Hello everybody, I have just UPDATED my awesome qualification chart with the capability to CALCULATE APPOXIMATE TAX WRITE OFFS for purchasing a home. This adds even more value to my chart by giving your clients a tool to help them understand the "true" costs of home ownership. If you can show them how much they would be saving in taxes as compared to renting, they may be more likely to purchase. … (1 comments)
Hello everybody, I have just totally revamped my website www.IntuitiveLoans.com and I thought that all real estate professionals and home buyers would be interested in an Excel spreadsheet I've created. It's taken about a year to get it into its current version 2.1 and I think you'll love it. This chart was crated to be the best and easiest borrower-qualifying tool for professional real estate agents. You can download this chart for FREE by clicking: http://www.intuitiveloans.com/Intuitive%20Loans%20Qualification%20Chart.xls. If you need any help in working the chart, please contact me via email at Aaron@IntuitiveLoans.com. … (1 comments)
aaron reno: Earn Gifts - I'm Looking for a Lender for a 15M, Full Doc, OCC, 60% LTV Loan!
- 05/08/08 10:03 AM
Hi Everybody, I need your help! I've got a couple of really nice leads for residential loans. One is 8M and one is 15M. They are both 60% LTV and full doc. I know these leads are real because I just closed a 2.3M and 5.025M loan given to me by the same company. 8M and 15M! Without breaking the law, I'm sure I could find a way to make it worth your while for helping me. I probably cannot offer $ without being in violation of some RESPA law, but I think I can offer gifts without getting into trouble. Anyway, if you know of … (3 comments)
aaron reno: TIME FOR FHA?
- 03/25/08 04:56 PM
Hello again, With the industry changing daily (sometimes twice daily), I wanted to give everybody a heads up as to where we stand right now. FHA loan limits have been increased for the rest of 2008. This means that you can purchase a home that is 700K+ in some areas with only 3% down (which can be paid for by the seller or can also be a gift!!!) However, there are a few things to consider before jumping on the preverbal bandwagon: 1) If you are in a declining area, your loan with be cut by 5% meaning that you would have to come … (1 comments)
aaron reno: Zero Point - Zero Cost Refinances
- 02/07/08 01:06 PM
Recently, the #1 question that I have been asked is, "Should I refinance my property while rates are low?" How can you tell if the benefits of the monthly savings out weigh the cost? As I am fond of using actual figures to demonstrate my view point, please allow me to explain how to calculate the "real" savings. For example, let's say you currently have loan in the amount of $400,000.00 at 6.5%. Starting with this assumption, we can guesstimate the following based on today's rates: 1) Current Loan = $400,000.00 @ 6.5% = $2,528.27/month 2) New 0 Point - 0 Cost Loan = … (1 comments)
aaron reno: SELLING AND BUYING SIMULTANEOUSLY
- 01/13/08 06:44 AM
I have been approached my many people recently for advice on whether or not to wait for the market to "bottom out" before they buy their next house. These clients wonder if it would be more beneficial to move now or to wait for a better (different) market. These questions can only be answered by looking at what each client is trying to do. For example, if you are moving up to a bigger and/or more expensive home, it may be in your best interest to sell your home and buy your new home while the market is adjusting downward. In order … (3 comments)
aaron reno: Declining Values in California and Florida!
- 01/05/08 10:44 AM
Hi again from Intuitive Loans! As you may have become aware, many lenders are now requiring 5% of the purchase price of a home to come from the borrower. Lenders want to make sure that the borrower has some of their own money invested in the property. This helps to insure that the borrower will do everything in his/her power to avoid foreclosure. The loan products that used to be 100%, will now be 95% in many cases. This has become the norm in both California and Florida. However, not all lenders have caught onto this yet and 100% loans are still available in many … (1 comments)
aaron reno: USING YOUR HOME AS AN ATM
- 12/30/07 08:39 AM
Hello again and thank you for stopping by! Today, I wanted to share my views on using your home as an Automated Teller Machine. Over the past decade, more and more families have been pulling equity out of their home in order to make purchases and investments. While there are many view points on this subject, I thought that I would take the time to add mine to the debate. There are good reasons and poor reasons to pull money out of your home. Let's start with a few of the poor reasons: POOR REASONS TO PULL MONEY OUT OF YOUR HOME The purchase of a … (2 comments)
aaron reno: GREAT REAL ESTATE MARKET IN 2008!
