Mortgage Loans Guide

I’m also known as the Pitbull which is a name I was given many years ago by my friends and competitors due to my tenacious business approach. Somehow the name stuck throughout the years and I accepted it as part of my persona. My business career has spanned over 30 years. In the 80’s I was an anchor on the Financial News Network. Perhaps you remember me from my nightly reports. After the network was sold to CNBC I was offered to host The Leonard Rosen Show, which was nationally syndicated. In the 90’s I became the CEO of a large medical group. We specialized in the treatment of chronic obesity. Our focus was to provide medical services to our patients and provide a hard money loan to finance their treatment. This was a huge success, and is what opened my eyes to the hard money business.

We train loan officers, mortgage professionals, Real Estate Investors and hard money lenders how to succeed in the hard money business. If you are interested in a career in mortgage lending, our hard money school is a must for every mortgage broker and industry professional. Pitbull mortgage school is much more than a loan officer school providing loan officer training. In order to compete in the competitive environment of mortgage brokering, you need to learn all the aspects of hard money lending. Pitbull mortgage school is the definitive answer to a high income career in mortgage banking. Our California based hard money seminar series has trained mortgage professionals, loan officers, and attorneys in the lucrative field of private financing.

I host the most powerful and dynamic seminar on hard money lending that has ever been taught.

I teach the secrets and techniques of the hard money mortgage business to brokers all over the country. My students learn more in the first 45 minutes than most brokers have learned after 20 years in the business. The tuition of my seminars ranges from $395 to $695 depending on the venue. If you can’t get away, you may be interested in purchasing my DVD which was filmed at our seminar at the Monte Carlo Hotel & Casino in Las Vegas on February 7th 2007. This seminar was a tremendous success and sold out with standing room only!

I hold nothing back, Everything is disclosed!

You will receive the actual names, phone numbers, and contacts of my preferred hard money lenders.

This seminar is a must for any loan professional who desires to earn $500,000 or more in the hard money business. I know no other industry that affords more potential to earn in excess of $500,000 per year.

My experience tells me that most loan officers and mortgage professionals never even come close to reaching their potential in the hard money business. The reasons are simple- they spend most of their time spinning their wheels instead of converting their time into what I call revenue producing efforts. You need to know what to ask the borrower to flush out the real information. Then you need to learn how to manage and control your borrower through the process. And most importantly, you need to know where to place the loan for funding. Most brokers never get their loans funded. No funding, no commission. This seminar will teach you the specifics of how to get your hard money loans funded.

The Pitbull Mortgage School teaches you specifics not hypotheticals.

Here is a sample of what you will learn:

- How to do mezzanine and conduit loans.

- How to start a hard money mortgage company.

- How to ask the right questions of the borrower

- How to manage your borrower

- Where to place your loan scenario

- How to determine the real value of the property (the Pitbull Hard Money way)

- How to package and sell your loan to the investor

- How to do raw land deals, commercial projects, foreclosures, NOD’s and real estate development projects

- How to assess an appraisal that will lead to funding the loan

- How to earn 4 to 5 points on a first trust deed

- How to do second mortgages and make money doing them



By: Leonard Rosen

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If applying for a mortgage loan with poor credit, there are steps you can take to help get a better rate. Granted, if your credit score is low, the likelihood of getting a prime rate is slim. Still, reasonable rate bad credit mortgage loans are available. As a homebuyer, you must be willing to research various lenders and compare different loan programs. Moreover, homebuyers should avoid maneuvers which could hurt their chances of approval.

Avoid Late Payments When Applying for a Mortgage

Even if your credit score is good, the occasional late payment is common. If planning on buying a home, it is important to establish a good payment history with creditors - before applying for a home loan. Mortgage lenders understand that situations occur which make it difficult to pay bills on time. However, if hoping to buy a home, it is important to begin creating good credit habits.

Many lenders approve mortgage loans to people with several late payments. Yet, these persons pay higher rates. To avoid an increase in mortgage rate, attempt to submit all credit card and loan payments on time. If possible, adopt new payment habits at least twelve to six months before applying for a home loan.

