MORTGAGES
KNOWLEDGE FINANCIAL GROUP & INVESTMENT
MORTGAGE...
WHAT IS MORTGAGE? I
t is a debt instrument recorded by the collateral of a specified real estate property, that the borrower is obligated to pay back with a predetermined set of payments.
Mortgages are used by individuals and businesses wishing to make large value purchase of real estate without payment the entire value of the purchase up front. Mortgages are also known as lien against property, or claims on property.
Mortgage is a legal agreement that creates an interest in a real estate property between borrower and the lender.
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WHAT GUIDELINES ARE REQUIRED FOR A MORTGAGE LOAN?
There is no plan that is the perfect loan package for every person or situation.
Many factors must be evaluated to determine what terms will offer the best available loan program. The interest rate, size of payments, and the down-payment, schedule of payments, amount of the loan, life of the loan, and any other
requirements or conditions attached to the loan, all play into the evaluation of a loan.
In most cases, loan guidelines are based on credit history, employment, income, assets and liabilities. Each loan program typically offers a set of criteria of guidelines that may be slightly different from the other.
DOWN-PAYMENT:
The amount of down payment you make on your mortgage loan will affect the size of your payments, the length of your loan life, the amount of interest you will pay, the type of loan you may obtain, the conditions of the loan and other aspects
depending on how you obtain the down payment money.
However, there many options for possible ways to come up with a down payment:
Cash on hand from saving, sale of another property, 401k, mutual funds, stocks, IRAs, cash value from life insurance, donation etc.
SOMETIMES YOU CAN EVEN PURCHASE YOUR HOME WITH ZERO [0] NO MONEY DOWN.
---------------------------------------------------
LOAN ORIGINATORS, MORTGAGE LOAN CONSULTANTS, MORTGAGE BROKERS ARE WANTED IN MIAMI DADE COUNTY FL.
TRAINING IS AVAILABLE, FREE SEMINAR
BE YOUR OWN BOSS,
BE FINANCIALLY INDEPENDENT TO REALIZE YOUR LONGTIME DREAMS,
TO CONQUER YOUR FUTURE, TO HAVE A GREATER QUALITY OF LIFE.
CONTACT US FOR ALL YOUR REAL ESTATE QUESTIONS, MORTGAGE AND LOANS (786)-709-6577 SOUTH FLORIDA.
WHAT IS MORTGAGE? I
t is a debt instrument recorded by the collateral of a specified real estate property, that the borrower is obligated to pay back with a predetermined set of payments.
Mortgages are used by individuals and businesses wishing to make large value purchase of real estate without payment the entire value of the purchase up front. Mortgages are also known as lien against property, or claims on property.
Mortgage is a legal agreement that creates an interest in a real estate property between borrower and the lender.
----------------------------------------------------------------------------
WHAT GUIDELINES ARE REQUIRED FOR A MORTGAGE LOAN?
There is no plan that is the perfect loan package for every person or situation.
Many factors must be evaluated to determine what terms will offer the best available loan program. The interest rate, size of payments, and the down-payment, schedule of payments, amount of the loan, life of the loan, and any other
requirements or conditions attached to the loan, all play into the evaluation of a loan.
In most cases, loan guidelines are based on credit history, employment, income, assets and liabilities. Each loan program typically offers a set of criteria of guidelines that may be slightly different from the other.
DOWN-PAYMENT:
The amount of down payment you make on your mortgage loan will affect the size of your payments, the length of your loan life, the amount of interest you will pay, the type of loan you may obtain, the conditions of the loan and other aspects
depending on how you obtain the down payment money.
However, there many options for possible ways to come up with a down payment:
Cash on hand from saving, sale of another property, 401k, mutual funds, stocks, IRAs, cash value from life insurance, donation etc.
SOMETIMES YOU CAN EVEN PURCHASE YOUR HOME WITH ZERO [0] NO MONEY DOWN.
---------------------------------------------------
LOAN ORIGINATORS, MORTGAGE LOAN CONSULTANTS, MORTGAGE BROKERS ARE WANTED IN MIAMI DADE COUNTY FL.
TRAINING IS AVAILABLE, FREE SEMINAR
BE YOUR OWN BOSS,
BE FINANCIALLY INDEPENDENT TO REALIZE YOUR LONGTIME DREAMS,
TO CONQUER YOUR FUTURE, TO HAVE A GREATER QUALITY OF LIFE.
CONTACT US FOR ALL YOUR REAL ESTATE QUESTIONS, MORTGAGE AND LOANS (786)-709-6577 SOUTH FLORIDA.
TYPE OF MORTGAGES
There are different kind of mortgages in the market, since I am a knowledgeable mortgage specialist and a financial advisor; you will have the chance to learn more about mortgages from this website.
ADJUSTABLE RATE MORTGAGE/ARM:
This type of mortgage works out well very well if interest rates drop down during your mortgage period you will pay less.
If interest rates rise, then you could end up paying more than you would with a fixed mortgage.
However, lenders do limit how much your interest rate can rise. Generally, lenders limit the increase potential to two points a year, and six points total for the life of the mortgage loan. Adjustable mortgage means: UP AND DOWN, DOWN AND UP.
--------------------------------------------------
FIXED RATE MORTGAGE.
Fixed rate mortgages come pretty much the way they sound. With a fixed rate interest that is guaranteed not to change over the life of your mortgage, no matter how the market changes therefore, fixed rate mortgages are good for people who
want fixed monthly bills, or who plan on staying in their homes for an extended period of time, people with fixed incomes or strict budgets.
-------------------------------------------
REFINANCE MORTGAGE
A refinance mortgage is not an extension of an existing mortgage.
