Month: September 2018
Commercial Mortgage Loans – Do I Qualify
Commercial mortgage loans are not available to persons, but rather to businesses, which include partnerships, incorporated businesses, limited companies, etc. The business must be sound financially and the process to verify the business income can be more complicated than verifying the credit worthiness of a specific individual. That is why traditional commercial mortgages can take six to nine months to underwrite.
Commercial loans are procured for a variety of reasons: to buy the premises of an existing business, to make improvements or enlarge existing premises, to make commercial and residential investments or to develop the existing property in other ways. An example would be to buy already constructed business premises, like offices, shops, restaurants, or pubs. Additionally, they can also be used to buy business assets such as plant equipment and specialized machinery.
The Interest rates for commercial mortgages are generally higher than those for residential mortgages but lower than interest rates on unsecured business loans. A fixed-rate loan is the most common commercial mortgage. It is similar to the fixed rate home mortgage loan in that the interest rate remains constant throughout the term. However, the term for most commercial mortgage loans is between 3 and 10 years but they can be extended for as long as 25 years.
The commercial mortgage loan amount and interest rate that you can receive is a direct correlation of the credit worthiness assessed by the lender with respect to your ability to repay the loan. If you have an excellent business record with a verifiable profit and loss business statement then you will have little trouble getting a commercial mortgage at an attractive interest rate.
Commercial loans are not provided without extensive scrutiny regarding your business stability and profitability. The Lender usually wants to see your last three years of audited financial statements including a Profit and Loss statement, balance sheet and a cash flow forecast. Favorable business information is critical to the lender and to you because, as stated earlier, if you default on the loan the lender can repossess your property and sell it to repay the outstanding mortgage balance.
The best place to find commercial mortgage loans is on the Internet. There are enormous numbers of commercial lenders vying for your business and they all advertise on the Internet. It is possible to compare many loan quotes side by side and determine which is best for your financial situation.
What You Can Do Before The Storm Damage Repair Team Arrives
Nature can wreak havoc on your property in many ways. Hurricanes and other storms can strike without warning and cause an enormous amount of destruction in a very short time. Whether branches fall through your roof or your basement becomes flooded with rainwater, it’s important to know the basics of storm damage repair so that you can get your home back to normal as soon as possible.
During a rainstorm or other natural disaster, you should keep an eye out for falling branches, flying rocks, downed power lines, high winds, and leaks, all of which can destroy your home. Once the natural disaster has ended, the first step of storm damage repair is to get your home inspected by a qualified inspector. It’s important to know the full extent of the harm before you begin working. An inspector will also help you find damaged areas that you missed when inspecting your home on your own.
Fixing your roof is one of the most important aspects of storm damage repair. You may need to hire a contractor or other professional with construction experience to help get your roof completely back to normal. If there will be a gap of time between the rainstorm and when you can get the contractor to come fix your home, you may have to do some repairs on your own. This may include spreading a tarp or other water-resistant covering over the damaged areas or sealing holes with roof sealant. If you choose to set up a tarp, it’s better to put it over your roof as opposed to underneath it. This will prevent water from pooling inside your house.
If the flooding has spread past your roof, you may also need to protect the rest of your home from becoming damaged by water. It’s generally a good idea to do a thorough walk-through to check for flooding or leaks. If there is water pooling, you should remove all your personal possessions to prevent them from further damage. You should also check for loose or frayed wires, because they present a serious risk of electrocution.
If the flooding is severe, you may need to call in a professional storm damage repair company. While you wait for them to arrive, there are steps you can take in the meantime to help speed the process up. Try running a dehumidifier to suck the excess moisture out of your home to reduce the risk of mold. Flooding and leaks caused by storms create a perfect environment for mold to form because of the moisture soaking through the walls and other surfaces.
Buying A Condo As An Investment Property – Pros And Cons
If you’re like most people, you want your financial future to be better than your present, or at least not worse. So, you set money aside and think of ways to make it grow. The options seem endless, but you’ve selected real estate as your investment arena, and you’re considering condos.
Condos have several advantages over single family houses or 2-4 unit buildings. And several disadvantages. In my conversations with people who’ve invested in condos, few were aware of all of them. So here they are.
Advantages of buying a condo as an investment property
Maintenance needs to be done on all properties. Condos, especially condos that are professionally managed, offer some relief to condo investors.
You don’t have to worry about roof, stairs, landscaping and such. The association takes care of them. For a price, it’s true, but you don’t have to do them.
