Phoenix Az Mortgage

http://bit.ly/pawsf1 Shows the QuickTurnSummary worksheet and the RepairEstimates worksheet.

Learn more at

http://bit.ly/pawsf1

http://www.UltimateOnlineBargains.com/

http://www.EliteWholesaleProperties.com/

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http://mortgagelocator.ca/

Many buyers ask me for a line of credit as part of their mortgage package, but they only put 5% down. This video explains whether or not this is possible, and under what circumstances it can be considered.

Hey everybody, Rowan Smith with The Mortgage Centre. I want to talk today about lines of credit. More specifically, mortgage lines of credit. A lot of times people will come to me and they’ll want to get a line of credit, along with their financing for their purchase, for renovations and whatnot.

Now, generally, if it’s going to be a mortgage, you’re going to have to have 20% down payment or 20% equity in the property before you can start getting a line of credit. Because CMHC, who governs less than 20 percent down purchases, doesn’t not allow an interest only product at this time; they do, but no lenders really support it.

So you’ve got to have 20 percent down if you want to start getting the ability to have a line of credit. Now what I mean by that is if you have 20% down and you pay it down so that you now have 30% equity in the property, you could borrow that 30% to 20%, that 10%, you could get that in the form of a line of credit assuming that your income and credit qualify for it.

So, if you’ve just bought something with five percent down and want renovation funds, a line credit with the mortgage is not part of the option. What you can do is get an unsecured line of credit through your financial institution you bank with. They can supply that to you, you can use that. Now you will not get mortgage rates on that line of credit, but it’s really the only option.

Alternatively, there’s a Purchase Plus Improvements Program if you want money for renovations. I’ve covered it in detail in the prior blogs, please do a search and you can watch it. It’s a good three or four minutes and it explains how the Purchase Plus Improvements Program works, or Refinance Plus Improvements.

If you’re applying for a line of credit increase – maybe you already own your property, you’ve got a substantial equity position at home and you simply want to increase that line of credit, come and talk to me. There’s many institutions which we can stick a line of credit behind any other mortgage.

So if you’ve a RB Royal Bank first mortgage, we can stick a line of credit behind that and get you mortgage rates on that line of credit. You don’t have to go to your bank if that’s the case. It’s only the unsecured lines of credit which you need to speak with your bank about.

If you’d like any clarification on this or need a line of credit, please give me a call. It’s Rowan Smith from The Mortgage Centre.

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Experts in FHA, VA: http://www.freemanteammortgage.com
Video produced by Get Found Stay Found http://www.getfoundstayfound.com
Best (Mortgage Companies) FHA, VA Loans Broken Arrow, OK 918-906-9490
Deborah Freeman owner of Freeman Team Mortgage, Inc. would love to help 1st time home buyers, Veterans, and those who wish to refinance find the mortgage that best fits their needs. Personal Service without sacrificing great rates. Check out our Testimonials & Reviews and then give us a call.

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http://www.SunwestTrust.com – 800-642-7167. You probably have heard about the national credit crisis. During this time of national crisis have you ever considered becoming a bank? That’s right; you can become a bank for a friend or family member.

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Quicken Loans client Chiyuki Bidlack of Michigan discusses in this video testimonial about how Quicken Loans helped her with her mortgage. As a first time buyer, Chiyuki had no idea where to begin, but Quicken Loans helped guide her through the process step by step, making it fast and simple.

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Statistics you can access from the ABS that call into question why the average First home owner mortgage is so large and why there is a very real chance Australia’s property prices will fall dramatically within 12 months.

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Special low down payment financing for these homes and more like them in the Thompsons Station, West Nashville, Franklin, Kingston Springs parts of Nashville. These qualify for gift money and low fixed rate financing from a FHA loan with a THDA grant. Restrictions apply. Contact Tim Repass with Churchill Mortgage at 615-260-8124 for more information.

