Financing and Credit

I get questioned all the time about ways that we can qualify lenders that we may work with. Here are some important things to consider when you are looking for and qualifying lenders.
1. Compare fees as well as interest rates

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Asking a seller to give you owner financing to buy a home can be a tricky proposition. That's partly because if you ask the listing agent if the owner will carry some or all of the financing, the agent probably doesn't know. Why? The agent never asked.
If you ask the seller directly, the seller is likely to say no. Sellers often reject the suggestion of owner financing because nobody has explained the benefits or proposed owner financing as a way to sell the home. Most sellers don't sell a home every day. Their knowledge is limited to conventional practices where the buyer goes to the bank to get a mortgage.

A lot of people ask me basic questions relating to fees and terms that they might encounter when getting a home loan or mortgage. Here are a few helpful descriptions of terms you will come across often.
Purchase Points
Purchase points, also known as a "buy-down" or "discount points," are an up-front fee paid to the lender at closing to buy-down or lower your interest rate over the life of the loan. Each point is equal to one percent of your total loan amount. If you have a $100,000 loan, one point would equal $1,000. The more points you buy, the lower your interest rate, but the more money you'll need at closing.

Here are some good points showing you how escrow works within a mortgage.
How it works
When you put money in escrow it is held by a neutral third party (called an escrow agent) who works for both the lender and the borrower. The agent's role is to carry out the instructions agreed upon by both parties. The money is released when all the terms of the agreement are met. Escrow can be involved in anything from multimillion-dollar building projects to purchases made on online auction sites.
When it's used

Would I have issue getting financing through a bank if all I have on a property is a quitclaim deed? I purchased the property from a wholesaler and this is the only form of deed they have. Will this be a problem when I refinance?

When coming to an agreement of terms between the seller and you (the buyer) - who pays the property taxes and the insurance for the property? I am good on the rest but cannot seem to figure out who pays those 2 items. Thanks!

Hello,

I am new to using the DG website. I hope I don't break any rules by writing this message.

If I pay for a property with all cash will seasoning be one requirement that I don't need to be concerned about when refinancing since there are no mortgage payments.

Cities With the Highest and Lowest Credit Scores

Major credit scoring company Experian revealed the nation’s metropolitan areas with the highest and lowest average credit scores.

Experian analysts say that difficulty meeting housing payments are a critical driver of credit scores in this market.

Cities with the highest average credit scores:

· Minneapolis, 787
· Madison, Wis., 785
· Cedar Rapids, Iowa, 781
· Green Bay, Wis., 780
· San Francisco, 780
· Boston, 779
· Peoria, Ill., 778
· La Crosse, Wis, 778
· Seattle, Wash., 777
· Sioux Falls, S.D., 777

Cities with the lowest average credit scores:

· Harlingen, Texas, 684
· Jackson, Miss., 698
· Corpus, Christi, Texas, 700
· Shreveport, La., 701
· El Paso, Texas, 706
· Monroe, La., 706

I have a bank reo property under contract for 20000. The real estate agent, she told me it's about a 45000 property. I'm looking for a personal money lender(partner) so I can do the deal. Will be my 1st. Help please!