Finding The Right Mortgage Loan

by: Bill Marinelli

Even though the mortgage crisis has made things a little bit harder for borrowers, you can still find a lot of lender when you’re looking for a mortgage loan. What matter nowadays isn’t about finding a good deal on your rate as much as it is finding honest lenders that will offer you loans 

that you can afford.  

Most of our economic troubles stem from the fact that a lot of lenders offered loans to individuals who weren’t able of pay by them in the long run, and this has lead to lots of people in the process of losing their homes at the present time. Nowadays when you’re looking for a mortgage, you need to look for a lending expert that will first tell you what loan products you can’t have, and then focus on those that apply; this is how you can tell apart credible lenders from more unethical ones.

What happened was that, when everybody seems to be purchasing house, mostly of lending experts weren’t completely honest with their clients in regards to their adjustable rate mortgage, and the result was bad loans that turned into absolutely foreclosures. The lenders weren’t looking out for their clients as much as they should’ve been being more interested in short term gains of getting their clients into loans that start out with low rates but then a couple of years down the road turn into trouble. Now a lending expert has to take a careful look at what will happen to the customer in the future.

In this insensitive economic climate, the ethical mortgage lenders are working hard to regain the reputation lost by the bad ones, but they’re facing an uphill battle because the names of every single one working in the mortgage business was damage by those who gave out bad loans. It will take a lot of work and a lot of time to repair that perception.  

 

However this doesn’t mean that there aren’t professionals out there, working in an ethical way that carry good products that help their customers, professionals that will work more in the interest of their customer rather than their own, because that is how you create a good reputation for yourself. You need to look for a mortgage lender specialist that will put customer service first, because they know that that’s how they’ll find more work in times to come, through referrals and word of mouth. Also, a mortgage expert is someone who will make sure that his/her clients remain credit-worthy homeowners throughout their loan. The mortgage lending professional nowadays is one who looks for the option that will work best for their customers, whether they’re planning on selling their house in a couple of years or plan on living there for many years to come, and most of all they’ll be selling reasonably priced mortgage products because if it sounds too cheap to be true then it is not true. 

 

This mortgage crisis has knocked out the bad mortgage out of the race, but this doesn’t mean that everybody out there should take anything that they get offered. A potential borrower needs to look for a lender that is trustworthy, professional, with years of experience in dealing with ethical loans, so that they can receive the best advice possible when it comes to loan products. You need to look for mortgage expert who is honest enough to tell you the truth, what you can’t afford and what you can, and which one to choose depending on your situation

 

 

 

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Real Estate Investment - Still a Great Option for the Long Term Investor

by: Matthew Honsberger

Investing in Real Estate is a great start to any assortment, but what is the best way to do it? There are a number of different decisions, and we will go through some of them here.

First that seems to get the most attention these days is the "Flip". With the appearance of shows like "The Big Flip", and "Flip This House", this Buy, Renovate and Resell strategy is the 'sexy' option for most real estate investors right now. 

       

However, there are a few things to consider before you go about this. The first thing to think about, of course, is where are you going to find the property that is priced well for the flip? There are a few choices for investors – first, is to contact a good Real Estate Agent and have them scan all listings for you for any that are undervalued, priced as is, owned by the bank or foreclosure company, or any other good opportunities that might be on the market. Your Real Estate Agent is your best friend in this respect, as they will be very motivated to find you the best property, and will be very vigilant, if for no other reason than they know you will be reselling the property at some point pretty soon! When looking for Properties to Flip in your area, remember that the same rules apply as to your own home - three things you should look for is Location: Properties that are in Downtown Areas are often the easiest to resell, however, more expensive than suburban properties. Look for houses on popular streets, in good neighborhoods. If you are buying into a worse neighborhood, make sure you are factoring that into your price of purchase, and projected resale. The other Key factor to the Flip is that you must ensure that you don't price yourself out of the neighborhood. For Example, no matter how nice you make your small bungalow in an area of starter homes, don't expect to resell it for 50% more than anything else in the area! Ensure that your renovations don't bring the price too high. Finally, understand that the higher price bracket you try to flip, the longer it is going to take to resell, and the higher your materials costs will be. You need to consider all of this and much more before considering the flip.

The other main strategy that you can use to add to your investment assortment in the real estate world is the rental property. Rental Properties offer two different qualities - income and capital gain. Your rental property can offer you a monthly income over and above your monthly outlay of expenses (mortgage, utilities and taxes). Even if your rental property doesn't offer you a huge (or any) monthly income, remember, you are also earning a capital gain on the property, as it is very likely to increase in value... just like your personal home is. All of this should be taken into consideration when deciding on a property. However, with Rental property, the most important consideration is always the Tenants that you have. A great looking, well maintained and located property can still be a nightmare if you get a bad set of tenants in there. It is important to do stringent interviews, check references and draft a strong lease agreement. You should also familiarize yourself with the Nova Scotia Tenancy Act. Finally, you need to decide what kind of rental property you are going to run. Do you want to rent to students? Young Professionals? High or Low Income? Students offer payment by room, which is often higher than you could command for entire flats, but you have to consider that they will likely not care for the building very well, and might not have the rent each month. Additionally, you have the concern of them bailing out on you once school ends for the year. Young Professionals will often be very easy to deal with, will pay their rent on time, but will also be very perceptive about how much they will pay, and are likely to be there for only a short period of time. Your Rental portfolio must always account for at least a 5% vacancy rate (in the good times), and must still generate money for you with that in the equation.
 

You should seek out one that you feel can be an informative and trusted adviser. They will work in conjunction with your financial planner as well, to determine what the best course of action for you is. As always, you should feel comfortable with whatever investment you make!

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Creating an Excellent Advertising Efforts to Your Real Estate Buyers

In Real Estate business, it is hard to know how and what to do to promote the property you are selling. Some people may tell you to appeal to anyone who may be interested in buying a property, and others will advise you to hold back on advertising. Making an advertisement on your property directly to the specific groups of buyers, and also knowing when and where to advertise is an advantage.

 

If you have a lot of excellent properties to sell, the most effective way to list them is, you need to figure out what kind of buyers you are going to be appealing to. Are they young, old, investors or land buyers? Once you decide on a group to focus on, you can start the process of listing your properties. If you are appealing to a group of investors, you are going to most likely want to do a combination of different advertising techniques. You are going to want to do online advertising, as some investor buyers are not even interested in looking at the property. You are also going to want to highlight the numbers and details of the property because that is usually what they are going to focus on.

 

Online advertising is great to reach the younger group of buyers, or those who spend a lot of time in the internet. You can reach many buyers by using modern online advertising tool such as social networking websites, auction sites and your own website. Social networking website like Facebook is a good online advertising tool that you can use in promoting your properties in the internet. If you want to sell your properties through online auction, eBay is the best online auction website that you can make use of. You can also create your own real estate website, just make sure that your website is presentable and have informative content. Make sure to regularly post updated articles about your real estate properties so that your buyers will have something to read, and search engines have something to look into and index.

 

A lot of people start out shopping for real estate online, therefore the more that you put into your website and listings on the internet, the more buyers you have a chance of capturing. One important thing also is to keep working on other forms of advertising, such as open houses and events, where you acquire the contact information from everyone who comes. You can then follow up with them at a later time. Focusing on a group of buyers at a time, instead of taking a more broad approach can help increase your sales and business.

 

 - Jack Bosch

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