Limit the Number of Credit Inquiries

A common mistake made by some homebuyers is allowing several mortgage lenders to pull their credit. Shopping around for a home loan is smart. However, if comparing three or four individual lenders, do not consent to having your credit checked. Instead, request no-obligation quotes from lenders.

Quotes do not involve credit checks. However, buyers must provide an accurate credit description. To do so, it helps to obtain a copy of your personal report online, which does not count as a credit inquiry. Once the lenders remit a quote, compare the different offers and choose the loan with the best rates and terms. Next, complete a mortgage loan application. To finalize the loan approval, the chosen lender will pull your credit.

Avoid Opening New Credit Accounts

When applying for a mortgage loan, it is important to maintain a low debt to income ratio. Obtaining new credit lines and applying for a mortgage is a bad idea. For example, if you buy a car before your mortgage loan is finalized, this will increase your debt to income ratio. This could affect whether you still qualify for the approved loan amount. To avoid the hassle of having to re-qualify for a mortgage loan, postpone opening new credit accounts until the loan closes.



By: Carrie Reeder

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Owning a commercial building such as an apartment complex, office building, retail center, business owner-occupied building and the like is a great investment that appreciates over time and can provide a constant source of monthly income.

How To Use Your Equity Without a Hassle

If you’ve got equity in your commercial building, it’s a great source of cash at your fingertips, if you can get it out. It’s not as easy as it sounds if you don’t work with the right commercial loan or commercial broker knowledgeable about your options.

Not all commercial loans and lenders are alike. Some are very restrictive when it comes to how you plan to use the cash you receive from the refinance loan.

Good News For Commercial Property Owners Who Want a Commercial Refinance Loan With Cash Out

The good news is, there is a little known commercial loan that lets you obtain unlimited cash out for any reason. There are no restrictions on how you use the money. Need to make property improvements? No problem. Need to buy some new equipment for your business? No problem. Need some down payment money for another commercial real estate investment? No problem.

In addition to no restrictions for unlimited cash out, all types of commercial properties are eligible. These include multifamily or apartment buildings, mixed-use property, office, retail, self storage, warehouse and industrial buildings, mobile home parks, bed and breakfasts and other special use properties.

High Loan-to-Value Ratios Are Acceptable

Another great benefit this little known commercial mortgage offers is high loan-to-value ratios. For example, you can obtain a cash out refinance up to 90% on commercial real estate such as multifamily or apartment buildings, mixed-use property, a bed and breakfast, light industrial buildings, a mobile home park, office and retail buildings, self storage and warehouse buildings.

The loan to value adjusts to 80% if you own automotive related real estate, hotels with national franchise affiliation, funeral homes, an industrial building or rooming house.

Special use properties can still get cash out up to 75% loan to value. These include day care and health care centers, restaurants, RV parks and independent hotel and motel properties.

If you need to get your hands on the extra cash fast, then you’ll love the fact that these cash out commercial loans fund in just 30-45 days. The application and underwriting process is hassle-free and you’ll know in just 48-72 hours of application whether or not you qualify for the loan.

All Legal Entities Can Apply

One other feature investors will find an advantage is that all legal entities can apply for this loan. This means you can apply for this cash-out refinance loan as individual borrower, corporation, partnership, limited liability company and certain trusts. Personal guarantees are still needed, but it’s a lot less hassle than having to take property in and out of different legal titles to obtain the loan.

Stop the headaches. Stop the hassles. Start working with the right commercial loans and lenders and start getting the cash out you want for any reason using your commercial property equity.



By: Naomi Monk

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Getting a home loan with bad credit has actually never been easier than it is today. Here are some tips to help improve your chances of success:

Find A Good Real Estate Deal – If you can find a property that has some equity in it when you purchase it, you may have an easier time getting financing on that property. To the lender it may be almost as good as if you had some kind of down payment on the property. Some lenders will consider the properties loan to value ratio when they consider the loan. Talk to your mortgage broker and see if this factor could help you get qualified.

Try Creative Financing – See if the seller would be willing to carry back a second mortgage on the home. This is where you set up a contract or agreement with the seller that you will pay them monthly payments, including interest of, let’s say, $150/mo on $10,000 dollars of the price of the property, as a second mortgage. Then, to make it nice for the seller, perhaps put in the agreement that the entire amount is due in full within 2 years or something. That should give you plenty of time to refinance and then the seller doesn’t feel permanently locked into the contract.

