Tag: Mortgage

Commercial Mortgage Calculator #stock #prices


#business loan calculator

#

Commercial Property Loan Calculator

Calculate Payments on Commercial Properties

This tool figures payments on a commercial property, offering payment amounts for P & I, Interest-Only and Balloon repayments — along with providing a monthly amortization schedule.

What You Need to Know About Commercial Property Financing

Obtaining a business real estate advance is a lot more difficult than getting a home advance, and you need to be prepared for a grueling process that has many twists and turns – and sometimes a surprise ending.

If you’ve never applied for a business advance before, you may be surprised by how picky commercial lenders can be. And then you have to consider how risky the process can be for you personally. In the event that your commercial lender turns you down at the last minute after the wheels have already started to turn, you might even have to declare bankruptcy.

You’ll need to pay appraisal fees and toxic report costs, and these don’t come cheap. If you are turned down and need to start a new application, you may have to pay for all of these third-party reports again. To make the game even riskier, there are many impostors masquerading as direct commercial lenders, and they are only interested in ripping you off to collect the exorbitant application fees.

In order to avoid a series of missteps that could land you in hot water, it’s best to understand the specific steps of obtaining a business real estate loan before you start looking for a suitable lender.

Firstly, it’s important to understand one of the fundamental differences between commercial property loans and residential mortgages. While home loans are typically backed by a government entity like Fannie Mae or Freddie Mac. loans for business properties are not.

As a result, the lenders charge higher interest rates and are hungry for lots of assurance.

Some lenders will go so far as to evaluate the borrower’s business model, as well as the commercial building that will serve as collateral. Don’t go into a commercial real estate lender’s office with the same expectations as you would when you’re applying for an advance secured against your primary residence. It’s a different ball game.

Meeting The Loan Repayment Terms

In the world of business real estate financing, lenders expect the borrower to repay the entire business advance earlier than the due date. They do this by including a balloon repayment stipulation. This means that the borrower pays on his 30-year mortgage as usual for a few years with principal and interest payments, and then he ll have to pay off the entire balance in one fell swoop, or one balloon payment.

But a balloon loan could be a recipe for disaster, especially if the borrower is not ready when the balloon payment comes due (usually after 3, 5, or 10 years). If this is the case, the borrower must refinance the advance. Remember that the lender is keeping one eye on the borrower’s business and cash flow. If it appears to the lender that the business is not doing well in the years leading up to the balloon payment, the lender may jack up the interest rate or flat out refuse to refinance. The prospect of the realty going into foreclosure is always a concern with balloon loans.

How Long Does It Take?

You should receive a preliminary answer or pre-approval the same day or the next business day, but this doesn’t guarantee that your loan will be approved. The lender needs 10 to 20 additional business days to run detailed financial reports and in-depth credit checks.

The loan is then scrutinized by underwriters, and these are seriously picky people. They want to meet you (and sometimes your business associates) before deciding if they should lend you money. Once the loan application has gained the approval of the underwriter, you just hammer out the terms and sign on the dotted line. Although many lenders boast that they can push a business loan through in 45 days or less, it usually takes closer to three months.

The Required Documents

Even before you apply for the advance, inquire about the necessary documentation. Some small businesses lack the kind of income documentation required for business lending, so it would be a waste of time to start the process in the face of insurmountable roadblocks.

Business property financiers need to see the last 3 to 5 years of tax returns and financial statements, including:

  • Corporate documents
  • Asset statements
  • Leases
  • Personal financial records

The more documentation required, the longer the advance approval process will take.

Watch Out For Hidden Costs

Don’t be fooled by a low interest rate if there are too many fees involved, including but not limited to legal fees, application fees, appraisal fees, and survey charges. It may seem confusing at times, but remember that points are percentages that the lender pockets off the top. If your interest rate is 9 percent with two points, the real cost of borrowing the money is 11 percent.

In some instances, these charges and hidden fees can add up to tens of thousands of dollars, so you need to find out if it’s likely you’ll be approved before you drop a small fortune on the application fees.

Banks vs. Non-Bank Lenders

Non-bank lenders (such as silent investors, for example) are usually less strict about their eligibility requirements, and many are willing to loan you money without including the early balloon repayment stipulation. In reality, these loans are just like home advances in that they offer you a steady repayment plan spread out over 20 or 30 years. However, they do carry slightly higher interest rates.

There are some other disadvantages to non-bank commercial property borrowing, namely the high expectations of the lender. If you don’t generate an anticipated profit, a nervous private lender may pull the plug on your funding. Until he sees a return on his investment, he may even start taking possession of items you posted as collateral.

The obvious advantage of obtaining your loan through a traditional bank is the rigorous reporting system it offers. If you make all your payments on time, your bank reports will reflect that. In turn, this will increase your credit rating and make it easier for you to qualify for loans in the future.

