MORTGAGE & LOANS
HOW TO UNDERSTAND THE HOME LOAN
PROCESS?
Understand that in order to finance or refinance a loan the lender requires
documentation to verify and substantiate your employment, credit and financial
situation to assure its investors that you have the ability to repay the MONEY. This
documentation may consist of tax returns, recent pay stubs, bank statements,
verifications of employment, deposit and rent or mortgage, appraisal, purchase
agreement, divorce decrees, bankruptcy papers and any other information the
lender deems necessary.
Step Two
Understand that you will have to provide a completed loan application and the
requested documentation to your loan agent. YOU CAN CALL VISION MORTGAGE
BANK AT: 786-709-6577 ASK FOR MR. ANTONY. The loan agent will be the
intermediary between you, the borrower, and the underwriter. The underwriter is
the person who goes through the documentation and information you have
provided with a fine-tooth comb to make sure everything fits the program
requirements. You will not be able to speak with underwriter - it is the loan
agent's job to communicate information to and from the borrower.
Step Three-----------------------------
Expect to wait. It may take several days to a week to get the initial response from
the underwriter. The underwriter will either approve the loan as it is or, more
likely, provide a list of items that need clarification or additional documentation.
Step Four---------------------------------
Expect to be asked to provide additional items. Once you give these to your
agent, it will be a few days before you hear back again. The underwriter may
come back to the agent several times with certain "conditions." Don't be
concerned. The underwriter is simply doing an underwriter's job. At this point,
what you have is conditional approval - meaning, your loan is approved pending
removal of these conditions.
Step Five----------------------------------
Understand that the entire loan process typically takes between two and four
weeks, possibly longer, depending on the particular circumstances of the loan.
Loans for self-employed people, people with poor credit, or people with unusual
circumstances often take longer because of the additional documentation
required.
Step Six--------------------------------------
Realize that once the loan is approved, the loan papers will be sent to the
escrow/title company or your attorney. The escrow officer or attorney will add
other documents to the file created from information received from the lender.
Once these documents are prepared, the escrow officer or attorney will contact
you to set up an appointment for you to come in and sign your papers.
Step Seven------------------------------------
Expect to wade through and sign a mountain of papers. The escrow officer or
attorney should provide you with a copy of everything you sign.
Step Eight---------------------------------------
Understand that from the date you sign your papers, it will be another two or three
days until the loan is funded, which is when the money is transferred.
Step Nine-------------------------------------------
Know that the loan will close, or record (with the county), one or two days after
the loan has been funded. Once the loan is recorded, the transaction is complete.
PROCESS?
Understand that in order to finance or refinance a loan the lender requires
documentation to verify and substantiate your employment, credit and financial
situation to assure its investors that you have the ability to repay the MONEY. This
documentation may consist of tax returns, recent pay stubs, bank statements,
verifications of employment, deposit and rent or mortgage, appraisal, purchase
agreement, divorce decrees, bankruptcy papers and any other information the
lender deems necessary.
Step Two
Understand that you will have to provide a completed loan application and the
requested documentation to your loan agent. YOU CAN CALL VISION MORTGAGE
BANK AT: 786-709-6577 ASK FOR MR. ANTONY. The loan agent will be the
intermediary between you, the borrower, and the underwriter. The underwriter is
the person who goes through the documentation and information you have
provided with a fine-tooth comb to make sure everything fits the program
requirements. You will not be able to speak with underwriter - it is the loan
agent's job to communicate information to and from the borrower.
Step Three-----------------------------
Expect to wait. It may take several days to a week to get the initial response from
the underwriter. The underwriter will either approve the loan as it is or, more
likely, provide a list of items that need clarification or additional documentation.
Step Four---------------------------------
Expect to be asked to provide additional items. Once you give these to your
agent, it will be a few days before you hear back again. The underwriter may
come back to the agent several times with certain "conditions." Don't be
concerned. The underwriter is simply doing an underwriter's job. At this point,
what you have is conditional approval - meaning, your loan is approved pending
removal of these conditions.
Step Five----------------------------------
Understand that the entire loan process typically takes between two and four
weeks, possibly longer, depending on the particular circumstances of the loan.
Loans for self-employed people, people with poor credit, or people with unusual
circumstances often take longer because of the additional documentation
required.
Step Six--------------------------------------
Realize that once the loan is approved, the loan papers will be sent to the
escrow/title company or your attorney. The escrow officer or attorney will add
other documents to the file created from information received from the lender.
Once these documents are prepared, the escrow officer or attorney will contact
you to set up an appointment for you to come in and sign your papers.
Step Seven------------------------------------
Expect to wade through and sign a mountain of papers. The escrow officer or
attorney should provide you with a copy of everything you sign.
Step Eight---------------------------------------
Understand that from the date you sign your papers, it will be another two or three
days until the loan is funded, which is when the money is transferred.
Step Nine-------------------------------------------
Know that the loan will close, or record (with the county), one or two days after
the loan has been funded. Once the loan is recorded, the transaction is complete.
MORTGAGE LOAN LEARNING CENTER
TYPES OF LOANS:
RHS LOANS: THIS TYPE OF LOANS ARE GUARANTEED BY RURAL HOUSING SERVICES
UNDER THE US DEPARTMENT OF AGRICULTURE, THEY ARE AVAILABLE TO RURAL
RESIDENTS WITH LOW-TO-MODERATE INCOMES.
----------------------------------------------
BALLOON LOANS: A BALLOON LOAN IS A SHORT TERM-FIXED RATE WITH LOW FIX
PAYMENTS FOR THE SHORT TERM PERIOD, BUT REQUIRE A SINGLE LARGE PAYOFF, DUE
AT THE END OF THE TERM. 5, 7, OR 10 YEARS.