It is a brand new one with a new interest rate and new payment plan.
Common reasons why people refinance is:
to lower their current interest rate and mortgage payment , -------- to change the rate from ARM to a fixed rate mortgage,--------- to pull some cash out of their home equity,
to consolidate their consumer debts, since all consumer interest rates are usually higher than the mortgage rate. And also the debtors cannot claim consumer interest in income tax, but mortgage interest can be claimed in income tax,
to improve the property value,------- --- To take off a co-signer on the mortgage etc.
REFINANCING TO GET NEW RATE CAN BE BENEFICIAL IF YOUR CURRENTLY HAVE A HIGHER RATE THAN THE ACTUAL MARKET RATE.
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HOME EQUITY MORTGAGE
A home equity mortgage is the value, money that the homeowners can get by leverage the equity they have build over the time in their homes. It is a lump sum of cash that a borrower receives.
A home equity mortgage is useful because it provides homeowners with easy access to cash.
The interest of a home equity mortgage is lower than the credit cards loan, and it is also tax deductible.
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GRADUATED PAYMENT MORTGAGE:
A GRADUATED PAYMENT MORTGAGE, OFTEN REFERRED TO AS [GPM] IS A
MORTGAGE WITH LOW PAYMENTS WHICH GRADUALLY INCREASE OVER A SPECIFIC
TIME FRAME.
THESE PLANS ARE MOST GEARED TOWARDS YOUNG MEN AND WOMEN WHO CAN NOT
AFFORD LARGE PAYMENTS NOW, BUT CAN REALISTICALLY EXPECT TO DO BETTER
FINANCIALLY IN THE FUTURE. FOR INSTANCE MEDICAL STUDENT WHO IS JUST ABOUT
TO FINISH SCHOOL.
------------------------------------------------------------------------------------------------------------------------------------------------
WRAPAROUND MORTGAGE:
A WRAPAROUND MORTGAGE, IT IS A FINANCING ARRANGEMENT IN WHICH AN
EXISTING MORTGAGE IS REFINANCED.
THE LENDER, WHO AGREES TO PASS THROUGH PART OF THE MORTGAGE
PAYMENTS TO THE ORIGINAL MORTGAGE LENDER, COMBINES OR WRAPS THE
REMAINDER OF THE OLD MORTGAGE WITH THE NEW MORTGAGE AND THE
BORROWER MAKES ONE MONTHLY PAYMENT.
A WRAPAROUND MORTGAGE IS AN ALTERNATIVE TO REFINANCING THE ENTIRE
MORTGAGE LOAN WHEN A BORROWER NEEDS ADDITIONAL FUNDS
There are different kind of mortgages in the market, since I am a knowledgeable mortgage specialist and a financial advisor; you will have the chance to learn more about mortgages from this website.
ADJUSTABLE RATE MORTGAGE/ARM:
This type of mortgage works out well very well if interest rates drop down during your mortgage period you will pay less.
If interest rates rise, then you could end up paying more than you would with a fixed mortgage.
However, lenders do limit how much your interest rate can rise. Generally, lenders limit the increase potential to two points a year, and six points total for the life of the mortgage loan. Adjustable mortgage means: UP AND DOWN, DOWN AND UP.
--------------------------------------------------
FIXED RATE MORTGAGE.
Fixed rate mortgages come pretty much the way they sound. With a fixed rate interest that is guaranteed not to change over the life of your mortgage, no matter how the market changes therefore, fixed rate mortgages are good for people who
want fixed monthly bills, or who plan on staying in their homes for an extended period of time, people with fixed incomes or strict budgets.
-------------------------------------------
REFINANCE MORTGAGE
A refinance mortgage is not an extension of an existing mortgage.
It is a brand new one with a new interest rate and new payment plan.
Common reasons why people refinance is:
to lower their current interest rate and mortgage payment , -------- to change the rate from ARM to a fixed rate mortgage,--------- to pull some cash out of their home equity,
to consolidate their consumer debts, since all consumer interest rates are usually higher than the mortgage rate. And also the debtors cannot claim consumer interest in income tax, but mortgage interest can be claimed in income tax,
to improve the property value,------- --- To take off a co-signer on the mortgage etc.
REFINANCING TO GET NEW RATE CAN BE BENEFICIAL IF YOUR CURRENTLY HAVE A HIGHER RATE THAN THE ACTUAL MARKET RATE.
--------------------------------------------------------------------------------------------------------
HOME EQUITY MORTGAGE
A home equity mortgage is the value, money that the homeowners can get by leverage the equity they have build over the time in their homes. It is a lump sum of cash that a borrower receives.
A home equity mortgage is useful because it provides homeowners with easy access to cash.
The interest of a home equity mortgage is lower than the credit cards loan, and it is also tax deductible.
-----------------------------------------------------------------------------------------------------------------------------------------------------
GRADUATED PAYMENT MORTGAGE:
A GRADUATED PAYMENT MORTGAGE, OFTEN REFERRED TO AS [GPM] IS A
MORTGAGE WITH LOW PAYMENTS WHICH GRADUALLY INCREASE OVER A SPECIFIC
TIME FRAME.
THESE PLANS ARE MOST GEARED TOWARDS YOUNG MEN AND WOMEN WHO CAN NOT
AFFORD LARGE PAYMENTS NOW, BUT CAN REALISTICALLY EXPECT TO DO BETTER
FINANCIALLY IN THE FUTURE. FOR INSTANCE MEDICAL STUDENT WHO IS JUST ABOUT
TO FINISH SCHOOL.
