improvements mentioned
2) The amount that can be borrowed on these loans is the lesser of three things.. A) the cost of the improvements b) 110% of the value of the house after the improvements are made; and c) the amount of a mortgage that you qualify for. So in your example, I am going to assume that it will cost $50,000 to make these improvements and that your home will then be worth $400,000. Using a) you could borrow 280,000 (minus your 3.5% down payment investment, you still have to put that money down on all these examples). Using b) you could borrow 440,000 and using c) you could borrow 250,000. The lower of these 3 is $250,000 so you could do a 203(k) loan and get about $20,000 for repairs. You can never receive more than you are qualified for. In this example, you may have to do less work than you initially wanted to.
3) Your monthly payment only increases by the additional amount that you are borrowing. Generally the rate is a little higher – .5% to 1%. Sometimes I find that they are priced the same. Usually not though. We generally charge a little extra on these loans since there is a lot more work for the lender to do on them. Nothing extraorbitant though.
4) You’ve got it right for the most part. You put an offer in, it’s accepted, your lender hires a 203(k) cost consultant to look at the house, go over your plans with you, and write up the cost to make your repairs. The loan closes and your contractors make the changes and you move in.
Good luck! Let me know if you have any other questions.

Carol Investment Lending Frequently Asked Questions

Carol asks…

On an equity backed rehab const. loan, can i get a grace period before my 1st payment is due?

Admin answers:

Not very likely. It will cost you thousands, they will fine the hell out of you.

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Investment Lending Frequently Asked Questions

Posted on May 8, 2012 by Admin

Steven Investment Lending Frequently Asked Questions

Steven asks…

We are buying an investment property. With little to put down, what is the best way to finance the property?

We have a large amount of equity in our current house.
We have no bills other than the mortgage on our current house.

Is a home equity loan to get to the 20% down payment and then a conventional loan on the investment property itself the best way to go?

Or is it best to finance the investment property itself rather than using the equity in the primary residence. We could finance 100% of the loan purchase price or do a secondary mortgage to come up with a 20% down payment.

Admin answers:

80/20 loan – interest only on the investment property.

Lisa Investment Lending Frequently Asked Questions

Lisa asks…

Is it hard to get zero-down or 3 percent down mortgage loans now?

I have good credit and stable job, and I just refinanced my current home at 4.65% fixed for 30 yrs and really lowered my payment. I’d like turn this current home into an investment property and then buy another home with zero or 3 percent down, 5 percent down, etc. Is it difficult at this time?

Admin answers:

Due to the buy and bail guidelines it may be a little more difficult for you.
When you own a home and want to convert it to a rental to buy a new primary residence you will need to qualify for the new loan carrying both mortgage payments without the proposed rent unless you have 25% equity in the rental property or you can document a history of receiving rental income with tax returns. In addition you will need around 6 moths reserves for each mortgage payment.

Laura Investment Lending Frequently Asked Questions

Laura asks…

Can I amortize/depreciate “junk fees” on a mortgage for a rental property?

I have purchased an investment property and I’d like to know if I can add those fees to the cost basis or amortize those fees over the loan duration.
Those are the following fees I paid for when financing the property:
- loan processing
- loan application
- underwriting fees
All those fees appear in the section 800 of the HUD but are non-standard fees.
I read IRS publication 527 but could not find any answer to this question.

Thanks!

Admin answers:

Purchase acquisition costs are part of your purchase basis and depreciated ratably to land & building.

If you have any other questions, or need assistance, please contact me via my website http://www.slarson.com/contact or email me directly at Steve@SLarson.com

Richard Investment Lending Frequently Asked Questions

Richard asks…

Currently have home mortgage as an investment property with a friend?

he purchases a new car, does this affect me or mortgage in any way if he used his credit and his name? reason I am asking is because I went to refi my car and for some reason the loan officer noticed a new car purchased and was wondering if this had an affect becuase I was unable to refi – thanks for your time

Admin answers:

General answer is “no” . . . As each person has their own unique credit bureaux . . . However I would do a check on your own personal credit bureaux and make sure there is nothing there that is not appropriate to your personal situation.