BRIDGE LOANS: THEY COVER THE TIME PERIOD BETWEEN WHEN A BUYER CLOSES ON A
NEW MORTGAGE AND FINALIZE THE SALE OF HIS PREVIOUS HOME, AT WHICH TIME THE
BRIDGE LOAN IS PAID OFF.
APPLYING FOR A MORTGAGE LOAN
The task of getting a loan can be difficult. It is helpful to see an
overview of the process.
A loan officer like myself can be a very useful guide through
this process, even before the search for the house begings.
The mortgage broker should take you through the phases from
preliminary decisions through the final loan funding.
CONTACT: ANTONY AT STATE OF FLORIDA.
CHARACTERISTICS OF MANY TYPES OF LOAN:
[ARM] Adjustable rate mortgage
This type, the interest rate is adjusted periodically by adding the margin to an index
specified by the mortgage Payments generally fluctuate along with the interest adjustment
that can be made in given periods and across the line of the loan.
CONVENTIONAL LOANS:
CONVENTIONAL LOANS ARE CLASSIFIED AS CONFORMING AND NON- CONFORMING.
CONFORMING LOANS; Loan that adhere to the guidelines set forth by Fannie Mae and
Freddie Mac, two corporations that purchase and sell loans that meet their conditions as
securities to investors.
Non-conforming loans; Loans that fall into B, C OR D category they are often offered to high
credit risk borrowers with detrumental credit history by portfolio lenders. Portfolio lenders
don't intend to sell their loans so they can be more liberal about their borrowers.
HYBRID LOANS--The interest rate follows some set plan for adjustment, using a
combination of fixed and adjusting interest rate.
GOVERNMENT LOANS: MORTGAGE LOANS ARE ALSO CATEGORIZE AS GOVERNMENT
LOANS LIKE FHA, VA, RHS LOANS.
[FHA] FEDERAL HOUSING ADMINISTRATION DOES NOT MAKE LOANS, IT ENSURES LOANS.
FHA LOANS ARE INTENDED TO AIDE ELIGIBLE FAMILIES WITH LOW-INCOMES WHO ARE
NOT QUALIFY FOR CONVENTIONAL LOANS.
VA LOANS: THIS TYPE OF LOANS ARE ONLY GUARANTEED BY THE US DEPARTMENT OF
VETERAN AFFAIRS; VA LOANS ARE REQUIRED TO HAVE A CERTIFICATE OF ELIGIBILITY
THAT YOU TAKE TO THE LENDER WHEN MAKING.
--------------------------------------
HARD MONEY LENDING
A hard money loan is a specific type of financingin which a borrower receives funds
based on the value of a specific parcel of real estate. Hard money loans are typically
issued at much higher interest ratesthan conventional commercial or residential property
loans and are almost never issued by a commercial bank or other deposit institution. Hard
money is similar to a bridge loan which usually has similar criteria for lending as well as
cost to the borrowers. The primary difference is that a bridge loan often refers to a
commercial property or investment property that may be in transition and not yet qualifying
for traditional financing. Whereas hard money often refers to not only an asset-based loan
with a high interest rate, but can signify a distressed financial situation such as arrears on
the existing mortgage or bankruptcytand foreclosureproceedings are occurring.
-------------------------------------------------
A hard money loan is a species of real estate loan collateralized against the quick-sale
value of the property for which the loan is made. Most lenders fund in the first lien position,
meaning that in the event of a defauld, they are the first creditor to receive remuneration.
Occasionally, a lender will subordinate to another first lien position loan; this loan is
known as a MEZZANINE LOAN or second lien.
Hard money lenders structure loans based on a percentage of the quick-sale value of the
subject property. This is called the loan-to-value or LTV ratio and typically hovers between
60-70% of the market value of the property. For the purpose of determining an LTV, the
word "value" is defined as "today's purchase price." This is the amount a lender could
reasonably expect to realize from the sale of the property in the event that the loan defaults
and the property must be sold in a one- to four-month timeframe. This value differs from a
market value appraisal, which assumes an arms-length transaction in which neither buyer
nor seller is acting under duress.
Below is an example of how a commercial real estate purchase might be structured by a
hard money lender:
65% Hard money (Conforming loan)
20% Borrower equity (cash or additional collateralized real estate)
15% Seller carryback loan or other subordinated (mezzanine) loan
History
Hard Money is a term that is used almost exclusively in the U.S. And Canada where these
types of loans are most common. In commercial real estate, hard money developed as an
alternative "last resort" for property owners seeking capital against the value of their
holdings. The industry began in the late 1950s when the credit industry in the US underwent
drastic changes.
The hard money industry suffered severe setbacks during the real estate crashes of the
early 1980s and early 1990s due to lenders overestimating and funding properties at well
over market value. Since that time, lower LTV rates have been the norm for hard money
lenders seeking to protect themselves against the market's volatility. Today, high interest
rates are the mark of hard money loans as a way to protect the loans and lenders from the
considerable risk that they undertake.
TYPES OF LOANS:
RHS LOANS: THIS TYPE OF LOANS ARE GUARANTEED BY RURAL HOUSING SERVICES
UNDER THE US DEPARTMENT OF AGRICULTURE, THEY ARE AVAILABLE TO RURAL
RESIDENTS WITH LOW-TO-MODERATE INCOMES.
----------------------------------------------
BALLOON LOANS: A BALLOON LOAN IS A SHORT TERM-FIXED RATE WITH LOW FIX
PAYMENTS FOR THE SHORT TERM PERIOD, BUT REQUIRE A SINGLE LARGE PAYOFF, DUE
AT THE END OF THE TERM. 5, 7, OR 10 YEARS.
BRIDGE LOANS: THEY COVER THE TIME PERIOD BETWEEN WHEN A BUYER CLOSES ON A
NEW MORTGAGE AND FINALIZE THE SALE OF HIS PREVIOUS HOME, AT WHICH TIME THE
BRIDGE LOAN IS PAID OFF.
