Your credit score doesn’t dictate the kind of person you are. Your credit report doesn’t define your character, because of something someone else has reported on your credit report, erroneous or not. However, it will be an issue when you try to buy something; the home you want, the car you want, credit of any kind. Having control of your credit report makes this sort of thing as it should be, enjoyable, because you’re in control and able to bring these large purchases to fruition under the price and terms you want. If you try to purchase a home and you don’t know exactly what is on your credit report and your loan officer starts talking about accounts and numbers you don’t quite understand, it makes you feel vulnerable and unsure of what you’re in for and the level of service you will receive. Have you ever walked into a car dealership, they pull your credit and the salespersons demeanor changes and you feel like you’re about to be taken advantage of? Almost like they’re relieved to see you have issues on your credit report in that they now can tell you what you can and cannot buy? So you order your credit report to see what they’re talking about in order to gain clarity on exactly what is being reported.
If you have ever seen your credit report and have become confused, you’re certainly not alone. There are often names of creditors that you have never heard of. Trade lines you’ve never seen before. Some accounts have been bought and sold by others companies; debt collection companies and the like. It can be very complicated. We provide clarity as to what is going on with your credit report and can discuss with you what can be done and how long it will take so you can know exactly what to expect. We have tools in place that will illustrate what your options are and exactly what impact it will have on your credit score and give you the control that you should have going forward to buy a home or any sort of product or service or even a job.
We are not here to judge you. Fact of the matter, things happen in life that can result in negative trade line information. Events such as divorce, loss of a job, identity theft, illness, we understand these life events happen to the best of us which can affect your quality of life. If I you’re feeling hopeless about your credit situation, you should know what your options are. Most of the time, all you need is some regular maintenance and more times than not, is very affordable. Often this process can have a dramatic impact on your credit score as well as your over-all credit profile. We can even show you how to do it yourself.
We offer both conventional and unconventional mortgage loan programs. Most lenders require 2 years employment. However, one of our niche programs requires only one year of employment for both self-employed and salary employees. We also have another that does require 2 years employment history. However, if within the last 2 years you were in college and your degree pertains to your current job, that time in college can qualify as part of the “2 year job history”. We are always researching new loan programs to share with you.
Are you done paying rent and having nothing to show for it? Home ownership provides several benefits. In addition to the satisfied feeling of being a home-owner, you’re more than likely to be eligible for tax deductions. You’re no longer making your landlord rich and most importantly, you start building equity.
Once you decide that you want to buy a home, write out all of the advantages and disadvantages of purchasing a house. Consider the following: How long do you plan on living there? Does is make good financial sense? Once you find out how much of a mortgage loan you qualify for, is a loan of that size going to be enough to satisfy everything you want in your new home? Do you plan on having kids within the time period in which you believe you’re going to own this home? Research the neighborhood and schools; are the schools good enough?
Consider the maintenance of owning a home. It seems there is always some sort of maintenance that needs to be done so make sure you have the extra money to make the necessary repairs and so forth to ensure your investment will appreciate in market value.
Before your home search starts, make sure to get pre-approved by a mortgage consultant that you trust as this will more than likely be the biggest investment you will ever make. This will save you time looking at houses that you do not qualify for. Ask lots of questions and check references and check a few different lenders or brokers before you submit an application. You want a loan officer that will help you qualify for the best possible loan for your needs. For example, if you don’t have enough liquid reserves, your loan officer can tell you how much you need in your bank account or wherever your money is; retirement, stock market, mutual fund accounts, etc and whether that money needs to be seasoned or not, and if so, for how long and whether “gift funds” are acceptable.
It is a good idea to check your credit. If there are negative items, consider credit repair. Your credit score, more times than not, will determine your interest rate as well as any kind of niche loan programs you may qualify for. Often, these negative items on your credit report can easily be removed.
Here’s a great example of what a Small Business Loan is for:
A Heating and Air-conditioning company out of Greenacres Florida needed operating capital to pay off some bills including their vendor’s as well as some tools for the new truck they just bought for an additional crew.
My clients have a wholesale direct account with their vendors for material and supplies, but because they’re maxed out with over-due balances, they’re unable to get the wholesale price supplies they need for a job that they already have on the books.
