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!

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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If you are a novice planned of video clip greetings and would like to know just how to make video invites,then this article can be of fantastic - aid. Many individuals these days are utilizing video as a means of individualizing introductions and also to announce events or simply to let people know that they are on your ” welcomed” list. You can make video as basic or as creative as you desire it to be. You do not need any expensive devices or software program to produce video clip greeting. In fact,all you require is your video camera and an modifying program.

You can start by downloading and install some free clip art or templates from the internet. There are numerous internet sites you can locate online that have design templates specifically for making video clip introductions. Once you have downloaded your layouts,all you need to do is open them in your favored video editing and enhancing software. There you will see a preview of what your end product will appear like. This is among the most convenient methods exactly how to make video clip invitations.

Another approach is to utilize software program that has actually already made the development process for you. These software are called creative software. They enable you to produce your own specialist looking product in simply - a few mins time. The only downside is that most of these bundles are pricey. For that reason,if you can not pay for to spend a great deal of cash on software,it is ideal that you use templates or clip art.

Another choice is to make video on your own. This is probably the most convenient approach among the other two. All you need to do is locate someone who has a microphone and also video camera. You will certainly then edit the video clip together utilizing your very own software application. If you do not know how to make use of a microphone,then you can employ somebody that does.

After you have ended up shooting,you will post the video onto your computer. Use a video clip editing and enhancing program to modify your video. Include songs to your video as well. There are many sorts of software program that you can download totally free. Simply do a fast search on the internet completely free software application.

Once you have actually made the video,you will certainly want to send it to your close friend or relative. Of course,considering that you made it yourself,there must be no worry there. The best point to do is set it up an email web server so that you can conveniently send it out. When they obtain the video,they can just click the web link to your website. Follow the easy steps over on exactly how to make video clip invitations.