------------------------------------------------------------------------------------------------------------------------------------------------
WRAPAROUND MORTGAGE:
A WRAPAROUND MORTGAGE, IT IS A FINANCING ARRANGEMENT IN WHICH AN
EXISTING MORTGAGE IS REFINANCED.
THE LENDER, WHO AGREES TO PASS THROUGH PART OF THE MORTGAGE
PAYMENTS TO THE ORIGINAL MORTGAGE LENDER, COMBINES OR WRAPS THE
REMAINDER OF THE OLD MORTGAGE WITH THE NEW MORTGAGE AND THE
BORROWER MAKES ONE MONTHLY PAYMENT.
A WRAPAROUND MORTGAGE IS AN ALTERNATIVE TO REFINANCING THE ENTIRE
MORTGAGE LOAN WHEN A BORROWER NEEDS ADDITIONAL FUNDS
MORTGAGE FRAUD/ Home buyers, real estate investors learn how to recognize and avoid fraud in your transactions.
Knowledge Financial Group is there to help
Knowledge Financial Group is there to help
WE ARE LICENSED MORTGAGE BROKER BANK, WE'RE LOYAL, WE'RE COMPETENT, AND WE'VE ALL THE EXPERIENCE NECESSARY TO HELP YOU PURCHASE YOUR
HOME, REFINANCE YOUR PROPERTY, CASH OUT YOUR HOME EQUITY.
JUST CALL Mr. ANTONY AT 786-709-6577 [FLORIDA} BETTER INTEREST RATES, BETTER SAVING, GREAT CUSTOMER SERVICE.
Has someone involved in your home buying, refinancing transaction and asked you to make false statements on your loan appication or do something else that you feel
uneasy about?
Don't even think about it unless you're prepared to commit loan fraud, and don't think you can say later that you simply didn't know what you were doing was illegal.
That won't work.
Loan fraud occurs when you, or a real estate agent, mortgage broker, attorney, closing agent, and others make false statements in order to qualify someone for a loan
that's larger than what he/she entitled to under lender's guidelines.
HOME, REFINANCE YOUR PROPERTY, CASH OUT YOUR HOME EQUITY.
JUST CALL Mr. ANTONY AT 786-709-6577 [FLORIDA} BETTER INTEREST RATES, BETTER SAVING, GREAT CUSTOMER SERVICE.
Has someone involved in your home buying, refinancing transaction and asked you to make false statements on your loan appication or do something else that you feel
uneasy about?
Don't even think about it unless you're prepared to commit loan fraud, and don't think you can say later that you simply didn't know what you were doing was illegal.
That won't work.
Loan fraud occurs when you, or a real estate agent, mortgage broker, attorney, closing agent, and others make false statements in order to qualify someone for a loan
that's larger than what he/she entitled to under lender's guidelines.
COMMON LOAN FRAUD SCHEMES
Source of actual amount of a buyer's down-payment,actual amount of closing costs paid by the buyer,an inflated appraised value for the property that is collateral for the loan,
false information about the borrower's credit worthiness,false statement about who will live in the property, for instance, you claim the property will be owner occupied when you actually intend to
rent it.
SECRET SECOND MORTGAGE
This occurs when someone loans money to the buyer so that he/she can close on the home, but the second loan is not disclose to the primary lender.
A second mortgage or deed of trust is usually recorded a few days after the first, securing the debt by placing an additional lien on the property.
FOR ALL QUESTIONS ABOUT REAL ESTATE, MORTGAGE & LOANS, HOME REFINANCING,HOME EQUITY ETC. CONTACT: VISION MORTGAGE BANK,INC. MR. ANTONY AT (786)709-6577
---------------------------------------------------------------------------------------------------
BOGUS EARNEST MONEY DEPOSIT.
This is the offer to purchase contract, states that the buyer has paid more down than what he/she really has. "POC" PAID OUTSIDE OF CLOSING. FALSE GIFTS:
Buyers close with gift money all the time, but lenders verify that if the money is not a loan, asking the donor to sign a statement that repayment is not required.
CONTRACT KITING:
In this loan fraud scheme, one contract shows the actual price of the house, and the one give to the lender shows a higher price, resulting in a scheme to loan to value ratio ]LTV]
THE BOTTOM LINE: MAKING A FALSE STATEMENT TO A LENDER IS A FEDERAL CRIME.
DON'T DO IT ON YOUR OWN, AND DON'T DO IT BECAUSE SOMEONE ENCOURAGE YOU TO DO SO.
MORTGAGE FRAUD IS PUNISHABLE BY LAWS WITH FINES AND PRISON TERM.
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Source of actual amount of a buyer's down-payment,actual amount of closing costs paid by the buyer,an inflated appraised value for the property that is collateral for the loan,
false information about the borrower's credit worthiness,false statement about who will live in the property, for instance, you claim the property will be owner occupied when you actually intend to
rent it.
SECRET SECOND MORTGAGE
This occurs when someone loans money to the buyer so that he/she can close on the home, but the second loan is not disclose to the primary lender.
A second mortgage or deed of trust is usually recorded a few days after the first, securing the debt by placing an additional lien on the property.
FOR ALL QUESTIONS ABOUT REAL ESTATE, MORTGAGE & LOANS, HOME REFINANCING,HOME EQUITY ETC. CONTACT: VISION MORTGAGE BANK,INC. MR. ANTONY AT (786)709-6577
---------------------------------------------------------------------------------------------------
BOGUS EARNEST MONEY DEPOSIT.
This is the offer to purchase contract, states that the buyer has paid more down than what he/she really has. "POC" PAID OUTSIDE OF CLOSING. FALSE GIFTS:
Buyers close with gift money all the time, but lenders verify that if the money is not a loan, asking the donor to sign a statement that repayment is not required.