APPLYING FOR A MORTGAGE LOAN
The task of getting a loan can be difficult. It is helpful to see an
overview of the process.
A loan officer like myself can be a very useful guide through
this process, even before the search for the house begings.
The mortgage broker should take you through the phases from
preliminary decisions through the final loan funding.
CONTACT: ANTONY AT STATE OF FLORIDA.
CHARACTERISTICS OF MANY TYPES OF LOAN:
[ARM] Adjustable rate mortgage
This type, the interest rate is adjusted periodically by adding the margin to an index
specified by the mortgage Payments generally fluctuate along with the interest adjustment
that can be made in given periods and across the line of the loan.
CONVENTIONAL LOANS:
CONVENTIONAL LOANS ARE CLASSIFIED AS CONFORMING AND NON- CONFORMING.
CONFORMING LOANS; Loan that adhere to the guidelines set forth by Fannie Mae and
Freddie Mac, two corporations that purchase and sell loans that meet their conditions as
securities to investors.
Non-conforming loans; Loans that fall into B, C OR D category they are often offered to high
credit risk borrowers with detrumental credit history by portfolio lenders. Portfolio lenders
don't intend to sell their loans so they can be more liberal about their borrowers.
HYBRID LOANS--The interest rate follows some set plan for adjustment, using a
combination of fixed and adjusting interest rate.
GOVERNMENT LOANS: MORTGAGE LOANS ARE ALSO CATEGORIZE AS GOVERNMENT
LOANS LIKE FHA, VA, RHS LOANS.
[FHA] FEDERAL HOUSING ADMINISTRATION DOES NOT MAKE LOANS, IT ENSURES LOANS.
FHA LOANS ARE INTENDED TO AIDE ELIGIBLE FAMILIES WITH LOW-INCOMES WHO ARE
NOT QUALIFY FOR CONVENTIONAL LOANS.
VA LOANS: THIS TYPE OF LOANS ARE ONLY GUARANTEED BY THE US DEPARTMENT OF
VETERAN AFFAIRS; VA LOANS ARE REQUIRED TO HAVE A CERTIFICATE OF ELIGIBILITY
THAT YOU TAKE TO THE LENDER WHEN MAKING.
--------------------------------------
HARD MONEY LENDING
A hard money loan is a specific type of financingin which a borrower receives funds
based on the value of a specific parcel of real estate. Hard money loans are typically
issued at much higher interest ratesthan conventional commercial or residential property
loans and are almost never issued by a commercial bank or other deposit institution. Hard
money is similar to a bridge loan which usually has similar criteria for lending as well as
cost to the borrowers. The primary difference is that a bridge loan often refers to a
commercial property or investment property that may be in transition and not yet qualifying
for traditional financing. Whereas hard money often refers to not only an asset-based loan
with a high interest rate, but can signify a distressed financial situation such as arrears on
the existing mortgage or bankruptcytand foreclosureproceedings are occurring.
-------------------------------------------------
A hard money loan is a species of real estate loan collateralized against the quick-sale
value of the property for which the loan is made. Most lenders fund in the first lien position,
meaning that in the event of a defauld, they are the first creditor to receive remuneration.
Occasionally, a lender will subordinate to another first lien position loan; this loan is
known as a MEZZANINE LOAN or second lien.
Hard money lenders structure loans based on a percentage of the quick-sale value of the
subject property. This is called the loan-to-value or LTV ratio and typically hovers between
60-70% of the market value of the property. For the purpose of determining an LTV, the
word "value" is defined as "today's purchase price." This is the amount a lender could
reasonably expect to realize from the sale of the property in the event that the loan defaults
and the property must be sold in a one- to four-month timeframe. This value differs from a
market value appraisal, which assumes an arms-length transaction in which neither buyer
nor seller is acting under duress.
Below is an example of how a commercial real estate purchase might be structured by a
hard money lender:
65% Hard money (Conforming loan)
20% Borrower equity (cash or additional collateralized real estate)
15% Seller carryback loan or other subordinated (mezzanine) loan
History
Hard Money is a term that is used almost exclusively in the U.S. And Canada where these
types of loans are most common. In commercial real estate, hard money developed as an
alternative "last resort" for property owners seeking capital against the value of their
holdings. The industry began in the late 1950s when the credit industry in the US underwent
drastic changes.
The hard money industry suffered severe setbacks during the real estate crashes of the
early 1980s and early 1990s due to lenders overestimating and funding properties at well
over market value. Since that time, lower LTV rates have been the norm for hard money
lenders seeking to protect themselves against the market's volatility. Today, high interest
rates are the mark of hard money loans as a way to protect the loans and lenders from the
considerable risk that they undertake.
www.knowledgefinancialgroup.com
The first step, and most important step in buying a
home: Is getting Pre-Qualify for a home loan.
------------------------------------------------------------------------------------
By getting pre-qualified you immediately find yourself
in a stronger negotiation position.
You made yourself more attractive to sellers.
-------------------------------------------------------------------------------------
Pre-approval can speed up the buying process and
increase your chance of reaching an agreement on
the purchase price.
Call Mr. ANTONY AT .. . (SOUTH FLORIDA)
We have for commitment to break down the barriers
to owning a home.
We have helped many find their ways already, and
we will continue to do so!
--------------------------------------------------------------------------------------------
We are here to turn traditional renters into property
owners and landlords.
Real Estate is a road map to riches, it's one of the
best way to build wealth.
The ultra rich always invest in real estate; there is no
other investment than real estate despites the ups
and downs it outperforms all other investments.
home: Is getting Pre-Qualify for a home loan.
------------------------------------------------------------------------------------
By getting pre-qualified you immediately find yourself
in a stronger negotiation position.
You made yourself more attractive to sellers.
-------------------------------------------------------------------------------------
Pre-approval can speed up the buying process and
increase your chance of reaching an agreement on
the purchase price.
