Nov 08
adminLoan Payments Ceo, Loan Officer, Time Payments
Trying to find a house for rent can be very frustrating, to say the least. Most people complain that there just is not enough houses for rent to choose from. You might find the perfect house for rent, but it is not in the right area. Conversely, you may find houses for rent in areas, other than in your desired neighborhood. As a means to finding more houses for rent, you might want to consider a rent-to-own program. Generally there are more houses available for rent-to-own, then there are only for rent. No need to worry that you have now committed yourself to buying the house. Signing a rent-to-own contract simply means that if you want to buy the house at a later date, you have that option. But what if your credit is bad, or you have no credit? For most investors bad credit is not a big concern. Typically, they work with a loan officer who will help you repair your credit, often in 6 months or less.
The great thing about rent to own houses is that typically, you get a rent credit, which can be applied to the purchase price of the house. Often, as much as 20% per month for all on-time payments!Look at the following example:
You find a house for rent, on a rent-to-own program. The option to purchase price is 200,000. After 24 months this rent to own house appreciates in value by the industry average of 4% per year, making it worth 216,320. Now, let’s say your rent payment is $1,500 per month. At the end of two years you will have paid $36,000 in rent. But wait! You have a 20% rent credit of $7,200!
IF you choose to exercise your Option to Purchase, you can buy this $216K house for $192,800! The best part is, there will be NO REALTOR FEES! What bank would say no to a loan like that? So if you are trying to find a house for rent, you just might want to consider rent to own houses too.About the author: David L. Trosdahl has been the CEO of 3 regional sales & marketing companies and founder of a non-profit corporation. A real estate investor since 1991, David has bought and sold numerous residential properties, and has helped many people find a house for rent. David is a member of the real estate investors association: MNREIA, is founder of the real estate investing website: RentToOwn-MN.com and many others.
May 25
adminAuto Loan Auto Finance, Budget, Capital One, Car Loan, Car Loans, Credit Report, Dotted Line, Email, Finance Section, Hassles, Hype, Interest Rate, Interest Rates, Loan Company, Loan Officer, Loan Payments, Online Loans, Quotes, Roadloans, Upfront
Today, the newest trend in finding a car loan is online. With the aid of the internet, you can find several companies offering car loans such as eloan, roadloans, and even Yahoo now has an auto finance section where you can compare Capital One Finance and Cars Direct.
The very first thing you should know when you begin your search online for a new or used car loan is that you are going to see interest rate or APR tables such as these on every website you visit.
Of course, these tables look very inviting and you are more than ready to sign the dotted line and receive your online car loan. However, it is not that simple. Those figures are normally for individuals with great credit. So, do not be fooled when you are looking for a car loan online or offline. Your credit has everything to do with what interest rate you will have to pay for your new or used car.
As long as you know this upfront, you will be prepared and enjoy shopping online for a car loan since you leave behind many of the hassles of applying for a car loan in personal.
One of the best reasons to search online for car loans is that you can apply online and not visit each dealership or loan company in person and have to sit there until they gather the information to give you a quote. Many times this can take hours, while online you can receive a quote within minutes delivered directly to your email. You do not have to talk with a loan officer, listen to their hype, and feel pressured to get a loan through them. You can receive several different quotes from more than one online car loan company and be able to decide which one fits better with your budget.
There are many websites online, which can help you, decide how much you can spend on a car, determine the value of the car you desire, and help you understand the credit process and how to receive your own credit report.
You will be able to compare the various interest rates the companies offer, use a personalized chart to determine your monthly loan payments and then fill out an online loan application on the exact website.
The majority of the time, the application you fill out online is similar to the one you have to fill out in person, since car loan companies need the same information in order to see if you qualify for a car loan. In most cases, you will be notified through your personal email and in a few cases over the telephone.
Once you are approved for a car loan online, you will receive a check draft in the mail to be used at the dealership to purchase your new or used car.
Remember, the most important thing is to shop around and compare. Do not believe that you will get the best interest rate unless you know that your credit score is excellent.
