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loan: VA Loans: Pros & Cons - 10/26/11 03:55 AM
If you’re a qualifying veteran or service member, a VA mortgage can be a great deal. VA mortgages offer a lot of benefits, including being one of the few 100% financing options available. There are however, certain situations where you may be better off going with a FHA mortgage or a conventional loan backed by Fannie Mae or Freddie Mac.
Pros of a VA home loan
The government guarantees at least one-quarter of the loan amount on a VA mortgage, which is why you don’t need to put up a down payment. It’s also why you don’t have to buy mortgage insurance, which is … (0 comments)
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loan: FHA may be Your Best Choice - 07/04/11 11:10 PM
The demise of subprime, no-documentation and no-down-payment loans is more than three years in our rear view windows. Many folks with credit challenges and little cash have turned to Federal Housing Administration (FHA) and Veterans Affairs (VA) loans for their home financing needs.\
While the FHA has recently tightened itsstandards, it’s one of the only options for a low down payment. Consider the following:
FHA loans require just a 3.50 percent down payment in most areas. Maximum allowable loan amounts vary from $271,050 to $793,750, depending upon the area. Interest rates are competitive. Today’s 30-year fixed rates are as low as … (3 comments)
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loan: The New Breed - How to sell to the New , Younger , Homebuyers - 11/15/10 02:27 AM
If you have been noticing the real estate blogs and other websites regarding real estate, you might have noticed the influx of young people wanting to buy their own homes and be independent from renting and more embarrasingly, living with their parents. Now you might think this is a good sign that the market is finding a new demographic of customers, however, this age group is not without its challenges.
When I meant that these customers are young, I do mean young, as in 21 years old and up. When we look back at our 21st year, we can still oftentimes … (0 comments)
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loan: THE AMERICAN DREAM : Dealing with Foreign Nationals trying to get a loan - 09/17/10 01:32 AM
As I had been looking at websites dedicated to providing advice to people about their properties and loans, I had noticed a trend that is starting to become more common. There had been a couple of inquiries as to how someone who is not a natural born American citizen can acquire a loan in order to buy a house.
For a broker who is desperate for a sale, the immigrant customer is the ultimate catch, they are often much better employed than the native citizens and are sometimes more industrious when it comes to paying the loan, but with more and … (0 comments)
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loan: THE H.R. 600: Finally a law that makes sense - 08/26/10 07:12 AM
And this has now been proven to be a complete failure. Once the government steps in to bail out the loans, they are spending money that is expected to be repaid immediately as it is government money. The result of this is the higher taxes that customers will have to pay every time they have a transaction to buy a house. It also does not help that the government made mandates that actually made getting a loan to buy a home more complicated and difficult.
If you have been reading my blogs lately, you have been reading all the complaints about … (0 comments)
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loan: FHA Loans: It Is Not Necessarily for Everybody - 05/31/10 06:59 AM
For the past 80 years, the Federal Housing Administration(FHA) loans has been the prime choice of lower and middle-income families to help them get mortgages for their homes. This government sponsored mortgage scheme has insured more than 33 million homes across the United States since 1934 and after the real estate bust of 2007, has found a new popularity among people who want to get houses but do not want to go through the crush of the traditional lending institutions.
But before you can say GOD-SEND, the FHA does have rules that may not be for everyone. Here are things you … (3 comments)
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loan: Mortgage Market Meltdown - What it Means to You - 08/14/07 11:19 PM
I have given this seminar to several of my realtor's offices and I would be happy to do the same in yours.
The credit markets are in crisis, and the mortgage landscape is changing fast.
But, ask yourself this…
Do you understand the key factors that led to the crisis?
Can you clearly and confidently advise your buyers and sellers on how to succeed in today's market? Do you have the right systems in place to adjust your business model for the changes yet to come?