Call Mr. ANTONY AT .. . (SOUTH FLORIDA)
We have for commitment to break down the barriers
to owning a home.
We have helped many find their ways already, and
we will continue to do so!
--------------------------------------------------------------------------------------------
We are here to turn traditional renters into property
owners and landlords.
Real Estate is a road map to riches, it's one of the
best way to build wealth.
The ultra rich always invest in real estate; there is no
other investment than real estate despites the ups
and downs it outperforms all other investments.
Whether you are a first time home buyer or an experienced
buyer.
We have for you; flexible options, competitive rates, the
lowest rate possible.
Our years of experience could find you a mortgage product to
meet your needs.
-------------------------------------------------------------------------------------------------
Don't let the size of your income limit the size of your dreams.
At VISION MORTGAGE BANK, we're here to help you choose
from many cost-effective loan products.
Whether you're in the market to buy a new home , or to
refinance your current home, or to cash-out a home equity.
We may be able to get you just what you have in mind.
------------------------------------------------------------------------------------------------------We are your
complete resource for home purchasing, home equity, home refinancing.
We will help you save time and money, our goal is to provide
to all our customers the best product and services.
We make mortgage loan worry free, easy & simple.
------------------------------------------------------------------------------------------------------
Everything you need to know about home buying, home
selling, home financing and refinancing. JUST CONTACT US
(786) 709-6577---- We're here to guide, to inform and to
educate to the fullest extent of the real estate, mortgage &
loans.
buyer.
We have for you; flexible options, competitive rates, the
lowest rate possible.
Our years of experience could find you a mortgage product to
meet your needs.
-------------------------------------------------------------------------------------------------
Don't let the size of your income limit the size of your dreams.
At VISION MORTGAGE BANK, we're here to help you choose
from many cost-effective loan products.
Whether you're in the market to buy a new home , or to
refinance your current home, or to cash-out a home equity.
We may be able to get you just what you have in mind.
------------------------------------------------------------------------------------------------------We are your
complete resource for home purchasing, home equity, home refinancing.
We will help you save time and money, our goal is to provide
to all our customers the best product and services.
We make mortgage loan worry free, easy & simple.
------------------------------------------------------------------------------------------------------
Everything you need to know about home buying, home
selling, home financing and refinancing. JUST CONTACT US
(786) 709-6577---- We're here to guide, to inform and to
educate to the fullest extent of the real estate, mortgage &
loans.
'' Mortgage Home Loan
Pre-Approval Process Made
Easy By Anthony Jeanty
From: Buy Here Market
Enterprise.
'' Mortgage Pre-Approval
Q&A - Getting Pre-Approved
for a Loan.''-
Pre-Approval Process Made
Easy By Anthony Jeanty
From: Buy Here Market
Enterprise.
'' Mortgage Pre-Approval
Q&A - Getting Pre-Approved
for a Loan.''-
TO CONTACT US>
SIMPLY COMPLETE THIS FORM
SIMPLY COMPLETE THIS FORM
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FLORIDA REAL ESTATE FINANCING & REFINANCING; HOME BUYING, HOME SELLING, LEASING, RENTING --------- CALL Mr. ANTONY AT: 786- AN EXPERIENCED PROFESSIONAL
REALTOR. --- FORTUNE: National Association Of Securities Dealers - NASD / FINRA. LEARN MORE... BEFORE YOU START INVESTING ANY MONEY: LEARN THIS FIRST!
REALTOR. --- FORTUNE: National Association Of Securities Dealers - NASD / FINRA. LEARN MORE... BEFORE YOU START INVESTING ANY MONEY: LEARN THIS FIRST!
 | |  | |  | |  | |  |
| Now is a Great Time to Buy Real Estate in Florida-------CONTACT AN EXCELLENT REALTOR, AND A COMPETENT MORTGAGE BROKER AT: 786- This time could be a particularly great time for first-time buyers or those who have been out of the market for at least three years to jump in, say a variety of real estate professionals. Here are the reasons why: • Property prices are probably as low as they are going to go as the market stabilizes, thanks to the government takeover of Freddie Mac and Fannie Mae. • Interest rates are still very low and most likely to decline as Freddie and Fannie get government help. {LOW INTEREST RATES MEAN, MORE SAVING FOR HOME-BUYER.} • The Federal Housing Administration [FHA] recently boosted its loan limits to $729,750 in expensive areas. It’s going to take some of that back on Jan. 1, 2009, when the loan limit shrinks to $625,500. • The FHA allows down payments of as little as 3 percent, but that will rise to 3.5 percent as of Oct. 1. --first, 2008. • The federal tax credit recently approved will shave $7,500 off a first-time buyer’s {VERY GOOD, WONDERFUL OPPORTUNITY FOR FIRST TIME HOME BUYER} federal tax bill due April 15. Buyers who don’t owe tax will get the money as a refund. The government’s definition of a first-time buyer is anyone who hasn’t owned a home in the last three years. CALL Mr. ANTONY AT: 786- TO ASSIST YOU. |
HOW TO GET A HOME LOAN?
Securing a home loan is the most important step in the home-buying process. Here are
the basics for getting your financing.
STEPS1
Step One
Find A MORTGAGE BROKER AT: 786- 709-6577 {SOUTH FLORIDA}
Step Two-----------------------------------
Fill out a loan application. PRE-QUALIFICATION
Step Three-------------------------------------
Get an estimate of closing costs FROM VISION MORTGAGE BANK . The mortgage firm or the lender is
required to provide this statement to you within three days of receiving the loan application. Make sure
to ask what type of loan program your lender has selected for you, including the rates, terms and any
special information, such as prepayment penalties.
Step Four--------------------------------
Compare costs, fees and terms of loans if you are working with more than one lender. But it's even
better to have a mortgage broker.
