The American Dream is to own a home and to feel comfortable in
doing so. There are mortgage products available that can be
customized to fit your needs.
Fixed Rate Mortgages
These products can provide the security you need to Fill in the
blank. Loans are available with terms of 10, 15, 20, 25, 30 and
40 years.
Adjustable Rate Mortgages
Choose Adjustable Rate Mortgages for lower up front payments.
Loans are fixed for a certain period of time. Terms of 1,3,5,7
and 10 years are available.
Characteristics that Banks are looking
in order for you to qualify are the following:
Cash Reserves (how much do you have after you pay your bills?)-
ex. Pension, 401K, IRA, checking and savings accounts
Income (Looking at the Debt to Income Ratio) - The relationship
between how much income you make monthly compared to how much you
owe monthly
Mortgage or Rent History-have to verify how have you been paying
your mortgage and/or rent history for the last 2 years.
Appraisal-See definition of appraisal
and equity in the mortgage
glossary
Type of Loans
Commercial loans- Any multifamily unit property over four units is considered commercial property. Also can do store-front, gas stations, and office buildings
First Time Home Buyer Programs- FHA and VA loans are available
Rehab Loans (Investment Properties)- Hire a general contractor and recreate the home of your dreams.
- Call Me today so we can plan and
make your financial dreams reality.
The real estate crisis has gutted house prices, tipped millions into foreclosure, and rattled the global economy to its core. But for many would-be home buyers, the historic boom and bust have been a blessing in disguise.
Home prices fell just 2.5% during the last three months of 2009 compared with the fourth quarter of 2008, according to a closely watched gauge of home price movement.
More bad news on the housing bust front: Nearly 25% of all mortgage borrowers were underwater, meaning they more on their loans than their homes are worth.