CONTRACT KITING:
In this loan fraud scheme, one contract shows the actual price of the house, and the one give to the lender shows a higher price, resulting in a scheme to loan to value ratio ]LTV]
THE BOTTOM LINE: MAKING A FALSE STATEMENT TO A LENDER IS A FEDERAL CRIME.
DON'T DO IT ON YOUR OWN, AND DON'T DO IT BECAUSE SOMEONE ENCOURAGE YOU TO DO SO.
MORTGAGE FRAUD IS PUNISHABLE BY LAWS WITH FINES AND PRISON TERM.
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
MORTGAGE LOANS
HOW TO UNDERSTAND THE HOME LOAN PROCESS?
Understand that in order to finance or refinance a loan the lender requires documentation to verify and substantiate your employment, credit and financial situation to assure its investors that you have
the ability to repay the MONEY. This documentation may consist of tax returns, recent pay stubs, bank statements, verifications of employment, deposit and rent or mortgage, appraisal, purchase
agreement, divorce decrees, bankruptcy papers and any other information the lender deems necessary.
2
Step Two
Understand that you will have to provide a completed loan application and the requested documentation to your loan agent. YOU CAN CALL VISION MORTGAGE BANK AT: 786-709-6577 ASK FOR MR.
ANTONY. The loan agent will be the intermediary between you, the borrower, and the underwriter. The underwriter is the person who goes through the documentation and information you have provided
with a fine-tooth comb to make sure everything fits the program requirements. You will not be able to speak with underwriter - it is the loan agent's job to communicate information to and from the
borrower.
3
Step Three
Expect to wait. It may take several days to a week to get the initial response from the underwriter. The underwriter will either approve the loan as it is or, more likely, provide a list of items that need
clarification or additional documentation.
4
Step Four
Expect to be asked to provide additional items. Once you give these to your agent, it will be a few days before you hear back again. The underwriter may come back to the agent several times with
certain "conditions." Don't be concerned. The underwriter is simply doing an underwriter's job. At this point, what you have is conditional approval - meaning, your loan is approved pending removal of
these conditions.
5
Step Five
Understand that the entire loan process typically takes between two and four weeks, possibly longer, depending on the particular circumstances of the loan. Loans for self-employed people, people with
poor credit, or people with unusual circumstances often take longer because of the additional documentation required.
6
Step Six
Realize that once the loan is approved, the loan papers will be sent to the escrow/title company or your attorney. The escrow officer or attorney will add other documents to the file created from
information received from the lender. Once these documents are prepared, the escrow officer or attorney will contact you to set up an appointment for you to come in and sign your papers.
7
Step Seven
Expect to wade through and sign a mountain of papers. The escrow officer or attorney should provide you with a copy of everything you sign.
8
Step Eight
Understand that from the date you sign your papers, it will be another two or three days until the loan is funded, which is when the money is transferred.
9
Step Nine
Know that the loan will close, or record (with the county), one or two days after the loan has been funded. Once the loan is recorded, the transaction is complete.
TIPS & WARNINGS--------------------------------------------
HOW TO GET A HOME LOAN?
Securing a home loan is the most important step in the home-buying process. Here are the basics for getting your financing.
STEPS1
Step One
Find A MORTGAGE BROKER AT VISION MORTGAGE BANK.(786)709-6577 {SOUTH FLORIDA} or a lender. Ask friends, family or co-workers for referrals.
2 Step Two , Fill out a loan application.
3
Step Three
Get an estimate of closing costs FROM VISION MORTGAGE BANK . , the mortgage firm or the lender is required to provide this statement to you within three days of receiving the loan application. Make
sure to ask what type of loan program your lender has selected for you, including the rates, terms and any special information, such as prepayment penalties.
4
Step Four , Compare costs, fees and terms of loans if you are working with more than one lender.
5
Step Five, negotiate fees. Sometimes you can negotiate the amount of fees or loan points (a point is 1 percent of the loan amount) the lender charges you.
6
Step Six
Talk to your mortgage broker to consider lowering your interest rate by paying more points. The relationship of interest rate to points paid is an inverse one; the more points you pay, the lower the
interest rate.
7
Step Seven
Provide required documentation.
Step Eight
Pay any up-front fees. Sometimes the lender requires that the appraisal, credit report or processing fee be paid at the beginning.
9
Step Nine
Review loan papers. Approximately one week prior to closing, loan papers will be ready for your review. Make sure the loan matches the original quote you were given.
10
Step Ten
Sign your loan papers and deposit your down payment funds into your account four to six days prior to closing.
11
Step Eleven
Bring a cashier's check for the down payment to the title company, escrow company or attorney handling the closing. The lender will send the title company a check for the loan amount.
12
Step Twelve
Get ready to congratulate yourself. Once the transaction closes and you have signed off on all contingencies, and received a copy of the deed and a set of keys, you own the home.
TIPS AND WARNINGS HOW TO GET PREQUALIFY FOR A HOME LOAN?
The first and most important step in buying a home is getting prequalified for a home loan.
BY GETTING PREQUALIFIED, YOU IMMEDIATELY FIND YOURSELF IN A STRONGER NEGOTIATION POSITION.
YOU MADE YOURSELF MORE ATTRACTIVE TO SELLERS.
PRE-APPROVAL CAN SPEED UP THE BUYING PROCESS AND IMPROVE YOUR CHANCE OF REACHING AN AGREEMENT ON THE PURCHASE PRISE.
CALL MR. ANTONY AT VISION MORTGAGE BANK 786-709-6577
Instructions
Difficulty: Moderate
TIPS1
Step One
Get a referral for a lender or mortgage broker from a friend, relative, co-worker or real estate broker.