Top Tips For Business Property Borrowers

Here are the top tips for getting the most out of your commercial property loan:

1. Shop Around

Don’t rely on a single commercial lender. Instead, contact at least three different lenders. business lending is very subjective, meaning your eligibility is determined by someone who may or may not be fair. The more options you have, including both banks and non-bank lenders, the more likely you are to get approved.

2. Beware of Charlatans

Why would anyone pretend to be a direct commercial lender? To steal your application fees, of course! There are con men lurking everywhere, and the slick business real estate lenders who greet you with a contract in one hand and a pen in the other are to be avoided.

3. Be Prepared For a Long Wait

Commercial lenders, like home contractors, always exaggerate how quickly the work will get done. In fact, you can expect a three-month processing period, no matter what the lender promises.

4. Toxic Reports

You’ll have to provide a toxic report to the potential lender if you default on your payments and the lender forecloses on your land. After all, the lender is responsible for any cleanup costs if the property is contaminated – unless the lender first gets a Level 1 toxic report to keep on file.

5. Lenders Must Order The Appraisal

Never let a mortgage broker talk you into letting him order the appraisal. Only the lender can do that, or by law, the bank won’t be able to accept it.

6. Wait For The Term Sheet

A term sheet is a written declaration of interest by a direct commercial lender that comes with an estimate of the terms. While it is not binding, it is a very desirable document to have. Don’t agree to pay for an appraisal until you see a term sheet that has terms that are acceptable to you.

7. Location, Location, Location

Location is equally important when it comes to choosing a lender for business real estate. As a rule of thumb, local lenders have better deals than out-of-town lenders.

8. Use Your Deposit Relationship

If your company generates a high cash flow, you can use the promise of a deposit relationship to get a better deal. Promise to transfer all of your accounts to the bank that handles your business real estate. Smaller banks will especially appreciate the additional cash flowing into their coffers.

2007 – 2016 www.MortgageCalculator.org | Contact Us


Tags : , ,

Commercial Mortgage Calculator #free #business #software


#business loan calculator

#

Commercial Property Loan Calculator

Calculate Payments on Commercial Properties

This tool figures payments on a commercial property, offering payment amounts for P & I, Interest-Only and Balloon repayments — along with providing a monthly amortization schedule.

What You Need to Know About Commercial Property Financing

Obtaining a business real estate advance is a lot more difficult than getting a home advance, and you need to be prepared for a grueling process that has many twists and turns – and sometimes a surprise ending.

If you’ve never applied for a business advance before, you may be surprised by how picky commercial lenders can be. And then you have to consider how risky the process can be for you personally. In the event that your commercial lender turns you down at the last minute after the wheels have already started to turn, you might even have to declare bankruptcy.

You’ll need to pay appraisal fees and toxic report costs, and these don’t come cheap. If you are turned down and need to start a new application, you may have to pay for all of these third-party reports again. To make the game even riskier, there are many impostors masquerading as direct commercial lenders, and they are only interested in ripping you off to collect the exorbitant application fees.

In order to avoid a series of missteps that could land you in hot water, it’s best to understand the specific steps of obtaining a business real estate loan before you start looking for a suitable lender.

Firstly, it’s important to understand one of the fundamental differences between commercial property loans and residential mortgages. While home loans are typically backed by a government entity like Fannie Mae or Freddie Mac. loans for business properties are not.

As a result, the lenders charge higher interest rates and are hungry for lots of assurance.

Some lenders will go so far as to evaluate the borrower’s business model, as well as the commercial building that will serve as collateral. Don’t go into a commercial real estate lender’s office with the same expectations as you would when you’re applying for an advance secured against your primary residence. It’s a different ball game.

Meeting The Loan Repayment Terms

In the world of business real estate financing, lenders expect the borrower to repay the entire business advance earlier than the due date. They do this by including a balloon repayment stipulation. This means that the borrower pays on his 30-year mortgage as usual for a few years with principal and interest payments, and then he ll have to pay off the entire balance in one fell swoop, or one balloon payment.

But a balloon loan could be a recipe for disaster, especially if the borrower is not ready when the balloon payment comes due (usually after 3, 5, or 10 years). If this is the case, the borrower must refinance the advance. Remember that the lender is keeping one eye on the borrower’s business and cash flow. If it appears to the lender that the business is not doing well in the years leading up to the balloon payment, the lender may jack up the interest rate or flat out refuse to refinance. The prospect of the realty going into foreclosure is always a concern with balloon loans.

How Long Does It Take?

You should receive a preliminary answer or pre-approval the same day or the next business day, but this doesn’t guarantee that your loan will be approved. The lender needs 10 to 20 additional business days to run detailed financial reports and in-depth credit checks.

The loan is then scrutinized by underwriters, and these are seriously picky people. They want to meet you (and sometimes your business associates) before deciding if they should lend you money. Once the loan application has gained the approval of the underwriter, you just hammer out the terms and sign on the dotted line. Although many lenders boast that they can push a business loan through in 45 days or less, it usually takes closer to three months.

