Fair Lending and Credit Act Explained


images (10)Despite the fact that balance is always in favor of the lender in approving mortgage loans of any kind the borrower also has certain rights under the existing law of the land. In fact the laws prescribe both rights and responsibilities for the borrower as well as the lender. Laws aim at making the mortgages dealt under fair lending process and that can be ensured if the prescribed guidelines are followed. Car Accident Lawsuit Settlement Funds.

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Choose the Right Reverse Mortgage Lenders

images (12)Choosing the right reverse mortgage lender could help you save hundred of dollars of processing fees and thousands over the duration of the loan.

Not all reverse mortgage lenders offer the same terms and conditions. That’s why it is important to select the right group that will assist you in picking the best home loan providers offer the right terms and best rates for your situation.

Look for the top reverse mortgage lenders that are able to provide a Home Equity Conversion Mortgage (HECM), which is one kind of reverse home loan. They are insured by the federal government (FHA). And since they are insured they can offer the best rates.

Also make sure that you are dealing with the right lenders. Reverse home mortgages are different from ordinary loans. So it is better and a big help if you are dealing with a loan expert/specialist. Car Accident Lawsuit Funding.

Another thing, it is better to select a lender based locally. You can transact your business easily and comfortably if your broker is near and can be reached immediately in case you need to meet them. You can easily drop in for a visit, just in case problems or complications arise with the mortgage.

It might also be important to choose a large lending group. Usually larger lenders offer the best terms and settle on low interest rates. Since large lenders have a lot of clients, they can provide access to the lowest terms and receive their income by earning small amounts from their multitude of clients. Whereas, smaller lenders need to increase rates to make a profit. That said, smaller lenders can provide a more accessible and personal service.

It is also a good idea to check first with the Better Business Bureau and inquire if your chosen company / lender has any complaints or issues filed against them. Of course you don’t want to deal with a business that has smeared reputation or low quality score.

Finding and selecting the top reverse mortgage lenders really takes time, effort and a lot of research. By sacrificing a few hours or a day of making inquires, can easily save you a lot of dollars. Obtaining a home loan is an important financial decision, which you cannot easily ignore once entered into. Of course you are entitled to a fruitful and profitable loan for both parties, so do the research before you dive in for future security.

Some Private Lenders-How To Networking Easily

images (11)Another component you should be using as part of your private lending marketing plan is to join professional networking groups. This is almost the REI club elevated. Networking groups can be things like Toastmasters. It could be your local government organization. It could be any sort of professional organization that allows networking.

I think a lot of networking to a certain extent – these networking clubs and groups – has gone out of favor over the last 5 to 10 years. I don’t see that much of it any more. Interestingly enough, just today I got a postcard from a local business that’s doing a meet and greet networking event. I am going to go to that just to get a sense of what people are doing and what’s happening out there in the community.

That’s precisely what I’m talking about here. Here’s an opportunity and I have no clue how many people are going to be there. Let’s say there are 50 people at this meeting. Let’s say I can talk to 20. That’s 20 people in my local area that I get to spend 5 to 10 minutes with. I can get my message out to them. Remember, it’s a numbers game.

Get Your Message Out

Get your message out and talk to people. Use networking groups. If you’re seeing some of these in your local community, go and participate in these events. If you have to, go find the groups. Don’t wait for them to come to you. You can look up local networking groups in Google. Put in your zip code and I’m sure several networking groups will come up.

Join BNI

One of the big groups, called the BNI Group, is an international group. It’s all over the world. Within the United States – and I’m sure everywhere – they organize networking groups and each local community has their own group. Within Philadelphia I believe there are 20 or 25 different groups.

Join Your Local Group

What you do is try to join your local group. They will only allow one profession per group. So if they have a group of 30 people they will allow only one accountant, one attorney, one doctor or real estate investor. They do not allow a second person to come into that group.

These groups generally meet on a weekly or bi-monthly basis. Typically every person in the group gets to do a one or two minute spiel about what their product or service is. What would you do in your one or two minutes? You would deliver your elevator speech. That’s precisely what you’d be doing during those one or two minutes.

The concept is you get to meet 30 other professionals and you get to see what they’re doing. They also get to hear what you’re doing. So you get to network with approximately 20 or 30 different people.

Making Referrals

The concept is that the accountant and the lawyer, when the opportunity presents itself, will refer people to you as a real estate investor. Conversely, when you have a chance to refer somebody to an attorney or an accountant you will return that favor to that other person.

So there’s a sense of community within these groups and you do have a sense of obligation to try to make referrals within that group. If you start giving out referrals within this group, you’ll get a reputation of somebody who can help people and generate business. Obviously then other people are going to want to refer business back to you.

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Get Into Investment Groups

download (6)Have you ever wondered what it would be like to be a real estate mogul? Have you ever thought how rewarding it might be to be an owner of an office tower or collection of investment properties? Such transactions require a bit of wherewithal with regard to income and assets. Face it, while you might qualify for a $500,000 mortgage can you qualify for a $5 million dollar medical building?

Actually, you might. There are private, direct lending groups that do invest in more expensive, commercial properties and they do so without using a credit line at their local bank; the use each other’s money.

An investment group is a collection of individuals who pool their financial resources together in order to finance real estate. Such investors can garner a significant amount of return on their investments. And their investments aren’t some sort collateralized debt obligation hedged with money market funds out of Shanghai. The investments are commercial and residential building that you can drive by, touch and feel any time you so desire. It’s real estate.

How does an investment pool work? Say you have $100,000 in a retirement or investment account that’s really not doing you much, if any good. What if you and nine other investors pooled your money together and established a $1 million dollar fund? What if you also had an investment manager whose job it was to find investments on your behalf and to seek out borrowers to buy these properties?

Such programs provide short term financing to borrowers who wish to, quickly, acquire a piece of real estate that just hit the market and their bank can’t move fast enough. But an investment group can. An investment group has its own underwriter who can evaluate both the property as well as the borrower. If the borrower finds a $1.5 million office building for sale, the borrower can put down the $500,000 he has and the investment group puts up the remaining $1 million. Oh and by the way, the investment group will charge 12 percent to use their funds short term. Try and find that sort of return on Wall Street.