Plus they’re missing out on new business because they currently aren’t in a position to competitively bid jobs because without available credit with their primary vendors, they can’t get the reduced cost that they need to be competitive.
Their $15,000 loan will fund tomorrow. Starting next week: 1. They will have new tools to get their additional crew working. 2. They will be able to start their new job. 3. They will have their vendor wholesale account relationship back in order putting them in a position to get aggressive on 10 bids they’ve done these last 2 weeks that they didn’t get.
There are many reasons you should work with a mortgage broker. A mortgage broker has many different resources to make sure you get the mortgage best deal. A mortgage broker has many different kinds of relationships with a variety of reputable real estate professionals that will be made available to you to make sure you have everybody you need to ensure a smooth home buying experience; real estate agent, escrow company, appraiser and home inspector with a good reputation within your local community.
A mortgage broker has personal relationships with many different kinds of lending institutions and their underwriter’s to ensure that you get the right loan program that will best suit you and your specific needs. Your local bank representative only has their own internal mortgage loan programs to offer. As a result, you’re leaving opportunity on the table, because a bank only has a limited selection of loan programs and their primary concern is putting you into a loan product that they have to offer. When working with a mortgage broker, you get a variety of options and options are good, especially when you’re in the process of making the most important purchase of your life; don’t restrict yourself to what the bank wants. A mortgage broker not only will get you the best rate, but also provide a far better chance of securing the right approval, regardless of your credit.
Here in California, as well as the rest of the country, a mortgage broker Loan Officer is a licensed professional that is required to maintain continuing education courses throughout their careers, unlike your bank representative. Therefore, the bank representative might not be aware of today’s real estate and mortgage financing regulations. What does that mean to you? It means that the mortgage professional that you’re working with knows what he or she is doing and is in good standing with in the Nationwide Mortgage Licensing System.
Hello small to medium size business owner.
This is a recent example of a small business loan we did here in California.
A dentist in San Jose had recently invested over $200,000 in a second location that was to be ran by his brother and fellow dentist and was in need of some working capital. The facility was up and functional but it wasn’t doing any business yet and needed to be advertised. We qualified him on the cash-flow of his existing practice. His gross annual income was $1,522,347. We were able to lend him $142,342 which is 9.35% of his income keeping him in a healthy cash-flow position to help him jump start his second location. His business expansion is doing very well and he was kind enough to give me a free root canal. True story.
Please let us know how we can help you expand your business. All you need to submit with your application is your most recent 6 months bank statements and previous tax return. If you haven’t filed your 2012 taxes yet, no problem, just send in 2011 tax return with your 2012 extension form and we’ll have your approval in 24-48 hours. From that point were just 3-5 business days to funding and the funding conditions are very minimal.
Our most popular business loan program is the Micro Business Loan; unsecured, short-term financing. This unconventional business loan features a fixed term with a fixed payment with loan amounts between $10,000 to $200,000.
It is called a micro business loan for 2 reasons. – It is short-term financing, ranging between 4-18 months, sometimes up to 24 months and the second reason is because of the payment structure. The payments are spread out into daily micro payments, Monday through Friday, no weekends or holidays or 22 business days (on average) a month.
This loan product is designed to be a low-impact loan and represents about 85% of the business loans that we do.
The qualifying process is very simple and straight forward. The loan amount and the payment can’t exceed between 8-9% of your cash-flow keeping the small to medium size business in a positive cash-flow position.
Our goal, simply stated, is to lend the capital your business needs to help grow the business and at the same time keep your business in a healthy cash-flow position so you can maintain the daily operations while easily paying back the loan while you utilize the capital in any way you see fit. The loan is designed to mirror your cash-flow in that you’ll retain no less than about 91-92% of your income or cash-flow not including the payment. 8-9% of your daily revenue goes to the payment and 91-92% goes toward daily operations so you can maintain the business through out the term of the loan.
Our Business Loan affiliate is located in San Diego California and has been in business for over 6 years and has maintained an A rating with the Better Business Bureau.
