Did you know 2

Sunday, November 30, 2014

Did you know that an Appraisal is the number one way to determine the value of a commercial or residential property?

Did you know that an Appraisal is needed to establish a property value so that a lender can determine a loan amount?

Did you know that some lenders will use other lenders Appraisal?

Did you know that an Appraisal can only be used six months fro the date it was issued?

Did you know that an Appraisal can be re certified after its 6 months have expired for about 40% less than the original cost?

Did you know that all lenders (commercial and residential) expect you to pay for your appraisal, up front?

Did you know that there are two ways to determine the value of your property?

Did you know that Set To Go Loans has lenders that uses Appraisals and BPO?

Did you know that a Residential Appraisal cost from 300 to 400?

Did you know that a Residential BPO cost from 165 to 225?

Did you know that Commercial Appraisal are more expensive than BPO?

Did you know that Commercial Appraisal are 2 to 3 ties more expensive than Residential Appraisals?

Did you know that an Appraisal is the number one way to determine the value of a commercial or residential property?

Did you know that a BPO is the second most poplar way to assess value of property?

Did you know that a BPO is a Broker Price Opinion?

Did you know that an Appraisal is completed by a license state agent?

Did you know that an Appraiser job is to value the property, take pictures, find comps and give a true value based on the information that he received?

Did you know that a Real Estate Agent is the person that performs a BPO?

Did you know that if a consumer orders an appraisal that no lender will accept it?

Did you know that the reason that lenders will not accept a third party appraisal because it could have been obtained at arms length?

Did you know that an Arms Length Transaction is when an Agent motivates an appraiser to gives a higher value to a property than its actually worth?

Did you know that a Fair Market Appraisal is an house that is on the border of being a shack?

Did you know that an As is Value Appraisal is based on the actual Value of the property as it currently sits?

Did you know that Set To Go Loans use As Is Appraisal?
Did you know that an After Repair Value is an Appraisal based on the property after it has been repaired?





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



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Sunday, November 23, 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?





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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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Monday, November 17, 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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Tuesday, November 11, 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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Wednesday, November 5, 2014

Did you know Hand-held Cell phone use is ban in 13 states?


Did you know that the prevalence of cellular phones, new research, and publicized crashes has started many debates related to the role cell phones play in driver distraction?

Did you know that there is state laws against cellular phone use and texting while driving?
Did you know that Hand-held Cell Phone Use is Banned in 13 states?

Did you know that  D.C., Puerto Rico, Guam and the U.S. Virgin Islands prohibit all drivers from using hand-held cell phones while driving?
Did you know that no state bans all cell phone use for all drivers, but 37 states and D.C. ban all cell phone use by novice or teen drivers, and 20 states and D.C. prohibit any cell phone use for school bus drivers?

Did you know that Text Messaging ban is enforces by 44 states?

Did you know that D.C., Puerto Rico, Guam and the U.S. Virgin Islands ban text messaging for all drivers?

Did you know that the laws in Arkansas and California prohibit police from stopping a vehicle to determine if a driver is in compliance with the law?


Did you know that in Louisiana, all learner's permit holders, irrespective of age, and all intermediate license holders are prohibited from driving while using a hand-held cellphone and all drivers younger than 18 are prohibited from using any cellphone. Effective April 1, 2010 all drivers, irrespective of age, issued a first
driver’s license will be prohibited from using a cellphone for one year?

Did you know that Utah's law defines careless driving as committing a moving violation (other than speeding) while distracted by use of a hand-held cellphone or other activities not related to driving?




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Did you Know

Did you know that the average human brain contains approximately 86 billion neurons? These remarkable cells form intricate networks, allowing us to think, feel, and experience the world around us. Each neuron communicates with others through electrical impulses, creating a symphony of thoughts, memories, and emotions. So next time you ponder life’s mysteries, remember that your brain is orchestrating a cosmic dance of neurons!