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madison: Do You Need a Real Estate License to "Flip" Properties? - 07/27/07 01:09 PM
You buy a property, you flip it, you profit. Does this require a real estate license? In most cases, the answer is "no". Real estate brokerage is an activity regulated by states on their own terms, thus each state defines which activities require a license. There is a lot of vagueness and ambiguity in some of the state licensing codes, as well as "gray areas", which complicate the matter. Furthermore, if you vary the techniques and your business practices beyond the scope of what I teach in my course, it is not always clear how the state authorities might view your … (6 comments)
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madison: Freddie Mac Home Possible Program - 07/26/07 12:13 PM
Effective recently, conforming lenders will accept loan submissions and locks for the Freddie Mac Home Possible program. Details for the program can be found at http://www.freddiemac.com/homepossible/ or you can check out the program matrix for the My Community and Home Possible programs on most rate sheets. You must be approved by Freddie Mac to utilize their Loan Prospector underwriting engine. You can visit their website at http://www.loanprospector.com/signup/ for details.Personally, I think the Home Possible program is going to be a spitting image of what MyCommunity was earlier this year - a flexible 100% loan program with reduced MI and a 1pt … (1 comments)
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madison: Choosing a House that Fits You - 07/13/07 12:16 PM
Choosing a House that Fits YouAmongst the many things to consider when buying a home, one of the most important and sometimes overlooked factors is the actual house itself. Don't forget this is going to be the place you go home to every night, the place your kids will grow up in and always remember.Before you start looking at houses, you need to ask yourself what it is you want out of a house. How long do you plan on living in it? Will you be living there temporarily while you save up for a better one or will this be … (1 comments)
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madison: The Dos and Don'ts of Buying a House - 07/13/07 11:58 AM
The Dos and Don'ts of Home BuyingDo Shop Around - Don't just hold interest in one house, check out a handful. Find out about the neighborhood, traffic, schools, and local entertainment. Talk to the people that have lived in the neighborhood for some time and find out their opinions and biggest complaints. And remember that the lowest price isn't always the best deal and that some houses can be deceivingly cheap. It's better to do too much research than not enough; you'll thank yourself for years to come.Do Get to Know Your Realtor - There's so much to know about real … (2 comments)
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madison: The Dos and Don'ts of Selling Your House - 07/13/07 11:50 AM
The Dos and Don'ts of Selling Your HouseDo Shop Around - Don't consider moving unless you have already researched the market and are financially able to purchase the type of home you want. Research the homes in your local neighborhood to see what they are being sold for and take into consideration any major repairs, additions, or investments you put into the house. It's better to do too much research than not enough; you'll thank yourself for years to come.Do Get to Know Your Realtor - There's so much to know about selling your home that you can't possibly know all … (0 comments)
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madison: Don't Believe Every Rate You See! - 07/13/07 10:44 AM
Don't Believe Every Rate You See!If you're a savvy consumer, I'm sure you've seen many nationally-branded companies advertising ridiculously low rates. (For example: Ditech, Quicken, etc) Despite the fact that rates have hovered near extraordinary lows for an extended period of time, many of the largest national lenders routinely tout rates that simply seem "too good to be true." In fact, they are exactly that, at least for the overwhelming majority of borrowers. Certain nationally advertised companies also promote incredibly low closing-cost fees. Don't get sucked in, though, and don't believe the hype... these advertisements are, in fact, not credible at … (9 comments)
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madison: Your Real Estate Bill of Rights - 07/09/07 11:39 AM
Dear Prospective Home Buyer,Your Real Estate Bill of Rights
You deserve attention to detail and specific solutions to your specific needsYou deserve access to the most accurate information regarding your status at any given momentYou deserve impeccable customer serviceYou deserve to be treated fairly and with respect at all timesYou deserve the best possible attention and all your wants and needs exceededYou deserve professional consulting to accomplish your short term and long term objectivesYou deserve flexible optionsYou deserve all the information necessary to make wise decisionsYou deserve truthful and accurate information regarding your real estate options, fees, rates and the effects of … (4 comments)
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madison: The 9 Things You Must Know Before You Buy - 07/09/07 11:30 AM
The 9 things you must know before you buyBefore putting all you money into mortgage payments, pleaseconsider the following 9 important issues. By consideringthese important financial issues, you will be able to makeyour payments work much harder for you.1. Get pre-approved BEFORE you look for your new homeOf all the steps to do before you buy a home, thepre-approval part is the easiest. One of it's benefits: Itwill give you complete peace-of-mind while you are lookingfor a home. The best part, it's usually free. Your locallending institution can give you a written pre-approval withno obligation on your part. Getting pre-approved means … (4 comments)
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madison: The 10 Biggest Mistakes When Refinancing - 07/09/07 11:17 AM
The 10 biggest mistakes when refinancing1. The new interest rate does not justify the refinancingBefore you go ahead and refinance your mortgage, you have to make sure that the change will save enough to justify the whole process of refinancing. As a rule, if the interest rate does not decrease by at least .0075 (.75 %) to .01 (1%) then refinancing is probably not a good move.2. Not knowing your real closing costsClosing your mortgage is usually a charged service. By law (in the United States), closing costs must be disclosed within 3 working days of the loan application. Each lender … (5 comments)
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madison: 10 House Buyer Traps and How to Avoid Them - 07/09/07 11:05 AM
10 House buyer traps and how to avoid them
Trusting tax assessmentsSome people think that tax assessments are a way ofevaluating a home. The difficulty here is that assessmentsare based on a number of criteria that may not be related toproperty values, so they may not necessarily reflect thehome's true value. Bidding without knowingWhat price should you offer when you bid on a house? Is theseller's asking price too high? Are in front of a real deal?Before making one the biggest purchases of a lifetime, youshould take a very close look at the real estate market inthe area you're a thinking of … (2 comments)
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madison: Purchasing a Home and Your Credit - 07/09/07 10:32 AM
Purchasing a Home and Your CreditIn a nutshell, credit scoring is a statistical method of assessing the credit risk of a loan applicant that is used by most mortgage companies in helping to determine what loan program an applicant qualifies for. The score is a number that rates the likelihood an individual will pay back a loan. The score looks at the following items: past delinquencies, derogatory payment behavior, current debt level, length of credit history, types of credit, as well as the number of recent inquiries into your credit.The three general categories of credit scoring:
First, a borrower with a score … (2 comments)
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madison: Financing for Investment Properties - 05/16/07 03:24 PM
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madison: Title Information - 04/30/07 04:21 PM
Holding Title
Before you reach the closing day, you will want to make a decision as to how you will "hold title" to the property. This decision has legal, tax and estate planning ramifications. Therefore, it may be prudent to consult an attorney or certified public accountant (CPA).
