Probation Period Can Create Problems In Getting Home Loan Approval

It is quite a hard thing for any employer to build the trust with a new employee. That’s why this employee is put on a period of probation unless necessary level of trust is reached. The length of probation is between three to six months depending on the employee and type of organization. During this period, it is very difficult to get the approval on the mortgage. So what are the reasons for that?

First of all, mortgage companies don’t consider a newly recruited employee to be reliable regardless his monthly income. This is because there is a possibility that he may be fired at any moment. Therefore, the mortgage company might not accept the application until the probation period for an employee comes to an end. Continue reading “Probation Period Can Create Problems In Getting Home Loan Approval”

Learn the facts before you borrow: emergency funds

We live in the world of economic crisis, and from time to time everybody of us can get into the situation when we can hardly make both ends meet and start looking for alternative sources of getting the money. You can borrow the money from your friends or relatives as an alternative or get a cash advance from your employer; a payday loan is one of the alternatives to obtain the money, moreover it’s one of the most popular. As a payday loan is becoming more and more popular more and more people want to know what it is and whether this alternative is the best solution for their situation.
What is a payday loan?
A payday loan is a short-term loan which usually ranges from a few hundred dollars to no more than fifteen hundred dollars. A customer normally secures the loan by giving a post-dated check for a certain sum of money to the lender. Payday loans can help you in the emergency situations when you need same day cash to meet some unexpected bills till your next paycheck comes.
A payday loan is not a revolving line of credit. It is provided for a short period of time and that is a key factor in this type of loan. The concept is to get a payday loan to cover a small bump in the road or to smooth any rough financial edges till your next payday. If you think it can solve your bigger financial problems you are making a huge mistake. A payday loan can only worsen your situation if you have permanent financial problems.

Inexpensive Mortgage Rates For First Time Consumers

There exist different types of mortgage rates accessible for the customers who shop for the first time. Basically, there are a lot of banks and financial institutions that provide inexpensive mortgage rates. If it’s your first time when you decide to take a mortgage it’s better for you to start searching for the mortgage rates that are the most suitable for your financial standing and meet your needs and preferences. As there are many financial institutions that provide different interest rates on the mortgage, your task is to find the best option for your situation. However, before approach any financial institutions, you should find a brief review of various companies paying attention on their rates. There are a number of facts that you should take into the consideration before you find the most beneficial deal. Continue reading “Inexpensive Mortgage Rates For First Time Consumers”

financing for condo conversions: IL

I have several investors who have or will be converting their multi-unit properties into condos. I need financing for the purchasers. Most of the buildings are 6-12 units, however, there is a 27 unit and 40 unit complex being rehabbed and converted. Majority of properties are 3-4 stories. 6 unit property that may be issue: low rise building (3 stories); each unit is <850 sq. feet; all are 2 bedroom; 1 bath. Complete rehab of interior and exterior, however. Looking at current and former tenants as prospective buyers. Any and all contacts; numbers and suggestions welcome. Sellers willing to assist with closing costs. Properties located in the western suburbs of Chicago and near South side of Chicago. Need fast turnaround. Each buyer will be pre-qualified prior to submission (in- file trimerge; proof of income and down payment, therefore, prospective loan parameters are needed.

Ameridream

A house is worth what someone is willing to pay! Plain and simple. Also, most homes are sold at 90-94% of the original sales price. The final agreed upon price is 100K and the orig. price was 106,900. The house appraises for 106,900. What’s the difference? Plus, these lenders that are set up to handle Ameridream and the like, are you trying to tell me that they don’t know what the hell is going on?? Plus, the appraisals are FHA appraisals. Predatory lending has to do with selling someone a loan that the borrower can’t afford, either thru fraudulently documenting income they don’t have or giving them a rate that is higher than they should get. If the borrower qualifies for an FHA loan, where’s the predatory lending happening when you’re giving them a rate that is 3-5% less than they would normally get if they wanted a 100% LTV or CLTV loan, and has a prepayment penalty as opposed to none on FHA, and the sub-prime loan is only fixed for 2 yrs (and usually with a prepay that goes 3 or more yrs with 6 months interest the penalty) where the FHA is a 30 yr fixed???