Best Interest Mortgages-Verico
http://www.yellowpages.ca/bus/Ontario/Orleans/Best-Interest-Mortgages-Verico/3655407.html?AFC-TT2527453564
Looking out for your best interests.
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At Pinnacle Mortgage Group we process, underwrite and fund our loans, ensuring competitive wholesale pricing, quick turnaround and the ability to tailor programs for your specific needs. Our satisfied customers have given us an A+ BBB rating.
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http://www.myhometownllc.com
Get a Home Purchase quote or browse at interest rates or homes in TN & GA.
Free, no hassle, & no obligation!
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http://www.themurraygroup.biz/
40 Pleasant Hill Blvd Franklin Ohio 45005. $137,900
This is the one that you have been waiting for. A newer construction home with full basement located close to Dayton and Cincinnati. You will be impressed from the moment you come through the front door and see the generously sized living room features cathedral ceilings. The kitchen boasts 2 eat at breakfast bars, an eat in kitchen, as well as a morning room/sun room. The sun room has large decorative windows for a lot of natural light. The morning room leads out to the newly constructed deck that is huge and wraps around the back of the deck. The back yard boasts no neighbors on the north side of the house which makes for a much larger yard to play in. This home also boasts a full basement that is plumbed for a full bath and is ready to be finished to your liking. There is also an addition area in the basement that would be perfect for a theater room. The master bedroom has a private makeup area and good sized walk in closet as well. Check out the HD Video Showing online.
Great newer construction home in Frankln.
Franklin welcomes you and is located between Dayton Ohio and Cincinnati Ohio.
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How to lock the best Mortgage rates? Should I lock my interest rate now or float? This age old question isn’t a fair one because not all lenders will answer it the same way, watch video to learn more…
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I want to talk to you about private lending. There’s a lot of confusion as to where it is. People will often say to me, “I tried to get five percent down with my bank, but I couldn’t document my income . So I was wondering if you have any private lenders.” And the answer is, with five percent down, “No.”
Private lending is restricted, generally, on the strength of the property and the size of your down payment. Now, sure, credit and income play a role; they want to make sure you know how to pay your bills and they want to make sure you have income. But they may not seek to verify it in exactly the same fashion that the banks will.
Many times, they won’t look at it at all. They’ll assume that if you’re stoking down 30 percent or 40 percent of the property’s value and if you have payments of $1,500 a month, that you would be a fool to do so if you didn’t have a means of making those payments, that’s equity lending.
And equity lending is really based on the quality of security, it’s proximity to major arterial routes, to urban centers, to schools, et cetera, et cetera, et cetera, predominately focused on resale value. So, if you’re buying a unique property up in the Coot Knees, and you’re trying to get 95 percent financing. If the banks won’t do it, FC and HC won’t do it, you’re not going to get it from a private lender outside of the bank of mom and dad.
Now, in cases where private lending is required, someone with poor credit, maybe their credit is below what the bank’s threshold is. And, maybe they have a large down payment. A classic example of this is someone who’s gone through a bankruptcy, who owns a business and maybe still makes very good money but, due to one reason or another, was forced to declare bankruptcy and they’ve got 30 percent down. And they’re trying to buy a place and they’re being told everywhere, “No way, we can’t due to credit.”
That’s a perfect candidate for private lending and usually they can get some reasonable rates in those circumstances assuming the property is, again, solid and secure because that’s kind of the backbone of private lending.
Another thing, is if the property doesn’t conform to standard uses. For example, a former grow op or former meth lab, or land-only on service lots, and that kind of thing. These are places where banks don’t really like to lend, at least not at the four percent range or five percent range, but that’s still good business and those properties still have value. So, if you’re a borrower looking to get some sort of land loan or a former grow op financing so you can fix it and sell it for a large profit, those are definitely the ones that we can help you.
Lastly, people that just can’t document their income. Maybe they’ve got fantastic credit. They run a small business and they make good money each year, but due to write-offs and tax-efficient accounting, they’re not able to prove their income. And if the banks don’t believe how much income they’re earning, but they have a sizable down payment, again, we might have to go to private lenders. Not always. We often have equity programs at banks and whatnot, if they have enough of a down payment.
But sometimes, there’s that gap between what the banks will do on an equity basis and between what they will do on a stated income or full income basis. And, in that gap, is where private lenders tend to make their money.
Lastly, weird situations. So, banks will often demand independent legal advice for a spouse buying a home without the other spouse on title or maybe you’re trying to do an equity takeout for investment purposes in another property. The numbers don’t quite jive because the banks don’t give you credit for your rental income the way that they used to. These are all perfect examples of places where private lending is required.
A common one is also construction or buy, fix and flip. These are places where you can use a private lender who’s not going to ask you a billion and one questions like the banks are going to ask you. I can make the process a lot easier.
Now, in exchange for all of this freedom, in exchange for all these abilities, you’re going to pay a higher rate. So, if the banks are charging four percent, you’re probably on a first mortgage looking anywhere from 6-1/2 to 12, depending on the risk that you pose as a borrower and that the property poses as security to the lender.
Now, there’s also second mortgages, third and so on and so forth, maybe you don’t want to break your first mortgage because you’ve got a fantastic rate on it, but you need 20 grand to consolidate some credit card debt and get the creditors off your back. These are all ideal things for private lending.
If you have a situation that doesn’t fit the bank, but you’ve got some equity and, generally, you need about 20 percent equity in the property, or 20 percent down for private lending to be considered effective, then please give me a call.
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Homewise Solutions (www.homewisesolutions.com) helps potential home buyers to achieve their dream of homeownership through Rent to Own (Lease Purchase). Through our extensive training and education program we will prepare you for a mortgage while you are renting your new home.
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http://www.northernrock.co.uk/Mortgages/Learn/First-Time-Buyer/Buyers-Guide A First Time Buyers Guide from Northern Rock.
We have pulled together a 10 step guide to buying your first home. We’ve laid out everything that you’ll need to do to make sure that your house purchase is as simple and straightforward as possible. Visit our website www.northernrock.co.uk for more information.
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Homewise Solutions (www.homewisesolutions.com) helps potential home buyers to achieve their dream of homeownership through Rent to Own (Lease Purchase). Through our extensive training and education program we will prepare you for a mortgage while you are renting your new home.
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Source 1 Mortgage 815-899-5626 http://www.yellowbook.com/profile/source-1-mortgage_1853948665.html
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