Step Five-------------------------------
Negotiate fees. Sometimes you can negotiate the amount of fees or loan points (a point is 1 percent of
the loan amount) the lender charges you.
Step Six----------------------------------
Talk to your mortgage broker to consider lowering your interest rate by paying more points. The
relationship of interest rate to points paid is an inverse one; the more points you pay, the lower the
interest rate.
Step Seven---------------------------------
Provide required documentation.
Step Eight-----------------------------------
Pay any up-front fees. Sometimes the lender requires that the appraisal, credit report or processing fee
be paid at the beginning.
Step Nine-------------------------------------------
Review loan papers. Approximately one week prior to closing, loan papers will be ready for your
review. Make sure the loan matches the original quote you were given.
Step Ten----------------------------------------------
Sign your loan papers and deposit your down payment funds into your account four to six days prior to
closing.
Step Eleven-------------------------------------------
Bring a cashier's check for the down payment to the title company, escrow company or attorney
handling the closing. The lender will send the title company a check for the loan amount.
Step Twelve----------------------------------------
Get ready to congratulate yourself. Once the transaction closes and you have signed off on all
contingencies, and received a copy of the deed and a set of keys, you own the home.
TIPS AND WARNINGS :
HOW TO GET PRE-QUALIFY FOR A HOME LOAN?
The first and most important step in buying a home is getting
pre-qualified for a home loan.
BY GETTING PREQUALIFIED, YOU IMMEDIATELY FIND YOURSELF IN A
STRONGER NEGOTIATION POSITION.
YOU MADE YOURSELF MORE ATTRACTIVE TO SELLERS.
PRE-APPROVAL CAN SPEED UP THE BUYING PROCESS AND IMPROVE
YOUR CHANCE OF REACHING AN AGREEMENT ON THE PURCHASE PRISE.
SOUTH FLORIDA, CALL MR. ANTONY AT 786-
Step One
Contact a real estate Mortgage broker at 786-709-1531 ---SOUTH
FLORIDA .
Step Two----------------------
Provide the following information: gross monthly income and total monthly payments (car payments,
minimum monthly payments on credit cards, child support payments and all payments you have to
make every month).
Step Three-----------------------
Get your "ratios." You or your lender can add all your debts together and compare that number to your
income to arrive at your total debt-to-income ratio. Your percentage should be under 36 for the best
interest rate. The lower the number, the better (see Related eHows).
Step Four------------------------
Give your lender authorization to pull your credit report. The report should include a FICO (Fair, Isaac
and Co.) score, which is the credit scoring system most widely used by lenders. (A credit score is a
system of calculating the risk of lending to you based on several factors, including how long you've
been at your present job, your occupation, how long you've been at your present address, the ratio of
your balances to your available credit lines, whether you are a home owner, the number of recent
inquiries into your credit, your age, the number of credit lines you have, the years you have had a credit
in the credit bureau database, and such derogatory items as bankruptcy, collections against you,
foreclosures and slow pays.) A FICO score of 680 or better is considered "A+" (excellent), and with
good ratios and other positive factors should get you the best interest rates available.
Step Five--------------------------
Have a lender prepare a letter of prequalification for you. The letter should state that your initial
financial and credit information has been reviewed and looks good, though it will also state that the
letter is not a guarantee of a loan.
Once you find a home and are ready to write an offer, have your lender or mortgage broker write a letter
of prequalification only for the loan amount you're seeking with that offer. That way the seller doesn't
know if you can afford more.
If you're self-employed or have been on the job for less than two years, the lender may require
additional information.
You don't have to use the same lender that prequalified you. Shop around and compare rates.
Prequalified is not the same as preapproved. In a hot market, you're going to want to go the extra step
and get preapproved for a home loan before you make an offer on a home.
Lenders consider many factors in prequalifying you for a loan, including credit, income and debt, type of
property and amount of down payment.
Securing a home loan is the most important step in the home-buying process. Here are
the basics for getting your financing.
STEPS1
Step One
Find A MORTGAGE BROKER AT: 786- 709-6577 {SOUTH FLORIDA}
Step Two-----------------------------------
Fill out a loan application. PRE-QUALIFICATION
Step Three-------------------------------------
Get an estimate of closing costs FROM VISION MORTGAGE BANK . The mortgage firm or the lender is
required to provide this statement to you within three days of receiving the loan application. Make sure
to ask what type of loan program your lender has selected for you, including the rates, terms and any
special information, such as prepayment penalties.
Step Four--------------------------------
Compare costs, fees and terms of loans if you are working with more than one lender. But it's even
better to have a mortgage broker.
Step Five-------------------------------
Negotiate fees. Sometimes you can negotiate the amount of fees or loan points (a point is 1 percent of
the loan amount) the lender charges you.
Step Six----------------------------------
Talk to your mortgage broker to consider lowering your interest rate by paying more points. The
relationship of interest rate to points paid is an inverse one; the more points you pay, the lower the
interest rate.
Step Seven---------------------------------
Provide required documentation.
Step Eight-----------------------------------
Pay any up-front fees. Sometimes the lender requires that the appraisal, credit report or processing fee
be paid at the beginning.
Step Nine-------------------------------------------
Review loan papers. Approximately one week prior to closing, loan papers will be ready for your
review. Make sure the loan matches the original quote you were given.
Step Ten----------------------------------------------
Sign your loan papers and deposit your down payment funds into your account four to six days prior to
closing.
Step Eleven-------------------------------------------
Bring a cashier's check for the down payment to the title company, escrow company or attorney
handling the closing. The lender will send the title company a check for the loan amount.
Step Twelve----------------------------------------
Get ready to congratulate yourself. Once the transaction closes and you have signed off on all
contingencies, and received a copy of the deed and a set of keys, you own the home.
TIPS AND WARNINGS :
HOW TO GET PRE-QUALIFY FOR A HOME LOAN?