Some of the problems inside the unit can also be taken care of by the complex maintenance crew. That varies from condo association to condo association. And they charge you for it, but you don’t have to drop everything else and run to your condo because the sink’s leaking.
Some condos are very expensive. However, houses of similar size in the same neighborhood cost more. So, you can buy an investment property in a better neighborhood. Also, in most areas, there’s no such thing as a 1-bedroom house, but there are 1-bedroom, or even no bedroom, condo units. And, usually, there are people willing to rent them.
Amenities vary from condo association to condo association. But it’s possible to invest in a condo located in a complex that has swimming pool, 24-hour security, and such things.
The disadvantages of buying a condo as an investment
You have to follow rules that are not yours. Each association has its own rules. And the rules can change. One of the rules that can change is whether tenants are permitted or not. If you own a condo and the association votes no more tenants, when your lease is up, you either move in or sell. Your association might decide to go with the ‘no more tenants’ rule at a time when selling is not a great option.
Or, worse, they decide to allow too many rentals. Too many tenants can make getting a mortgage difficult (FHA and others do not like condo associations where more than 10% of the units are rented.) which makes reselling your investment difficult, not to mention refinancing it.
Shared decision making
Yes, you could make sure you have something to say about decisions and get yourself elected on the board of directors; still, you are not the only decision maker.
You have to pay the same amount whether your unit is rented or vacant. In other words, you get to pay the same amount whether you use or not the services (for instance, the water bill portion of your assessment).
When you bought your condo unit, there were no special assessments and none were being considered. Six months later, the association decides it’s time for a new face and there’s not enough money in the reserves. They decide to go ahead with the face lift and pay it with special assessments. Your share is going to be twice your profits for the next 20 months. Can happen.
Yes, things can go wrong with a single family investment or an apartment building investment. But there you have more control. Because there you can have a home inspector inspect the whole structure. Because there there’s no board of director’s member whose boyfriend owns a construction company that could use a few thousand dollars.
So, overall, buying a condo as an investment is not the way to go. That is, if you can afford a single family house. A single family house is not the best way to go if you can afford a 2-unit building. A 2-unit building is not the best way to go if you can afford a 3-unit building and so on. Because of 2 reasons: when a condo is vacant (or a single family house) the whole income source is gone but the expenses are still there.
In any case, if you’re buying a condo as an investment property, you should know what you’re getting into.
Folding Adirondack Chairs Three Types Of People They Appeal To
Some inventions seem so obvious that it’s hard to imagine how someone didn’t think of them earlier. The folding Adirondack chair certainly fits into this grouping. Whoever came up with the idea of a folding Adirondack chair benefited three categories of homeowners described below. The portability of folding Adirondack chairs appeals to these types of people.
1. A Person Who Lives in a Snowy Location.
If you find a year without snow to be an abomination, and you expect every Christmas to be white, you probably live in one of America’s colder locales, such as Rapid City, South Dakota, where a year without snow is difficult to imagine. Although snow is gorgeous, it can make some things harder – like achieving a clear driveway, or protecting your patio furniture.
Folding Adirondack chairs are ideal in snowy areas, since they are so much move around than their non-folding cousins. This is important to people who live in snowy spots, since they must move outdoor furniture into a sheltered area every autumn, and back out into the yard once the last snow has melted away. Unless you like the silver-gray look of rotting wood, it’s unwise to leave your patio furniture out all year long, especially in places that see a lot of snow. (All forms of water, including snow, encourage wood rot.) Folding Adirondack chairs are preferable because they facilitate an easy transference to winter storage. (You can make this task even lighter on your back by selecting folding Adirondack chairs constructed of light timber, like cedar.)
2. A Person who Loves to Travel.
If you consider your rent a “freedom tax,” if the thought of being tied down gives you the willies, if you’re prone to hit the road or even move at a moment’s notice, you’re a wanderer who probably finds the prospect of a folding Adirondack chair very smart indeed. This type of person often moves to a new apartment every couple of years or so. A folding Adirondack chair is best for someone who moves often, or who simply enjoys a more mobile lifestyle. Folding Adirondack chairs fit easily into a moving truck, and they’re much easier to move than their traditional, non-folding counterparts.
3. A Person Who Doesn’t have Much Extra Space.
Some of us specifically choose a smaller abode, so as to force ourselves to practice Zen-like purging of unnecessary belongings. Others just landed in a tiny apartment or home, and just don’t have extra space for luxurious lounging furniture. If the possibility of adding a regular Adirondack chair to your tiny outdoor balcony or yard always seemed elusive, try a folding Adirondack chair instead.
