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Lenders & Loan Products
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Mortgage Lenders And Types Of Mortgage Loan Products
This department covers information specific to lenders and types of mortgage loan products. To succeed as a loan officer or mortgage broker, you've got to know what you're talking about. By understanding the loan products that exist and the banks behind them, you'll be better prepared to sell effectively, meet your borrowers lending needs, and close more deals in less time and make more money. Having an intimate knowledge of the people, prices and programs is just like shooting fish into a barrel.
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Home Equity Loans: Don't Put Your Home Or Condo At Risk
Have you seen those bank and mortgage ads on TV and newspapers telling you to pay off those pesky high interest credit card bills by tapping into the equity of your home? They make it sound real simple, apply on-line, call-us toll free, answers within hours, etc. They almost sound too good to be true. . . .
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Interest Only Mortgages Have Their Pitfalls
Rising home prices, particularly on the East and West coasts have put the costs of home ownership seemingly beyond the reach of many. And yet, home ownership is up nationwide, and the percentage of Americans who own their homes is the highest it has ever been. How is this possible? . . .
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The Principal Facts Of An Interest-Only Mortgage
Well it may break your bubble but there is no such thing as an interest-only mortgage - because eventually you'll have to pay the loan principal as well. In other words, with an interest-only mortgage loan, you pay only the interest on the mortgage in monthly payments for a fixed term. . . .
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Self-Employed Mortgage Loans: A Survival Guide
When you're self employed you have numerous advantages. As you are a free agent, you will write off every deduction you can on your tax return. You acquire the potential to earn extra income much more so than someone who is employed by someone else. The best part is that you are the gaffer, the boss! . . .
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Home Loans For Immigrants With ITIN Mortgages
The mortgage industry has long been able to adapt to changing market conditions. When interest rates rose to double-digit levels in the late 1970's, the industry made more adjustable-rate mortgages available. When the savings rate began to drop and Americans had less to put down on homes, the industry made more flexible loan products available that did not require as large a down payment. . . .
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Why Consumers Should Get A Capped Mortgage
Many people who get variable rate mortgages find that they can mix the security of a fixed rate mortgage whilst still having variable rates by getting a capped mortgage plan. If you are looking for a variable rate mortgage then you should seriously consider putting a cap on the mortgage. . . .
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The Advantages Of An Offset Mortgage
Offset mortgages are one of the newest types of mortgage around, and are quite similar to current account mortgages. They are highly flexible, and if you are looking for a mortgage then you should consider an offset mortgage. Here is some more information on offset mortgages and how they can be beneficial. . . .
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Buy-To-Let Mortgages Explained
Buy to let is becoming more and more popular because of low interest rates and the seemingly attractive income generated from rental property. If you are thinking about buying a house to let, then you need to know about buy-to-let mortgages. . . .
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The Adjustable Rate Mortgage As A Long Term Loan
Adjustable rate mortgages are long term mortgage loans with variable interest rates. They have a schedule of principal and interest payments just like a fixed mortgage, but the interest rate may be adjusted at regular intervals during the term of the loan. Therefore, the monthly payments are likely to move up and down as the rate is adjusted. . . .
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AUDIO = Private Lending Students Speak
Alan Cowgill's students speak about the private lending business and how it applies to real estate investing, mortgages and structuring the offer. Although most real estate deals are done through traditional lender avenues, private lending is an area every mortgage broker and real estate professional should be aware of. It's just another way to get the deal done! . . .
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Firing Private Lenders
Well, stay with me here and I'll explain. I love my private lenders. We get along great and I make sure of that. Up to this point we've talked about how to attract and keep private lenders. If you don't have private lenders at this point, being selective about them may be something you've never even considered. . . .
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Alan Cowgill's Private Lender Rules
This is my business. After many years in a corporate job working for others, I left because I wanted to run my own business my way and that's exactly what I am doing. I am using my business skills to create the kind of company I want. Along with creating my own rules, procedures, and systems within my real estate business, I have rules that I follow regarding my private lenders. . . .
