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Attorney Realty Alliance, Las Vegas Commercial Mortgage Attorneys, Brokers, CPA’s, Investors, and Property Managers. Commercial Real Estate Loans & Commercial Financing in Las Vegas Nevada.
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This is a quick overview of the I.C.E. formula WCC uses to qualify potential borrowers when they apply for a mortgage loan. I cover income, credit and equity. Wholesale Capital Corporation is a Direct Mortgage Lender in Southern California providing loans for residential, commerical and SBA cleints. Please fell Free to contact Adam Villaneda at 951-488-3182 if you have any questions about buying a home in California. Qualifcations from commericial and SBA loans may differ from information presented in this video. In addition, WCC does have minimum requirements in all three fields covered in this short presentation. Call now to see how I can help you finance you next purchase or refinance your current home.
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Many people are simply getting lost in the system and suffering an unnecessary foreclosure when they could have worked it out with their lender. However, when a lawyer is involved, it seems as if the calls start to get answered and the letters responded to. Often this can make the difference between saving your home and losing your home.
Most lenders are completely unresponsive to many of the homeowners who reach out to them for help with their mortgage. In fact hundreds of thousands of homeowners have lost their homes and many more will as a result of miscommunication, servicing abuse and just plain neglect.
We use powerful laws like the Truth in Lending Act (TILA) and the Real Estate and Settlement Procedures Act (RESPA) to bring lenders to their knees. These laws MUST be followed and failure to do so can result in significant damages to the lender. So, naturally, they will be very amicable to working your loan out to more affordable terms to avoid costly litigation.
Duration : 0:9:26
Moneysupermarket.com editor Clare Francis questions mortgage expert Louise Cuming on how to find the best mortgage to suit you…
Duration : 0:3:57
(Best Syndication) This video will explain various mortgage options including a fixed rate mortgage (sometimes called a FRM), an adjustable rate mortgage (sometimes referred to as an ARM), and interest only loans. Although fixed rate mortgages are usually more desirable, there are instances when customers may want to choose either an adjustable rate mortgage or even an interest only loan.
The interest rate of a fixed rate mortgage remains constant throughout the loan term. Payments are fixed and will not vary, and this amount is independent of the additional costs on a home including as property taxes and property insurance. Some lenders may require an impound account for both taxes and insurance. This benefits the lender by ensuring that these required payments are made.
If there is very little money down, the lender may require an impound account. But impound accounts can confuse the borrower who is not sure if those payments were actually made. In some instances they may continue to be billed by the county assessor and / or the insurance company.
Adjustable Rate Mortgages have become very popular lately. They are characterized by low initial payments which make it easier for the borrower to qualify. This allows borrowers to qualify and purchase larger homes.
The payments may be adjusted periodically with the interest rate tied to an index. Common indexes include the 11th District Cost of Funds Index (COFI), London Interbank Offered Rate (LIBOR), 12-month Treasury Average Index (MTA), Constant Maturity Treasury (CMT), National Average Contract Mortgage Rate, or the Bank Bill Swap Rate (BBSW).
Adjustable rate mortgages are usually easier to qualify for because the lender is protected from spikes in interest rates. But lenders and investors need to consider the default rates due to hybrid adjustable rate mortgages which offer an initial low payment period. After that period the loan payments are adjusted upward and may even double leading to defaults and foreclosures.
But what do the numbers mean in Hybrid mortgages? A 3/1 ARM means the payment is fixed for a 3-year period and a subsequent 1 year adjustment period. After a specified “reset date” the loan is free to adjust or “float” to the index specified in the loan documents.
When interest rates are high borrowers may prefer an adjustable rate loan. If a borrower feels that he or she may sell their home within five or maybe ten years, they may consider either an adjustable rate mortgage or an Interest Only Loan. If property values increase in that period the home buyer benefits because they invested less money compared to a standard Fixed Rate Mortgage.
Borrowers with Interest Only Loans pay only the interest for a specified period of time. Unlike Adjustable and Fixed Rate Mortgages, no principal is paid on the loan. At the end of interest only period the loan may convert to a regular amortized loan or a balloon payment may become due. The terms are spelled out in the loan agreement.
In the United States a five or ten year interest-only period is typical. After that time the loan usually converts to a regular amortized loan for the remaining term. For instance, a homebuyer may pay interest only for 10 years but then pays both interest and principle for the remaining 20 years of a 30-year loan.
Adjustable rate and interest only mortgages can help buyers qualify for larger loans and homes. There is a risk to both the borrower and note holder when the loan either resets or converts to a regular amortized loan. For this reason lenders will usually require a higher interest rate on these types of loans.
Homeownership offers many advantages when compared to renting. This presentation was not meant to be advice. Always consider all of your options and talk to loan and / or real estate professionals before making your decision.
Duration : 0:5:37
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Best (Mortgage Companies) FHA, VA Loans Broken Arrow, OK 918-906-9490
Deborah Freeman owner of Freeman Team Mortgage, Inc. would love to help 1st time home buyers, Veterans, and those who wish to refinance find the mortgage that best fits their needs. Personal Service without sacrificing great rates. Check out our Testimonials & Reviews and then give us a call.
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UWM brings you the industry’s first True Jumbo Loan, “The Big and Easy”
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Hey Everyone,
I just heard about the flip rules changing again. Be ready and take a look.
Give me a call if you or your clients need to get set up for a loan.
Ryan Hoffman
Loan Officer
Wholesale Capital Corp.
23328 Olivewood Plaza Drive
Moreno Valley CA 92553
Direct: 951-488-3114
Fax: 951-488-3214
Cell: 951-312-8650
Duration : 0:1:30
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