The Required Documents

Even before you apply for the advance, inquire about the necessary documentation. Some small businesses lack the kind of income documentation required for business lending, so it would be a waste of time to start the process in the face of insurmountable roadblocks.

Business property financiers need to see the last 3 to 5 years of tax returns and financial statements, including:

  • Corporate documents
  • Asset statements
  • Leases
  • Personal financial records

The more documentation required, the longer the advance approval process will take.

Watch Out For Hidden Costs

Don’t be fooled by a low interest rate if there are too many fees involved, including but not limited to legal fees, application fees, appraisal fees, and survey charges. It may seem confusing at times, but remember that points are percentages that the lender pockets off the top. If your interest rate is 9 percent with two points, the real cost of borrowing the money is 11 percent.

In some instances, these charges and hidden fees can add up to tens of thousands of dollars, so you need to find out if it’s likely you’ll be approved before you drop a small fortune on the application fees.

Banks vs. Non-Bank Lenders

Non-bank lenders (such as silent investors, for example) are usually less strict about their eligibility requirements, and many are willing to loan you money without including the early balloon repayment stipulation. In reality, these loans are just like home advances in that they offer you a steady repayment plan spread out over 20 or 30 years. However, they do carry slightly higher interest rates.

There are some other disadvantages to non-bank commercial property borrowing, namely the high expectations of the lender. If you don’t generate an anticipated profit, a nervous private lender may pull the plug on your funding. Until he sees a return on his investment, he may even start taking possession of items you posted as collateral.

The obvious advantage of obtaining your loan through a traditional bank is the rigorous reporting system it offers. If you make all your payments on time, your bank reports will reflect that. In turn, this will increase your credit rating and make it easier for you to qualify for loans in the future.

Top Tips For Business Property Borrowers

Here are the top tips for getting the most out of your commercial property loan:

1. Shop Around

Don’t rely on a single commercial lender. Instead, contact at least three different lenders. business lending is very subjective, meaning your eligibility is determined by someone who may or may not be fair. The more options you have, including both banks and non-bank lenders, the more likely you are to get approved.

2. Beware of Charlatans

Why would anyone pretend to be a direct commercial lender? To steal your application fees, of course! There are con men lurking everywhere, and the slick business real estate lenders who greet you with a contract in one hand and a pen in the other are to be avoided.

3. Be Prepared For a Long Wait

Commercial lenders, like home contractors, always exaggerate how quickly the work will get done. In fact, you can expect a three-month processing period, no matter what the lender promises.

4. Toxic Reports

You’ll have to provide a toxic report to the potential lender if you default on your payments and the lender forecloses on your land. After all, the lender is responsible for any cleanup costs if the property is contaminated – unless the lender first gets a Level 1 toxic report to keep on file.

5. Lenders Must Order The Appraisal

Never let a mortgage broker talk you into letting him order the appraisal. Only the lender can do that, or by law, the bank won’t be able to accept it.

6. Wait For The Term Sheet

A term sheet is a written declaration of interest by a direct commercial lender that comes with an estimate of the terms. While it is not binding, it is a very desirable document to have. Don’t agree to pay for an appraisal until you see a term sheet that has terms that are acceptable to you.

7. Location, Location, Location

Location is equally important when it comes to choosing a lender for business real estate. As a rule of thumb, local lenders have better deals than out-of-town lenders.

8. Use Your Deposit Relationship

If your company generates a high cash flow, you can use the promise of a deposit relationship to get a better deal. Promise to transfer all of your accounts to the bank that handles your business real estate. Smaller banks will especially appreciate the additional cash flowing into their coffers.

2007 – 2016 www.MortgageCalculator.org | Contact Us


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JMT Document Services #signing #agent, #signing #service, #service, #sign, #signing, #loan #services, #signing #services,

#

JMT Document Services is a nationwide mortgage loan signing service. We provide signing services for major national and regional mortgage lenders and Title Insurance companies. We need quality people with Notary Public commissions in all areas of the country to sign mortgage documents on a part time basis.

There is no investment involved. We will send mortgage documents to you as our lenders approve loans in your area.

You will meet with the borrowers and obtain their signatures on the mortgage loan documents, then return them to us in the overnight package we provide to you.

If you are interested in making extra money, we would like to know more about you and we would like to tell you more about us.

Please click JOIN US and complete the information form and send it to us. Thank you. We look forward to hearing from you.

Loan signing services on a nationwide scale! JMT maintains a NATIONWIDE network of loan document signers who can assist you with all of your loan signing needs. Let us help you in obtaining the signatures of your borrowers on your loan documents.

Our loan document signers are all licensed notary publics, experienced and trained in signing mortgage loan documents, including first mortgages, equity and home improvement loans.

The loan signers will meet with your borrower at a time and place that is convenient to the borrower. Appointments can be scheduled by your office or, let the signer save you time by scheduling the appointment for you. Just notify JMT that documents are ready, using our simple order form. Our central scheduling office will coordinate with the borrower and the signer, leaving your time free to process your next loan.