If you answered “No” to any of these questions, you should attend this exclusive Mortgage … (2 comments)
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loan: Q&A: Stephen, I hear on the financial news, almost everyday, that the mortgage industry is in big trouble. They say it’s a “liquidity” problem. What does that mean? Are people soon not going to be able to get mortgages? - 08/12/07 11:52 PM
Few mortgages are actually held by the bank or the company that funds them. Over the past ten to fifteen years, investors on Wall Street have increased their appetite for higher yield products. With this appetite grew a desire for riskier loans that companies package and sell in pools known as mortgage-backed securities. MBS’s are sold on the open market and are traded much like any other bond, with the expectation that people with mortgages will pay monthly on their obligations, netting an expected yield for the end investor.
As investors realized these loans were not performing, they lost their … (1 comments)
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loan: Dealing With Tenants in Your Investment Properties - 07/16/07 11:34 AM
Working with existing tenants:
When you acquire a residential rental property, you should contact your new tenants and reassure
them that you intend to treat them with respect. In other words, try to have a cordial, yet
businesslike relationship. Deal with tenants' questions honestly and directly. Failing to do so can
result in a loss of credibility if you later decide to change the details of their lease agreement.
Finding New Tenants:
The best advertising is a sign in the yard. If you have a similar property within a mile or so, put a
sign in that yard too. But reassure your current tenant that you are just … (2 comments)
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loan: Forming Your Offer to Purchase Investment Real Estate - 07/14/07 10:34 PM
You make money in real estate by purchasing the property “right”. In other words, if you buywell-located and physically sound property below market value, the property will provide youwith excellent returns for many years. Excellent knowledge, combined with excellentnegotiating, leads to excellent returns.
Lowballing:This is one strategy that I don’t recommend. Making frivolous low offers, and trying to getlucky, is a strategy that’s taught by more than one real estate guru. My experience is that italienates most sellers who then label you as a bottom-fisher and refuse to entertain any furtheroffers from you, even reasonable ones.The thing to keep in mind is … (2 comments)
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loan: Determine Your Real Estate Investing Strategy - 07/12/07 01:10 PM
Determine Your Investing Strategy:
Before you start investing, you need to come up with your goals, gameplan, and strategy. The
goal is most likely to create wealth. The gameplan is either to buy and sell, or buy and hold. The
strategy is the part that's open for discussion.
Buy and Sell
You have two ways to go with this strategy. Like shares of stock, you are looking to buy low and
sell high. This method requires that you find the absolute best bargains in the marketplace. You
rent them out for one or two years and then sell them at a profit. This is a very popular strategy
as … (1 comments)
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loan: Putting Together Your Real Estate Investing Team - 07/10/07 08:43 AM
It is impossible to buy real estate by yourself. You need several qualified professionals. I suggestestablishing these relationships ahead of time, to help facilitate the transaction:
1) Tax Advisor – A good Tax Advisor is worth their weight in gold. My experience is that agood Tax Advisor can provide excellent feedback on the potential benefits and pitfalls ofdifferent real estate investment strategies. Although you have probably read that realestate is a terrific tax shelter, you need specific feedback regarding your unique financialsituation.
2) Mortgage Advisor – Before you look at a single house, you should talk to a MortgageAdvisor. You need someone to … (4 comments)
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loan: Getting Prepared to Invest in Real Estate - 07/09/07 07:08 AM
Buy your primary residence first:
This is more than "walk before you run" advice. A primary residence gives you all the benefits
of an investor property, but it can be purchased easier and with better loan terms. You still get
the great tax advantage of deducting the mortgage interest, but when you sell a primary residence
and purchase another, you can roll your gains into the next primary residence you buy. Also,
you will help build your credit history and improve your credit scores. Best of all, as the property
appreciates, you can borrow the equity to put down on an investment property. So if you were … (3 comments)
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loan: 95% FHA Cash-out Loans for Borrowers with Less Than Perfect Credit - 07/07/07 01:00 PM
We are now offering 95% FHA Cash-out loans for borrowers with less than perfect credit. These loans have been updated with new higher loan limits up to $544,000 depending on the county; however, most metropolitan counties have a limit between $200,000 and $300,000.