- 12/16/07 06:14 AM
Hi again from Intuitive Loans, With all of the negativity surrounding and permeating the real estate and mortgage industries today, I wanted to share my thoughts and perspective. Rather than write a long and drawn-out thesis, I'll summarize today's thoughts in the following 10 bullet points.1) The more real estate professionals that leave the business, the better for us that remain!2) Falling home prices mean better investments for us!3) If professionals complain that the market is bad, agree with them and tell them to get another job!4) This is a GREAT market to buy and hold!5) You never know when you've hit the … (3 comments)
aaron reno: INTRODUCING AARON RENO
- 10/27/07 08:39 AM
Aaron Reno Aaron Reno has been working directly and indirectly with computer technologies and real estate throughout his career. Most recently, Aaron utilized his computer skills to develop company-wide systems at a multi-million dollar literacy company for children ages K-12. After completing his undertaking in the field of education, Aaron then turned 100% of his attention to real estate. Although there are many products available to loan officers and real estate agents, most are incomplete in their design or simply not "user-friendly." It has become Aaron's next mission to systemize the way in which all real estate transactions are handled, thus … (2 comments)
aaron reno: REAL ESTATE DISCLOSURES
- 10/27/07 07:58 AM
How Much Should the Seller Reveal?Sellers should always respond honestly to buyers' direct questions about the condition of the home. Real estate studies have shown that disclosing defects rarely compel an interested buyer to turn away from the deal. In fact, in most situations the defect becomes a negotiating point when determining the final sale price. Sellers Should Volunteer Information About: Malfunctions in the major systems of the home, such as the foundation, plumbing, electrical system, heating and air conditioning, siding, windows, doors, walls and ceilings. Damage to property due to fire, floods, hurricanes, sink holes, etc. Environmental hazards such as … (2 comments)
aaron reno: PRIVATE MORTGAGE INSURANCE
- 10/27/07 07:58 AM
What is Private Mortgage Insurance?Private mortgage insurance, or PMI, is the safety net of the lender. PMI benefits lenders because it guarantees payment on the balance of loans not covered by the sale of foreclosed properties. If a borrower makes a down payment of 20% of the cost of the home, the lender can generally trust that he will make his mortgage payments faithfully to protect a large investment. In this case, the lender comes out ahead if the borrower is forced to foreclose on his house, because the lender loans 80% of the cost of the house, but will probably … (0 comments)
aaron reno: CREDIT SUICIDE
- 10/27/07 07:56 AM
By: Chris Brown Credit Suicide?Few things influence the home buying process more than your credit. I like how Clark Howard refers to the three credit repositories as, "the three screw-ups". There is some validity to that, and hopefully recent legislation will help clean up many of the inaccuracies. Regardless, lenders need a source to determine levels of risk for lending money...and the Fair Isaac Company is where it lies. (Note: Fair was one of their last names... doesn't necessarily denote fairness.) There are close to 50 different things that influence your credit; some good, some bad. Within those 50, there is … (0 comments)
aaron reno: CAN YOU AFFORD A HOUSE?
- 10/27/07 07:56 AM
Can You Really Afford a House on Your Salary?Although buying a new home may seem like an American Dream or romantic venture, the reality is that the house you can afford depends on your current income and debt obligations. You must be able to pay your mortgage, satisfy all your current debt, and still have money left over each month to put in the bank. When you consider all these issues, you may find you will actually be shopping for a lower-priced house than the anticipated dream home. If after careful financial evaluation, you realize you cannot afford the house of your … (0 comments)
aaron reno: BANKRUPTCY VS. FORECLOSURE
- 10/27/07 07:55 AM
About ForeclosuresAlthough it is preferable to avoid bankruptcy, it is even better to avoid foreclosure. Foreclosure is the legal process whereby property is repossessed and sold at auction to cover the costs of an unpaid debt. This is usually the result of a homeowner defaulting on mortgage or loan repayments. The most common causes of foreclosure are divorce, loss of employment or a death in the family. Every year, around one million homes across the US are sold as foreclosures by banks and private mortgage institutions. Some government departments can also repossess property to cover the costs of outstanding taxes and … (0 comments)
aaron reno: CREDIT SCORE TRUTHS AND MYTHS
- 10/27/07 07:54 AM
There are several very important truths about your credit score. Truth #1: Your credit score is the single most important factor in determining whether you will get approved for a mortgage, car loan, refinance loan, or credit card. Truth #2: Your credit score affects your APR. If your score is low, you will pay very high interest rates, up to 23%. Truth #3: Your credit score may affect how much you pay for car insurance, since insurance companies usually run a credit check before selling you insurance. Truth #4: Your credit score may even affect whether or not you are hired for a job, especially … (0 comments)
aaron reno: EVERYTHING IS NEGOTIABLE
- 10/27/07 07:53 AM
Introduction to NegotiatingIn the United States, we are not used to negotiating a price for our everyday purchases. However, when you are buying a home, not negotiating the sellers' asking price may mean paying more than the home's fair market value. To avoid feeling that you paid too much, you must learn the art of give and take for a successful purchase price. For example, you may find your dream house with an asking price of $112,000. Your real estate agent tells you that comparable homes in the area sold in the last six months for $100,000 to $110,000, so you make … (2 comments)
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