Many a condominium dweller and one-room renter has found that a folding Adirondack chair is the ideal way to appreciate a small balcony or yard. Because a folding Adirondack chair can be stored in a small amount of vertical space, it’s perfectly suited to smaller abodes.
Even if you don’t fit into one of the categories described above, you can understand the value of a folding Adirondack chair. Folding Adirondack chairs are easy to incorporate in nearly any living situation, and they create the same comfort as non-folding Adirondack chairs. Therefore, if you’ve always thought Adirondack chairs were too awkward or large for your home, take a suggestion from the types listed above – give a folding Adirondack chair a try.
Plans For Building Your Dream Boat
If you are considering constructing a wood boat from hand, good wooden boat plans will be crucial to the success of your project. Although there are many cost-free and paid boat plans available online and in stores, many of these plans could have little documentation backing them up to prove that they can produce a safe and water tight craft. Before you waste precious time, energy and cash on building a boat from insufficient plans, you must evaluate the wooden boat plans you are taking into consideration utilizing answers to the following questions:
Who created the plans?
If the plans are from an anonymous source, or from a person that you know little or nothing about their boat constructing experience, it may be best to steer clear of the plans. To be sure that the plans you are using are worthwhile, they must have been created by someone with experience in boat building.
Possess the plans been tested?
Just because a plan looks excellent on paper does not mean that it could truly construct a boat that can float. Preferably, you should look for designs that have many recommendations from individuals who have constructed fishing boats successfully from the plans.
Are the plans reasonably priced?
There are many various boat plan deals available online and in bookstores, and most are quite reasonably priced. You do not need to enroll in a boat building program or pay thousands, or even hundreds, of bucks for reliable, easy to follow plans to construct a wooden boat.
Are the plans adequate for your skill level?
Watercraft plans for experts can have little more than the plans themselves, but if you are a novice or amateur boat constructor you will likely benefit from step-by-step guidelines accompanying the plans you are preparing to use. Beginning and amateur boat builders may have the best success with beginners plans for building a boat.
Is there enough variation in the boat plan designs?
If you choose to acquire your plans online or in book form, you must look for boat plan packages that have a wide selection in the kinds of boat plans they supply and within every category of watercraft as well. The more choice you have, the more likely you could find a boat that you seriously wish to construct.
By finding expertly created, yet affordable plans for your ability level that have been adequately tested by various boat builders, you should be capable to build a lovely boat at home very easily and successfully.
Options Of Well Furnished Studio Apartment Gurgaon
The growing demand for studio apartments Gurgaon has drawn attention of reputed builders of the region to suffice the needs of this real estate segment of affordable housing. Studio apartment is actually a self-contained spacious room comprising of living and kitchen area along with a kitchenette and attached bath. The studio apartments are also known as efficient apartments designed only for 1 or 2 people.
Since Gurgaon is growing as a major business hub of the NCR, the need for small yet luxurious apartments is increasing. The studio apartments are mainly popular among working women, students, middle cadre single executives, NRIs. For NRIs the apartments are like their second home for short and long visits.
Let us take a look at some of the studio apartment Gurgaon projects that are taken up by renowned developers.
The Villas The realty giant Emaar MGF has launched well designed studio apartments as part of the project ‘The Villas’. The Villas is located at sector 25. Though nestled at the heart of the city but most of the apartments are far from the hue and cry of the bustling urban. The studio apartments are indeed for the ones who prefer a home unlike any other.
The following are few highlights of the studio flats of the Villas.
Highlights of The Villas Studio Flats
The price starts from Rs. 55,00,000
The studio flats are apart of the ‘Villas’, which is actually a premium condominium residential complex.
The size of the flats varies from 1000 sqft to 1850 sqft
The possession of the apartments would be by February 2012.
The number of floors of the towers is ground plus eight ( G+8)
Essel Towers Plush studio apartments are available at Essel Towers. The Essel Towers is located on M.G. Road, just opposite to Gurgaon Central. The Essel Towers is located amidst shopping malls and are just 15 minutes drive away from the domestic airport.
There are many other projects coming up with the studio apartment form of accommodation. Though, the demand for this segment is yet to be explored fully, the trend setting developers like DLF and Unitech have really a viable scope to capture the growing market for studio apartment Gurgaon.
Condominiums for Different Modern Needs
What made condominiums popular in the Philippines? According to Philippine real estate experts, as well as a number of Filipinos, condominiums are some of the most popular types of housings in the Philippines today. It is also known as the most popular modern housings that can offer the different kinds of benefits that different Filipinos are looking for. So what are these benefits?