2
Step Two
Provide the following information: gross monthly income and total monthly payments (car payments, minimum monthly payments on credit cards, child support payments and all payments you have to
make every month).
3
Step Three
Get your "ratios." You or your lender can add all your debts together and compare that number to your income to arrive at your total debt-to-income ratio. Your percentage should be under 36 for the best
interest rate. The lower the number, the better (see Related eHows).
4
Step Four
Give your lender authorization to pull your credit report. The report should include a FICO (Fair, Isaac and Co.) score, which is the credit scoring system most widely used by lenders. (A credit score is a
system of calculating the risk of lending to you based on several factors, including how long you've been at your present job, your occupation, how long you've been at your present address, the ratio of
your balances to your available credit lines, whether you are a home owner, the number of recent inquiries into your credit, your age, the number of credit lines you have, the years you have had a credit
in the credit bureau database, and such derogatory items as bankruptcy, collections against you, foreclosures and slow pays.) A FICO score of 680 or better is considered "A+" (excellent), and with
good ratios and other positive factors should get you the best interest rates available.
5
Step Five
Have a lender prepare a letter of prequalification for you. The letter should state that your initial financial and credit information has been reviewed and looks good, though it will also state that the letter
is not a guarantee of a loan.
Once you find a home and are ready to write an offer, have your lender or mortgage broker write a letter of prequalification only for the loan amount you're seeking with that offer. That way the seller
doesn't know if you can afford more.
If you're self-employed or have been on the job for less than two years, the lender may require additional information.
You don't have to use the same lender that prequalified you. Shop around and compare rates.
Prequalified is not the same as preapproved. In a hot market, you're going to want to go the extra step and get preapproved for a home loan before you make an offer on a home.
Lenders consider many factors in prequalifying you for a loan, including credit, income and debt, type of property and amount of down payment.
HOW TO UNDERSTAND THE HOME LOAN PROCESS?
Understand that in order to finance or refinance a loan the lender requires documentation to verify and substantiate your employment, credit and financial situation to assure its investors that you have
the ability to repay the MONEY. This documentation may consist of tax returns, recent pay stubs, bank statements, verifications of employment, deposit and rent or mortgage, appraisal, purchase
agreement, divorce decrees, bankruptcy papers and any other information the lender deems necessary.
2
Step Two
Understand that you will have to provide a completed loan application and the requested documentation to your loan agent. YOU CAN CALL VISION MORTGAGE BANK AT: 786-709-6577 ASK FOR MR.
ANTONY. The loan agent will be the intermediary between you, the borrower, and the underwriter. The underwriter is the person who goes through the documentation and information you have provided
with a fine-tooth comb to make sure everything fits the program requirements. You will not be able to speak with underwriter - it is the loan agent's job to communicate information to and from the
borrower.
3
Step Three
Expect to wait. It may take several days to a week to get the initial response from the underwriter. The underwriter will either approve the loan as it is or, more likely, provide a list of items that need
clarification or additional documentation.
4
Step Four
Expect to be asked to provide additional items. Once you give these to your agent, it will be a few days before you hear back again. The underwriter may come back to the agent several times with
certain "conditions." Don't be concerned. The underwriter is simply doing an underwriter's job. At this point, what you have is conditional approval - meaning, your loan is approved pending removal of
these conditions.
5
Step Five
Understand that the entire loan process typically takes between two and four weeks, possibly longer, depending on the particular circumstances of the loan. Loans for self-employed people, people with
poor credit, or people with unusual circumstances often take longer because of the additional documentation required.
6
Step Six
Realize that once the loan is approved, the loan papers will be sent to the escrow/title company or your attorney. The escrow officer or attorney will add other documents to the file created from
information received from the lender. Once these documents are prepared, the escrow officer or attorney will contact you to set up an appointment for you to come in and sign your papers.
7
Step Seven
Expect to wade through and sign a mountain of papers. The escrow officer or attorney should provide you with a copy of everything you sign.
8
Step Eight
Understand that from the date you sign your papers, it will be another two or three days until the loan is funded, which is when the money is transferred.
9
Step Nine
Know that the loan will close, or record (with the county), one or two days after the loan has been funded. Once the loan is recorded, the transaction is complete.
TIPS & WARNINGS--------------------------------------------
HOW TO GET A HOME LOAN?
Securing a home loan is the most important step in the home-buying process. Here are the basics for getting your financing.
STEPS1
Step One
Find A MORTGAGE BROKER AT VISION MORTGAGE BANK.(786)709-6577 {SOUTH FLORIDA} or a lender. Ask friends, family or co-workers for referrals.
2 Step Two , Fill out a loan application.
3
Step Three
Get an estimate of closing costs FROM VISION MORTGAGE BANK . , the mortgage firm or the lender is required to provide this statement to you within three days of receiving the loan application. Make
sure to ask what type of loan program your lender has selected for you, including the rates, terms and any special information, such as prepayment penalties.
4
Step Four , Compare costs, fees and terms of loans if you are working with more than one lender.
5
Step Five, negotiate fees. Sometimes you can negotiate the amount of fees or loan points (a point is 1 percent of the loan amount) the lender charges you.
6
Step Six
Talk to your mortgage broker to consider lowering your interest rate by paying more points. The relationship of interest rate to points paid is an inverse one; the more points you pay, the lower the
interest rate.
7
Step Seven
Provide required documentation.
Step Eight
Pay any up-front fees. Sometimes the lender requires that the appraisal, credit report or processing fee be paid at the beginning.