Donald Investment Lending Frequently Asked Questions

Donald asks…

If I have an Investment Property that i’m currently receiving rental cash flow from, will that prevent me?

from getting a mortgage loan for a house for myself to live in? I cureently live in an apartment and the Investment property I have was the first home I ever purchased. I have an opportunity to get more investment properties to add to my portfolio but I want to get a house for myself to live in. Should I get my house first or does it even matter? I have a 700 credit score if that makes a difference.

Admin answers:

In this economy it will be touch either way. Lenders are very strict right now about 2nd homes and investment properties, generally requiring a minimum of 20% down with a 750 score.

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Investment Lending Frequently Asked Questions

Posted on May 8, 2012 by Admin

Jenny Investment Lending Frequently Asked Questions

Jenny asks…

How can i get a credit line on against a residential investment property?

I have a single family investment prop that is owned by an llc and i wish to find a lending institution that will give me a line of credit so i can buy other properties quickly.

Admin answers:

You’ll have to take your property out of the LLC and grant deed it back into your name for the loan process. You can grant it back to the LLC after the process.

I can help you with a loan if needed. Send me an email, simply click on my bio.

Richard Investment Lending Frequently Asked Questions

Richard asks…

Do I need a license to do hard money lending in Arizona?

I operate a real estate investment fund and we are seeking to lend hard money to a limited degree. Will I need any licenses (ie mortgage banker/broker license) to do so? The Partnership is headquartered in AZ but incorporated in DE and loans will only be for AZ residential real estate. Thank you.

Admin answers:

Hello,i am Mrs Becky Moore from Texas Us,i saw your question on how you needed a loan,i think you should contact one legit loan firm by the name Kings global loan firm because two weeks ago i got a loan from them and their ways was very simple,no credit check,no collateral needed,no cosigner with just 2% interest rate,so i will advise you to contact them via email,kingsgloballoanfirm@yahoo.com

Sharon Investment Lending Frequently Asked Questions

Sharon asks…

Our investment home may go to foreclosure, can they take my house?

I have an investment home that may go into foreclosure and I am worried they can go after the house I live in which is paid off. I was making the payments on the investment home from my income but now I no longer have a job and we can’t find a renter. Can I be sued for the house I own if the lending bank on the foreclosure decides to pursue it? I live in Georgia.

Admin answers:

Ok take a deep breath. If you do foreclose the bank will sell the house and if there is a balance owed then they will come after you for it. They will sue you and if still unemployed then they will place a lien on your home that at some point in time will have to be paid. You already know that they want their money and you need a job as soon as possible and I am surer you are looking it will come in time but keep on looking

Paul Investment Lending Frequently Asked Questions

Paul asks…

Lending money for an investment???

Ok…..I saw the website: Lendingclub.com…..and noticed that you can go there, and sign up to become a lender. Say I have 10k….I would lend it out to people on that website and earn a return close to 12%….I was wandering…do you know of any other sites that do this??? Does this sound like a good idea???

Admin answers:

I heard of one prosper.com its good because they have very strict rules and expectations or borrowers so just wont anybody get your money

Lizzie Investment Lending Frequently Asked Questions

Lizzie asks…

Has anyone out there been contacted by people who claim to be investment bankers who can lend money?

I advertised for a loan company to help me pay for school and received several e-mails on yahoo from people who said they were investers. Has anyone experienced this?

Admin answers:

Scams. Don’t “advertise” on Yahoo or any other site.

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Investment Lending Frequently Asked Questions

Posted on May 6, 2012 by Admin

George Investment Lending Frequently Asked Questions

George asks…

When will the mortgage interest rates sky rocket into the double digits?

My bf, who has an ARM mortgage, says that interest rates are going to go back into the double digits as they were back in the 1980s… I’ve never heard of this! I’m in the process of obtaining a mortgage of my own, so this has me petrified.

Admin answers:

Well, an ARM can easily go into double digits. Wait to buy until you can qualify for a conventional loan.

Jenny Investment Lending Frequently Asked Questions

Jenny asks…

Which bank has the lowest mortgage interest rates?