  • Completed loan documents are returned to the location you specify, using overnight delivery service
  • Our loan signers are capable of receiving your documents by fax or email

Call JMT with your special signing needs. We will work with you to develop the procedures and processes necessary to get your loans not only signed, but signed promptly, accurately and professionally, the FIRST TIME.

About Us


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Lender Lister – Business Directory #local #lenders, #residential #lenders, #banks, #wholesale #lenders, #commercial #lenders,

#

Search for Local Lenders

Residential Mortgage Lenders (14)
. First Time Home Buyers. VA Lenders. Reverse Mortgage Lenders.

Commercial Lenders (4)
Apartment Lenders. Non Recourse Lenders. Self Storage Lenders. SBA Lenders.

Hard Money Lenders (3)
Hard Money Residential Lenders. Hard Money Commercial Lenders. Hard Money Business Lenders

Wholesale Lenders (4)
Wholesale Residential Lenders. Wholesale Commercial Lenders. Wholesale Hard Money Lenders. Wholesale Jumbo Lenders.

Personal Loan Lenders (4)
Payday Loan Lenders. Same Day Loan Lenders. Direct Lenders. Peer to Peer Lenders.

Auto Lenders (1)
Bad Credit Auto Lenders. National Auto Lenders. Boat Lenders. RV Lenders.

Vacant Land Lenders (0)
Farm Lenders. Landfill Lenders. Unimproved Land Lenders. Improved Land Lenders.

Construction Lenders (1)
Commercial Construction Lenders. Residential Construction Lenders. Oil & Gas Construction Lenders. Highrise Construction Lenders.

Appraisal Services (0)
Appraisal Management Companies. Residential Appraisal Companies. Commercial Appraisal Companies. Surveyors.

Contractors (0)
Acoustical, Ceiling, Drywall. Concrete. Counter Tops. Drywall.

Credit Companies (0)
Credit Repair. Credit Monitoring. Check

Title Companies (0)
Real Estate Attorneys. Title Insurance. Contract Processing. Title Search.

Real Estate (1)
Real Estate Agencies. Real Estate Agents. For Sale By Owner Advertising. Commercial Real Estate Agencies.

Student Loans (0)
College Grants. Student Grants. Federal Student Loans. Direct Student Lenders.

Homeowners insurance (0)
Insurance Agencies. Insurance Agents

Financial Services (3)
Banking. Consultants. Credit Card Processing. Credit Unions.

Marketing (0)
Business Development. Communication Services. Other. Public Relations.


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Florida Crime Prevention and Training Institute – Home Page #florida, #attorney #general, #mortgage, #fraud,

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Welcome to the Florida Crime Prevention Training Institute (FCPTI) website. This website contains innovative educational opportunities for crime prevention and community oriented policing strategies for officers and citizens; as well as, professional development courses for advocates, officers and victim service providers.

FCPTI has provided quality training since its establishment in 1982 and will continue its highly successful Florida Practitioner Designation Programs in the following fields; Crime Prevention, Crime Prevention Through Environmental Design, Elder Crime, School Resource Officer and Victim Services.

You and members of your organization are cordially invited to attend these excellent courses, and I look forward to working with you in our efforts to reduce crime while also assisting crime victims in our communities.

What others are saying about our Training:

“I have attended several classes with FCPTI. Most for crime prevention and the others for victim advocacy. Overall we have had great instructors and the location were very good. I really enjoyed this class and can’t wait to get back to share the art programs & new urbanism with Chief Baker.”

Gretchen Lorenzo, Fort Myers PD

F.A.S.R.O Annual Training Conference

F.A.S.R.O
FASRO 2017 Annual Training Conference
Lake Buena Vista Palace
July 9-14, 2017 in Orlando, Florida

For more information and to register visit:
http://www.fasro.net

FLDOCA Meeting
Santa Fe College NW Campus
April 21, 2017 in Gainesville, Florida

For more information and to register visit:
http://www.fldoca.com

F.C.P.A
48th Annual Crime Prevention Conference
Hyatt Sarasota
October 23-27, 2017 in Sarasota, Florida


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Secure email delivery #appraise, #appraiser, #appraisal, #appraisalport, #appraiser #network, #appraiser #listings, #residential, #collateral, #cms,

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FNC, INC

SUPPORT EMAIL & PHONE

More Business. Less Work.

AppraisalPort connects you to lenders

And to others who engage in real estate appraisal services. Once you are connected, AppraisalPort provides tools to build your reports quickly, accurately, and deliver them straight to your client. Learn more about AppraisalPort

Secure communication with your clients

AppraisalPort is a secure, Web-based work site from which appraisers can receive orders, send completed reports, and communicate with their clients. It is integrated with FNC’s Collateral Management System®, used by many mortgage lenders, banks, and appraisal management companies. Read more AppraisalPort® FAQs

AI Ready™

New order information is auto-populated into your forms software package if you use AI Ready software. This helps to eliminate typos and reduce time spent re-keying information. Read more about AI Ready

  • “Appraisal Port is an intuitive and easy to use platform.
    It is an efficient way for us to interact with our clients while
    maintaining compliance with regulations. It’s an
    essential tool for managing our business.”

