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What Real Estate Lenders Look For
Lenders control many programs -- some make use of over 200! Generally, lenders look for the following typical standards, with many exceptions:
1. Absolutely no late mortgage payments
Borrowers obtain a loan by bringing something of value to the table. One of the following assets ought to get you financing:
1. Good credit score
Seven Loan Types and Finance Terms
Understanding the variety of loan types and terms enables you to choose an effective lender. Here are seven important loan types and related terms:
1. "A" Loans
2. Sub-Prime Loans
3. Stated Income Loans
4. Full-documented Loans
5. Conforming Loans & Jumbo Loans
(Unit= dwelling or housing unit)
Note: the amounts are higher in Hawaii and Alaska. Other states like California, New York, and Florida join the higher limits this year. The dollar amount of these loans changes periodically.
Conventional lenders also use the term conforming loans for loans which are not Fannie Mae and Freddie Mac loans. Conforming loans simply refers to the dollar amount; it doesn't mean you get a Freddie Mac or Fannie Mae loan.
6. "Jumbo loans" are for higher dollar amounts.
7. Home Equity Line of Credit (HELOC)
(c) Copyright 2004, Jeanette J. Fisher. All rights reserved.
Professor Jeanette Fisher, author of Doghouse to Dollhouse for Dollars, Joy to the Home, and other books teaches Real Estate Investing and Design Psychology. For more articles, tips, reports, newsletters, and sales flyer template, see http://www.doghousetodollhousefordollars.com/pages/5/index.htm
How To Find a Real Estate Agent
You may be of the opinion that you don't need a real estate agent and that using one will add to the cost of buying your new home.The fact is that a real estate agent's fees are typically paid by the seller of the home.
Dont be Tempted by We Buy Houses (Updated)
Do you want to sell your home right away? Don't be tempted by "We Buy Houses" or "Sell Your House in 9 days for Cash" ads and billboards.Savvy real estate investors run these ads and put up posters looking for sellers under duress.
Advantages and Disadvantages to Selling a House on Your Own
As with any business transaction, there are pros and cons to selling your own home. Many people are intimidated by the whole process, but if you know what you are up against, and if you are aware of what needs to be done, you will be more effective at selling on your own, or you will be better at making sure your agent does what you prefer.
Selling Your House - $100,000 Pets
Is your pet worth $100,000? It may be if you don't make accommodations for it when selling your home.A Hundred Thousand Dollar Pet?A house I'd seen with a potential buyer in an attractive neighborhood built around two lakes sold for $100,000 less than was typical for the neighborhood.
How Home Buyer Rebates Work
In today's tight housing market, many buyers are looking for ways to stretch their dollars far enough to make that dream home a reality. One little-known strategy that's gaining popularity with consumers is the home buyer rebate.
Buying Real Estate Thats Not For Sale
Buying real estate can start with a look in the newspaper, a visit to a broker, or a search online. These are all good ways to find your next investment property.
7 Marketing Methods for Real Estate Coaches
You shower, shampoo, dress your best, check to see if you have plenty of business cards, drive about an hour, introduce yourself by saying "Hi, I'm Mary and I'm a coach" and the other person says, "Hi, I'm Jack and I'm a coach, too!". You meet more coaches than you knew existed.
Property in Bulgaria - Huge Investment Potential
Bulgaria is a truly magnificent country, located in Eastern Europe with an amazing coastline that stretches over 340km along the Black Sea, with a backdrop of one of the world's most magnificent mountain ranges and the beautiful and historic capital city of Sofia.Today Bulgaria not only offers one of Europe's most attractive and unspoilt holiday destinations it is also host to what will be one of the most dynamic and as of yet relatively untapped property and real estate markets.
What is a Predatory Lender?
Several months ago, the 3,000-member California Association of Mortgage Brokers (CAMB) created the first real definition to describe the abusive lending practices of predatory lenders. According to the CAMB, predatory lending was described as "placing consumers in loan products with significantly worse terms and/or higher costs than loans offered to similarly qualified consumers in the region for the primary purpose of enriching the originator and with little or no regard for the costs to the consumer.
High Tension for the Buyer and Seller of Real Estate Can Be Reduced
Tensions can run high in both the selling and buying of real estate. After all, there is a lot of money and emotion involved! There are also time pressures and numerous privacy issues to deal with.
Green Building Media Fact Sheet - Past, Present & Future
PastSpecialized, niche home builders began constructing resource-efficient, environmentally sensitive homes in the early 1970s. The home building industry coined the phrase "green building" in the late 1980s/early 1990s, turning a movement into a quiet revolution.
OPM - The Art of Leveraging
Equity lender, hard money lender, private investor or what ever term one uses can be a great source of funds to do real estate transactions and the question of how to find them comes up often!There are numerous ways to do this, and no two investors are exactly alike, so it's important to be innovative and customize your proposal to the specific "hot buttons" for each funding source.One of the greatest advantages of real estate investing is the power of leveraging other people's money.
The Real Estate Bubble Fallacy
There has been a lot of talk lately about the "Real Estate Bubble", and a lot of folks are asking the question: "When it is going to burst"?They are saying that the market just can't sustain this level of growth and appreciation much longer, and I heat them say that it is inevitable that it must come crashing down soon. People are worried.
Real Estate Investing and Home Ownership
If you already own your home, you will probably make money in real estate without ever buying another property.The home you are currently buying with a mortgage is probably one of the most valuable appreciating assets you will ever own.
First Impressions Will Sell Property Fast!
First impressions count, buyers will have already formed an impression before they step into your property. A well-kept garden, pathway and fence, plus a freshly painted front door are immediately appealing, whereas a scruffy outdoor space with a litter bin outside the front door may turn many prospective buyers away.
Buying Property In Spain
It's high time someone advocated the use of common sense and suggested that those people looking for that dream home in Spain actually apply a cautious approach to buying!After all, real estate is such a significant purchase for most people that you'd think people would be only too ready to think twice and long and hard before committing to purchase - especially when buying abroad where the rules and customs differ greatly to what we may be used to.But it seems that so many people are seduced by the sunshine in Spain and by aggressive and slick agents and developers that they are willing to purchase unseen, to buy off-plan or even remotely via the internet and to basically purchase without the slightest clue about just what it is they're getting for their money.
Realtors: Forget Your Address?
It's a large real estate agency, and the company depends on a steady stream of leads. The website is classy, with delightful graphic elements and layout.
Buying A Home - What Is That Noise!?!
You've found the perfect home, closed escrow and just finished moving in. As you happily fall asleep, all seems well in the world.
Closing Costs When Buying A Home
Closing costs are often the last thing a person thinks of when buying a home. While closing is the joyous moment the home becomes yours, the costs can be surprisingly aggravating.
Get Rich With Mobile Homes
Does the myth that mobile homes depreciate in value keep you from investing in them? Well, they do lose value in a park, on a rented lot. Mobile homes with real estate, however, are an entirely different investment.
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