By D.C. Fawcett, Business Building Coach to the Foreclosure Industry

When real estate investors in Florida evaluate their options for securing deals and making profits, there are several things that may come to mind. Whether its owning rental properties, fixing up properties in disrepair, or working short sales, the business of real estate is a proven winner. 

It’s also no secret that the mortgage broker business just isn’t what it used to be. Long gone are the refi boom, the various loan options for even credit challenged clients, and the plethora of high LTV loan products that you could offer to your clients. In short, it isn’t what you learned in Florida mortgage broker school and it’s tough out there.

You may be wondering what you’re going to do and in what direction you want to go with your career. After all, you’ve had formal training in Florida mortgage broker school, have attended mortgage seminars, and also see the profit potential in the real estate business. Like I said, though, the lending industry just isn’t what it used to be so now what?

The truth is, folks, that preforeclosures and short sales are the wave of today and the future. As someone who has an education from Florida mortgage broker school and who I’m sure pays attention to the news and realizes how many foreclosures are out there right now, aren’t you ready to learn how you can profit from the current real estate economy and, in doing so, earn 10 times what you would make for simply originating a loan?

Instead of fighting over the few high credit clients out there that also have down payment funds, wouldn’t you like to learn how to again work with the types of clients who you used to work with years ago? They need your help and there is tremendous profit in working with preforeclosure clients when you are working with a proven system that gets results.

Quality foreclosure training can impact those of you who have previously been trained in Florida mortgage broker school. I can assure you that this is not yet another example of loan officer training, nor is it a mortgage seminar. In fact, this is something completely different from the Florida mortgage broker school training that you had in the past.

In today’s Florida real estate market, buying foreclosures is as much as part of investing as any other part of the business. Expand your Florida mortgage broker school experience and make sure you have Florida short sale training backing you when you invest because the deals are out there.

I highly recommend that you commit yourself to Florida short sale training, and your Florida mortgage broker school education will immediately become more well rounded. Your business will also be more productive and more rewarding. I wish you the very best in success in all of your investing pursuits and in business as a whole.

Technorati Tags: Florida Mortgage Broker School

There are going to be many factors which affect your mortgage rate, some of which are under your control and others which you can do nothing about. You should be aware of all of the factors which might affect your mortgage rate and take them into consideration before applying for a mortgage loan. You can take steps to improve some of the factors which affect your mortgage rate and make decisions about when is best to apply based on basic knowledge about your mortgage.

What is a mortgage?

Most people understand the basic definition that the mortgage is a loan which is used to purchase a home. There is slightly more to the mortgage than this. The mortgage is a loan which uses the property itself as collateral. If you fail to make the payments on your mortgage, the property may be taken over by the lending institution who has given you the mortgage.

You want the best mortgage rates

The mortgage is a long-life loan meaning that it is not going to be fully repaid for many, many years. A standard home mortgage is often a fifteen or twenty year loan. This means that you want the best mortgage rate possible because you are going to be needing to pay this rate for a long, long time.

Factors affecting mortgage rates

Major factors affecting mortgage rates include:

• Amount of down payment on mortgage

• Consideration of closing costs

• Income of mortgage borrower

• Life of mortgage loan

• Life of mortgage rate

• Total mortgage loan amount

• Whether or not the mortgage rate is adjustable

Factors making up a desirable mortgage rate

The basic premise of the desirable mortgage rate is that it is within your budget, has a low interest rate and is paid back as quickly as possible. How all of this plays out in terms of each individual mortgage depends upon the independent factors of each borrower. For example, you might prefer a fifteen-year mortgage loan to one that is paid over thirty years. This will allow you to save money over time because you pay less in interest. However, if you can not afford the higher monthly payments and you default on the mortgage loan, you have not helped yourself out any.

Negotiating a desirable mortgage rate

The simplest method of achieving a desirable mortgage rate is to work with a mortgage broker. You will have to pay up front fees to the mortgage broker, usually at the time when all of the closing costs are paid on the home purchase, but you will save money and time in the long run. The mortgage broker plays the role of assessing your personal financial situation and working with lending institutions to negotiate the best possible mortgage rate for your situation. The mortgage broker has experience with all of the factors and terms used in the mortgage loan negotiation and can use this expertise to your benefit.