– Kevin Allin, San Diego, California

  • “Simple log-in, automatic report acceptance and seamless
    integrated delivery system maximize my clients’ and my time. In
    addition, regular polls and newsletters enhance the
    sense of belonging to a community of appraisers.”

    – Susan Bender-McGoldrick, Lexington, VA.

  • “It’s nice that we can upload quickly and easily.
    It’s convenient to have all of our clients organized on
    one site and makes it very efficient to receive orders.”

    – Beverly Pogue, Bethesda, Maryland

  • “AppraisalPort provides the convenience of auto accepts and
    receiving of orders, and the communication you receive on each one.
    The GAAR option is great for checks and balances, and the rules can
    fire back quickly and reject the report back to
    appraisers to correct the fired rule.”

    – Norma Lorence, Williamston, Michigan

  • “As an appraiser, I am able to post messages and
    communicate 24/7. This has helped eliminate unnecessary phone calls
    and callbacks which tend to grind up time. My productivity
    has increased 25% since I can communicate using AppraisalPort.”

    – Judy DeLeon, Bowie, Maryland

  • “Castle Associates, Inc. strongly endorses AppraisalPort as an
    essential tool for appraisers and lenders. AppraisalPort provides the
    interface necessary to become the fastest and most efficient
    appraisal firm in the Las Vegas Valley.”

    – Aaron Alyea, Las Vegas, Nevada

  • “The structure of AppraisalPort allows for the
    fastest turn times with the highest efficiency. The website is
    reliable and simple to use. AppraisalPort is the premier
    name in appraisal servicing.”

    – Aaron Alyea, Las Vegas, Nevada

  • “Appraisal Associates has had such success
    with the system, it works beautifully, there is no lender pressure,
    and we are freed up to do the job. I have increased
    my production by 30%.”

    – L. Michael Gandy, Las Vegas, Nevada

  • “Your staff always handles any problem that
    comes my way in a courteous manner; they seem to understand how
    difficult and challenging appraising can be. I would like to thank you
    for the opportunity you have given Appraisal Associates.”

    -L. Michael Gandy, Las Vegas, Nevada

  • “I love that it is so easy to add new clients through AppraisalPort.
    Just a couple of clicks and we are connected.”

    – Clint Bruce, San Diego, California

  • “I’ve used several appraisal ordering companies
    over the years but when a lender asks me which one I prefer
    and recommend I always tell them AppraisalPort.
    Quick, easy to use, and reasonable fees.”

    – Clint Bruce, San Diego, California

  • “The few times I’ve had a problem; the customer
    service department has gotten back to me quickly and
    always resolved the issue. I wish all companies were
    as caring and quick to respond.”

    – Clint Bruce, San Diego, California

    Are you sure you don’t want to share your profile?

    You have instructed AppraisalPort not to provide your profile information to any other FNC Clients. While clients may use your profile information in different ways, the most common way they use this data is to ‘board’ appraisal panels at our lender institutions. By opting out, your information will not be provided, which may limit additional assignments you could receive through AppraisalPort. Are you sure you want to take this action?

    Login Help


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  • Lender Lister – Business Directory, connecticut mortgage lenders.#Connecticut #mortgage #lenders


    #

    Search for Local Lenders

    Use the search form below, browse the lending businesses by category or location, check the featured or last added businesses or browse them by map by clicking on the icon to the right .

    Auburn , Bessemer , Birmingham , Decatur , Dothan , Florence , Gadsden , Hoover .

    Anchorage , Eagle River , Fairbanks , Juneau , Kenai Peninsula

    Avondale , Casas Adobes , Catalina Foothills , Chandler , Flagstaff , Gilbert , Glendale , Mesa .

    Bentonville , Conway , Fayetteville , Fort Smith , Hot Springs , Jacksonville , Jonesboro , Little Rock .

    Anaheim , Bakersfield , Chico , Chula Vista , Fresno , Humboldt County , Imperial County , Long Beach .

    Arvada , Aurora , Boulder , Centinnial , Colorado Springs , Denver , Fort Collins , Lakewood .

    Bridgeport , Danbury , East Norwalk , Hartford , New Britain , New Haven , North Stamford , Norwalk .

    Bear , Brookside , Dover , Glasgow , Hockessin , Middletown , Newark , Wilmington

    Cape Coral , Coral Springs , Daytona Beach , Fort Lauderdale , Fort Myers , Gainesville , Hialeah , Hollywood .

    Albany , Athens , Atlanta , Augusta , Brunswick , Columbus , Johns Creek , Macon .