I’m looking to refinance my home and am currently paying 6.25 on a 30 year FM. Which bank out there has the lowest mortgage interest rates?

Admin answers:

Try typing in ‘home loan interest rates’ in your Google search engine and see which mortgage companies come up in the search. Then see what each company has to offer. If its unclear which links to follow, check out the search links that show up in the right hand column. If you have good credit, for the lowest rates, look for websites offering ‘wholesale rates’.

Keep in mind that interest rates are tough to compare between mortgage companies because they hinge on so many factors including your credit, term, and the type of loan you’re interested in. Instead, focus on how much the mortgage company can lower your payment. Or, pay close attention to how long the company has been in the industry, client satisfaction rate, reliability, and trust. You can typically get a good idea of how a mortgage company is received by the public through client testimonials.

If you have any questions, you can contact me directly. I hope this helps!

William Investment Lending Frequently Asked Questions

William asks…

How long will mortgage interest rates continue to drop?

I am going to re-finance my interest only mortgage and need suggestions on when to lock in an interest rate. How long will they continue to drop?

Admin answers:

They’ve stabilized for now. Might drop a tiny bit more if the fed keeps rates the same at the next meeting. I’d lock now, because if the fed raises them again, the rates are going up.

Of course, any rate that’s not locked isn’t real. Period.

Steven Investment Lending Frequently Asked Questions

Steven asks…

When will the Fed’s rate cut be reflected in mortgage interest rates that one can obtain?

Does anyone know how long it takes before we will see the 3/4 and 1/2 point rate cut reflected in the mortgage interest rates?

Thanks

Admin answers:

Conventional mortgage rates are long term debt instruments and the Fed Funds rate is for short term debt instruments – therefore they don’t necessarily go hand in hand. Mortgage rates are based more on the 10 year treasury yield and the perceived rates of inflation. 10 year was up a touch today.

If you are looking at things like Home Equity Lines of Credit, car loans, credit card rates – those usually have in the contracts a reset at a certain time of the month and will likely be reflected in the next full billing cycle.

Donna Investment Lending Frequently Asked Questions

Donna asks…

How come mortgage interest rates are not dropping in par with the 10 year bond?

10 year treasuries have dropped over 130 basis points yet interest rates on mortgages have only dropped about a third of that?

Admin answers:

Its called supply and demand. If you are a loan purchaser in todays market.. You call the shots. Fannie/ Freddy have cap limits and cannot exceed them. You go to the secondary market (most are gone) and if you find ANYONE you pay what they ask. Im surprised that rates havent gone up. And if you want to see TRUE madness look at Countrywides 90% jumbos. You want YSP? Rates REALLY close to 10%. Can you say bend over and grab your ankles/

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Investment Lending Frequently Asked Questions

Posted on May 5, 2012 by Admin

Steven Investment Lending Frequently Asked Questions

Steven asks…

Is there a better way to purchase investment housing than a mortgage? How can people afford to do this?

I own the house I live in (a small part of it), a condo I rent out, and I’m looking to expand. I have excellent credit, money to make a 20% down payment, and I’m looking at buying a relatively cheap pre-forclosure house. I’m getting high monthly payments estimates from mortgage companies. I’d make next to no profits. How do people afford to buy and make money off of investment properties? Is there secret funding somewhere?

Admin answers:

Call us fsbo sellers and offer them a 5 year L2P contract. That gives you 5 years to rent it out and see where the market is heading. If it goes back up you can then purchase the house for the price you set right now. I do all my rentals this way so if a renter totally destroys the house i can just walk away with no liability back to the original owner with no money out of my pocket

Charles Investment Lending Frequently Asked Questions

Charles asks…

Loan officer’s that qualify for property investment purchases? Need you insight?

i am looking to buy my first property investment in California? I have a purchase contract and we opened escrow a few days ago. the appraisal with through with no problems. I make 4166 per month income and only debt is 580/month student loans. I already have a lease contract on the property for 2900/month to show the lender. People were literally knocking the door down to lease it!! The mortgage payment plus property tax, home insurance is exactly 2900/month, so I break even. My lender says my DTI should be 49% or lower…but its at 63% according to them. How did they calculate 63%? Why won’t i get the loan since the rent coming in covers all the mortgage costs? please answer both questions..thanks

Admin answers:

Rental income is not usually counted as income unless the property has long term tenants or has a history of being rented without vacancy.