Beware of websites that do not offer a real address. Just because you find a company online that offers car loans does not mean that they are real. Do your homework unless you are using a major name such as the ones listed above. If you plan to search for a better deal and are willing to search through thousands of websites, look for permanent addresses and telephone numbers. There are scams out there that will offer you a loan but tell you that you must put money upfront in order for them to give you a loan. Never, send money to receive a loan no matter how good the offer sounds!
Check with the better business bureau, call the telephone number, and call information in the city and state where the company states they reside and ask for the telephone number and address to the loan company. All of these are just precautions that will ensure you are not being scammed and will receive a car loan.
Apr 29
adminHome Loan Current Interest Rate, Current Value, Different Kinds, Home Mortgage Loan, Interest Only Loan, Lenders, Loan Officer, Loan Websites, Money Mortgage, Mortgage Companies, Mortgage Company, Mortgage Refinance, Mortgage Refinancing, Mortgage Service, Origination Fees, Phone Book, Pre Approval Letter, Refinance Loans, Refinancing Your House, Reputable Companies
Here are some of the benefits to doing your home loan refinance online:
Everything seems to happen faster – Online, when looking for a mortgage loan you can search around, fill out an application and a few minutes later, you can be receiving a pre-approval letter via email. There was no calling, no driving & no waiting on hold for an answer. The mortgage company will usually contact you quickly and give you all the information you need to move forward.
You will be more informed and make better decisions – People nowadays that use the internet as consumers, use it primarily to make better purchasing decisions. If you are sitting at home on the couch with your phone book calling every mortgage company listed, you are not going to know what the current interest rate is. You aren’t going to know what your contacted companies competitors are like. All you will know is what that loan officer tells you.
Online, you can view a lot of information very quickly. – After looking at a few mortgage loan websites, you will know quickly that when you refinance you have many options. Do you want to get cash out of your home? Do you want to borrow more than your homes current value? Do you want an interest only loan? And, you will know right away which mortgage companies offer these options. There are many different kinds of refinance loans, and all of these options can be learned after a few minutes of searching online.
Deal with large, reputable companies – When applying online, you should quickly be able to spot the larger, more reputable mortgage companies. I always prefer to use the companies that will submit your application to multiple lenders. That way, your credit is only pulled once, and you can receive multiple offers from up to 4 lenders. For a list of these recommended mortgage companies, see the link below.
Save money – Many online mortgage service companies can save you money by cutting out fees like origination fees and underwriting fees. You will also save money using mortgage services where more than one lender competes for your business. When you can receive multiple offers, you will know that you are choosing the loan with the lowest rate possible and the best terms you can qualify for. I usually recommend applying with about 3 different mortgage companies that will submit your application to multiple lenders and give you multiple offers. That way you can really maximize your options.
Less Commitment – You can search around online and apply to 2-3 different lenders without feeling guilty for working with more than one company. That way you make can make sure you are getting the best deal. Often when you start working with a mortgage broker in person, even if the person isn’t doing the best job for you, you start to feel obligated to continue to work with the person. This is not so online. If you aren’t getting what you want, you are free to move on with no guilt.
For a list of recommended mortgage companies to refinance with online, click on the link here: recommended
refinance mortgage lenders. The mortgage companies recommended on my website, for the most part, will submit your application to more than one lender and provide you with multiple offers.
Oct 27
adminBusiness Loan Back Roads, Blowing Smoke, Broker Loan, Coffee In The Morning, Coffee Shop, Dancing With The Stars, Fantasy Football, Financial Situation, Focal Point, Football Strategy, Loan Officer, Loan Officers, Mindset, Money Left, Money Loan, Mortgage Broker, Mortgage Business, Starbucks Coffee, W2, Work Habits
It’s funny to me how people can sit there and complain they don’t have any business coming in but at the same time can have a 2 hour conversation about the latest “Dancing With The Stars” episode. Then you get the guy who sits in front of his computer for 3 hours figuring out his fantasy football strategy, but goes “boo-hoo” at the end of the month when their paycheck isn’t very big.