    Honolulu , Pearl City , Hilo , Kailua , Waipahu , Kāne’ohe , Mililani Town , Kahului .

    Boise , Caldwell , Eagle , Garden City , Hayden , Idaho Falls , Kuna , Lewiston .

    Arlington Heights , Aurora , Champaign , Chicago , Cicero , Decatur , Elgin , Evanston .

    Anderson , Bloomington , Carmel , Elkhart , Evansville , Fishers , Fort Wayne , Gary .

    Ames , Ankeny , Bettendorf , Cedar Falls , Cedar Rapids , Council Bluffs , Davenport , Des Moines .

    Emporia , Garden City , Hutchinson , Kansas City , Lawrence , Leavenworth , Leawood , Lenexa .

    Bowling Green , Covington , Elizabethtown , Florence , Frankfort , Henderson , Hopkinsville , Jeffersontown .

    Alexandria , Baton Rouge , Hammond , Houma , Lafayette , Lake Charles , Natchitoches , New Orleans .

    Auburn , Augusta , Bangor , Biddeford , Brunswick , Gorham , Kennebunk , Lewiston .

    Aspen Hill , Baltimore , Bethesda , Bowie , Columbia , Dundalk , Ellicott City , Frederick .

    Boston , Brockton , Cambridge , Fall River , Framingham , Lawrence , Lowell , Lynn .

    Ann Arbor , Canton , Dearborn , Detroit , Farmington Hills , Flint , Grand Rapids , Kalamazoo .

    Blaine , Bloomington , Brooklyn Park , Burnsville , Coon Rapids , Duluth , Eagan , Eden Prairie .

    Biloxi , Clinton , Columbus , Gautier , Greenville , Gulfport , Hattiesburg , Jackson .

    Blue Springs , Cape Girardeau , Chesterfield , Columbia , Florissant , Independence , Joplin , Kansas City .

    Anaconda , Belgrade , Billings , Bozeman , Butte , Great Falls , Havre , Helena .

    Beatrice , Bellevue , Columbus , Freemont , Grand Island , Hastings , Kearney , La Vista .

    Boulder City , Carson City , Elko , Fernley , Henderson , Las Vegas , North Las Vegas , Pahrump .

    Bedford , Concord , Derry , Dover , Goffstown , Hudson , Keene , Laconia .

    Camden , Cherry Hill , Clifton , East Orange , Edison , Elizabeth , Irvington , Jersey City .

    Alamogordo , Albuquerque , Carlsbad , Clovis , Deming , Farmington , Gallup , Hobbs .

    Albany , Binghamton , Brentwood , Buffalo , Catskills , Cheektowaga , Hamburg , Long Island .

    Asheville , Charlotte , Concord , Durham , Fayetteville , Gastonia , Greensboro , Greenville .

    Bismarck , Devils Lake , Dickinson , Fargo , Grafton , Grand Forks , Jamestown , Minot .

    Akron , Athens , Canton , Cincinnati , Cleveland , Columbus , Dayton , Elyria .

    Ardmore , Bartlesville , Broken Arrow , Edmond , Enid , Lawton , Midwest City , Moore .

    Albany , Aloha , Beaverton , Bend , Corvallis , Eugene , Gresham , Hillsboro .

    Easton , Allentown , Altoona , Bethlehem , Chester , Cumberland Valley , Erie , Harrisburg .

    Bristol , Central Falls , Coventry , Cranston , Cumberland , East Providence , Newport , North Providence .

    Aiken , Anderson , Charleston , Columbia , Florence , Goose Creek , Greenville , Hilton Head Island .

    Aberdeen , Brandon , Brookings , Huron , Madison , Mitchell , Pierre , Rapid City .

    Bartlett , Chattanooga , Clarksville , Cleveland , Collierville , Franklin , Germantown , Hendersonville .

    Abilene , Amarillo , Arlington , Austin , Brownsville , College Station , Conroe , Corpus Christi .

    Bountiful , Layton , Logan , Murray , Ogden , Orem , Provo , Roy .

    Barre , Bennington , Brattleboro , Burlington , Colchester , Hartford , Jericho , Middlebury .

    Alexandria , Arlington , Centreville , Chesapeake , Dale City , Hampton , Lynchburg , Newport News .

    Bellevue , Bellingham , Everett , Federal Way , Kennewick , Kent , Lakewood , Redmond .

    Beckley , Bluefield , Charleston , Clarksburg , Cross Lanes , Fairmont , Huntington , Martinsburg .

    Appleton , Eau Claire , Fond du Lac , Green Bay , Janesville , Kenosha , La Crosse , Madison .

    Casper , Cheyenne , Cody , Douglas , Evanston , Gillette , Green River , Jackson .

    Browse Businesses by Category

    , First Time Home Buyers , VA Lenders , Reverse Mortgage Lenders .

    Apartment Lenders , Non Recourse Lenders , Self Storage Lenders , SBA Lenders .

