Financing and Credit

Choosing a lender can make such a difference in how smoothly your financing will go, and also how much money you will pay up front and in the long run for your loan. You're shopping for a mortgage and you've received four offers from four lenders. How do you choose? The first factor most people consider is the interest rate and other costs, but that's only the beginning. You'll also want to think about the lenders themselves, not simply the numbers they're tossing your way.
Here are five steps to follow when determining which lender is right for you:
1. Compare fees as well as interest rates

There are many people out there who don’t understand what all the fees involved in a standard mortgage are for, and quite frankly what they are for. I have a lot of people ask me what to look for when pricing out or comparing different loan options. Not only do you have to understand what type of mortgage you should choose, you have to understand the costs associated with your mortgage. All of these costs will be paid upon closing your mortgage.
Purchase Points

Hello all to my DG family,I just found out about the people in the classified s that are advertising loans at 3%......Its late and tomarrow I will forwaed the page that tells everyone who is a fake!!!!! love you all and God Bless...Us all
Kimmie

Has anyone used any of these lenders???3% is kinda low?
Its kinda sound to good to be true...and you know what we say about that.......

Kimmie in Lake Tahoe

Hi everyone, found this site today, has anyone had any experience using them or think they are legit? They are offering some pretty sweet loans. Supposedly 0 percent down investor loans with no income verification on a cash flowing investment property!

-Thanks

Update

After a little digging I think this company went under when the market crashed. Too good to be true

If you ever pay extra towards the principal, DON'T make the same mistake I made. I basically did the wrong thing for 3 darn years, costing me so much in paid interest and the length of my loan.

Here's the key. When you prepay any amount on your loan, it is a MUST to include a note or letter to the bank asking them to apply this to payment # 1 (or whatever payment number you are on). If you don't do this, the bank does what's best for them and makes them the most money, which is apply it directly towards the principal AT THE END OF THE LOAN (to the last payments).

Hello To All:
It is not hard to see that there are threads here about the subject of private money and other ways to fund deals.

There needs to be a distinction mader between private money and hard money. The reason is that the posts get out of hand at times and deviate from what the original intended purpose of the thread was in the first place.

Now I will be the first to admit I learn something new everyday from those posts. Tammy at Zion Properties has been very kind to share what she is learning about private money and things like self directed IRA's.

This is very valuable information and while you may be starting out and haven't even begun looking for deals, it may help in the future.

Well, in doing a search I couldn't find this topic anywhere. I'm set up and ready to do this. It has taken me some time to learn the ins and outs of trusts and all the forms associated with doing this.

Has anyone else done this? I'm thinking it would be easier to do it this way than to try to work with an inflexible bank whose loan is probably held by a servicer who has no authority on making decisions about the loan anyway, and follows the terms to a 'T' with the 'due on' clause.

Any info would be appreciated.

Hello To All:
I have been receiving alot of PM's from those who are either in California, whether it be Northern or Southern and places in between, asking me about my being able to get them funds for their deals. Some of them live outside California and want to buy in the State.

I always ask them, how come you cannot obtain funds for the deals in California and they try to tell me that it is non-existent.

I will tell you that it is available, you just need to look. As a hard money broker, I can tell you that right now, I have three funders who will fund just about anything in California. I don't ask them why, I don't ask them if they realize that house prices are from what I hear, higher than many other states, I just go about finding them places to put their money.

Hi all. I have come across another concept of financing real estate. I had waited to share because I wanted to get more information. After watching an info DVD and hearing about it through a conference call and then talking one on one with a company that works this concept and is very knowledgeable. This may help someone else and I wanted to share. If you already are aware please share your insights as well.