Broker Mortgages.com Team
Hello to all the small to medium size businesses across the country. We now have a true business loan product for companies that do a minimum of $100,000 to 5 million a year.
What this lender does is specialize in short-term, unsecured financing. This loan is designed for you to invest it into your business; expansion, inventory, equipment, anything that will increase your capacity to do more business.
The loan amount that you would qualify for is predicated on your gross annual sales amount and the length of time you’ve been in business. -these 2 factors are the most important in qualifying for this unconventional loan to a maximum loan amount of $250,000.
The banks and conventional loans out there are very difficult to qualify for. For small to medium size businesses, there is currently a 93% denial rate. We just recently worked with a health care facility that needed an extra $100,000 in order to become certified with the state of Florida to where they would be able to accept payment from private insurance companies. He applied with Chase and was declined. Even though he had $200,000 in his bank account, they still declined his application.
This loan program is designed to be a low-impact loan in that it will never consume more than between 8% to 9% of your total revenue because we understand that you must maintain a positive cash-flow position.
Another great feature, this loan program is a renewable source of capital, so your second time around, you can obtain more capital at a lower cost because at that point, you have already established a relationship with the lender and therefor you’re considered a low risk borrower, hence the lower cost.
Because this is a true business loan program, it will not appear on your credit. What that means to you is that it won’t affect you credit score, debt to income ratio and the interest performs like simple interest; far better than credit card debt.
So if you’d like some additional capital for you to use for any purpose, give us a call.
Hello first time home buyers!
We have a new unconventional mortgage loan program designed for the first time home buyers’ that do not fit within the conventional jumbo loan guidelines with maximum loan amounts to $2,000,000.
This mortgage program only requires 20% down payment and does not require mortgage insurance. The down payment and cash reserve requirement can be gift funds from a family member or borrowed against other available assets. If you can negotiate a seller concession, we allow up to 4% of the purchase price.
So if you don’t have a down payment, be extra nice to mom and dad, brothers and sisters; especially if they down payment money they can spare.
Good loans for good people come and get your share.
Introducing a new private hard money real estate loan for Maryland, District of Columbia and Virginia. Manual underwriting for extra flexibility.
This is an equity based loan program that does not require purchase seasoning in order to utilize current “market value” and allows for up to 70% financing. The credit requirements are very flexible; foreclosures, REO’s, short sales, bankruptcies, no problem and income requirements are very loose; No Doc and Limited Doc available This is good for either residential or commercial properties and construction loans, 100% acquisition / construction financing available. Interest only terms available, as well.
Get a hard money loan working hard for you.
For more information, call 858-222-7534 or feel free to fill out this Pre Qualification Form – no credit check required.
Cheers and happy holidays!
Attention Real Estate Investors!
This loan program is unconventional for a number of reasons.
First, it allows for up to 80% financing with a high debt ratio up to 55% on a purchase loan or a rate/term refinance for single family residences, condos and rural properties to 4 units properties. $800,000 maximum loan amount for this unconventional loan program. This loan program also offers both ARM, 1, 3, 5 and 10 year terms as well 15, 20 and 30 year fixed interest rates and interest only terms, as well. Also, this lender never requires mortgage insurance.
This is great program considering the tight guidelines we are all facing in this current market so to have a program like this for investment properties is very helpful.
Call us with any question – 858-222-7534.
Hello home-owners that have equity in their primary residence.
The cash-out for this refinance loan is for any purpose. Which means it can be used for debt-consolidation or investment, children education or any other reason you see fit, no explanation needed to qualify and as long as your debt ratio is less than 50% which is 5% higher than a conventional loan. So, if you’ve been turned down for any reason, this loan might help get the job done,
For loan amounts that are 50% loan-to-value financing or less, maximum cash-out amount is $500,000, and for 51% and greater, $300 maximum cash-out amount; 2 million maximum total loan amount. Also, this program is available in all 50 states.
Another good thing about this loan program is that there is no price adjustment for the cash-out. A lot of lenders will increase the rate by .5% when there is cash-out.
This unconventional loan program is 1 out of the hundreds that we have available, for more information on any of our programs, please feel free to fill out this pre qualification form – no credit check required.