9
Step Nine
Review loan papers. Approximately one week prior to closing, loan papers will be ready for your review. Make sure the loan matches the original quote you were given.
10
Step Ten
Sign your loan papers and deposit your down payment funds into your account four to six days prior to closing.
11
Step Eleven
Bring a cashier's check for the down payment to the title company, escrow company or attorney handling the closing. The lender will send the title company a check for the loan amount.
12
Step Twelve
Get ready to congratulate yourself. Once the transaction closes and you have signed off on all contingencies, and received a copy of the deed and a set of keys, you own the home.
TIPS AND WARNINGS HOW TO GET PREQUALIFY FOR A HOME LOAN?
The first and most important step in buying a home is getting prequalified for a home loan.
BY GETTING PREQUALIFIED, YOU IMMEDIATELY FIND YOURSELF IN A STRONGER NEGOTIATION POSITION.
YOU MADE YOURSELF MORE ATTRACTIVE TO SELLERS.
PRE-APPROVAL CAN SPEED UP THE BUYING PROCESS AND IMPROVE YOUR CHANCE OF REACHING AN AGREEMENT ON THE PURCHASE PRISE.
CALL MR. ANTONY AT VISION MORTGAGE BANK 786-709-6577
Instructions
Difficulty: Moderate
TIPS1
Step One
Get a referral for a lender or mortgage broker from a friend, relative, co-worker or real estate broker.
2
Step Two
Provide the following information: gross monthly income and total monthly payments (car payments, minimum monthly payments on credit cards, child support payments and all payments you have to
make every month).
3
Step Three
Get your "ratios." You or your lender can add all your debts together and compare that number to your income to arrive at your total debt-to-income ratio. Your percentage should be under 36 for the best
interest rate. The lower the number, the better (see Related eHows).
4
Step Four
Give your lender authorization to pull your credit report. The report should include a FICO (Fair, Isaac and Co.) score, which is the credit scoring system most widely used by lenders. (A credit score is a
system of calculating the risk of lending to you based on several factors, including how long you've been at your present job, your occupation, how long you've been at your present address, the ratio of
your balances to your available credit lines, whether you are a home owner, the number of recent inquiries into your credit, your age, the number of credit lines you have, the years you have had a credit
in the credit bureau database, and such derogatory items as bankruptcy, collections against you, foreclosures and slow pays.) A FICO score of 680 or better is considered "A+" (excellent), and with
good ratios and other positive factors should get you the best interest rates available.
5
Step Five
Have a lender prepare a letter of prequalification for you. The letter should state that your initial financial and credit information has been reviewed and looks good, though it will also state that the letter
is not a guarantee of a loan.
Once you find a home and are ready to write an offer, have your lender or mortgage broker write a letter of prequalification only for the loan amount you're seeking with that offer. That way the seller
doesn't know if you can afford more.
If you're self-employed or have been on the job for less than two years, the lender may require additional information.
You don't have to use the same lender that prequalified you. Shop around and compare rates.
Prequalified is not the same as preapproved. In a hot market, you're going to want to go the extra step and get preapproved for a home loan before you make an offer on a home.
Lenders consider many factors in prequalifying you for a loan, including credit, income and debt, type of property and amount of down payment.
CONTACT US with questions,comments, and concerns to better serve you.
Mortgage Loans Pre-Qualification ...RIGHT HERE!
SIMPLY COMPLETE THIS FORM & CLICK SUBMIT...
Mortgage Loans Pre-Qualification ...RIGHT HERE!
SIMPLY COMPLETE THIS FORM & CLICK SUBMIT...
WWW.KNOWLEDGEFINANCIAL.COM
MORTGAGE LOANS PRE-QUALIFICATION, home purchasing, home selling, home refinancing, real estate investments. CALL Mr. ANTONY AT: 786-709-6577
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Are you a prospective first time home buyer? Are looking for the best suitable home loan rate available in the market? Before you make an informed decision . Let us first pre-qualify you to get you the best
mortgage type, regardless of what your situation may be.
Pre-qualification will put you in a stronger position to negotiate with sellers and increase the chance to reaching an agreement on the purchase price.
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Are you a prospective first time home buyer? Are looking for the best suitable home loan rate available in the market? Before you make an informed decision . Let us first pre-qualify you to get you the best
mortgage type, regardless of what your situation may be.
Pre-qualification will put you in a stronger position to negotiate with sellers and increase the chance to reaching an agreement on the purchase price.
REASONS TO GO WITH US:
We charge less fees than any other mortgage firm, or
lending institutions
We carefully shopping for your mortgage loan to get you
the best interest rate possible
We’re loyal, we’re competent, and we have experience
We keep you inform, and we make sure you understand
the entire process
With us you will never get overwhelmed by the home
buying process
We charge less fees than any other mortgage firm, or
lending institutions
We carefully shopping for your mortgage loan to get you
the best interest rate possible
We’re loyal, we’re competent, and we have experience
We keep you inform, and we make sure you understand
the entire process
With us you will never get overwhelmed by the home
buying process
| HOME BUYING There is nothing better than owning your own home. Buying a home can be a great investment, one that can offers great return with moderate risk. Advantage of owning a home : over-time you are building equity (Cash reserve will be available in the future) We’re committed to making your real estate experience the best it can be.. CALL Mr. ANTONY AT: 786-709-6577 |
HOME SELLING---CALL 786-709-6577
Sell your home quick and fast for the top price
Our proven selling techniques with our diverse kind of
advertisement can really help selling your home
Sell your home quick and fast for the top price
Our proven selling techniques with our diverse kind of
advertisement can really help selling your home
We take the time to analyze every individual situation and
needs to find the best mortgage loan.