Repayment of the mortgage loan

When you are working out a plan of repayment for the mortgage loan, you should look at the amount of money available for down payment, the amount you can reasonably pay on the loan each month, the grace period of any adjustable mortgage loan interest rates and any fees owed for early repayment of the mortgage. Working with the mortgage broker, you should be able to develop a repayment plan for your mortgage which allows you to purchase and remain in your home through the life of the loan.

Martin Lukac
http://www.articlesbase.com/finance-articles/factors-that-affect-your-mortgage-rate-83557.html

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If you are a commercial real estate broker loan, and only work on large commercial mortgage loan, that of hunger. For the reasons set out below, large commercial mortgage loans rarely close to the corridors of commercial mortgage loan.

1. In order for a commercial bank or even a hard money commercial mortgage lender to be prepared to make a large commercial loan, the borrower must usually have a net worth at least as large as the loan amount. Therefore, if you’re trying to put a $ 20 million of commercial real estate loan, the borrower’s better to have a net worth of at least $ 20 million.
2. Why on earth that a borrower with a $ 20 million of equity apply to you - the typical commercial mortgage loan broker? He did not. He recognized quickly that you are not a great expert in commercial lending. Heck, the top real estate investors and developers probably know much more about commercial real estate finance than you. Therefore, the types of major trade agreements that are generally borrowers and developers with $ 3 million net worth trying to borrow $ 20 million. It’s a pipe dream! The loan was never close.
3. If a borrower has a $ 20 million net worth, you can be sure it has had dozens of bank loan officers by calling directly on it. Therefore, even if you do not get lucky and went to work for an investor or developer with a huge net worth, you can bet that is also in touch with his own bank and a half dozen other bankers who have called for direct to him. Therefore, even if you delivered a delightful period of a sheet of bona fide mega-bank, which will add its half-point rate to the mega-bank of a point to pay. Guess what? Direct lenders are also working on the agreement can always be that nearly matches the interest rate and provide a road within just one point because there is no agent involved in the operation.
4. But you probably will not succeed in delivering a piece of delicious period of some mega-bank or large business of life. Why? Because the top loan officers working in the mega-banks and large companies probably do not give him the life time of day. These guys are constantly in demand, and that rarely waste their time working with some beginners, intermediate level or even a mortgage broker business. These top of the food chain loan officers tend to have stable of about a dozen top bankers who provide commercial mortgage with 95% of its loans - and you are not one of them! These top commercial mortgage loan officers probably just blow it off the phone, even if its operation was perfect.
5. If you never work in big real estate loans? The only time it may make sense on that front would be if the borrower was a client. Perhaps it closed a $ 3 million commercial mortgage loan for him seven years ago, and then to $ 7 million three years ago. It is now trading up to a larger commercial property and needs $ 13 million deal. Clearly, in this case, you absolutely must have in the deal.
6. However, in the absence of a track record or some other personal relationship (perhaps the filthy rich investor is his stepfather), you should not take on these large commercial mortgage loans.
7. By contrast, stick to small business loans standing, the types of deals that actually close and feed his family by http://www.pro-bargainhunter.com.

Pro Bargain Hunter
http://www.articlesbase.com/mortgage-articles/major-commercial-real-estate-loans-rarely-close-to-the-average-commercial-loan-broker-676023.html

TELSTRA has sold a dedicated phone name - 1300 HOMELOANS - for an Australian record $1.195 million dollars in the face of predictions the price of vanity phone numbers is set to explode.

Phone name specialists expect some vanity numbers could be fetching up to $20 million within three years as companies look to take control of generic names for entire sectors.

Mortgage broker XM Inc won a closed-envelope auction for the home loan number this week, out-pacing another bidder for the number, which was put on the market by Telstra phone name division 1300 Australia.

