refinance: 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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refinance: 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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refinance: 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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refinance: 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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refinance: 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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refinance: 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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refinance: 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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refinance: When to Refinance - 05/09/07 10:51 AM
Published By: a la mode, inc. … (0 comments)
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refinance: 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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refinance: 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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refinance: 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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refinance: 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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refinance: 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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refinance: 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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refinance: 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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refinance: 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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refinance: Disputing Credit Reports - 04/24/07 04:40 PM
Your credit report is a record of your credit activities. It lists all of your credit card accounts and loans, the balances as well as your payment history. It also shows if any action has been taken against you because of unpaid bills such as a lawsuit or bankruptcy filing. Because businesses use this information to evaluate your applications for credit, insurance and employment, it's important that the information in your report is complete and accurate, especially if you plan to make a big purchase like a home.
The Fair Credit Reporting Act (FCRA), enforced by the Federal Trade Commission … (4 comments)
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refinance: Rate Lock Periods - 04/24/07 04:06 PM
What is a "rate lock period"? How can you make sure your rate is low?
A rate lock or a rate commitment is a lender's promise to hold a certain interest rate and a certain number of points for you for a specified period of time while your application is processed. This prevents you from going through your whole application process and at the end of it finding out the interest rate has gone up.
A rate lock period can vary in length, and longer ones usually cost more. A lender will agree to "hold" your interest rate and points for a … (2 comments)
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refinance: Information Needed for the Loan Application - 04/24/07 12:38 PM
What information will be needed for the application (and how it's kept private)
Anything you submit over my website is 100 percent, fully secure. And I never, ever share it with anyone except by permission -- that is, if you're giving me information you want me to use to get you the best loan, I use that information to tell mortgage lenders about you and convince them to loan you money. In turn, those mortgage lenders are bound by federal law to keep your information secure.
Here is a list of the information mortgage lenders will use to consider your loan application.
Purchase … (2 comments)
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refinance: An Overview of the Loan Process - 04/24/07 10:13 AM
An overview of the loan process
Make no mistake, there's a lot involved in getting a mortgage loan. You wouldn't be here reading my blog if you could fill out a one-page application and get the best loan for you funded the same day. What I do is do most of the heavy lifting for you, so you can concentrate on what's important -- preparing to move into your new home, saving money, or making plans for your home equity check.
There are four main steps involved in getting a loan. You'll see that I've made your part in them as easy … (0 comments)
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