Whether you’re a first time home buyer or an experience
buyer, we work hard to find you the home loan you desired.
needs to find the best mortgage loan.
Whether you’re a first time home buyer or an experience
buyer, we work hard to find you the home loan you desired.
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| HOW TO GET PRE-QUALIFY FOR A HOME LOAN? The first and most important step in buying a home is getting pre-qualified for a home loan. BY GETTING PREQUALIFIED, YOU IMMEDIATELY FIND YOURSELF IN A STRONGER NEGOTIATION POSITION. YOU MADE YOURSELF MORE ATTRACTIVE TO SELLERS. PRE-APPROVAL CAN SPEED UP THE BUYING PROCESS AND IMPROVE YOUR CHANCE OF REACHING AN AGREEMENT ON THE PURCHASE PRISE. CALL MR. ANTONY AT 786-709-6577 |
KNOWLEDGE FINANCIAL.COM
MORTGAGES: GET YOURSELF PREQUALIFIED QUICK, FAST AND EASY. OPPORTUNITY FOR ALL! ------ WE CAN HELP WITH REFINANCING, FORECLOSURE! --------JUST CONTACT US...
REVERSE MORTGAGE
NO MORTGAGE PAYMENTS EVER AGAIN: IF YOU OWNED A HOME AS YOUR PERSONAL RESIDENCE.-----------------TO IMPROVE YOUR QUALITY OF LIFE AND LIVE WITH NO STRESS!
IF YOU'RE 62 YEARS OF AGE OR OLDER, YOU CAN ACHIEVE THIS, THROUGH A REVERSE MORTGAGE, REGULATED BY THE U.S. GOVERNMENT.
YOU CAN ACCESS THE EQUITY OF YOUR PROPERTY, IN A LUMP AMOUNT, LINE OF CREDIT, MONTHLY PAYMENTS, OR COMBINATION OF ALL THREE.
{ADVANTAGE OF REVERSE MORTGAGE}
NO MONTHLY MORTGAGE PAYMENTS,---------REMAIN IN YOUR HOME,---------RETAIN OWNERSHIP OF YOUR PROPERTY
NO CREDIT OR INCOME REQUIREMENTS.
CALL Mr. ANTONY FOR AN INITIAL CONSULTATION TO FULLY REVIEW YOUR OPTIONS.----786-709-7655-----VISION MORTGAGE BANK----South Florida
NO MORTGAGE PAYMENTS EVER AGAIN: IF YOU OWNED A HOME AS YOUR PERSONAL RESIDENCE.-----------------TO IMPROVE YOUR QUALITY OF LIFE AND LIVE WITH NO STRESS!
IF YOU'RE 62 YEARS OF AGE OR OLDER, YOU CAN ACHIEVE THIS, THROUGH A REVERSE MORTGAGE, REGULATED BY THE U.S. GOVERNMENT.
YOU CAN ACCESS THE EQUITY OF YOUR PROPERTY, IN A LUMP AMOUNT, LINE OF CREDIT, MONTHLY PAYMENTS, OR COMBINATION OF ALL THREE.
{ADVANTAGE OF REVERSE MORTGAGE}
NO MONTHLY MORTGAGE PAYMENTS,---------REMAIN IN YOUR HOME,---------RETAIN OWNERSHIP OF YOUR PROPERTY
NO CREDIT OR INCOME REQUIREMENTS.
CALL Mr. ANTONY FOR AN INITIAL CONSULTATION TO FULLY REVIEW YOUR OPTIONS.----786-709-7655-----VISION MORTGAGE BANK----South Florida
 |  |  |  |  |  |  |  |
| REAL ESTATE: BUYING, SELLING, LEASING A PROPERTY IN THE SOUTH FLORIDA AREA . IT'S THE AFFAIR OF AN EXPERIENCED, A COMPETENT REAL ESTATE PROFESSIONAL! CALL Mr. ANTONY AT: 786-709-6577 --- Fortune International Realty "WE SELL HOUSE FAST" -------- WE PROVIDE FINANCIAL HELP TO BUYERS FREE CREDIT REPAIR FOR PROSPECTS! |
WHAT GUIDELINES ARE REQUIRED FOR A MORTGAGE LOAN?
Mortgages are used by individuals and businesses wishing to make large value purchase of real estate without payment the entire value of the purchase up front. Mortgages are also known as lien against property, or claims on property.
Mortgage is a legal agreement that creates an interest in a real estate property between borrower and the lender.
HOW TO UNDERSTAND THE HOME LOAN PROCESS?
Understand that in order to finance or refinance a loan the lender requires documentation to verify and substantiate your employment, credit and financial situation to assure its investors
that you have the ability to repay the MONEY
HOME REFINANCING: 10 GREAT REASONS TO REFINANCE A PROPERTY. NOW IT'S THE BEST TIME FOR REFINANCING, THE INTEREST RATE IS VERY LOW.
MORTGAGE GOLSSARY/ TERMS AND TERMINOLOGY / UNDERSTANDING YOUR MORTGAGE STATEMENT
MORTGAGE LOAN MODIFICATION PROGRAMS; AN ALTERNATIVE TO REDUCE MONTHLY MORTGAGE PAYMENT, TO AVOID FORECLOSURE, TO SAVE YOUR CREDIT RATING, TO SAVE YOUR PROPERTY.
REVERSE MORTGAGE
NO MORTGAGE PAYMENTS EVER AGAIN: IF YOU OWNED A HOME AS YOUR PERSONAL RESIDENCE.
TO IMPROVE YOUR QUALITY OF LIFE AND LIVE WITH NO STRESS!