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Two Major Benefits Of Having Private Lenders
I started my business by using banks, savings, credit cards, lines of credit, creative techniques with sellers (like land contracts or lease/options), and partners. But, once I was self-employed, I was concerned that it was going to be harder to get loans to purchase properties. . . .
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The Ins And Outs Of Home Equity Lines
More and more lenders are offering home equity lines of credit. By using the equity in your home, you may qualify for a sizable amount of credit, available for use when and how you please, at an interest rate that is relatively low. Furthermore, under the tax law-depending on your specific situation-you may be allowed to deduct the interest because the debt is secured by your home. . . .
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All About Bridge Loans
You have to move fast in today's housing market if you want to get into the home of your dreams. In cities such as Seattle or San Francisco it's not uncommon for a buyer to receive half a dozen offers within the first day or two after putting the house on the market. . . .
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Second Mortgages Explained
A second mortgage is a loan that is secured by the equity in one's home. While obtaining a second mortgage loan the lender places a lien on the borrowers' house. This lien will be recorded in 2nd position after the primary or 1st mortgage lender's lien, hence the term second mortgage. . . .
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Inside Adjustable Rate Mortgages Or ARMS
An adjustable rate mortgage is a mortgage loan that is fixed for a set period of time and then adjusts based on the rates during the adjustment period. An adjustable rate mortgage generally offers a lower rate than a fixed rate loan initially; however, it could adjust to a higher rate than the initial fixed rate mortgage would have been. . . .
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Interest-Only Mortgages Explained
Interest only mortgage is exactly what is says. Simply put you only pay interest on the money you borrow and for the duration that your borrow the money. The interest only term can be very misleading in the sense that the idea of the original borrowing is not made clear. . . .
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Balloon Mortgages Explained
A balloon mortgage is a loan that is provided for a short period of time for a set amount of money. Balloon mortgages will often involve periodic payments that are made at a fixed interest rate. During this period, the loan may not be amortized. The balance of the loan has to be paid in full at a specific time. . . .
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All About No Doc And Jumbo Loans
Home mortgage brokers are constantly trying to capture a larger share of the lending market for themselves by designing new products to attract new borrowers. This is a great benefit for borrowers looking to find a mortgage tailored to their specific needs. By stepping outside of traditional, mainstream lending programs, brokers are consistently scoring new customers and borrowers are getting their funds quicker and easier. . . .
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Why Second Mortgage Loans Beat Home Equity Lines Of Credit
When it comes to home equity loans, there are mainly two different options: A second mortgage loan or a home equity line of credit. The following article will explore the reasons why a second mortgage is a much better choice than a home equity line of credit in most occasions and especially given the current market conditions. . . .
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Option ARMs: "The Sky Is Falling So Says The Chicken Littles Of The World"
Every investment vehicle and financial program under the sun has some sort of risk attached to it. Whether it is stocks, bonds, stock options (deep in the money/out of the money) puts, arbitrage, stock shorting, derivatives, mergers, Real Estate Investment Trusts, etc. The key is managing the risks within suitable parameters while superimposing an investment template and guidelines over the investment. . . .
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Teasing Me, Is Not Pleasing Me
Teaser rates on variable mortgage products looked great at the beginning. Borrowers are starting to come out from the affect of the ether and waking up to a rate that is in some cases DOUBLE from where they started. A lender would offer ½% to 1.0% below Prime rate (currently just increased to 8.25%) for say the first six months then go up to say just Prime. There were multiple combinations offered to attract the borrowing public. . . .
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Lender Seasoning Leaves A Bad Taste
There has been a lot of negative press and misinformation lately about double-closings. Many people have been indicted recently under what the press has called "Property Flipping Scams." Uninformed lenders, real estate agents and title companies will tell you that double-closings are now illegal. In fact, they are nothing of the sort. . . .
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Non-Income Verification Loans
The best interest rates are generally for conforming loans. A conforming loan is one that adheres to FNMA's strict lending guidelines. Conforming loans generally require strict proof of income, assets and other debts. If, for example, you cannot prove income to a lender, whether it be you are self-employed for a short time or can't otherwise prove income, there are non-income verification (NIV) loans. . . .
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