But, if you dont understand where they came up with that number, >ask them<.

Daniel Investment Lending Frequently Asked Questions

Daniel asks…

Is it possible to buy a real estate rental property every year or two?

If I am able to produce a 20% down payment on a ~$150k-200k property every year or two, will I be able to keep purchasing homes and renting them out as investment properties? Are there limits of any kind on the amount of loans banks will provide, assuming the profits are invested back into the business and mortgage payments are always paid on time? Or are there other investments that would have better payoffs.

Admin answers:

It is possible to do this yearly. Most real estate investors do not invest 20% down on any property they purchase. Purchasing property this way normally do not produce a break even or cash flow property.

Then there is the long loan processing process that most real estate investors can’t wait for or will not be approved for based on the ratios that will be calculated by the mortgage companies.

In order to become a real estate investor, I suggest you go to your local book store, find several books on buying real estate as an investment. There will be legal techniques that most real estate investors use to secure properties without putting 20% down on any property.

#1 You might take the property subject to the existing mortgage loan.

#2 Take the property on a lease to own situation.

These are just a few of the techniques that real estate investors use and both require less than 20% down.

There are many other investments that you might look into prior to making a decision as to which you would like to use. Normally investors utilize several investments instead of putting all their eggs sin one basket.

All investments have risk so, make sure you understand the risk of each investment you decide to use.

When investing in anything education and information is the most important part of the investment process. “Remember that a fool and his money is soon departed.” So before embarking on any investment make sure you read read and understand, ask many questions ask many questions.

I hope this has been of some benefit to you,good luck.

“FIGHT ON”

Helen Investment Lending Frequently Asked Questions

Helen asks…

Co-sign a mortgage or buy as an investment property and rent to family member?

My sister in law is getting divorced. They are going to sell their home. She needs to buy a condo – but doesn’t work (stay at home mother). She can help with a down payment, but will likely not qualify for a mortage with little/no income (estimate of alimony/CS is low).

I have the resources to either co-sign a loan or buy the condo as an investment and rent to her.

What are key risks/points to consider?
Sister-in-law does work PT – will likely go to full time after this summer, so she will have income but will not qualify for a mortgage at this point … I was thinking about joint title issues or would it just be easier to buy and rent to her (with an option for her to own after a certain period)?
BTW- this is my wife’s sister and her husband cheated/etc. She is a good person with a college degree and she is smart – I have little/no concern about her ability to pay back eventually.

Admin answers:

There is an age ole saying that oil and water are like family,friends and finances. They don’ t mix very well.

You might be asking for problems co-signing or renting to your now sister-in-law.

Your primary risk is that your sister-in-law might begin to feel entitled and would not pay the mortgage if you so-signed a condo or if you purchased a condo as an investment property and rent it to her.

It might be in your best interest to simply lend her enough for her to get a place of her own. Of course you might consider this a loan, you might not get it back, therefore it would be a loss even with a written agreement to repay the money.

Been there,done that and it was not pretty at family gatherings.

I hope this has been of some benefit to you, good luck.

“FIGHT ON”

James Investment Lending Frequently Asked Questions

James asks…

How do I find a good mortgage broker for an investment mortgage in my area? (Mobile, Al) 55k needed plus 10k?

Im trying to buy a house to flip to make the downpayment on another house I’d later like to buy. Whats some tips on finding the lowest intrest rate and best mortage broker? Excellent credit but not from the city I’m buying the property in. Or even the state. Down payment is not a problem at all. Thanks!

Admin answers:

First of all your credit is a national credit report not just for the city you are located in.

I don’t understand how you are attempting to purchase the property for flipping. Why do you need a mortgage? How long will it take you to flip the property?

