What is a conforming loan? Conforming is a loan eligible for purchase by the two major Federal agencies that buy mortgages, Fannie Mae and Freddie Mac. The loan limits are currently $333,700 for a single family home.It is an upfront charge required by the lender as part of the cost of the loan, expressed as a percent of the loan amount; e.g.
Do you finance commercial property loans? Yes, we provide commercial loans for commercial properties. Call to speak with one of our loan consultants at . Finest Capital Ltd is a Registered Mortgage Broker, New York State Banking Department arranging 1 - 4 family residential and commercial mortgages through excellent 3rd party providers.A Mortgage Originator organises and negotiates funding for home owners and property investors (residential, commercial, industrial and retail) from a variety of funding sources.
What precautions should I take? Be aware of the meaning of Loan to Value. The greater the LTV the riskier the loan, other things being equal, LTV is the percentage of the loan or loans to the value of the property. Thus an $80,000 loan against a property worth $100,000 has an 80% LTV. The least risky loans are to homeowners, followed by second homes, rental properties, commercial properties, then vacant land.Most commercial loans will only provide financing up to 85% of your purchase price. However, this figure varies based upon the type of property. The maximum percentage is typically reserved for multi-family properties, while properties considered more risky such as restaurants and gas stations may only be eligible for 70-75% maximum financing.
What are the other types of loans? Stated income/verified assets: Income is disclosed and the source of the income is verified, but the amount is not verified. Assets are verified, and must meet an adequacy standard such as, for example, 6 months of stated income and 2 months of expected monthly housing expense. Stated income/stated assets: Both income and assets are disclosed but not verified. However, the source of the borrower's income is verified.Castle Commercial Mortgage Co. is a Private Money Lender. Some also call us a Hard Money Lender.
Where do you lend funds to? Dorchester Finance Limited has three main areas of lending. The first is larger commercial type loans from $50,000. These are mostly secured on first and second mortgages over properties. The borrowers are many different enterprises covering the commercial, industrial and property sectors in NZ. Dorchester Finance also has subsidiaries which are active in the motor vehicle hire purchase business and also act as brokers in this industry.Tax Ease structures our loan program to keep out-of-pocket expenses to a minimum. An affordable loan processing deposit covers expenses related to the processing of your loan application and the closing of your loan, and is due with your completed application. This fee is $250 for residential loans, and $1,000 for commercial loans. This covers our costs of property inspection, credit check, title review, property inspection and other expenses.That is a good question and something important to understand.
What is a "Life Settlement? Answer: A life settlement provides life insurance policy holders with an option when premiums are too costly or policy's are no longer needed. It's for policy holders who are facing a serious illness at any age or who are age 70 and above with any type of health. A life settlement is an awesome financial tool because instead of selling a life policy to an insurance company for pennies of the dollar, or letting a policy lapse, 1st Choice Funding's financial solution provides much more.Jumbo is a mortgage larger than the maximum eligible for purchase by the two Federal agencies, Fannie Mae and Freddie Mac, currently $400,000.
Do you finance commercial property loans? Yes, we provide commercial loans for commercial properties. Call to speak with one of our loan consultants at . Finest Capital Ltd is a Registered Mortgage Broker, New York State Banking Department arranging 1 - 4 family residential and commercial mortgages through excellent 3rd party providers.A Mortgage Originator organises and negotiates funding for home owners and property investors (residential, commercial, industrial and retail) from a variety of funding sources.
What precautions should I take? Be aware of the meaning of Loan to Value. The greater the LTV the riskier the loan, other things being equal, LTV is the percentage of the loan or loans to the value of the property. Thus an $80,000 loan against a property worth $100,000 has an 80% LTV. The least risky loans are to homeowners, followed by second homes, rental properties, commercial properties, then vacant land.Most commercial loans will only provide financing up to 85% of your purchase price. However, this figure varies based upon the type of property. The maximum percentage is typically reserved for multi-family properties, while properties considered more risky such as restaurants and gas stations may only be eligible for 70-75% maximum financing.
What are the other types of loans? Stated income/verified assets: Income is disclosed and the source of the income is verified, but the amount is not verified. Assets are verified, and must meet an adequacy standard such as, for example, 6 months of stated income and 2 months of expected monthly housing expense. Stated income/stated assets: Both income and assets are disclosed but not verified. However, the source of the borrower's income is verified.Castle Commercial Mortgage Co. is a Private Money Lender. Some also call us a Hard Money Lender.
Where do you lend funds to? Dorchester Finance Limited has three main areas of lending. The first is larger commercial type loans from $50,000. These are mostly secured on first and second mortgages over properties. The borrowers are many different enterprises covering the commercial, industrial and property sectors in NZ. Dorchester Finance also has subsidiaries which are active in the motor vehicle hire purchase business and also act as brokers in this industry.Tax Ease structures our loan program to keep out-of-pocket expenses to a minimum. An affordable loan processing deposit covers expenses related to the processing of your loan application and the closing of your loan, and is due with your completed application. This fee is $250 for residential loans, and $1,000 for commercial loans. This covers our costs of property inspection, credit check, title review, property inspection and other expenses.That is a good question and something important to understand.
What is a "Life Settlement? Answer: A life settlement provides life insurance policy holders with an option when premiums are too costly or policy's are no longer needed. It's for policy holders who are facing a serious illness at any age or who are age 70 and above with any type of health. A life settlement is an awesome financial tool because instead of selling a life policy to an insurance company for pennies of the dollar, or letting a policy lapse, 1st Choice Funding's financial solution provides much more.Jumbo is a mortgage larger than the maximum eligible for purchase by the two Federal agencies, Fannie Mae and Freddie Mac, currently $400,000.
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