Does this scenario apply to everyone? Heck no, but I’ll bet a lot of people KNOW a Loan Officer who is or has been guilty of it. Also, I’m sure you’ll smile about it because you may have done it yourself at one point or another and you know what I’m going to say. Oh, before you think I’m just blowing smoke, I’ll tell you that I’ve been there, done that, but I talked about “The Shield” and “24″.
The bottom line is it’s all up to YOU when it comes to making money in the mortgage business. Blaming your income on lack of business just doesn’t cut it. If what you are doing isn’t producing, guess what, chances are you’re doing it WRONG! Change something. Analyze it, do something different. Instead of Starbucks for coffee in the morning, go to a different coffee shop. Instead of taking the interstate to work, try the back roads. Get into a different routine.
Loan Officers are making money left and right in the mortgage business, even in this market. What’s the difference between them and the non producing LO’s? The only thing I can accurately say is I can pretty much promise you their work habits are a bit different than the “not making money Loan Officer.”
A lot of Mortgage Broker and LO’s don’t understand they are, for the most part, self employed. Maybe not on their W2, but their mindset needs to be so. Think about it, their income is mostly based on THEIR activity, not anyone else’s. THEY are the focal point of their financial situation.
I don’t know how much more clear I can be about that. {If that statement just made you mad, ask yourself why, but don’t get mad at me for pointing it out} I’m not trying to beat anyone up, I just want to make you think about your business and where it can take you. If you’re not where you want to be, then change it. Wear different cloths, get another hair style, read different books, just change something and see what happens. Get you mindset focused differently and see what that does for you. It’s totally up to you, so go out there and do what you need to do!
Apr 02
adminBusiness Loan Ally, Amount Of Money, Borrowers, Business Cash, Business Funds, Business Plan, Correct Mindset, Depositors, Expansions, Financial Statement, First Timers, Income C, Interest Earnings, Loan Officer, Money Banks, Non Verbal Communication, Secured Business Loans, Successful Businessman, Time 3, Time Applicants
In every business cash is king. Secured business loans can be your biggest ally when your cash runs dry and your business needs some more money to run. More cash flow will help a lot in your business development and expansions.
Applying for secured business loans can be intimidating for first timers.
However, with preparation and some determination, you can enjoy your needed business funds in a couple of weeks.
Here are few useful tips for first-time applicants:
1) Successful application of secured business loans starts with correct mindset Contrary to the present belief, banks want you and your money. Banks earn and add to their bottom line from interest earnings of their loaned out money. They pay a measly 1% savings interest to their loyal depositors while get a huge 12% to 30% interest earnings from their borrowers (depending on the bank and the prevailing interest rate).
2) Confidence Act like a successful businessman. The key is to be confident without being arrogant. Your confidence should show in how you interact with the loan officer. It would show in your voice. It should show in your non-verbal communication as well. The bank manager should be convinced that your enterprise or you will be able to pay your secured business loans on time.
3) Preparation There is no such thing as over-preparation. And the key to preparation is great research. What should you research on?
Here are some guide questions that could keep you busy in your preparation: a) How much is exact amount of money that you business require? It should be reasonable. You should be able to show how your business will use the fund. b) How does your business plan to pay for the money? You can back it up with your data on your business’ past performance and monthly income. c) Do you keep with you an existing audited business financial statement? d) What collateral are you going to submit? Do you have the complete documents or proof of ownership?
The best thing you can do is to place yourself in the shoes of the bank manager and come up with possible objections. Prepare your ready-made answers.
4) Wear appropriate attire Nothing spoils the appointment more than the wrong first impression. Like it or not, individuals based heavily their 1st impression on what you wear and on the way you conduct yourself. You should look neat and sharp.
5) Clean business records Your records should be neat and complete. How do you expect the loan officer to believe in your ability to pay on time if your records are not up-to-date? Your records should represent you well. Phone the bank before your appointment and list down the required paper works and other requirements.
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