The first and most important step in buying a home is getting
pre-qualified for a home loan.
BY GETTING PREQUALIFIED, YOU IMMEDIATELY FIND YOURSELF IN A
STRONGER NEGOTIATION POSITION.
YOU MADE YOURSELF MORE ATTRACTIVE TO SELLERS.
PRE-APPROVAL CAN SPEED UP THE BUYING PROCESS AND IMPROVE
YOUR CHANCE OF REACHING AN AGREEMENT ON THE PURCHASE PRISE.
SOUTH FLORIDA, CALL MR. ANTONY AT 786-
Step One
Contact a real estate Mortgage broker at 786-709-1531 ---SOUTH
FLORIDA .
Step Two----------------------
Provide the following information: gross monthly income and total monthly payments (car payments,
minimum monthly payments on credit cards, child support payments and all payments you have to
make every month).
Step Three-----------------------
Get your "ratios." You or your lender can add all your debts together and compare that number to your
income to arrive at your total debt-to-income ratio. Your percentage should be under 36 for the best
interest rate. The lower the number, the better (see Related eHows).
Step Four------------------------
Give your lender authorization to pull your credit report. The report should include a FICO (Fair, Isaac
and Co.) score, which is the credit scoring system most widely used by lenders. (A credit score is a
system of calculating the risk of lending to you based on several factors, including how long you've
been at your present job, your occupation, how long you've been at your present address, the ratio of
your balances to your available credit lines, whether you are a home owner, the number of recent
inquiries into your credit, your age, the number of credit lines you have, the years you have had a credit
in the credit bureau database, and such derogatory items as bankruptcy, collections against you,
foreclosures and slow pays.) A FICO score of 680 or better is considered "A+" (excellent), and with
good ratios and other positive factors should get you the best interest rates available.
Step Five--------------------------
Have a lender prepare a letter of prequalification for you. The letter should state that your initial
financial and credit information has been reviewed and looks good, though it will also state that the
letter is not a guarantee of a loan.
Once you find a home and are ready to write an offer, have your lender or mortgage broker write a letter
of prequalification only for the loan amount you're seeking with that offer. That way the seller doesn't
know if you can afford more.
If you're self-employed or have been on the job for less than two years, the lender may require
additional information.
You don't have to use the same lender that prequalified you. Shop around and compare rates.
Prequalified is not the same as preapproved. In a hot market, you're going to want to go the extra step
and get preapproved for a home loan before you make an offer on a home.
Lenders consider many factors in prequalifying you for a loan, including credit, income and debt, type of
property and amount of down payment.
Custom Search
WHAT GUIDELINES ARE REQUIRED FOR A MORTGAGE LOAN?
Mortgages are used by individuals and businesses wishing to make large value purchase of real estate without payment the entire value of the purchase
up front. Mortgages are also known as lien against property, or claims on property. Mortgage is a legal agreement that creates an interest in a real estate
property between borrower and the lender.
HOW TO UNDERSTAND THE HOME LOAN PROCESS?
Understand that in order to finance or refinance a loan the lender requires documentation to verify and substantiate your employment, credit and financial
situation to assure its investors
that you have the ability to repay the MONEY.
MORTGAGE HOUSE: HOW AND WHERE TO FIND MONEY TO BUY A PROPERTY? Financing your real estate investment; easy Steps, Fast & Simple.
PRE-QUALIFICATION: The first step, and most important step in buying a home: Is getting Pre-Qualify for a home loan.
MORTGAGE CALCULATOR: EASY WAY TO CALCULATE MORTGAGES
This calculator is intended solely for general information and educational purposes. It is not intend in any way as financial, securities,insurance,taxes or
legal advice or as a solicitation for any financial..
Federal Housing Administration {FHA} Mortgage Loan Programs Information Center.
Housing Finance Authority of Miami dade, Monroe, Broward, and Palm Beach County
HOME REFINANCING: 10 GREAT REASONS TO REFINANCE A PROPERTY. NOW IT'S THE BEST TIME FOR REFINANCING, THE INTEREST RATE IS VERY
LOW.
MORTGAGE LOAN MODIFICATION PROGRAMS; AN ALTERNATIVE TO REDUCE MONTHLY MORTGAGE PAYMENT, TO AVOID FORECLOSURE, TO SAVE
YOUR CREDIT RATING, TO SAVE YOUR PROPERTY.
Understanding Your Mortgage Statement / TERMS & TERMINOLOGY.
Mortgage statements come in many different forms
VIEW A SAMPLE OF A MORTGAGE STATEMENT AND LEARN MORE...
Mortgage statements come in many different forms.
HUD HOMES: GOVERNMENT HOMES AND FORECLOSURE PROPERTIES ARE AVAILABLE BELOW MARKET VALUE!
REVERSE MORTGAGE
NO MORTGAGE PAYMENTS EVER AGAIN: IF YOU OWNED A HOME AS YOUR PERSONAL RESIDENCE. TO IMPROVE YOUR QUALITY OF LIFE AND LIVE
WITH NO STRESS!
IF YOU'RE 62 YEARS OF AGE OR OLDER, YOU CAN ACHIEVE THIS, THROUGH A REVERSE MORTGAGE, REGULATED BY THE U.S. GOVERNMENT.
FINANCING YOUR REAL ESTATE INVESTMENT; BUYING YOUR FIRST, SECOND, AND OR THIRD PROPERTY. HOW AND WHERE TO FIND MONEY? CLICK
RIGHT HERE!
FHA: F H A MORTGAGE LOANS, THE GOVERNMENT IS THERE TO HELP YOU PURCHASE YOUR HOME. PLEASE CONTACT US WE WILL SHOW YOU THE
WAY .
