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Saturday, November 22, 2014

Did you know that some lenders that will not lend in Cook County (Chicago, Ill) Cayuga County (Cleveland, OH) and Wayne County (Detroit, MI)?



 Did you know that 100% financing, does not really exist?

Did you know that they have a radio advertisement stating that they could show consumer how to purchase property with no money down?


Did you know that ARV means After Repair Value?

Did you know that a Conventional Loan is a loan that is based on ICE?

Did you know that ICE is Income Credit and Equity?

Did you know that an Asset Based loan is a loan that is based on the equity in the property?

Did you know that if you own a property free and clear and you get a loan to pull equity from the property, that is a Asset Based Loan



Did you know that being vested in a mortgage deal is not enough?

Did you know that Lenders want you invested in a Conventional lenders prefer around 10 to 20% and a Hard Money lenders  prefer 30 to 40%?







Did you know that some lenders that will not lend in Cook County (Chicago, Ill) Cayuga County (Cleveland, OH) and Wayne County (Detroit, MI)?

Did you know that Foreclosing  in those states listed  is a process that takes years to complete ( 2 to 3)?







 Now if you didn't know, now you know...



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Friday, November 21, 2014

Did you know that there were two types of Stated Loans programs, SISA & NINA?

Did you know that a stated income loan is a mortgage where the lender does not verify the borrower's income by looking at their pay stubs, W-2 (employee income) forms, income tax returns, or other records. Instead, borrowers are simply asked to state their income, and taken at their word?

Did you know that Stated income loans were originated by Ameriquest?[2]

Did you know that there were two types of Stated Loans programs, SISA & NINA?

Did you know that one type of Stated Loan is SISA?

Did you know that SISA meant Stated Income Stated Asset?

Did you know that NINA means No Income No Asset?

Did you know that a SISA Loan program was used with when the husband had average credit and the wife had good credit?

Did you know that NINA intended for self-employed borrowers, or other borrowers who might have difficulty documenting their income?

Did you know that Stated Loans are simple targets for fraud.[3]

 Did you know that U.S. Senator Chuck Schumer is currently leading an effort to restrict stated income loans;[5] his Borrower's Protection Act of 2007 would essentially forbid them?


Did you know that Stated Loans qualification requirements are based on stable employment, good reserves, good FICO and no less than 40% equity position in the property?

Did you know that Stated Loans loan availability changes state to state?





 Now if you didn't know, now you know...



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Thursday, November 20, 2014

Did you know that in October 1992, the Congress amended RESPA to cover subordinate lien loans?

Did you know that RESPA is The Real Estate Settlement Procedures Act of 1974?

Did you know that (RESPA) became effective on June 20, 1975?

Did you know that RESPA Act requires lenders, mortgage brokers, or servicers of home loans to provide borrowers with pertinent and timely disclosures regarding the nature and costs of the real estate settlement process?

Did you know that RESPA Act also prohibits specific practices, such as kickbacks, and places limitations upon the use of escrow accounts?

Did you know that the Department of Housing and Urban Development (HUD) originally promulgated Regu
lation X, which implements RESPA?

Did you know that Congress has amended RESPA significantly since its enactment?

 Did you know that the National Affordable Housing Act of 1990 amended RESPA to require detailed
disclosures concerning the transfer, sale,or assignment of mortgage servicing?

 Did you know that RESPA requires disclosures for mortgage escrow accounts at closing and annually thereafter, itemizing the charges to be paid by the borrower and what is paid out of the account by the servicer?

Did you know that in October 1992, the Congress amended RESPA to cover subordinate lien loans?





 Now if you didn't know, now you know...



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Sunday, November 16, 2014

Did you know that Set To Go Loans can give loans on free and clear property even if you have bad credit?

Did you know that Set to go Loans closed 3 loans in the month of November 2014?



Property Location: Memphis, TN
Property Value: $67,000
Loan Amount: $36,570
Closed: November 2014
Refinanced


Property Location: Memphis, TN
Property Value: $99,000
Loan Amount: $36,570
Closed: November 2014
Refinanced

Property Location: Memphis, TN
Property Value: $140,000
Loan Amount: $74,200
Closed: November 2014
Refinanced

Did you know that Set To Go Loans can give loans on free and clear property even if you have bad credit?

Did you know that Set To Go Loans has over 100 lenders in there portfollio?

Did you know that Set To Lo Loans has bought people out of a chapter 13?

Did you know that Set To Go Loans has lenders that lend in all 50 states





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Thursday, November 13, 2014

Did you know that when you work a job that pays you tips you still can create a paper trail?

Did you know that you if you are not a w-2 employee that you can create a paper trail?


Did you know that a paper trial means the written evidence of someone's activities.

Did you know that when you work a job that pays you tips you still can create a paper trail?

Did you know that if you deposit once a week, that you will create a paper trail of how much money you earn in a week or month?

Did you know that creating a paper trail also allows you to prove you income and qualify for a loan or credit?






 Now if you didn't know, now you know...



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Wednesday, November 12, 2014

Did you know that the easiest way to resolve a dispute over Heir Property is to have them quitclaim there rights to the property?


Did you know that heirs’ property (HP) is mostly rural land owned by African Americans who either purchased or were deeded land after the Civil War?

Did you know that Heir Property is land that was passed down through the generations without the benefit of a written Will, or the Will was not probated within the 10 years required by law to make it valid – so the land became heirs’ property?

Did you know that Heirs’ property is land owned “in common” (known as tenants in common) by all of the heirs, regardless of whether they live on the land; pay the taxes or have never set foot on the land?

Did you know that Heir Property is the most complex land to refinance or sell?

Did you know that a quitclaim deed is a legal instrument by which the owner of a piece of real property, called the grantor, transfers any interest to a recipient, called the grantee?

Did you know that the owner/grantor terminates (“quits”) any right and claim to the property, thereby allowing claim to transfer to the recipient/grantee?

Did you know that the easiest way to resolve a dispute over Heir Property is to have them quitclaim there rights to the property?

 
Did you know that all it takes is for one Heir to disagree with his share of the property will cause the property to not be sold or refinanced





 Now if you didn't know, now you know...



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Monday, November 10, 2014

Did you know that property tax is the number one reason that a customers payment goes up even with a fixed rate?

 Did you know that the Good Faith Estimate gives you all the information about the loan?


Did you know that the Good Faith Estimate has a summary of what interest rate, term and length of the loan?

Did you know that the Good Faith Estimate is an estimate of the total amount cash that the borrower will need to close the loan?

Did you know that the Good Faith Estimate or (GFE) discloses the total fees associated with the loan?



Did you know that depending on what day you close in the month determines what your pre-pay charges will be?

Did you know that you have two choices to pay your insurance and property taxes?

Did you know that most people pay for there insurance monthly within there mortgage payment?

Did you know that you also have the option to pay your property taxes and insurance once a year?

Did you know that the Good faith estimate show what your monthly mortgage payment will be?

Did you know that the Good Faith Estimate also shows if you have HOA Dues, or Mortgage Insurance?

Did you know that the Good Faith Estimate some banks don't charge an origination fee?

Did you know that banks generally make there money on the length of time that the loan is in service?
 Did you know that when you escrow your taxes of insurance that your payment will generally go up every 2 years?

Did you know that property tax is the number one reason that a customers payment goes up even with a fixed rate?







 Now if you didn't know, now you know...



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