mortgage types: 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 types: 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 types: Real Estate Math (Boring -but extremely important)
- 03/15/17 03:28 AM
Learning basic math as a buyer, seller, and even a new Real Estate Agent is essential in the success of buying, selling, and working with clients. I came across a website, while helping a new agent in a coaching session on basic real estate math, created by Travis of http://www.basictrainingforrealestate.com/ Travis goes over the essential math knowledge needed for the success of a real estate transaction. Below is a clip of the article written by Travis, that I wanted to share. He explains interest rates, LTV, proration, and debt to income ratio. I know, its boring stuff, but its actually very important information to learn … (1 comments)
mortgage types: 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 types: 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)
mortgage types: What is a Short Sale?
- 12/04/16 05:01 PM
A short sale is when the seller sells his/her home with the mortgage company agreeing to accept less money to payoff the mortgage. This is done when the seller is experiencing economic hardship and the value of their home is worth less than their current mortgage. Most home buyer's, and surprisingly real estate agents, do not understand the concept and process of buying/selling a home as a short sale. Some tips 1. A short sale does not mean the sale will be quick, it can actually take several months for third party approval and even longer if there is a second lien … (12 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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