MORTGAGE LOAN PRE-QUALIFICATION, LOW INTEREST RATES,
8 Reasons to Get Pre-Approved for a Home Loan. Learn why pre-approval is one of the smartest moves you can make when shopping for a home
Subprime Mortgage
 A type of mortgage that is normally made out to borrowers with lower credit ratings. As a result of the borrower's lowered credit rating, a
conventional mortgage is not offered because the lender views the borrower as having a larger-than-average risk of defaulting on the loan.
FINANCING YOUR REAL ESTATE INVESTMENT; BUYING YOUR FIRST, SECOND, AND OR THIRD PROPERTY. HOW AND WHERE TO FIND MONEY? CLICK
RIGHT HERE!
RENTAL PROPERTY / COMMERCIAL REAL ESTATE / COMMERCIAL LEASE Tips for Making Solid Business Agreements and Contracts
Mortgages are used by individuals and businesses wishing to make large value purchase of real estate without payment the entire value of the purchase
up front. Mortgages are also known as lien against property, or claims on property. Mortgage is a legal agreement that creates an interest in a real estate
property between borrower and the lender.
HOW TO UNDERSTAND THE HOME LOAN PROCESS?
Understand that in order to finance or refinance a loan the lender requires documentation to verify and substantiate your employment, credit and financial
situation to assure its investors
that you have the ability to repay the MONEY.
MORTGAGE HOUSE: HOW AND WHERE TO FIND MONEY TO BUY A PROPERTY? Financing your real estate investment; easy Steps, Fast & Simple.
PRE-QUALIFICATION: The first step, and most important step in buying a home: Is getting Pre-Qualify for a home loan.
MORTGAGE CALCULATOR: EASY WAY TO CALCULATE MORTGAGES
This calculator is intended solely for general information and educational purposes. It is not intend in any way as financial, securities,insurance,taxes or
legal advice or as a solicitation for any financial..
Federal Housing Administration {FHA} Mortgage Loan Programs Information Center.
Housing Finance Authority of Miami dade, Monroe, Broward, and Palm Beach County
HOME REFINANCING: 10 GREAT REASONS TO REFINANCE A PROPERTY. NOW IT'S THE BEST TIME FOR REFINANCING, THE INTEREST RATE IS VERY
LOW.
MORTGAGE LOAN MODIFICATION PROGRAMS; AN ALTERNATIVE TO REDUCE MONTHLY MORTGAGE PAYMENT, TO AVOID FORECLOSURE, TO SAVE
YOUR CREDIT RATING, TO SAVE YOUR PROPERTY.
Understanding Your Mortgage Statement / TERMS & TERMINOLOGY.
Mortgage statements come in many different forms
VIEW A SAMPLE OF A MORTGAGE STATEMENT AND LEARN MORE...
Mortgage statements come in many different forms.
HUD HOMES: GOVERNMENT HOMES AND FORECLOSURE PROPERTIES ARE AVAILABLE BELOW MARKET VALUE!
REVERSE MORTGAGE
NO MORTGAGE PAYMENTS EVER AGAIN: IF YOU OWNED A HOME AS YOUR PERSONAL RESIDENCE. TO IMPROVE YOUR QUALITY OF LIFE AND LIVE
WITH NO STRESS!
IF YOU'RE 62 YEARS OF AGE OR OLDER, YOU CAN ACHIEVE THIS, THROUGH A REVERSE MORTGAGE, REGULATED BY THE U.S. GOVERNMENT.
FINANCING YOUR REAL ESTATE INVESTMENT; BUYING YOUR FIRST, SECOND, AND OR THIRD PROPERTY. HOW AND WHERE TO FIND MONEY? CLICK
RIGHT HERE!
FHA: F H A MORTGAGE LOANS, THE GOVERNMENT IS THERE TO HELP YOU PURCHASE YOUR HOME. PLEASE CONTACT US WE WILL SHOW YOU THE
WAY .
MORTGAGE LOAN PRE-QUALIFICATION, LOW INTEREST RATES,
8 Reasons to Get Pre-Approved for a Home Loan. Learn why pre-approval is one of the smartest moves you can make when shopping for a home
Subprime Mortgage
 A type of mortgage that is normally made out to borrowers with lower credit ratings. As a result of the borrower's lowered credit rating, a
conventional mortgage is not offered because the lender views the borrower as having a larger-than-average risk of defaulting on the loan.
FINANCING YOUR REAL ESTATE INVESTMENT; BUYING YOUR FIRST, SECOND, AND OR THIRD PROPERTY. HOW AND WHERE TO FIND MONEY? CLICK
RIGHT HERE!
RENTAL PROPERTY / COMMERCIAL REAL ESTATE / COMMERCIAL LEASE Tips for Making Solid Business Agreements and Contracts
GOVERNMENTS GENERAL INFORMATION CENTER: MIAMI DADE COUNTY, BROWARD
COUNTY, MONROE COUNTY, PALM BEACH COUNTY, STATE OF FLORIDA AND THE U.S.
FEDERAL GOVERNMENT.
You name it, You get it
You need it, You find
You want it, Search for it!
COUNTY, MONROE COUNTY, PALM BEACH COUNTY, STATE OF FLORIDA AND THE U.S.
FEDERAL GOVERNMENT.
You name it, You get it
You need it, You find
You want it, Search for it!
-- SOUTH FLORIDA REAL ESTATE INVESTMENTS. ---
FIVE IMPORTANT THINGS EVERY REAL ESTATE INVESTOR SHOULD KNOW ABOUT?... ATTENTION,
ATTENTION HOME-BUYERS AND SELLERS...
--- REAL ESTATE INVESTMENTS: WHY INVESTING IN REAL ESTATE TODAY IS A GOOD IDEA FOR FIRST
TIME HOME-BUYERS AND FOR EVERYONE?
---... Federal Housing Administration {FHA} Mortgage Loan Programs Information Center. Help for America's
Homeowners! How to make your home affordable?