    Hard Money Residential Lenders , Hard Money Commercial Lenders , Hard Money Business Lenders

    Wholesale Residential Lenders , Wholesale Commercial Lenders , Wholesale Hard Money Lenders , Wholesale Jumbo Lenders .

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    Reverse Mortgages: Best Deals – CBS News #reverse #mortgage #rate


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    Reverse Mortgages: Best Deals

    How can I get the best deal on a reverse mortgage?

    1. Choose a Home Equity Conversion Mortgage (HECM). For most borrowers, it’s the right loan.

    2. Compare the HECM with one of the jumbo loans if you have an expensive house. Sometimes the jumbo wins. Often, however, ‘ll find that the HECM gives you all the cash you need, while saving you thousands of dollars in costs.

    3. Look beyond the upfront cash the lender offers. A jumbo lender might provide a higher credit line at the start. But because ‘s credit line grows every year, HECM will probably provide you with much more money in the end. Your HEMC counselor can help you figure this out.

    4. The most expensive way to borrow is by taking a lump sum up front. You pay interest and fees on the whole amount, even though you intend to use only part of the money each month. Fixed monthly payments aren’t much better because your income won’t rise with inflation. The best option is taking the loan in the form of a credit line. That way, you can draw money as needed and will be charged interest only on the amounts you actually use. What’s more, a HECM credit line rises every year, so your borrowing power and future income will go up.

    5. Reverse mortgages carry all the fees of regular mortgages and then some. You might pay $15,000 to $20,000 up front.

    6. Most of these loans charge variable interest rates, adjusted annually. HECM gives you three choices:

    • A loan with a rate that adjusts monthly. You get higher monthly payments and a lower initial interest rate than on the alternative choices. Over the life of the loan, however, the rate can rise by up to 10 percentage points.
    • A loan whose rate adjusts annually. You get smaller payments and a higher initial interest rate. The rate can rise by up to 2 points per year and 5 points over the life of the loan.
    • A loan with a rate that never changes, but there’s a catch. You have to take the whole amount as a lump sum.

    7. Finding the lowest-cost loan is tricky. Normal comparisons of rates and fees don’t work. Reverse lenders are required to calculate a Total Annual Loan Cost, or TALC rate, based on all projected costs. The TALC rate is far from a perfect disclosure, but it lets you compare two loans in a reasonable way. Always ask for the TALC rate.

    You can get a better, more customized cost estimate from a good reverse mortgage counselor. The counselor should be working with special computer software developed for this purpose by the AARP. The program lets you enter specific interest rates, possible rates of home appreciation, and the rate at which you’ll draw money from your credit line. That shows you how the costs of the various loans change over time.

    8. If your home rises substantially in value or interest rates drop, you might want to refinance your reverse mortgage. You’ll pay the closing costs all over again, so ask the mortgage counselor to show you, in real numbers, all the pros and cons.

    Excerpted from Making the Most of Your Money Now by Jane Bryant Quinn

    Copyright 1991, 1997, 2009, by Berrybrook Publishing, Inc. Reprinted by permission of Simon Schuster, Inc


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    How to get the best mortgage rate #what #are #points #on #a #mortgage #rate


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    How to Get the Best Mortgage Rate

    You can trust that we maintain strict editorial integrity in our writing and assessments; however, we receive compensation when you click on links to products from our partners and get approved. Here’s how we make money .

    Buying a home is a huge financial commitment. Finding the right mortgage (and how to get the best mortgage rate) can be a confusing process — especially for first-time homebuyers. Comparison shopping is the key to getting the best deal, and you’ll want to ask yourself, “How much house can I afford ? before getting too far into the process.

    Here are six important questions to consider when deciding which mortgage is right for you:

    1. Should I get a fixed- or adjustable-rate mortgage?

    Mortgages generally come in two forms: fixed or adjustable rate. Fixed-rate mortgages lock you into a consistent interest rate that you’ll pay over the life of the loan. The part of your mortgage payment that goes toward principal plus interest remains constant throughout the loan term, though insurance, property taxes and other costs may fluctuate.

    The interest rate on an adjustable-rate mortgage fluctuates over the life of the loan. An ARM usually begins with an introductory period of 10, seven, five or even one year, during which your interest rate holds steady. After that, your rate changes based on an interest rate index chosen by the bank.

    ARMs look good to a lot of homebuyers because they usually offer lower introductory rates. But remember, your rate could go up after your introductory period, so be sure you’re comfortable with the chance your monthly mortgage payment could rise substantially in the future. As you try to figure out how to get the best mortgage rate. Use the terms of the loan to calculate what your payment might look like in different rate scenarios.

    2. Should I pay for points?

    A point is an upfront fee — 1% of the total mortgage amount — paid to lower the ongoing interest rate by a fixed amount, usually 0.125%. For example, if you take out a $200,000 loan at 4.25% interest, you might be able to pay a $2,000 fee to reduce the rate to 4.125%.

