Here are some of
the questions we have been asked. We will add to
this page from time to time. If you still have unanswered
questions we can answer by E-mail or by phone.
What are your
rates?
We offer very low rates to
people with good credit who are doing conforming loans. All
others are priced competitively by the product.
Do I have to have good
credit, income and all that? Also what if I do
not?
Usually, "Yes" for conforming
loans. But we have a lot of loan products. If you do not
have good credit, we offer a variety of mortgages that can still
work. Expect the rates to be higher than with a
conforming loan.
My credit is good but my income is hard to
prove. What can we do?
Besides what we
call "Full Document" there are many other level of documentation
such as "Stated Income", "No Doc" and others.
Why are most loans called
conforming? Is there an advantage?
Whether a lender is planning on selling most of their
loans to other banks or whether they plan on keeping all of their
loans in their own investment portfolio, they want to know that
the mortgages are liquid assets. Loans that conform to
certain underwriting standards and requirements can be traded
on major exchanges in batches. This liquidity, (the ability to
sell the mortgages instantly) is a big advantage to the bank.
Therefore, conforming loans usually carry better rates than loans
that do not meet the guidelines.
You claim that you can do
100% financing for investors. Several loan officers have told
me that you must have 10% down to purchase "Non Owner Occupied"
property. How can you do
it?
We have agreements with several banks to lend 95% and
100% on investment property. They also allow the seller to pay
part of the closing costs.
What
happens if an investor does not have good credit?
No problem! We have other lenders who allow
flexible programs so with a little creative work there is still
100% financing available.
What is the biggest loan
you can make?
One
Hundred Million Dollars at this
time.
We have heard a lot about
"Hard Money". Do you have it and how does it
work?
Yes! We have a lot of hard
money lenders available. Some require payments and some
don't. Most hard money loans are due in full in six
months or one year.
Is "Hard Money" safe?
Yes! We have a lot of hard money lenders
available. Actually, any mortgage has a risk. That risk
is that you will not keep the agreement and lose the property
through foreclosure. Most foreclosures are because the
borrower did not make the mortgage payments. Each state has
it's own laws about how a foreclosure must be done. These laws
specify how the property is to be auctioned off, how
much notice must be given, what rights the owner has to "cure"
the mortgage deficiantcy and for how
long. Although hard money
loans are subject to most of the same laws, there is
a slightly bigger risk because most hard money loans have a balloon
payment. A balloon payment simply means that the loan is
due in full sooner than the required payments would pay it
off. This is an excellent mortgage if you need to buy a
distressed or bargain property quickly, fix it up and sell it or
re-finance it after the work is done. Just make sure that you
can do what you say.
What are some of
your "Hard Money" products?
One
of the favorites is the fix-and-flip product. We lend you the
money to buy it, we lend you the money to fix it and you make no
payment for six months! How Kool is that?
Who offers free credit
counseling?
We
do.
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