Archive for July, 2006
There is, in my town, a particularly obnoxious mortgage broker who uses phrases like, “no brainer”, “rip-off”, “racket” about his own industry. Well, I’ll agree with him on one thing: He’s hoping you’re the no brainer because what he offers is not necessarily good and how he sells it is an absolute lie.
Normally I have only good things to say about even my competition but in this case let’s call it like it is – misleading. However it has stirred up a lot of talk and I get a lot of phone calls about this particular service of No Closing Cost Loans. I also find it funny that he also has an advertisement on air looking for loan officers because his “top performers” earn “a half-million a year”. Still think he’s paying your closing costs? Far from it friend! Read the rest of this entry »
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Probably not. The quoted rates are based on numerous assumptions, such as that your credit is good, you have enough income to qualify, you can document your income and assets, you will occupy the house as your primary residence, and on and on. If you don’t meet all the assumptions, your rate will be higher.
In addition, the quoted rates apply today. Rates are reset every day, so tomorrow they may be different. What matters are the rates quoted on the day you lock the terms of the loan.
Furthermore, not all rate quotes are believable. Some loan providers deliberately quote below the market to get borrowers in the door. Once inside, they are fair game for a variety of stratagems for raising the rate.
From: http://loan.yahoo.com Read the rest of this entry »
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Sounds easy to ask, doesn’t it? “When can we close?”
Sure, everyone would like to hear, “Oh, just whenever you’re ready!”
The truth? Whether you are a real estate investor looking for a mortgage for acquisition, rehab or construction or you are a homeowner just looking to purchase a home there are a couple of points you need to be aware of when it comes to closing speed and dates for any mortgage loan. Read the rest of this entry »
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If you’ve only heard the term and don’t know what it is this will help. If you’ve never heard the term this will help you, too! It’s a brief, very brief, introduction to using 1031 Tax Deferred “Like Kind” Exchanges to defer any capital gains taxes you may have otherwise faced with the sale of a piece of real estate.
In the real estate investment industry I answer this question at least 2 or 3 times every week.
1031 exchanges must be administered by a Qualified Intermediary. You cannot hold the proceeds from the original sale – they must be placed in escrow by a Qualified Intermediary. I prefer and use Starker Services since it was Starker who first identified this tax opportunity and began to market his services commercially. Read the rest of this entry »
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So you’re thinking, “What’s this guy going to tell me that I don’t already know?”
Probably nothing. Sometimes it’s about reinforcement. Sometimes it’s just knowing that someone else understands.
So many experienced people start out by saying something like, “I’ve been doing this for 25 years so I’m going to tell you blah blah blah blah blah.” Then they leave you with the impression that if you deviate from their Commandments Of Living that you are a moron.
False! Read the rest of this entry »
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