Your credit score will determine what interest rate you will get,not the mortgage broker. The mortgage broker will give you the best score possible based on your credit score, he does not get paid for filling out applications and running credit scores, especially when heunderstand that there is another mortgage broker about a block away.

So find you a mortgage broker, fill out an application so he can run a credit check and get your credit scores and get you the best mortgage based on your credit score.

You will need to have available for him

#1 Two (2) yrs federal income tx and w-2.

#2 One month of pay stubs

#3 Six months of bank statements from each bank you conduct business with. Also any 401 k plans you might have at your job.

Take care of your business and stop sitting on the log.

I hope this has been of some use to you, good luck.

“FIGHT ON”

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Investment Lending Frequently Asked Questions

Posted on May 3, 2012 by Admin

Laura Investment Lending Frequently Asked Questions

Laura asks…

How to lower house payment? What is mortgage? Is it just loans from a company to lower your house payment?

I am currently paying $3000 for my house right now and trying to lower the payment since it is too high for me. My friend told me that when you do mortage, the company is going to partially own your house or something since they are lending you money. So far I found 2
loan companies that offer loans: quickenloans.com and lendingtree.com. Are these the right companies? Am I making the right decision in trusting these companies that they could lower my house payments?

Admin answers:

Yes, I have heard of those companies, and if they can cash out your equity and pay off debts or just refinance at a lower amount giving you credit for the amoutn you have already paid then you can indeed lower your payments.

Good Luck!

Donna Investment Lending Frequently Asked Questions

Donna asks…

I applied for a home loan thru Lendingtree.com (where home lenders compete for you) and I got a response from?

First Omni Mortgage Lending. They seem pretty eager to work with me but I’ve never heard of them. How can I find out if they’re real and not a scam? Thanks.

Admin answers:

It is unlikely it is a scam (Lending Tree supposedly screen the companies they sell their leads too). I have never heard of them either.

The problem is that many of these internet lenders will charge you a much higher closing cost than a local lender would. They will show you a comparable closing cost estimate up front, but when you get to the closing table, the costs are significantly higher.

These companies don’t have a vested interest in making sure you are happy, they don’t work off of referrals. These lenders regularly miss closing dates, do the bait and switch on closing costs and a myriad of other problems.

I strongly encourage my clients to use local lenders.

It will take you awhile to stop all the junk mail, calls and spam email from using Lending Tree. I used Lending Tree once a long time ago, what a mess.

David Investment Lending Frequently Asked Questions

David asks…

Why are so many online mortgage companies based in Louisville, KY?

I recently filled out an online application at lendingtree.com and I was contacted by 14 brokers, all in Kentucky.

Admin answers:

The mortgage brokers that respond are not “online mortgage companies” They are whomever pays lending tree for your information. (Are you in Kentucky?) Lending tree makes money collecting lead fees from brokers, not from actually getting you a loan. You would be better served by picking a broker yourself based on your own set of criteria than having Lending tree sell you to the highest bidder … And in their case … Multiple bidders.

Ken Investment Lending Frequently Asked Questions

Ken asks…

I’m trying to refinance my condo. Should I check with lendingtree.com or are there any other options?

I just would like to compare rates from different lenders. What would you suggest is the best mortgage out there?

Admin answers:

I’d suggest just calling a few brokers in your area, tell them your credit score and ask for a good faith estimate. THen compare the ones you receive and pick the best one and try to negotiate a better deal. Lending tree is ok, but without a good faith estimate the lender you pick from there could easily change their fees or rates by the time they start working on your loan and you’d have to start again. I’ve seen it happen numerous times where someone tried to get a loan they saw off there and then upon contacting the mortgage company or even right before closing learned that the fees and rate is different.

Mary Investment Lending Frequently Asked Questions

Mary asks…

Should I apply for a mortgage with my bank, my credit union, USAA, or lending tree.com?

I am going to apply for my mortgage soon and I want to know where the best place to apply for it would be. I am a member of a bank, credit union, USAA, and I have heard of using lendingtree.com but they all seem to have the same rates. Will the rate I get differ from these lenders. I would prefer to just work with my bank, but if there is a reason to use a different lender please let me know. Thanks.