IF YOU'RE 62 YEARS OF AGE OR OLDER, YOU CAN ACHIEVE THIS, THROUGH A REVERSE MORTGAGE, REGULATED BY THE U.S. GOVERNMENT.
FINANCING YOUR REAL ESTATE INVESTMENT; BUYING YOUR FIRST, SECOND, AND OR THIRD PROPERTY. HOW AND WHERE TO FIND MONEY? CLICK RIGHT HERE!
FHA: F H A MORTGAGE LOANS, THE GOVERNMENT IS THERE TO HELP YOU PURCHASE YOUR HOME. PLEASE CONTACT US WE WILL SHOW YOU THE WAY .
MORTGAGE LOAN PRE-QUALIFICATION, LOW INTEREST RATES,
8 Reasons to Get Pre-Approved for a Home Loan
Learn why pre-approval is one of the smartest moves you can make when shopping for a home
Subprime Mortgage
 A type of mortgage that is normally made out to borrowers with lower credit ratings. As a result of the borrower's lowered credit rating, a conventional mortgage is not offered because the lender views the borrower as having
a larger-than-average risk of defaulting on the loan.
FINANCING YOUR REAL ESTATE INVESTMENT; BUYING YOUR FIRST, SECOND, AND OR THIRD PROPERTY. HOW AND WHERE TO FIND MONEY? CLICK RIGHT HERE!
RENTAL PROPERTY / COMMERCIAL REAL ESTATE / COMMERCIAL LEASE Tips for Making Solid Business Agreements and Contracts
Mortgages are used by individuals and businesses wishing to make large value purchase of real estate without payment the entire value of the purchase up front. Mortgages are also known as lien against property, or claims on property.
Mortgage is a legal agreement that creates an interest in a real estate property between borrower and the lender.
HOW TO UNDERSTAND THE HOME LOAN PROCESS?
Understand that in order to finance or refinance a loan the lender requires documentation to verify and substantiate your employment, credit and financial situation to assure its investors
that you have the ability to repay the MONEY
HOME REFINANCING: 10 GREAT REASONS TO REFINANCE A PROPERTY. NOW IT'S THE BEST TIME FOR REFINANCING, THE INTEREST RATE IS VERY LOW.
MORTGAGE GOLSSARY/ TERMS AND TERMINOLOGY / UNDERSTANDING YOUR MORTGAGE STATEMENT
MORTGAGE LOAN MODIFICATION PROGRAMS; AN ALTERNATIVE TO REDUCE MONTHLY MORTGAGE PAYMENT, TO AVOID FORECLOSURE, TO SAVE YOUR CREDIT RATING, TO SAVE YOUR PROPERTY.
REVERSE MORTGAGE
NO MORTGAGE PAYMENTS EVER AGAIN: IF YOU OWNED A HOME AS YOUR PERSONAL RESIDENCE.
TO IMPROVE YOUR QUALITY OF LIFE AND LIVE WITH NO STRESS!
IF YOU'RE 62 YEARS OF AGE OR OLDER, YOU CAN ACHIEVE THIS, THROUGH A REVERSE MORTGAGE, REGULATED BY THE U.S. GOVERNMENT.
FINANCING YOUR REAL ESTATE INVESTMENT; BUYING YOUR FIRST, SECOND, AND OR THIRD PROPERTY. HOW AND WHERE TO FIND MONEY? CLICK RIGHT HERE!
FHA: F H A MORTGAGE LOANS, THE GOVERNMENT IS THERE TO HELP YOU PURCHASE YOUR HOME. PLEASE CONTACT US WE WILL SHOW YOU THE WAY .
MORTGAGE LOAN PRE-QUALIFICATION, LOW INTEREST RATES,
8 Reasons to Get Pre-Approved for a Home Loan
Learn why pre-approval is one of the smartest moves you can make when shopping for a home
Subprime Mortgage
 A type of mortgage that is normally made out to borrowers with lower credit ratings. As a result of the borrower's lowered credit rating, a conventional mortgage is not offered because the lender views the borrower as having
a larger-than-average risk of defaulting on the loan.
FINANCING YOUR REAL ESTATE INVESTMENT; BUYING YOUR FIRST, SECOND, AND OR THIRD PROPERTY. HOW AND WHERE TO FIND MONEY? CLICK RIGHT HERE!
RENTAL PROPERTY / COMMERCIAL REAL ESTATE / COMMERCIAL LEASE Tips for Making Solid Business Agreements and Contracts
REAL ESTATE FINANCING:
HOW AND WHERE TO FIND MONEY
TO BUY A PROPERTY
PRE-QUALIFICATION
MORTGAGE LOAN
PRE-QUALIFICATION, LOW
INTEREST RATES. CLICK HERE
HOME REFINANCING
RATES ARE STILL NEAR HISTORIC
LOWS
IT MAY BE A GOOD TIME NOW TO
REFINANCE!
LEARN MORE...
COMMERCIAL MORTGAGE
LOANS:
COMMERCIAL MORTGAGES,
COMMERCIAL REAL ESTATE FOR
INVESTORS
HOW AND WHERE TO FIND MONEY
TO BUY A PROPERTY
PRE-QUALIFICATION
MORTGAGE LOAN
PRE-QUALIFICATION, LOW
INTEREST RATES. CLICK HERE
HOME REFINANCING
RATES ARE STILL NEAR HISTORIC
LOWS
IT MAY BE A GOOD TIME NOW TO
REFINANCE!
LEARN MORE...
COMMERCIAL MORTGAGE
LOANS:
COMMERCIAL MORTGAGES,
COMMERCIAL REAL ESTATE FOR
INVESTORS
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