--- ...REAL ESTATE ADVANTAGE AND GREAT OPPORTUNITY FOR FIRST TIME HOME-BUYERS IN SOUTH
FLORIDA! ———
-- FIRST TIME HOME-BUYERS. METHODS, TECHNIQUES, AND STRATEGIES TO SUCCEED -- THE MOST
IMPORTANT INFORMATION FOR FIRST TIME BUYERS...
--- INVESTMENT GENERAL KNOWLEDGE AND FINANCING STRATEGY...
INVEST NOW AND GET RICHER LATER. INVEST YOUR MONEY TODAY AND GET RICHER TOMORROW
--- REAL ESTATE FINANCING: WHERE AND HOW TO FIND MONEY TO INVEST IN REAL ESTATE?
Bringing the Dream of Home-ownership Within Reach... THE DREAM NOW CAN BECOME A REALITY.
--- SOUTH FLORIDA REAL ESTATE INVESTMENTS. ---
FIVE IMPORTANT THINGS EVERY REAL ESTATE INVESTOR SHOULD KNOW ABOUT?... ATTENTION,
ATTENTION HOME-BUYERS AND SELLERS...
--- NSP --- Neighborhood Stabilization Program
Neighborhood Stabilization Program: HUD's new Neighborhood Stabilization Program provides emergency
assistance to state and local governments to...
---... HOME-BUYER'S TAX CREDIT, ASSISTANCE WITH DOWN-PAYMENT AND CLOSING COST. {FLHOP}
FLORIDA HOUSING OPPORTUNITY PROGRAM. Utilizing home buyer tax credit to assist at closing
FIVE IMPORTANT THINGS EVERY REAL ESTATE INVESTOR SHOULD KNOW ABOUT?... ATTENTION,
ATTENTION HOME-BUYERS AND SELLERS...
--- REAL ESTATE INVESTMENTS: WHY INVESTING IN REAL ESTATE TODAY IS A GOOD IDEA FOR FIRST
TIME HOME-BUYERS AND FOR EVERYONE?
---... Federal Housing Administration {FHA} Mortgage Loan Programs Information Center. Help for America's
Homeowners! How to make your home affordable?
--- ...REAL ESTATE ADVANTAGE AND GREAT OPPORTUNITY FOR FIRST TIME HOME-BUYERS IN SOUTH
FLORIDA! ———
-- FIRST TIME HOME-BUYERS. METHODS, TECHNIQUES, AND STRATEGIES TO SUCCEED -- THE MOST
IMPORTANT INFORMATION FOR FIRST TIME BUYERS...
--- INVESTMENT GENERAL KNOWLEDGE AND FINANCING STRATEGY...
INVEST NOW AND GET RICHER LATER. INVEST YOUR MONEY TODAY AND GET RICHER TOMORROW
--- REAL ESTATE FINANCING: WHERE AND HOW TO FIND MONEY TO INVEST IN REAL ESTATE?
Bringing the Dream of Home-ownership Within Reach... THE DREAM NOW CAN BECOME A REALITY.
--- SOUTH FLORIDA REAL ESTATE INVESTMENTS. ---
FIVE IMPORTANT THINGS EVERY REAL ESTATE INVESTOR SHOULD KNOW ABOUT?... ATTENTION,
ATTENTION HOME-BUYERS AND SELLERS...
--- NSP --- Neighborhood Stabilization Program
Neighborhood Stabilization Program: HUD's new Neighborhood Stabilization Program provides emergency
assistance to state and local governments to...
---... HOME-BUYER'S TAX CREDIT, ASSISTANCE WITH DOWN-PAYMENT AND CLOSING COST. {FLHOP}
FLORIDA HOUSING OPPORTUNITY PROGRAM. Utilizing home buyer tax credit to assist at closing
 | |  | |  | |  | |  | |  | |  | |  |
| BUYING, SELLING, LEASING A REAL STATE PROPERTY IN SOUTH FLORIDA IS THE AFFAIR OF A LICENSED REAL ESTATE PROFESSIONAL. CALL ANTONY AT: 786- FOR A COMPLETE REAL ESTATE SERVICE! |
IF YOU NEED HELP TO SELL YOUR PROPERTY IN SOUTH FLORIDA; PLEASE
CALL Mr. ANTONY A PROFESSIONAL REALTOR. AT: 786- ---
Fortune International Realty. ----REAL ESTATE SERVICES-- HOME-BUYING -- REAL
ESTATE INFO.---- MORTGAGE LOANS-
CALL Mr. ANTONY A PROFESSIONAL REALTOR. AT: 786- ---
Fortune International Realty. ----REAL ESTATE SERVICES-- HOME-BUYING -- REAL
ESTATE INFO.---- MORTGAGE LOANS-
IF YOU NEED HELP TO SELL YOUR REAL ESTATE PROPERTY IN
SOUTH FLORIDA; PLEASE CALL ANTONY A PROFESSIONAL
REALTOR. AT: 786- --- Fortune Int. Realty
SOUTH FLORIDA; PLEASE CALL ANTONY A PROFESSIONAL
REALTOR. AT: 786- --- Fortune Int. Realty
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''Mortgage Home Loans Pre-qualification Made Easy:
Conventional Loans, VA Loans,
USDA Home Loans, FHA Mortgage Loans. How to
Get Pre-Approved for a Mortgage Home Loan....
Conventional Loans, VA Loans,
USDA Home Loans, FHA Mortgage Loans. How to
Get Pre-Approved for a Mortgage Home Loan....
'' Mortgage Home Loan Pre-Approval
Process Made Easy By Anthony
Jeanty From: Buy Here Market
Enterprise.
'' Mortgage Pre-Approval Q&A -
Getting Pre-Approved for a Loan.''-
Process Made Easy By Anthony
Jeanty From: Buy Here Market
Enterprise.
'' Mortgage Pre-Approval Q&A -
Getting Pre-Approved for a Loan.''-
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