For granting home loans, mortgage providers verify the income source of the borrower. Typically, verification is done based on the W2 tax form. However, this can pose a problem if you work as an independent professional, such as a freelancer. This is because freelancers, owners, gig workers and contractors do not have tax forms to … Read more
There is a fundamental component that pervades each of the major areas of developing a new commercial real estate project, from purchasing the land to constructing the building, attracting tenants, managing the space as a landlord, and even until refinancing or selling the project. This single component is money. All development projects require funding, the … Read more
With the Fed chairman continuing to raise interest rates, the refinance boom for first mortgages may be over. Over the past 3 years, millions of homeowners were lucky enough to lock into a thirty year fixed rate mortgage at 5.5%. With the market changing and rates climbing, it’s time to consider a second mortgage to … Read more
Due to various market conditions, more and more investors are turning to the secondary markets of commercial real estate. But what are the current market conditions? And how are they influencing today’s investors to tap into these markets to expand their commercial real estate portfolios? Understanding current market conditions There are secondary markets for commercial … Read more
It is well known that Owner Financing tends to sell properties faster, especially in cases where the properties or the potential buyer do not conform to conventional lending/mortgage requirements. Seller offers to hold the mortgage note (owner-financed mortgage) and receive monthly payments from Buyer in the form of a bank. The problem with this approach … Read more
Book Review: Your Successful Career as a Mortgage Broker by David Reed, Amacom: American Management Association, 1601 Broadway, New York, NY 10019, ISBN 0814473709, 978-0814473702, $18.95, 240 pages, 2007 David Reed’s latest hostage title; Your successful career as a mortgage broker complements a successful ongoing mortgage banking career and his previous three mortgage-related books. Based … Read more
The blame for the housing crisis has been placed several times on President Clinton, who was urged by minority leaders while he was in office to expand opportunities for homeownership. As a response, President Clinton urged lenders to offer more flexible loan programs to help minority families, who otherwise had been left out of the … Read more
Owning a home is the dream of every American, but due to skyrocketing property prices, this dream remains unfulfilled for many. Don’t let this happen to you. Find the best mortgage rate and become a home owner. If you have a good credit history, even better! You will be offered a lower rate that will … Read more
Homeowners with mortgages with Ditech (GMAC) must use President Obama’s stimulus plan to obtain a refinance or home loan modification. Obama’s “Making Homes Affordable” plan would give homeowners a chance to get a lower 4.5% fixed rate through refinancing or mortgage modification. Homeowners everywhere are now eligible to access the scheme even if they were … Read more
New York law provides that judgments, as well as first and second mortgages, serve as liens against real property. This means that once a judgment is filed against a customer, it acts as a lien against their real estate, along with a mortgage or home equity line of credit (“HELOC”) lien on the real estate. … Read more