Admin answers:

Seek out a mortgage professional in your area. Rates vary by company just a bit. They also post some days 3 times or more depending on market conditions.
I am a mortgage banker in TN

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Investment Lending Frequently Asked Questions

Posted on May 1, 2012 by Admin

Carol Investment Lending Frequently Asked Questions

Carol asks…

How do student loans work, and what are my options for applying for graduate student loans?

I want to apply for a Master’s Program at Copenhagen University… but have no money! Where exactly do I start? I know very little about student loans in general, and especially little about them when studying internationally, especially at the graduate level. Do I need to talk to the University? How do direct to consumer loans work? Is it super difficult to get student loans?

Admin answers:

To get a student loan, your first step is to fill out the Free Application for Federal Student Aid (FAFSA). You should submit your FAFSA as soon as possible – you can make estimates and correct the details later.

Once you’ve completed your FAFSA, you’ll want to visit your school’s student aid office. Ask what kind of aid you might expect.

Linda Investment Lending Frequently Asked Questions

Linda asks…

How do student loans affect a mortgage applicaton?

I have $60,000 in various student loans, but since consolidating my combined payment is only $300/month. I have no other debt. Do lenders view student loan debt differently due to the flexibility of the loans? Also, would they look more at the total amount of the debt or the monthly payment when determining the rate and loan amount?

Admin answers:

With 20 years experience in the mortgage business, I have never seen a student loan that was in repayment treated any differently than any other long term debt. While you may be able to ask for a hardship deferal in the future, which is the only advantage on a student loan that doesn’t exist on a standard installment loan, no lender wants to anticipate that circumstance. As long as the payments extend past 10 months in the future, the lender will only use your monthly payment as part of your qualifying ratios. The total debt is not that important and would only be a minor factor. What will matter more is your payment history on the student loan: it should be perfect. It all comes down to the quality of your credit history (your FICO score) and your qualifying ratios of debt/income.

Try this site

http://free-college-information-usa.blogspot.com/

Free College information on financial aid for students, scholarship, student loans and more.

Laura Investment Lending Frequently Asked Questions

Laura asks…

What is a good loan consolidation program for Federal and Private student loans?

I am looking for a good student loan consolidation program that will take on both my Federal and Private student loans from Sallie Mae. If you know of any good ones that you have heard of or used in the past, please leave a description or website so I can look into it. If you are a loan company, don’t bother answering the question as I will mark it as Spam. Thanks.

Admin answers:

I used direct loan consolidation. It took about 2 months.

Http://www.loanconsolidation.ed.gov/

Robert Investment Lending Frequently Asked Questions

Robert asks…

How do I get loans to obtain another bachelor’s degree in a different field?

I was denied loans to obtain my bachelor’s in nursing because I ALREADY have a bachelor’s in business. I need my nursing degree for the field I now want to go into, but I have to get student loans to obtain it. I have never had a student loan so why is this so difficult? Will the new stimulus package help with the student loan process?

Admin answers:

I am in the same situation as you. Here is what I did.

Fill out your FASFA form online (www.fafsa.ed.gov). Add all the schools that you intend to attend on your FASFA. Different schools have different deadlines to have your FASFA submitted. The earlier you submit your FASFA the better so that you can meet the deadline for all the schools. You must obey your school’s deadline not the federal deadline for your state. The school receives money from the FED and they prepare a financial aid package for all the students that meet their deadline and that are accepted. The student package consist of scholarship, Stafford and Perkin loans. This all depends on your family’s expected contribution toward your education. Whatever amount extra that you need you have to get a private student loan which is credit base. Your parents could also take a student loan on your behalf. For private student loans try Discover student loans and sallimae as. Your school should have a list of all the lenders that offers private student loans as well as a list of scholarships that you can apply for. Good Luck !!!!

If your expected family contribution is zero and you are interested in working in undeserved communities after you graduate for a free education. Check out the following link:

http://bhpr.hrsa.gov/nursing/scholarship/applicantbulletin/default.htm#benefits

ss

George Investment Lending Frequently Asked Questions

George asks…

Student loans have to start being paid off 6 months after you graduate. What if you continue to law school?