The bid outstripped the previous record set for the auction of the word taxi three years ago, which sold for $1 million.
1300 Australia chief executive officer Gavin Scholes told Media the number had proven a popular property, with offers coming in even after the close of tenders.

Mr Scholes said that while 1300 Australia tended to lease numbers, there was growing pressure from the corporate sector to buy them outright: “From our point of view there are some other numbers that we will do this with in the future.”

With interest growing, he said he was disappointed with the final bid, but rumours are already rife in the close-knit phone name industry that a number will sell in coming weeks for twice the price of 1300 Homeloans.
“We believe a number like homeloan within three years will be worth somewhere between $5million and $10 million,” Mr Scholes said. “It just shows what is happening with this market. Up until now we have sold numbers up to around half a million dollars.”

He said companies were seeing that a dedicated name number was proving far more effective as a marketing tool than relying on traditional numbers.
“The penny has finally dropped with most large organisations.”

Sources suggest that since its original sale for $1 million in September 2004, offers for 1300 TAXI have grown to between $6million and $7 million.
XM Inc chief executive officer Jennifer Nielsen said she was also surprised how low the company’s winning bid was.
“We are certainly surprised at how cheap it went and we have had two approaches already to sell it for more than we paid for it, so that makes it cheap. But it is certainly not for sale though. We have bought it for pure marketing purposes.”

However, despite having spent nearly $1.2 million on the number, Ms Nielsen said there was no rush to incorporate it in XM’s marketing: “Our first move was to take it off the market because we also own 13LOANS and we have been doing quite a bit of work on positioning it in the market. It’s one thing to own a word, it’s another to actually utilise it.”

She said the company would assess whether to move forward with the original number or incorporate the new one.

Mr Scholes said the phone name industry remained in its early stages, just under 10 years after efforts first began to get the federal Government to allow name numbers to be commercialised.
“Annualised at the moment I would think it is worth somewhere between $20 million and $30 million,” he said.

“Forgetting about selling, but just looking at leasing, we expect that to be close to $100 million by the end of 2008, early 2009.”
Companies poised to launch their own dedicated numbers include Vodafone and Harvey Norman, which is believed to have secured names including Domayne, Joyce Mayne and Go Harvey. Generic names likely to come on to the market in coming months will include watertank, flowers and fitness.

David Touri
http://www.articlesbase.com/communication-articles/phone-names-starting-to-add-up-to-big-numbers-723709.html

So what is the best actio to take to guarantee that you increase the likelihood of you of attaining a mortgage in this unprecidented economic environment?

The primary point to remember is to download a copy of your credit history to examine the state of your score. That implies getting a credit report on the web for a minimal amount that is as low as 5 pounds and going through your credit points to make sure you have not scored poorly on your credit.

In the case of seeing a negative result on your score, it will give you the reason for the low score and the contractor who has marked your credit down. Immediately speak with the credit scorer to to highlight that the poor score was not a usual occurrence and if they would review the score for you so that the credit scoring can be cleaned. In cases where the reason for the bad credit result is unimportant then there is a good possibility that you are able to have your credit score amended.

When you have finished sorting out your credit score, request a decent mortgage provider to evaluate and advise you on the best mortgage product for you. Mortgage advisors can have an expert insight into the market so employing a good mortgage advisor is definitely worth it.

After selecting a required mortgage deal, go through the applying route and if all is well, you should pass the application, if you fit lenders lending requirements. A real resolution credit score and in turn a proper application will save you chasing for an adverse credit  mortgages that can cost very dearly.

It is a good idea to select an experienced mortgage advisor who can work with a wide variety of lenders who are currently lending. Access to a big number of banks helps you get offered many more mortgages from more and more lenders. All this helps you in obtaining a much better mortgage rate which you otherwise may not have seen by only using the banks that are consumer based.

A broker who knows what he is doing does not have to be expensive either. Large majority of the brokers out there will usually have a brokers charge for providing the mortgage finding service and this fee can change from anything between 300 pounds to 1000 pounds. The best way to find your self a reliable mortgage broker is to get recommendations from your household members and friends and pick their brains to get them to recommend a reliable mortgage advisor that they may have employed. There is every possibility that a person who you know should have applied for a new mortgage for a property or re-mortgaged their home recently and you should seek their recommendation.

