Financing and Credit

Has anyone used the lender advertising his services here on Dean's site in the classified ads/services area? Email goes by deanwillyllc. Does anyone used them or recommend them?

Admin Edit: -----------
Please research everyone you deal with thoroughly. Always assume it to be a scam until proven otherwise. Unfortunately, the internet makes it easy for scammers to operate on a large scale with little risk of getting caught. They operate on every website on the web, so assume they try to operate here.

Also, if anyone asks you to pay for services or products by Western Union, wire transfer or other instant, anonymous payment methods it is a scam 99.999% of the time.

There was a Forum created to talk about the fantastic E.D.G.E. conference. I was excited to be able to speak at the event about the success I had in raising money for some rehabs I did.

I posted a 3 step process under the Forum that Anita created, but I was asked to start a seperate one to make it easier to find and get feedback on this specific topic.

Feel free to ask questions or submit your own success in this area.

Hopefully this will help people who have run out of ideas on raising money, or don't know how to start in the first place.

I was on the website of a HML looking at their application for funds. They asked the question, 'Do you need seasoned funds?' Well, I don't know. I'm not familiar with that term. I'm going to be doing wholesale deals, or flipping contracts to other investors. Since I'll be borrowing money short term, would I need to have seasoned funds? I'm thinking NO, just because I've nerver seen the term used by anyone here on the DG forums, but I could be wrong. Can anyone help me out and explain what seasoned funds are?

Thanks a lot.
Sandi

When buying a house and using owner financing,does this info show up on you credit report or your list of monthly obligations?I was wondering if I also go for traditional financing on another property,I don't want my DTI ratio to be too high.Thanks for any help.

Before you commit to any lender, here are at least 10 questions you should ask them. If you don't like the answers you receive, then continue shopping for a loan until you find a mortgage broker/lender that you feel comfortable with.

1. Which Type of Loan is Best?

Cleaning up Your Credit
Lenders generally check with three credit bureaus (1 for autos and consumer finance) in order to evaluate your past payment history. Your goal in cleaning up your credit report should be to clean up each of the three bureaus. If you only work on one, this does not effect the reporting to the other bureaus.

Get A Copy of Your Credit Report

Owner financing, occurs when the seller of a home finances all or a portion the sale of his or her own property. This is often referred to in real estate ads as "Owner Will Carry" or similar wording, meaning that the owner of the property will, in effect, act as a bank and loan the purchaser all or part of the money needed to purchase the owner's property.

Please post here any ideas or strategies to improve credit scores/ratings. If we try and keep this topic strictly on credit it may go a long way in assisting others as well as ourselves when it comes to cleaning up our credit.

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

I found this one from my broker

http://www.aflc.com/

http://www.homeloantrust.com

http://ml-implode.com/nonimp/

http://www.lendingarsenal.com/PublicWelcome.aspx (this one give you LOTS of lenders)

he said they still do sub prime loans and maybe some of you can use them.