I’m planning on going to law school after I graduate from a 4-year college. I’m just wondering if I’ll have to start paying back my student loans after 4-year college, or after I graduate from law school?
P.S. I’m just doing some preliminary checks on student loans in general, I’m a senior in high school and I’m just thinking ahead.

Admin answers:

J:

As long as you remain a full-time student, you will continue to qualify for “in-school deferment”. You won’t have to begin paying your loans back until you finish law school.

The only requirement is that you remain registered at least half-time at an eligible institution, and that you don’t take more than 6 months off at any time during your schooling.

By the way – this is an automatic feature of government-backed student loans (Stafford/Perkins/PLUS), but it is not necessarily characteristic of all private loans. Also remember that the in-school deferment requires attendance at an “eligible” school. Some students have pursued law or medical degrees at foreign universities, only to discover that some of these schools are not participants in the Federal Student Aid program, and therefore, ineligible for in-school deferment.

I hope that helps – good luck to you!

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Investment Lending Frequently Asked Questions

Posted on April 30, 2012 by Admin

David Investment Lending Frequently Asked Questions

David asks…

What is going on with this student loan situation? i was offered a loan rehab repayment program?

for anyone with rude or judgemental comments, i have a comment for you you dont matter, and your comments will be disregarded. this question is only for people who offer non judgemental information, so if you dont have any dont answer.

my wages were getting garnished for student loans, and my tax refund was being garnished as well.. i got a call today from the loan collection agency (the loans are guaranteed loans) that they were offering me a chance to do their rehabilitation repayment program, which if i pay a certain amount for 9 months i can come out of default and have my student loan debt removed from my credit report and i could be eligible for more student loans so i could go back to school. also after paying on time for 9 months i could renegotiate how much i pay monthly to more or less and i have to be on a 10 year repayment plan. however these loans only include the loans i took from one college, i did transfer schools. i went to school for 3 years. the loans are from 2002-2006. here’s the thing i have to pay back a certain amount and i have to come up with the first payment in 30 days or else the loan goes to a 3rd party lender. however the debt collector claimed they sent a letter to my employer in september to stop garnishing my wages, but my wages never stopped being garnished. they took wages out of my october checks. also first the debt collector claimed they sent the letter, then later claimed that my employer actually told the debt collector that they cannot garnish the wages because i did not make enough during that pay period. makes sense because the amount the debt collector wants me to pay now is more than twice what they were legally allowed to garnish. honestly i was surprised to receive this call from the debt collector since they did garnish my wages and no one contacted me to tell me it was stopped, until now of course. so why is this debt collector calling me now and wanting to do this program? if i had known in september that i had this option i may have been able to do the program but now i dont know if i can or if i should. also the option sounds too good to be true, when i asked for this agreement if i do the program i will get the debt removed from my credit report in writing, the debt collector said they could only send me promise to repay letter, and the credit report removal letter wont come till after i make the first payment. but i dont want to enter any agreement without knowing it will be honored.(i know i see the irony) i would like to do this but i dont want to start something i cant finish and get in trouble again. it just sounds like something else is going on, and almost too good to be true, when it comes to the getting it off my credit report part. what are my real options and rights? i would like to know why they are calling me now. and are there any resources where i can learn more about repayment options? because even if i cant do the rehab program i would think i would be allowed to pay something else since apparently im out of wage garnishment.
i asked the debt collector about it being garnished and he said it goes to a 3rd party collectore it wont be garnished
i asked the debt collector about it being garnished and he said it goes to a 3rd party collectore it wont be garnished
im not ignoring them i just told you i talked to the debt collector on the phone

Admin answers:

Something is weird with your story. Once the government starts garnishment, they do NOT stop for any reason until you are out of default. Garnishment continues while you are in the rehab program as well and will only stop after the 9 months of payments. The loan rehab program is very real and is a GREAT option if you can afford the payments on top of your garnishment. It is true that they will remove the default from your credit report after the 9 months BUT it will NOT remove the original lender’s default.

If I were you I’d call your lender from a number on their website or some official paperwork and verify the phone calls you’re getting.