Different Types of Condominiums There are two popular types of condominiums in the Philippines today; these are condominiums and condominium complexes. Both types of housings are known for their own benefits that different Filipinos can enjoy. Here are some of those advantages that residents can experience when living in one of these popular and modern types of housings in the Philippines:
Condominiums The typical types of condominiums are mostly found near or within business and commercial districts, such as those found in Makati City and other similar places around the Philippines. The benefit of its location is its accessibility to workplaces and other popular entertainment places, allowing its residents to have the luxury of living within walking distance or mass transit distance from these places. This makes it easier for them to avoid the usual hassles of rush hour.
Another reason why these types of Philippine real estate became popular in the market is because these are the only types of modern housings that can offer amenities such as gyms, indoor swimming pools, as well as a full-size sports complex complete with basketball, volleyball, and badminton courts.
Though found in some of the busiest districts in the Philippines, these condominiums can still offer their residents the peace and privacy they are looking for in a home. The view of the whole city from their windows is also stunning. However, the disadvantage of these types of housings is its lack of environment for a growing Filipino family, which is why condominium complexes were founded.
Condominium Complexes The difference between condominiums and condominium complexes is its location, in which condominium complexes are mostly found around the outskirts of Metro Manila or even in the provinces. The advantage of these types of residential Philippine real estate is its family-oriented environment.
Because most of these are found in peaceful and wide open locations, children can easily and freely run and play around the whole complex. In addition to the usual types of amenities that condominiums can offer, condominium complexes can also offer recreational parks and playgrounds for their growing children.
The disadvantage of these types of housings is its location, which is found too far from the city, making it harder for Filipinos to get back to the city, particularly for their work.
Class Action Lawsuit Settlement Affects
A nationwide Settlement has been proposed in a class action alleging that Allstate violated Federal Civil Rights laws in connection with its use of credit report information to price personal lines insurance policies. Allstate denies it did anything wrong and the Court made no determination that Allstate did anything wrong.
Before any Settlement benefits are provided, a Hearing will be held by the United States District Court for the Western District of Texas on December 18, 2006 to decide whether or not to approve the Settlement. More information on the Settlement can be obtained by calling (866) 817-6514, going to the Web site at www.creditusesettlement.com, or writing to DeHoyos Settlement, P.O. Box 9000 #6428, Merrick, NY 11566-9000.
The Settlement Class affects people that meet several criteria:
Black/African American or of Hispanic or Latino origin; who are
Currently or formerly insured under an Allstate homeowners, automobile, condominium or renters insurance policy, and were charged more than the lowest premium based on their credit information; or
Applied for an insurance policy from one Allstate insurer but were issued a policy by another Allstate insurer based on their credit information;
Received a notice with their insurance policy that 1) Allstate used credit information in determining the outcome of their rates and/or policy; 2) explained that they did not qualify for lower rates or a specific policy based on their credit information; 3) advised them of their rights under the Fair Credit Reporting Act.
If the Settlement is approved, Allstate will: 1) implement a new insurance scoring formula; 2) provide information to Class Members who complete request forms explaining how to obtain a policy that is priced using this new insurance scoring formula; 3) make this new insurance formula publicly available; 4) make a credit education program available designed to benefit Class Members; 5) implement an “appeals” program for customers to appeal insurance scores in extraordinary circumstances; 6) increase the percentage of its multicultural national media spend; 7) make one-time monetary payments to eligible Class Members who complete request forms.
Class Members have the right to object to the Settlement.
Texas Mortgage Loans How to Shop for a Mortgage Online
As with regular mortgages, the loan is provided based on the property equity of the homeowner. However, in this case, even with the equity secured the homeowner can still enjoy the benefits of staying in the mortgaged home while paying the EMI to the mortgage lender. A Reverse Mortgage is a very good option for retired individuals over 62 years of age who would hate to move from home while the same is being mortgaged. Also they need not change their lifestyle, as the Reverse Mortgage amount would provide sufficient funds to maintain the existing one.
Loans may be obtained from banks, insurance companies, and mortgage bankers. Before getting a mortgage, it is advisable to maintain one’s finances well. In order to pay back a mortgage, one needs to save money in the long term. Mortgage companies check their customers’ financial background carefully before granting a mortgage. Therefore to obtain a mortgage, one’s credit situation should be sound.nd.