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http://bit.ly/pawsf1 How to calculate the Maximum Allowable Offer (MAO) using Hard Money financing. You can find the video for Self Directed IRA at http://bit.ly/qWipx1

You can learn more at

http://www.UltimateOnlineBargains.com/

http://www.EliteWholesaleProperties.com/

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http://bit.ly/pawsf1 Demonstrate how to calculate the Maximum Allowable Offer (MAO) for fix-and-sell or fix-and-rent a distressed property using self directed IRA (Individual Retirement Account) financing. You can find the video for Hard Money Financing at http://bit.ly/oVz4G6

Learn more at

http://www.UltimateOnlineBargains.com/

http://www.EliteWholesaleProperties.com/

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http://MortgageInVancouver.com
The biggest barrier to entry for most anxious first time home buyers is the down payment. Coming up with a chunk of cash all at once that you are comfortable saying good bye to for a while.

What many do not know or have a misconception of is that there are other ways to get a down payment other than your savings or chequings account.

So what are they? What other possible sources can you use to get your down payment?

Lets start from the top and I will list them in the order that banks favor the most to least as where the funds come from and how much your down payment is has a huge effect on what your are worth to a mortgage lender and whether they will even qualify you for a mortgage loan.

1. Top of the list, of course is your savings. If you have the discipline to save your money and keep it in plain sight without spending it then the banks will really like you and want to trust you with their money. This is obviously the most favorable situation. One thing to note however is that the money you are using must be in your bank account for at least 90 days. The reason for this is to make sure it isn’t money laundering or that it isn’t untaxed cash, etc. If the money has been in your account for less than 90 days then they will want documentation of some kind proving where you got the money.

2. Ann RRSP account is the next best thing to your actual savings account as it is simply a different a variation of it. You have been disciplined enough to put away money each year and now you are using it to buy a home. Banks will like this.

Some things to note however; if you are not a first time home buyer then you will get taxed on this money. Depending on what tax bracket you are in will determine if this is a good idea for you. If you are a first time home buyer then you can use up to $25,000 towards your down payment TAX FREE.

3. Pulling Equity from Another Home is also looked upon nicely because it too is another variation of saving. However, to pull out equity you must refinance that property which means you need to be able to qualify for both mortgages. This is usually not a problem. It just depends on your assets, income and current employment situation.

I can help you with both transactions of refinancing and the purchase to help this process move smoother for you and to structure it so that you are using your equity in the best way possible for your situation.

4. Gifted Down Payment. There is a lot of confusion on what exactly is a gifted down payment so I am making a video blog specifically targeted to this topic (so don’t forget to subscribe to this channel) but basically this is not where you can get money from your friend to use as a down payment. You must get it from a direct family member. DIRECT, not cousins, aunts, etc. It must be your Mother, Father, Brother, Sister, or Child. If you grew up with your aunt and uncle or some different circumstance like that then there can be some exceptions made. I will just have to approach the lender with your story.

Proper Gifted paperwork must also be filled out to use this method of down payment and I can provide this for you when the time comes. All it really needs is a signature from the Gifter saying that they are giving this money to you with no strings attached and that you will never have to pay it back.

5. The final method of obtaining a down payment is by putting it on your credit cards or lines of credit. This is solely going to depend on how much credit you have and whether you will qualify for the mortgage with this additional debt attached to you.

An example of this is if you only have a $20k credit card and you will be maxing this debt out to get your down payment then the banks will be nervous to give you money. If however, you have a $50k line of credit and pulling out $20k will be nothing near dangerous for you then this wont be so bad.

The bank does not want you to struggle for your payments. They want to make sure that your mortgage is going to get paid back and if you are tapped out financially then the chances of you defaulting on the loan becomes greater.

So hopefully this gives you a good overview of down payments; where you can get it from and how the mortgage lenders view them.

If you have any questions just give me a call, 604.313.9996 or email coss.L@mortgagecentre.com. You can also go to my website to apply online at http://leahcoss.ca or read more of my blogs at http://MortgagesInVancouver.com

Leah Coss

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