Want to know what things BROKERS, REALTORS, INFOMERCIALS, and SALESMEN alike have HIDING FROM YOU!!!

This page is designed to expose some of the secrets of the mortgage and real estate industry. There are countless things that realtors and mortgage brokers DO NOT want you to know.

Maybe I’m asking for trouble or I like to keep my competition on their toes, but it is here that I will shed light on the gray areas, expose the truth, lift the curtain and cast away the mystique.

I’m sure there are certain things you may have heard, rumors that your friends may have whispered in your ear, or untruths you may have seen on some late night infomercial. This page is here for you.

 

WARNING!!!

WARNING!!!

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BROKER EXPOSES TRUTH ABOUT UNSCRUPULOUS ACTS OF MORTGAGE BROKERS

Too many people have fell victims to things like this; brokers’ scams, ill-advised loans, and misrepresentation. These are some of the secrets that unsavory brokers/lenders use to  deceive borrowers.

WATCH THIS VIDEO

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MAKE SURE YOU READ THIS BEFORE YOU EVEN THINK ABOUT BUYING A FORECLOSURE.

There are many people out there that are offering get rich quick schemes in regards to foreclosures. This mini-book was written to give insightful step by step methods of how to purchase and prospect foreclosed homes. It was designed to teach the average Joe the in’s and out’s of this very profitable way of accumulating real estate or buying a home. Enjoy!

 

Foreclosures- Mystique Revealed

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THE BEST TIME TO CLOSE
Close at the start of a month and your closing costs climb. With any mortgage, you are obligated to pay interest until the principal on your loan is repaid in full, starting with the date you close on your home.But it’s conventional in the mortgage business to set up interest payments in arrears, to coincide with complete calendar months, said Doug Duncan, a spokesperson for the MBAA. That means any time between your closing date and your first full monthly payment on a purchase mortgage is “extra” time, and you’ll pay interest on those days up front at the closing table. That can sting.Keep in mind, though, that when you close at the start of the month, your closing costs are higher, but your first mortgage payment isn’t due until a month later than it would be if you closed at the end of a month. So you won’t save any money overall by closing later, but you do have to cough up less cash up front.”If you pay on a monthly basis, and close on the 25th of the month, then you have about five or six days of extra interest payments,” Duncan said. “But if you close on the 5th, you’ll pay 25 or 26 days’ worth of interest.”

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While Your Home Loan is Processing
Do’s

• DO keep originals of all pay stubs, bank statements, and other important financial documentation. Is required to update any documents that are over 30 days old prior to the closing of your mortgage loan (this is required even if your loan is approved).
• DO provide all documentation for the sale of your current home (i.e., sales contract, closing statement, employer relocation/buyout program).
• DO notify your loan officer if you plan to receive gift funds.
• DO notify your loan officer of any employment changes (i.e., change of employer; recent raise/promotion; change of pay status, such as salary to commission, etc.).

Don’ts

• DON’T change jobs/employer without inquiring about the impact this change would have on the approval/approvability of your mortgage loan.
• DON’T make major purchases during or prior to closing (i.e., new car, furniture, appliances, electronics) because this might impact your qualification ratios. Please confer with your loan officer to have him/her calculate what your ratios would be with any additional debts.
• DON’T obtain and/or deposit sums of money over $500 without notifying your loan officer. FNMA/HUD guidelines require documentation as to the source of these funds (i.e., copy of bonus check, copy of tax refund, copy of insurance settlement, gift letter with copy of check and deposit slips, etc.).
• DON’T close/open or transfer any asset accounts without inquiring about the proper documentation required for our loan file (i.e., if you transfer all the funds in your stock account to your savings account, documentation is required).
• DON’T open or increase any liabilities, including credit cards, signature loans, etc., during the loan process. Please check with you loan officer for any documentation that will be required and what impact this would have on your qualification ratios.

 

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