    Paying for points makes sense if you plan to keep the loan for a long time, but since the average homeowner stays in his or her house for about nine years, the upfront costs often outweigh interest rate savings over time.

    Alternatively, there are negative points. It’s the opposite of paying points: A lender reduces its fees in exchange for a higher ongoing interest rate. It’s tempting to reduce your upfront fees, but the additional interest you pay over the life of the loan can be significant. Carefully consider your short-term savings and your long-term costs before taking negative points.

    3. How much should I expect to pay in closing costs?

    Closing costs usually amount to about 3% of the purchase price of your home and are paid at the time you close, or finalize, the purchase of a house. Closing costs are made up of a variety of fees charged by lenders, including underwriting and processing charges, title insurance fees and appraisal costs, among others.

    You’re allowed to shop around for lower fees in some cases, and the Loan Estimate form will tell you which ones those are. Shopping for the right lender is a good way to find the best mortgage rate, and save money on a mortgage and associated fees.

    4. Do I qualify for any special programs?

    Before you settle on a mortgage, find out if you’re eligible for any special programs that make home-buying less costly. For example:

      • VA loans. If you or your spouse are active military or veterans, you might qualify for a VA loan. Such loans allow low (or no) down payments and offer protections if you fall behind on your mortgage.
      • FHA loans: Like VA loans, an FHA loan allows low down payments, but they’re open to most U.S. residents. They’re popular with first-time homebuyers, because they require as little as 3.5% down and are more forgiving of low credit scores than traditional lenders.
      • USDA loans. If you live in a rural area, the USDA might give you a low- or no-down-payment mortgage and help cover closing costs. Like VA loans, USDA loans can also offer help if you fall behind on your payments.
      • First-time homebuyer programs: If this is your first go-round in the homeownership process, check out the HUD website for helpful information and a list of homebuyer assistance programs in your state.

    5. How much can and should I put down?

    Generally speaking, a lower down payment leads to a higher interest rate and paying more money overall. If you can, pay 20% of your home’s purchase price in your down payment. However, if you don’t have that kind of cash, don’t worry. Many lenders will accept down payments as low as 5% of your home’s purchase price.

    Be aware: Low-down-payment loans often require private mortgage insurance. which adds to your overall cost, and you’ll probably pay a higher interest rate. Put down as much as you can while maintaining enough of a financial cushion to weather potential emergencies. As you ask potential lenders how to get the best mortgage rate. many will tell you that the more money you put down, the lower your rate will be.

    NerdWallet s mortgage rate tool can help you see rates available to you with varying downpayments and purchase prices.

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    Reverse Market Insight – HECM Originators #genworth #reverse #mortgage


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    Archive for the HECM Originators Category

    HECM endorsements declined -0.3% in June, but Retail/direct grew 0.8% to 2,530 loans while Wholesale/broker dropped -1.6%.

    5 of the top 10 lenders grew their volume despite the small industry decline, with a huge spread between the top and bottom results:

    • Finance of America Reverse grew 37.9% to 906 loans, their highest reading in over 12 months
    • Synergy One was just a hair behind, rising 37.2% to 343 loans and their highest monthly total yet
    • Nationwide Equities also jumped 22.6% to 141 loans

    Don t forget to check out the rankings on page 3 (trailing twelve months with channel splits) and page 4 (single month retail only). If your company is not an FHA approved lender, these are the only industry rankings where you ll appear!

    Click the image below to access the full report.

    HECM endorsements declined -3.6% in May, continuing to slowly recede following the spike in March. After holding up better in April the Wholesale segment accounted for much of May s decline, dropping -6.7% compared to Retail/direct at just -0.6%.

    We also saw several big lenders rising in the month, with 7 of the top 10 posting gains:

    • Live Well grew 21.6% to 197 loans
    • Nationwide Equities was close behind, rising 19.8% to 115 loans
    • Synergy One edged up 8.2% to 250 loans

    Don t forget to check out the rankings on page 3 (trailing twelve months with channel splits) and page 4 (single month retail only). If your company is not an FHA approved lender, these are the only industry rankings where you ll appear!

    Click the image below to access the full report.

    April brought the obligatory drop in endorsements after the big month in March, with volume falling 6% to 5,034 units. That is still good enough for the 2nd highest volume month in the last 12 months, and 4th highest in the past 2 years.

    • Wholesale/broker volume fell 3.6% to 2,511 loans
    • Retail/direct volume fell further, down 8.2% to 2,523

    As would be expected in a down month, most of the top 10 institutions had lower volume, with a couple of exceptions:

    • RMS/S1L volume spiked more than 300% to 276 units(page 2)
    • Reverse Mortgage Funding increased from 546 to 574 units
    • One Reverse inched up to 261 loans

    Don t forget to check out the rankings on page 3 (trailing twelve months with channel splits) and page 4 (single month retail only). If your company is not an FHA approved lender, these are the only industry rankings where you ll appear!

    Click the image below to access the full report.


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