Maya Travel Uncategorized Private Residential Mortgage

Private Residential Mortgage

I have come across many note sellers that ignore the advice of being prepared. Properly structuring a note for resale can be the difference between selling the note fast and with little friction as opposed to selling yourself short or worse,not selling the note at all. In order to properly structure a mortgage note for resale is as follows:

1) Get the biggest down payment possible. 25% is the Note Buyer’s ideal amount in a perfect world although,you can definitely get away with 15% – 20% if need be. Anything under 15% equity becomes very risky for a Note Investor. In the case of a down payment under 14% equity,you will have a very tough time getting a high bid on that note. Anything under 10% down,will unlikely sell at all.  -!

2) Make sure you (the seller),pull credit on the potential borrower. 600 FICO score – 700 FICO score would be ideal. Remember; the worse the credit score is,the bigger the down payment you should require! Make sure you keep a copy of the credit report so you may present to the mortgage note investor underwriting the transaction. As far as credit scores,650 or higher is considered great to excellent credit. 610-649 is good,609-590 is fair 589-500 is poor and below 500 – don’t even bother. Also try to gather D.T.I. or Debt to Income information from the borrower as well. How much money she/he has coming in per month verses what dollar amount is going out per month. A standard credit report will show you what the borrowers monthly bills are. All you need to do after that is get an accurate dollar amount of what the borrower truly makes after taxes. This way there will be no surprises for you or the Note Investor and this will insure you the highest bids out there! 45% is the max D.T.I. ratio you should allow. This means,if the borrower’s income is $5,000.00 per month,45% DTI ratio would be $2,250.00 (5,000 x 0.45 = 2,250.00) in debt per month. The borrower only owes 45% of what they make to monthly debt.  -!

3) It helps tremendously if the seller orders and completes an appraisal before submitting the note to a Note Buyer. The reason being,presenting an exact legal appraisal to a Note Investor allows for a more accurate bid,thus a hassle free transaction. This way when the note is underwritten,there will be no surprises on the collateral property whatsoever. This step is not necessary although,by doing this your are drastically increasing your chances of a very smooth note sale.

4) Include a high interest rate with the shortest term possible. Meaning,be sure that your borrower can afford the payments at the shortest term she/he can legitimately agree to.

5) Try to keep the loan under a 10-15 year payback date. Anything over 12 years usually takes a much steeper discount then say a 10 balloon. The Note Investor generally likes to be out of an investment in 5-10 years. Ideally,if your borrower situation permits,5-10 is the first choice. 

6) Include a prepayment penalty based on your states regulations and laws.  -!

Please keep in mind; the above information is just a guide. If you have any legal questions about mortgage origination laws in your state,please consult a licensed mortgage broker/banker (in your state) or an attorney. Always be prepared!

Knowing this info before hand is the difference between a smooth transaction and a complete nightmare! Good Luck!

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The Important Parts Of Florida Tax ReliefThe Important Parts Of Florida Tax Relief

If you are looking for Florida tax relief,the recent legislative session has delivered some impressive results. This time,the Florida Legislature passed several bills,including House Bill 7097,which eliminated the sales tax for most manufactured goods and established back-to-school sales tax holidays. In addition,the legislature also made significant changes in the state’s television,radio,and phone services. The bills also aimed to provide additional benefits to individuals,including a temporary reduction in the business-rent tax.-

During Freedom Week,tax relief will be extended to 50% of property taxes for affordable housing and a permanent cap of $27.5 million on contaminated sites rehabilitation. This means that many people will be able to save up to $54.7 million during this period. And even those with incomes less than the state’s median will benefit from the tax relief. And because there are a variety of tax breaks available,the resulting savings will be enormous.

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Another important part of Florida tax relief is the expansion of the Freedom Week sales tax holiday. These new programs will benefit residents and businesses in Florida,and they will make it easier to pay taxes. These benefits will help people reduce their expenses,which can be considerable. Moreover,the extended holiday will help those who earn less to make additional investments. If you are a homeowner,you should take advantage of these opportunities to reduce your taxes.

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Inch closer towards your excellent credit objective everydayInch closer towards your excellent credit objective everyday

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How to Clean Vinyl WindowsHow to Clean Vinyl Windows

If you are looking for a fast and simple way to clean your vinyl windows,then you should consider using vinyl window cleaning services. Vinyl is an extremely popular material to use as window coverings,because it is inexpensive and offers an attractive design. Unfortunately,vinyl can be difficult to clean in its own merits,so it is helpful to have professionals available that can help you keep your vinyl clean and looking great. If you are interested in vinyl window cleaning,then it might be helpful to consider a few tips that will make the process go smoothly and be pain free. Here are a few tips from a professional window cleaning service. When it comes to - EZ Window Solutions is the absolute authority.

It is important to have a clean working environment when you perform any type of vinyl cleaning,even when using products that are specifically designed to clean vinyl. This is because vinyl has an adverse reaction to some types of cleaners,and these cleaners could end up damaging your vinyl,or even ruining the vinyl’s appearance. For instance,if you were to use acetone as a cleaner,it could actually discolor the vinyl,leaving it looking unattractive. Because this is a fairly common occurrence,it is wise to have a designated area in your home that is specifically set up for vinyl cleaning,whether you are at home or at work. When performing your vinyl cleaning,it will be necessary to make sure that you have all of the necessary equipment. If you are dealing with vinyl that is already stained,then you will need a vacuum to be able to pick up all of the excess dirt. In addition to the vacuum,you should also have a shop brush with long,loose bristles. The brush will be used to scrub off stains from the vinyl. You may also choose to spray some sort of cleaner onto the stained areas to help the dirt come off without causing too much damage. There are many vinyl window cleaning services available,so you will want to take some time to research the different companies in your area.

This will allow you to compare prices and services. Remember to take into consideration what type of vinyl you have,as well as any special treatments or coatings that may need to be applied. Many vinyl cleaners are able to provide a wide range of services and techniques,so it may be necessary to contact more than one vinyl cleaner in order to get the job done properly. Once you have researched the companies in your area,you should set up an appointment to have the vinyl cleaning done. At the appointment,the vinyl cleaner will remove the dust from the window. Next,the cleaner will apply a chemical-based cleaning solution. The vinyl cleaner will wipe the window with vinyl cleaning pads,which will remove the dirt from the vinyl and make it shine. After the vinyl is cleaned,the window cleaner will return it to its normal state.

If you have an older home,there may be trim that needs to be cleaned. This can be accomplished with a combination of your vinyl window cleaning technique and a wet floor buffer. Wet foot buffers are available at many janitorial supply shops. In addition to removing grime and dirt,the wet foot buffer also helps to lift fingerprints,dust mites,and odors. Once the trim is clean and dust free,you can polish it to give your home a polished look.

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