It is no secret that over the last 4 months there has been a real credit crunch in the weaker credit markets. Many of our clients who have credit issues in the past are now turning to FHA loans for home financing. FHA is a great alternative to sub-prime, since instead of using credit scores, there is an actual examination … (2 comments)
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loan: No Doc Commercial Loans Now Available - 07/06/07 11:26 PM
We are pleased to announce that we are now offering No Doc Commercial Loans. Now without the red tape and high cost of a commercial bank, those interested in obtaining a mortgage for light commercial property can get a great deal on a variety of commercial loans at great rates and with the same people many have trusted for residential mortgages for over 15 years.
Now without the red tape and high cost of a commercial bank, those interested in obtaining a mortgage for light commercial property can get a great deal on a variety of commercial loans at great rates … (1 comments)
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loan: Loan Q & A: Will I build equity faster by going with an Interest Only program? - 07/05/07 02:06 PM
Stephen,My wife and I are planning on buying a new home and are trying to decide on financing options. The house is $250,000 and we want to borrow $200,000 and were originally interested in a 5/1 ARM. I spoke to one loan officer who suggested that I would build equity faster by going with an "Interest Only" program and use the savings to prepay the principal. Is this true?- Marc J. in Fairfax, VA Marc, this is a question I get all the time, let's break it down and say that the rate on the 5/1 ARM you are considering is … (2 comments)
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loan: Loan Q & A: How do mortgages on rental houses differ from a mortgage for your primary residence? - 07/04/07 10:54 PM
Stephen, My husband and I want to buy some rental houses as investments. How do mortgages on these properties differ from the mortgages available for primary residences? Judy L. in Dunwoody, GA writes: Judy, more and more of my past customers are investing in rental houses. With rates still very low, and the real estate market fairly strong, I think your timing is excellent. The first thing to know about real estate investor loans is that lenders will generally take a more conservative approach and be more restrictive with their program offerings. Even so, there are still a wide variety of … (1 comments)
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loan: Loan Q & A: Is there a problem qualifying since I now receive a 1099 instead of a W-2? - 07/03/07 02:23 PM
Stephen, I just put a house under contract and I have some questions about qualifying for a mortgage. For the past 10 years I worked for a large software company as a programmer. Three months ago I left the company to become a consultant. I am actually doing work for my old company and making even more money. Is there a problem qualifying since I now receive a 1099 instead of a W-2? Can I cut through the red tape by applying for a No-income Verification (NIV) loan?- Robert in Atlanta Robert, In the mortgage industry, people who receive a 1099 … (0 comments)
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loan: Loan Q & A: I want to sell my home myself (FSBO), but I am worried about the safety of my house and my family - 07/02/07 01:12 PM
Stan G. in Alexandria, VA asks:The real estate market I live in is still hot. I want to sell my home myself (FSBO), but I am worried about the safety of my house and my family. Any suggestions?Stan, This is a real concern and should be discussed with your family before the house is put on the market. Here are some suggestions:Never show the home alone or let anyone in your family show it alone. Have a neighbor come over if you need another person.Make everyone set up an appointment. Get their phone numbers in case you need to reschedule and … (4 comments)
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loan: Loan Q & A: I am thinking of possibly refinancing out of my 5 year adjustable, but I am concerned about my payment going up drastically. What do you suggest? - 06/29/07 10:27 PM
Brian D in New Haven, CT writes: Stephen, I have noticed that rates have come down a little this month and I am thinking of possibly refinancing out of my 5 year adjustable. I was able to get a rate of 4.500% in June 2002 and I concerned about my payment going up drastically. What do you suggest? Well Eric, nothing like the old days..but 4.50%, just like the 79 cent cup of coffee, is now part of history. The fact is that now may be an excellent time to refinance to a fixed rate. As you noticed, thirty-year fixed rate … (2 comments)
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Stephen Katz
Atlanta,
GA
More about me…
Katz Mortgage Team, a branch of VanDyk Mortgage Corporation
Address: 800 Johnson Ferry Road, Atlanta, GA, 30342
Office Phone: (866) 742-8400
Cell Phone: (770) 552-1000
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