Financing and Credit

When you’re talking about a 30-year mortgage, you never have to think about “exit strategy.” But when you’re taking out a temporary bridge loan, a private money loan, or a hard money loan for example, the loan term is so short that your exit strategy is one of the most important things. But what is an exit strategy for a hard money loan?
The exit strategy is defined in how you intend to pay the loan off. Having multiple exit strategies is key when taking out a short term, temporary bridge loan for a term of say, 6 months or 2 years.
Before you approach a non bank lender for a hard money loan, make sure you know the answer to the question, ‘What is your exit strategy for the loan?’ In fact, have multiple answers to that question before you even apply for a loan. ccurwick

Looking for examples of letter that can be direct mailed to proven cash buyers.

Any help would be greatly appreciated

According to a new survey from Fannie Mae, credit availability is improving. For the first time in over three years, the majority of consumers believe it's easier to get a mortgage.

Doug Duncan, Fannie Mae's chief economist said, "The gradual upward trend in this indicator during the last few months bodes well for the housing recovery and may be contributing to this month's increase in consumers' intention to buy rather than rent their next home."

The Mortgage Bankers Association (MBA) says consumers are correct - credit availability has increased, particularly in the jumbo and refinance loan markets.

WASHINGTON — If you're planning to shop for a home in the next few weeks, here's an early spring buying season come-on that just might save you some money if you qualify.
Fannie Mae, the largest mortgage investor in the country, has a bulging portfolio of houses acquired through foreclosures nationwide. About 31,000 of these properties are listed on its HomePath (www.homepath.com) resale marketing site. To move them quickly out of inventory, Fannie temporarily is offering qualified owner-occupant purchasers — but not investors — cash incentives toward closing costs of 3.5% of the purchase price. But you have to submit your initial offer no later than March 31 and close by May 31.

We have all at one time or another heard the saying; if something is too good to be true then it often is. Now as things are currently in the real estate market where many people are really suffering financially, there are many who are seeking the lowest possible interest rates. However, apparently what appears to be the best may turn out to be the worst.

What is the truth?

Although it can seem disastrous, having to file for bankruptcy, it is possible to do at least one refinancing transaction and that is refinancing a mortgage. A mortgage is based on a financial asset and the value of that asset is not affected by the fact that you have filed for bankruptcy and now have a poor credit rating. Of course, there is a set time frame

after filing for bankruptcy before one can refinance a mortgage but that time frame is relatively short.

How to Raise A Poor Credit Score

When you refinance a mortgage it is actually a very good way to improve your credit standing. Once you start making monthly payments on a regular basis, this will register on your credit history and show an improvement in your financial standing.

Can anyone recommend a bank that does not require seasoning to do a refinance? I live in TX but i'm not having much luck finding any local ones. So if you're using one please let me know Thanks!

Investing in real estate can bring great returns, but it is not easy to get started. I have many articles on my blog about buying investment property with little money down, buying below market value or financing more than four properties. My article about making one million dollars in real estate touches on how to get started, but does not dive into the details. In this article I want to discuss exactly how to buy your first rental property when you don’t have a lot of cash to invest.

Educate yourself about investing in real estate first

Question: I am 2 years into a 5 year mortgage term.... I've noticed that fixed rates are now considerably lower than two years ago. How do I get out of this mortgage and into a new, lower rate mortgage?
Answer: Your current mortgage lender will charge you a penalty to break your contract with them. It will be either three months interest, or an 'interest rate differential' calculation, whichever is higher (of course!).

The IRD equation is different among lenders, but basically is intended to compensate them for the loss of re-investing your mortgage dollars at a new, lower rate.

Mortgage casualties fall on fewer bank failures

DALLAS – Feb. 24, 2014 – The rate of bank failures in 2013 slowed to its lowest level in six years, helping to drive down overall mortgage-related casualties by more than a quarter.
Several wholesalers recently closed. In 2013, Mortgage Daily tracked 62 mortgage-related businesses that either failed or were closed down by their owners, the lowest number since 2006; in 2012, a revised 83 went under. But even the 2012 number is a significant drop from the industry high of 235 tracked in 2009, however.