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I Advice - Real Estate Investing 101 - Understanding the Different Types of Lenders
Nowadays, many freelancers rarely meet their clients face-to-face. However if you do find yourself “taking a meeting” with a client, following are three guidelines that will ensure a constant flow of work.1. Fight the urge to speak: My mother used to say, “The creator gave you two ears and one mouth. Now why do you think that is?” (I’ve always loved to talk, talk, talk).Obviously, her point was, talk less and listen more. So, after the initial pleasantries have taken place, let the client do the bulk of the talking. If you let a person talk long enough, you will invariably get a feel for what they want – even if they keep sprinkling their conversation with phrases like, “I’m not quite sure which direction I want to go in.”Should you take notes? I always le
Some marketing consultants and authors of marketing books actually believe that word of mouth advertising is Fantasy Land? Isn’t that interesting indeed. So one could ask themselves why these marketing gurus and self-proclaimed wondermen or girlie men think this.Well I have wondered why on Earth anyone could come to that conclusion; and I have determined and am under the opinion that they have never actually marketed a real business in their life; well except the marketing business tapes, seminars and books that they peddle. Is word of mouth advertising really fantasy land?More than one marketing consultant has publicly stated this in his ignorance (opinion), but maybe they just do this because they want you to believe in their marketing and advertising schemes and want you to purchase thei
Types of Lenders:
The lender landscape can be broken into the following broad categories:
Conforming Alt-A Non-Conforming or Sub prime Hard Money
Each of these offers loans for residential investment properties ( 1-4 unit properties).
Conforming
Conforming lenders are the A-Paper mortgage banks that cater to borrowers with excellent credit history and the ability to document income. Conforming banks offer loan products that can be considered “plain vanilla” in today’s world of interest-only ARMs and low down payment loans. In terms of investor loans, conforming lenders offer full doc and stated loans up to a 90% LTV. A loan from a conforming lender with an LTV greater than 80% will incur private mortgage insurance, or PMI. (Learn more about PMI at: http://www.andersonlendinggroup.com/faq_a16.html ) Conforming lenders always require a minimum of a 620 credit score, and use a computerized underwriting process to determine approval. Besides credit score, other important factors for approval include: payment history for mortg
Google has build an advertisement system which consists of two mechanisms that work apart, but keeps it together.Google ad words is one of the mechanisms, An advertiser is willing to pay Google an amount of cash, if Google will advertise his ad. Google has two types of ad placement, one is on the Google search results page, and the other one is on other person’s site that advertise with Google ad sense. the advertiser is paying per a keyword, every keyword has it’s own price per a click or 1,000 impressions, the price is usually calculated by competition on that keyword. [competition: how many other advertisers are willing to pay for that keyword]The other mechanism is Google ad sense, people who own a website can implement ads from Google ad words.The advertiser can choose if to pay
Types of Lenders:
The lender landscape can be broken into the following broad categories:
Conforming Alt-A Non-Conforming or Sub prime Hard Money
Each of these offers loans for residential investment properties ( 1-4 unit properties).
Conforming
Conforming lenders are the A-Paper mortgage banks that cater to borrowers with excellent credit history and the ability to document income. Conforming banks offer loan products that can be considered “plain vanilla” in today’s world of interest-only ARMs and low down payment loans. In terms of investor loans, conforming lenders offer full doc and stated loans up to a 90% LTV. A loan from a conforming lender with an LTV greater than 80% will incur private mortgage insurance, or PMI. (Learn more about PMI at: http://www.andersonlendinggroup.com/faq_a16.html ) Conforming lenders always require a minimum of a 620 credit score, and use a computerized underwriting process to determine approval. Besides credit score, other important factors for approval include: payment history for mortg
Not very long ago, people who enjoyed listening to music books had to enjoy them using audio books cassette tapes. Long before CDs invaded the media industry, and even longer before the internet revolutionized the media industry, music books cassette tapes provided hours of education and enjoyment for book lovers.For some, music books cassette tapes are still the preferred way to listen to a favorite book during long trips or relaxing evenings at home. Cassettes have their positive qualities, but more recent audio book formats have proven to be more efficient.The audio book industry began with music literature cassette tapes. At the time, the Walkman was the most popular portable media player. This little device is still great for many reasons. Playing an audio book cassette is ideal if you
Each of these offers loans for residential investment properties ( 1-4 unit properties).
Conforming
Conforming lenders are the A-Paper mortgage banks that cater to borrowers with excellent credit history and the ability to document income. Conforming banks offer loan products that can be considered “plain vanilla” in today’s world of interest-only ARMs and low down payment loans. In terms of investor loans, conforming lenders offer full doc and stated loans up to a 90% LTV. A loan from a conforming lender with an LTV greater than 80% will incur private mortgage insurance, or PMI. (Learn more about PMI at: http://www.andersonlendinggroup.com/faq_a16.html ) Conforming lenders always require a minimum of a 620 credit score, and use a computerized underwriting process to determine approval. Besides credit score, other important factors for approval include: payment history for mortg Some examples of leading conforming lenders are Countrywide, Wachovia, Suntrust, and Flagstar. While these are national lenders, any local bank or savings and loan would fall into this category. Alt-A
Alternative “A” credit lenders, or Alt-A, offer aggressive loan financing products catering to borrowers with credit scores from 660 and up. While these lenders offer programs to borrowers with scores down to 620, the aggressive programs are typically not available to borrowers below a 660 middle score. Alt-A banks have driven the creation of innovative loan products over the last few years. These programs include the many interest-only products, the Option Arm loan, loans requiring as little as 5% and now – no down payment, as well as standard fixed-rate and arm products. The big difference with these lenders is the relaxed debt-to-income ratios available, the reduced income documentations (stated income, no income / no asset, and no doc), and the ability to add interest-only to most products. Alt-A lenders have popularized the use of 80-10 a
As a business owner, I receive my share of sales calls in a given month. More often than not, I’m away from my desk or out of the office which means I end up listening to the messages instead of speaking directly with the sales person. Here are a few of the common mistakes I notice and how you can correct them.Mistake #1 – The message lacks focus or clarity. You are more likely to receive voice mail today than actually connect with the person you are trying to contact. That means you must be prepared to leave a clear, concise message. Business people are too busy to listen to a lengthy message that is not focused and you lose credibility if you cannot state your objective without rambling. The average executive in an organization receives dozens of calls every day and many of them are from sales p
After our last article on Flogs came out, many readers sent emails to PSN asking what they should do if they come across a fake blog or “flog.” Due to the limited length of time that flogs have been on the Internet, best practices for reporting these sites haven’t really been established yet. Additionally, contacting these sites directly will get you nowhere as these companies will just disregard your correspondence (that’s if you can even locate their contact information in the first place). Therefore, your only real option in the fight against fake blogs is to report them.Due to user outrage caused by flogs, several methods of flog reporting are starting to gain in popularity. Though these services are relatively new, they are the best options for anyone who wants to take action against flogs:. (Learn more about PMI at: http://www.andersonlendinggroup.com/faq_a16.html ) Conforming lenders always require a minimum of a 620 credit score, and use a computerized underwriting process to determine approval. Besides credit score, other important factors for approval include: payment history for mortgage and revolving accounts over the last 24 months, debt-to-income ratio, employment history, amount of down payment, and the amount of liquid reserves.
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