After you have got in touch with a mortgage broker and your application has gone through, check and make sure the paperwork required for your application is with you to easily and quickly obtain your mortgage offer. There is a variety of paperwork required and includes things like bank paperwork, your own Id including your passport and proof of address and evidence of your employment and wages. Give the documentation to the mortgage broker who is processing your mortgage application and you are well on your way on a path to get on the suitable path to getting a successful mortgage to make your home buying good.

articleguyy
http://www.articlesbase.com/real-estate-articles/with-the-latest-business-calamity-it-is-getting-harder-for-house-hunters-to-quickly-obtain-a-buy-to-let-mortgage-to-purchase-or-remortgage-their-pro-1004301.html

Below are some of the most common issues that kill borrower’s commercial bridge loans while in process (meaning after the borrower has signed the LOI and sent in money to the lender).

 

Commercial Bridge Loan - Value

 

Value tends to be one of the biggest issues with commercial hard money deals.  Basically the lenders use a different methodology for calculating value than borrowers or the market in general does.  Normally they use a shortened marketing time frame on appraisal reports.  For example, most appraisal companies will base the typical marketing period at 9 to 12 months to adequately expose and market the property, generating the highest offer the market will bear. 

 

The commercial bridge lender in contrast, uses a shortened time frame of approximately 3 months to 6 months to sell the property.  What this does is lower the value by 30% or so and further protects the hard money lender’s capital in case of borrower default. 

 

What normally happens is that the borrower submits the deal to a few lenders.  When the lenders reviews the file, they normally only have a vague idea of the market and accept the value from the borrower.  Or perhaps they just shave 20% or so off of the quoted value, and issue their term sheet.  The borrower accepts the term sheet and the file starts to move through underwriting.  The appraisal report is ordered, and after the report comes back to the borrower, the bad news is given that the value came in 40% lower than what the borrower felt the property was worth. 

 

How can this be???   Let me give you an example.  We recently worked on a file that this happened, despite all of our efforts to avoid issues like this.  The borrower felt his property was worth $2,900,000.  We didn’t really believe the lender would agree with that value, but the borrower was only asking for $1,100,000. So we were confident this wouldn’t be an issue, because the loan to value was so strong.

 

What we didn’t realize was that the property was on 5 acres, which was an excessive amount of land for a 7,500 square foot building.  The appraisal report gave a $1,600,000 for the building and one acre (which is what all of the comps supported), and $1,100,000 value for the other 4 acres.  The lender would not consider the other 4 acres, for several reasons (it was mostly “unbuildable” and most hard money lenders will not lend against land).   So, the lender would go up to 60% loan to value of the $1,600,000, which was below the borrowers existing balance of $1,100,000.  Dead deal.

 

Commercial Bridge Loan - Wrong Lender to Begin With

 

This is an unregulated industry and many lenders will charge a flat fee to lock borrowers up of approximately $15,000 at signature of the term sheet.  Many of these lenders are just being unscrupulous.  Many do fund deals, but are overly “ambitious” on the front of the loan.  Meaning that they say that they can get it done, when in reality they think they only have a small chance of getting it done and they know it. 

 

So they encourage the borrower to move forward, get the fee and order the appraisal (or other reports). When the value comes in short, or title issues pop up, etc they give the bad news to the borrower that the deal is dead and they keep the remaining deposit. 

 

The best way to avoid this situation is to get an unbiased third party referral on commercial bridge lenders.  Talk to your CPA, Attorney or commercial mortgage broker (like us).  Make sure that they have worked with the lender they recommend.  When working with a broker, make sure they are experienced.  Also, a good broker should know which lenders to avoid and which are actively funding deals. 

 

jeff rauth
http://www.articlesbase.com/real-estate-articles/most-common-issues-that-kill-commercial-bridge-loans-686605.html

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