Introducing a new Portfolio Loan Program and it is available in all 50 states with loans amounts from $200,000 to $500,000. 80% financing for Owner Occupied and Investor properties with a 680 FICO credit score. This lender allows for 5% carry backs; seller holds 5%. 10, 20 and 30 year Fixed and ARM terms available.
Eligible property types:
Multi-Family (5+ units), Mixed-Use, Office Buildings, Retail, Warehouse, Light Industrial (no heavy Industrial), Office Condominium, Auto repair, Auto Sales, Convenience Store, Convalescent Home, Assisted Living Facility, Health Club or Gym, Gas Stations <10 years old, Self-Storage, Daycare or Preschool, Nursery (horticulture), Theatre, Cold Storage Warehouse, Veterinary Hospital, Ice Skating Rink, Restaurants.
Ineligible Property types:
1-4 unit dwelling, non-profit owned, dry cleaning plants, time-share properties, mobile home/RV parks, agricultural/forestry/orchards/farms, auto wrecking/auto salvage yards, hospitality (hotels, motels, B&B), vacant buildings (must be 80% occupied), gas stations >10 years old, heavy industrial, vacant/undeveloped land, new construction, properties listed for sale, outside of the U.S., or on more than 40 acres, Churches, and chemical plants.
Mortgage Pre Qualification Form – Credit Check Not Required
Hello vacation home buyers!
We can now do vacation homes to 80% financing. This can be a single family residence or condo. This program is good for all 50 states. Cash Out available on the unconventional refinance loan program to $1,000,000. Both fixed and Adjustable rates available.
Unconventional jumbo loans are hard to come by these days. Give us a call with any questions you may have or
Pre Qualification Form – no credit check required.
The commission of broker entirely depends upon the type of broker you may choose. The commission of a stock broker is different from that of a real estate, mortgage broker or an insurance agent. You need to know that the commissions are usually based on a particular dollar amount whether it is the total price of buying stocks, the commission of a real estate broker depending upon the sale price of a property or a loan amount for a mortgage. You may take the help of a loan mortgage calculator if you find it difficult to calculate your mortgage payments on a home loan.
5 Ways to calculate the commission of a broker
Have a look at the 5 ways to calculate the commission of a broker.
1. Compute a percentage estimated to you – You may compute a percentage estimated to you of 5 percent as a commission from a mortgage broker to sell off your valuable home at the cost of $300,000. The calculation that needs to be done is 5 percent has to be multiplied by $300,000 which is equal to $15,000 as commission. In order to find out whether or not you have done the calculation correctly, take $15,000 and divide it by 300,000. Your answer will be 0.05 percent.
2. Make calculation for a commission of 3 percent – You need to make calculation for a commission of 4 percent for buying $28,000 which is the value of stock from a stock broker. The calculation should be 0.04 percent has to be multiplied by $28,000. This is equal to $1120. To check out whether or not you have made the calculation properly, take $1120 and divide it by $28,000 and your answer will be 0.04 percent.
3. Work out a fee of $2,000 charged by broker – You need to work out a fee of $2,000 that has been charged from you by a new mortgage broker who would take out a new mortgage refinance loan for $400,000 which is your home’s cost. The calculation that you will have to do is $2,000 has to be divided by $400,000 which is equal to 0.005 percent as commission. Take 0.005 and multiply it by the loan amount $400,000 in order to check out your math. Your answer has to be $2000.
4. Analyze a flat charge of $90 – If you are buying an auto insurance policy, the insurance broker may ask for a flat charge of $90 as a form of commission to put you into a car insurance program. Your yearly premium for the insurance is $3,600. The calculation will be $90.00 has to be divided by $3,600 which is equal to 0.025 percent. Now, multiply 0.025 by $3,600 and your answer will be $90 as the brokers commission. This way, you will be able to check the math calculation that you have made.
5. Change commission percentage into dollar – In order to change the commission percentage into a dollar amount, you will have to multiply the percentage by the dollar amount of the loan. You may also divide the dollar amount of the commission into the dollar amount of the loan in order to convert a dollar amount into a percentage.
Thus, by following the above ways, you will be able to calculate the commission of a broker easily.