mortgage: Hard Money Lenders-Predator or Savior?
- 03/11/19 11:26 AM
There are two myths about hard money lending that I like to address today. One, hard money lending is the best way to get funding for a fix/flip. Two, hard money lender prefers to foreclose on your investment rather than collect the high interest payments. Hard money lending is misunderstood by new investor. It's unfortunate because it can be easy to navigate if understood properly. The myth that hard money lending is the only way to go when buying a fix/flip is inaccurate. There are several sources of funding to seek out first and foremost before selecting a hard money lender. However, after … (0 comments)
mortgage: You really want Zillow to buy your house?
- 03/06/19 05:24 PM
Zillow's new service-ibuyer has hit the market in Phoenix, Atlanta, and Denver. There are three commercials which play on the emotions of a seller. Zillow claims a seller would be interested in selling their home for cash to a company they know and can trust -all while making a bubble beard and cooking unicorn pancakes. Very cute, but misleading. As there are many educated consumers that will be able to understand this arrangement, at the same time there are many others that will not. Unfortunately, a lot of sellers will not hire a professional realtor or real estate attorney to help navigate them … (4 comments)
mortgage: A New Approach-Home of the Flat Rate Commission
- 02/28/19 06:59 PM
Here is a somewhat new concept in the real estate industry-Flat Rate Commission! That is the focus of Fierce Realty Corp based in Bala Cynwyd, Pa. The client will know exactly the fee for us to sell their home and it will be a lot cheaper than a percentage of the sale. The minimun commission on the listing side can go as low as $2500. We also incorporate charitable living as we are rooted and grounded in the communities we served! Reach out to us and learn more about how we are stirring the pot in the real estate industry! … (0 comments)
mortgage: You want to buy a home? Do this first...
- 02/16/18 03:39 AM
If a buyer is interested in buying a home, they should start the process 6-9 months before the purchase. It should begin with checking their credit. If any issues are found, they can work on that immediately. However, it takes several credit cycles (every 30 days) for the credit report to update. Credit is one of the 3 C's (credit, capacity, collateral) needed with buying a home and it is very important. Having a good to excellent credit score will determine how much you will pay to borrow money-essentially your interest rate. When reviewing their credit reports, they should be looking … (2 comments)
mortgage: Discrimination Still Exist in Mortgage Industry
- 01/27/17 02:06 AM
It is very sad that predatory lending still exist in the mortgage industry, making it extremely difficult for minorities to get a fair mortgage and to keep their head above water. For all those that say this does not exist, the following information on recent settlements say otherwise. JPMorgan Chase will pay $55 million in a settlement over claims the bank giant charged thousands of African American and Hispanic borrowers higher interest rates on mortgages than white counterparts. Federal officials say the bank charged Black and Hispanic borrowers, on average, $1,000 more than similar mortgages issued to whites. The mortgages were reportedly issued … (1 comments)
mortgage: Buyer's Please Answer These Questions
- 01/08/17 02:52 AM
Buyer questions that we as agent should ask and have answer will save the buyer and ourselves a lot of time. I read this handout from a Buffini coaching session and decided to share it. This is something that I use to understand if my buyer is ready now, in 3months, or years from now. 1. What areas/neighborhoods are you looking into? 2. What is your present living situation? 3, Have you seen any homes in last month or so? 4. Are you presently working with a Realtor? 5. Have you signed any Realtor Buyer Contracts? 6. What is your time frame? 7. Have you purchased a home … (2 comments)
mortgage: Be prepared when applying for a Mortgage!
- 12/12/16 06:44 PM
Do yourself and all those involved with helping you purchase your dream home a gigantic favor, BE PREPARED WITH THE DOCUMENTS YOU NEED TO APPLY FOR A MORTGAGE! Here is a generic checklist: 1. Two forms of identification including a government photo ID. 2. Pay stubs for the past 30 days including year-to-date income. 3. Your most recent year's W2 form and/or most recent 1099 form. 4. Two years of your most recent signed tax return, including all schedules and all pages. 5. All pages of your most recent bank statements, including back up docs for all large deposits. 6. Gift letter if gift money is to be … (2 comments)
mortgage: Buying a car on credit while getting a mortgage is CRAZY! and 9 others
- 12/12/16 04:14 AM
While in the process of obtaining a mortgage, please do not buy a car or anything else on credit. Why? The bank is willing to lend you money to purchase a home, based on several criterias. They calculate your ability to pay it back using your credit score, income, debt to income ratio and more. Any additional credit obligations will skewed the numbers. Obviously, if you have significant income and you are obtaining a small mortgage, there will not be any drop in the formula that is used by the lender. However, regular hard working people may not be in that … (3 comments)
mortgage: Buying a home is better than renting
- 12/09/16 09:15 AM
Buying a home can be better than renting in some situations. Overall, I like to say buying over renting, but the statement that "renting is throwing away money" is not necessarily true. Are you shocked that a real estate agent can even utter those words? Well, let me give you three reasons why I believe buying a home can be better than renting in some situations. 1. In order to purchase a home, you must be emotionally ready for this life changing event. Life changing because a lot of your free time will go towards the care and maintenance of your home. … (5 comments)
There are two myths about hard money lending that I like to address today. One, hard money lending is the best way to get funding for a fix/flip. Two, hard money lender prefers to foreclose on your investment rather than collect the high interest payments.
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