Daniel Investment Lending Frequently Asked Questions

Daniel asks…

What should I do after a defaulted student loan comes off of my credit report? Rehab, or Ignore It?

Can they sue me? Should I start Rehabbing the Loan before it is set to come off?

Admin answers:

The statute of limitations on defaulted student loans was eliminated by the Higher Education Act. Section 484A removes all limitations and gives the Department of Education or the guaranty agency (bank or lender) the ability to file suit, enforce judgments, initiate offsets, or other actions, to collect a defaulted student loan regardless of the age of the debt. Statutes of limitation are no longer valid defenses against repayment of a student loan.

Charles Investment Lending Frequently Asked Questions

Charles asks…

FHA Rehab loan help?

How long does it take for the rehab loan check to come in after the mortgage is approved? Thanks for your help!

Admin answers:

It’s a long arduous loan process. You have to get bids for all repairs as part of the loan package. Once your loan is approved & closed, then you have repairs made & inspected. Once they are approved, then you submit for the payment funds.

Betty Investment Lending Frequently Asked Questions

Betty asks…

What is out there for first time Buyer home buyers in NJ?

What loans do you get as a first time home buyer in NJ. I wanna see what is out there for us before we commit to a home. Also is there rehab loans.. Im so lost, i need help.. Thanks alot

Admin answers:

In order to find out the type of loan programs you are qualified for you will have to fill out a loan application, with a mortgage broker, which you can find one in your local telephone book.

Make sure this mortgage broker or mortgage banker is able to do government loans such as FHA and VA loans if you qualify for one.

He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will run your credit report which will have your credit scores. These credit scores will determine your interest rate.

The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase.

When you speak with the mortgage broker you will need the following documents to complete the loan application, there will be others, but this will get you started.

#1 One month of pay stubs for each person that will be on the mortgage.

#2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment.

#3 Two years of federal income tax along with the W-2 that match.

Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home. In this pre-approval letter will be the amount of house you are qualified to purchased.

Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral.

Now make sure before you get your pre-approval you and your mortgage broker go over all your options as to the mortgage programs you qualify for, the interest rate, monthly payments.

If you are getting a FHA, fixed rate, two loans to eliminate PMI like an 80/20 or one loan, if you are qualified for and approved for a 100% loan.

You should select the loan that best suit your financial condition at the time. That could be an adjustable rate loan. It could be a fixed rate loan for 5 or 10 years and then adjust. Some adjustable rate mortgages only adjust once.

Make sure your mortgage broker explain all your options so you may make an intelligent decision.

What might be good for one person might not be good for you, in other words just because your friends and all your real estate buddies are telling you about the great fixed rate they got, your financial situation might call for something else.

So select the best option for you and your financial situation.

You should also get a Good Faith Estimate (GFE) which will indicate the cost you will have to pay for getting this loan. It will also indicate the amount of your down payment.

Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign.

Your mortgage broker will now order an appraisal to show proof of the property value.

The mortgage broker might ask for additional information or documentation, don’t get all up tight this is normal, just supply the information or find the documents needed.

After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home.

Before signing any loan docs make sure they say exactly what you and your mortgage broker went over when you decided on what mortgage program was best for you.

I hope this has been of some use to you, good luck

“FIGHT ON”

George Investment Lending Frequently Asked Questions

George asks…

FHA 203 rehab loan question?

I just bought a house and have gone through the whole process, I have been allotted 17k to use to rehab the house. I thought it needed a new roof but found out it was replaced 2 yrs ago , can I use the money allotted for the roof for other things on the property instead of putting the money back to debit the loan amount ? I mean I am going to make the payments it is my money , I have had to gut the bathroom and it cost more than I expected so I don’t hjave neough left over for a new roof anyway.

Admin answers:

Check with the lender. If your agreement on the 203b stipulates certain repairs then you are probably bound to use the funds as stipulated. The escrow agent won’t release the funds for expenditures not stipulated. If the money isn’t working out right for other repairs, check with the lender. It may be possible to redesignate it for excess costs in a listed repair.

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