Next, the money that you will receive from a Reverse Mortgage MUST go towards paying off your mortgage. Any money that is left over will be available to you with no restrictions, but only after your current mortgage is paid off in full. This should be a goal for Reverse Mortgage applicants who have a large first mortgage or home-equity loan. An obvious benefit of using the Reverse Mortgage to remove the current mortgage is the added income you will receive from removing your monthly mortgage payments. Reverse Mortgages never require you to make a monthly payment for the rest of your life, while you are a resident of the home.
As you can see there is more to deliberate regarding IOM’s as the inconsistent factors can be much greater than with Repayment Mortgages, when we get down to the bottom line, the choice comes down to if you would rather be more prudent with a Repayment Mortgage, or be ready to speculate and go for the Interest Only Mortgage. You would not be fixed into the mortgage deal as it is when you sign up; both are accommodating in their own ways, the IOM just has added stretch. If you are put off by the risk of an IOM, it is possible to switch over to a Repayment Mortgage after a certain period of time. IOM’s are more appealing as they are of more of help getting first time buyers onto the property ladder, if this is your objective, then it is seriously worth considering, if it’s a long term consideration, then make sure you have an investment plan in place to pay the capital or it could be a expensive mistake to regret.
The main difference between a mortgage agent and a mortgage broker is that to be a mortgage broker requires at least two years of working experience. The mortgage broker must pass an approved mortgage course. Mortgage agents must be supervised by a mortgage broker. Brokers work for a mortgage brokerage or on their own and bring together prospective borrowers and lenders. They do not administer the mortgage. After the client fills an application using the information contained therein, the brokerage scouts the market for the best mortgage. The mortgage request of the client is tendered through an electronic system to lenders.
You will have a set amount of time to pay those taxes or else your will start to incur penalties for your taxes being past due. If you continue to keep your property taxes past due, then your local taxing authorities can begin the process of selling a tax lien certificate that was placed on your property to try to recover the delinquent taxes that you owe. The tax sale is usually publicized for potential bidders to get information on the tax sale. All counties across the country hold usually conduct property tax sale, normally monthly on a set day. For example, the 1St Tuesday of each month at the local court house or downtown. They will bid on the tax amount owed, lets say a homeowner has $500 in past due taxes. They will start the bidding at a set price, usually the price of the taxes owed, and hopefully they will sell the tax lien certificate to the highest bidder.
Lenders do not always catch properties that have delinquent taxes and so the property can end up a local tax sale. Mortgage companies loose properties from time to time due to the taxes liens going to sale, and the homeowner are not able to pay off those taxes in time to recover the property from a tax sale bidder that has a tax certificate on their property. This risk of loosing a property to a tax lien is built into each mortgage contracts.
I got to the seminar and after about three minutes I knew this guy was not messing around. You could tell immediately he was a seasoned student of marketing and had been working with the best people in the business. For a marketing geek like me, I appreciated the seminar in the same way a sports fan appreciates a good game. It was everything a seminar should be; part rock concert, part sales event, part educational junket, and it had all the motivational components a good seminar should have. He had folks like Chris Gardner, Tony Robbins, and Todd Duncan as speakers. All amazing people that you should hear speak if you have the chance.
What troubled me a bit was this: the topics he wanted me to discuss with my borrowers fell right into the backyards of licensed realtors, Certified Financial Planners, Series 7 licensed stock brokers, Certified Public Accounts, and tax attorneys who had passed a Bar (BAR) exam. And I’m not any of those things. I have an MBA from a top business school, and I thought I had a strong grasp of his concepts. But ultimately I felt I was unqualified to do mortgage planning. So this is the first question we should think about, “what is the true role of the mortgage professional?” We can all debate that. And based on everything I have said thus far about Mr. Marshall, I have no problem with what he is doing. Let me tell you where I take issue with him, and where you should to. And most importantly, why his Mortgage Planners should take issue with him. Big time.
Mr. Marshall is attempting to completely redefine what mortgage professionals do for a living. And I admire him for that bold idea. I admire all people with bold ideas. But the potential impacts to borrowers are extraordinary, both positive and negative. He’s invested enormous amounts of time and energy to market his ideas to mortgage professionals: as quickly, strongly, and suavely as any mortgage marketer I have seen. And he’s profited from it big time. At the same time, he has done little to control the flow of his ideas or regulate those that have received his ideas. I think that’s reckless, and yes, possibly dangerous. To all of us.
Choosing a Mortgage Broker Based Solely On Rate The interest rate obtained on a mortgage is one of the most important factors of a loan, but it is not everything. There can be over 30 separate closing fees that can factor into the total cost of obtaining a mortgage loan.
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