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Get a Lender to Put Up All or most of the Money. Zero-down payment - does it really exist? Or is it just a buzz-word used by real estate experts selling you a seat in a seminar or a tape on late-night TV? Today, it really does exist, for some buyers. And that’s a good thing, too. Most people who want to buy a home often find that the biggest roadblock is coming up with the cash down payment.

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Where Do I Find a Good Lender? Before you get a good loan, you must get a good lender. These days they are everywhere. You can go to a single-source lender such as your bank or your credit union. Or a multiple-source lender such as a mortgage broker. The mortgage broker has the advantage because he or she solicits loans from a wide variety of lenders, including banks, insurance companies, and pools of investors. Often a mortgage broker can match you up with just the right lender for your needs. Ask your real estate agent for a mortgage broker recommendation. Also, check with any friends, relatives, or associates who recently bought a home. Chances are they used a mortgage broker and can recommend (or steer you away from!) a mortgage broker. As a last resort they are listed in the yellow pages under Mortgage Brokers. (Note: A mortgage banker may not make loans directly to consumers. Look for a mortgage broker.) Also consider online mortgage brokers. Check a good search engine for them. Also, look into: www.eloan.com www.Loan.com www.lendingtree.com.


No-Doc/Low- Doc Loans
How you receive your income is important, too. If you work for an employer and receive wages (meaning a W-2 form at the end of the year), you get preference mainly because it is easy to verify your income.
Affordable Merit Rate
Freddie Mac’s, Affordable Merit Rate® Mortgage is a mortgage for borrowers who have had some small credit problems. The loan is for a higher interest rate. If the borrower is able to make 24 consecutive on-time payments within a four-year qualifying period, the interest rate is reduced.
Fannie 97®
Fannie Mae’s Fannie 97® offers a 97-percent mortgage. There are, however, income and geographic area restrictions. And the borrower must participate in face-to-face education programs. And there are other restrictions. more

More information

SHOP LENDERS, NOT MORTGAGES

If you have a credit blemish or have trouble otherwise qualifying, shop for a lender, not an interest rate. Some lenders specialize in borrowers with problems; others won’t touch them.Check out these Lenders

Pluses of Seller Financing.

  • It’s almost instantaneous—no waiting for a lender to fund.
  • Little qualifying—Most sellers only want to see a credit report showing relatively good credit.
  • High LTVs (Loan to Value)—Often a seller will give you the top 5 to 20 percent that would otherwise be your down payment.
  • Minuses of Seller Financing
  • Sometimes hard to find a seller with enough equity who doesn’t need to cash out (to buy another property).
  • Sellers may be wary—If you don’t make the payments, they would need to foreclose, and their lack of experience and knowledge makes that difficult.
Three Most Important Questions to Ask Your Agent

1: How long have you been full-time? (Avoid part-time agents or those with less than five years of active experience.)“... Fusce euismod conse- quat ante. Lorem ipsum dolor sit amee fermentum nisl. Mauris accumsan.

2: What neighborhoods (or area) do you “farm?”

3:How much time and effort will you commit to me? (You want someone
who will be ready to go whenever you are, phones you regularly
with updates, and continually previews properties for you.)
           

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