The following information is supplied for informational purposes and should not be relied upon as legal definitions.
Buying Alone
Sole Ownership A single individual who has not been legally married. An unmarried individual who was married and is now legally divorced. A married individual who wishes to acquire title in his or her name alone. At … (3 comments)
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madison: Debt-to-Income Ratios - 04/30/07 12:54 AM
Debt to Income RatioYour debt to income ratio is simply a way of determining how much money is available for your monthly mortgage payment after all your other recurring debt obligations are met. Debt limit There is generally a debt limit associated with each type of loan, such as a 28/36 qualifying ratio for a conventional loan. These qualifying ratios are guidelines. An excellent credit history can help you qualify for a mortgage loan even if your debt load is over and above the limit.Understanding the qualifying ratioTypically conventional loans have a qualifying ratio of 28/36. Usually an FHA loan will … (7 comments)
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madison: Buyer don'ts - 04/30/07 12:46 AM
Things to avoid before buying a home
Many new homebuyers make the mistake of rushing out to buy things to fill their home with as soon as the seller accepts their purchase offer and the lender pre-approves their loan. But there are still a few major hurdles to overcome before the keys are handed out. Here are some things to avoid during the home buying process to assure your transaction goes as smoothly as possible:
Dont make an expensive purchase. It may be tempting to order that new sofa for your soon-to-be living room, but its best to avoid making major purchases … (6 comments)
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madison: Fixed vs Adjustable - 04/30/07 12:17 AM
What are the advantages of fixed rate versus adjustable rate loans?
With a fixed-rate loan, your monthly payment of principal and interest never change for the life of your loan. Your property taxes may go up (we almost said down, too!), and so might your homeowner's insurance premium part of your monthly payment, but generally with a fixed-rate loan your payment will be very stable.
Fixed-rate loans are available in all sorts of shapes and sizes: 30-year, 20-year, 15-year, even 10-year. Some fixed-rate mortgages are called "biweekly" mortgages and shorten the life of your loan. You pay every two weeks, a total of … (0 comments)
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madison: Should You Buy Points? - 04/29/07 11:57 PM
How do you "buy" a better rate?
Do you plan on keeping your loan for a while? Then it may make sense to "buy" a lower interest rate by paying one or more "points."
Even if you're unsure of how long you plan to keep your mortgage before you move or refinance, paying points now for a lower rate may make sense. For example, do you have a high-paying job now but you think you might change careers in the next few years? We can help you sort it out. It's part of our finding the right loan for your means and … (9 comments)
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madison: Improve Your Credit Score - 04/29/07 11:49 PM
How can you improve your credit score?
It's virtually impossible to change your score in the time between when most people decide to buy a home or refinance their mortgage and when they apply. So the short answer is, you really can't "on the spot." But there are strategies you can live with to make sure when you apply for a loan your score is as high as possible.
Make sure that the information each of the three credit reporting bureaus has on you is consistent and up to date. Order a copy of your credit report about once a year, and dispute … (3 comments)
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madison: Madison Wisconsin Mortgage Refinance and Purchase Broker - 04/24/07 11:58 PM
Are you a Madison (or Wisconsin) first time home buyer that needs to purchase a new home with a no money down mortgage or FHA home loan, even with less-than-perfect credit? Are you a veteran that needs a VA loan? Or are you just a current Madison homeowner who needs a Madison Wisconsin mortgage refinance for a lower interest rate, to consolidate your high interest credit card debt or take cash out? As a Madison mortgage lender and city resident I enjoy assisting fellow city residents with their mortgage refinance and home loan needs. The most exciting part is that regardless … (3 comments)
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madison: Bankruptcy Tips and Suggestions - 04/24/07 09:33 PM
A bankruptcy filing delivers a devastating blow to your credit and FICO score, but it doesn't mean you have to wait 10 years before you can qualify for a mortgage. Many consumers who have filed for bankruptcy have been able to obtain a mortgage, although it is often at a higher rate than someone qualifying for a prime or "A-paper" loan.
While credit card companies may care about what happened before you filed for bankruptcy, many mortgage lenders are more interested in your recovery - what you've done since your filing. It won't happen over night, but here are some tips … (6 comments)
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Justin Kaatz, CMP
Madison,
WI
More about me…
ASAP Mortgage
Address: 1250 Femrite Dr, Suite 105, Madison, WI, 53716
Office Phone: (608) 237-8900 x 14
Cell Phone: (608) 347-3424
Email Me
Hello everybody my name is Justin and I'm a Licensed Mortgage Professional serving the whole state of WI. I am looking to pick up some useful information and possibly establish a few relationships through this website and blog!
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