Save For A Down Payment – There are lenders who may be able to qualify you for 100% financing, even with low credit scores, but your interest rate will be much lower if you can put even 3-5% down. If possible, try to save as much as possible for a down payment. Sometimes it may be better to wait about 3-6 months to get into a new home loan if it means the difference of having a down payment. The interest rate could be quite a bit better because of that factor. However, if you don’t want to have a down payment, you can always refinance later for a lower interest rate.

Shop Around – There are some mortgage brokers out there that you will talk to who will say, “I can’t help you, and if I can’t help you, no one can help you.” But, if you persist in talking with other brokers, 10 minutes later you could be talking to someone who knows a way to help you, no problem. Most brokers feel that if they can’t help you, no one can. However, the ironic thing is that each broker is varied in the types of loans they can do. Some brokers have relationships with flexible mortgage lenders and others do not. I recommend applying online to mortgage services that will submit your application to multiple lenders. That way, your credit is only pulled once, and you can analyze offers from multiple lenders. To see our list of recommended bad credit mortgage lenders, visit here bad credit mortgage lenders.

Improve Your Credit Score – There are some really simple ways to improve your credit score without spending too much time at it. All 3 major credit bureaus now have areas on their websites where you can dispute incorrect items on your credit. The process is very quick and easy. Make your current payments on time to help your score. Keep your number of credit inquiries down. Too many inquiries can hurt your credit score. If you want to buy a house, don’t apply for any credit cards, auto loans or any other type of loan if you can avoid it. For your reference, here are the links to all 3 major credit bureau’s

websites: www.loansolutioncenter.com/cashout_refinance.htm .

If you really do want to get into a home, don’t let bad credit stop you. There are lenders out there who can help you, it just takes some persistence. Apply with multiple lenders. Like I said, apply with mortgage services that specialize in bad credit mortgage loans and will submit your application to multiple lenders with only having one credit inquiry.



By: Gerald Bouthner

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Commercial Mortgage Loans are often required for buying the business’ real estate and commercial properties that can be utilized for commercial shopping centers and malls, industrial and high-rise office buildings, complexes, apartment buildings, factories, hospitals, warehouse, golf courses, hotels, restaurants, gas stations, movie theatres, retail outlets, farms, car washes and other such real estate for businesses.

Commercial mortgage loans are to be borrowed by the businesses and not by the individuals and so are secured by the real estate which is not to be considered as a residential property.

While deciding on the lender, one needs to be very careful. Whichever enterprise it is, whether big organization or small entity should browse through some good financial websites to be on the safer side.

The seekers for mortgage loans are supposed to first put forward their finance needs to the lead generation companies. They will be filling your online loan application form in which they will render all the relevant information that is required to dig-out the much-needed finance. The commercial lead generation companies will be than going to distribute those application forms to the lending institutions that will grant the commercial mortgage loans.

Commercial mortgage loan can be utilized either for expanding the existing firm or for starting a new enterprise. For all those businessmen who don’t have an adequate amount of money, commercial mortgage loans are of an immense help to them as through it they can be fetched with the hefty amount of finance. Than with that money, whatever property the person will procure is going to be kept as Collateral with the lender for secure repayment. Suppose, if you are not able to pay that funds which were relocated to you than the ownership of your property will be carried away.

There are multiple benefits of commercial mortgage loans. With commercial mortgage loans, you are just required to pay low interest rate, the duration of paying the refund back is quite flexible. Than Apart from this, to get the access of commercial loans is pretty easy for the crutch of reason that they are hardly any intricacies in the procedure of entailing the fund.

The commercial properties in short are used for generating the income. Hence, for this very reason, a commercial mortgage loans is also termed as an income property loan.



By: John Berardino

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In concept, getting a mortgage quote from 4 or 5 different mortgage companies is a wise decision to finding the lowest mortgage rate you qualify for. Mortgage companies and brokers alike can claim that they have hundreds of lenders and thousands of programs, and I am sure they do, but I have yet to see the one mortgage broker who has that magical lender that can get you a better mortgage then every other mortgage broker out there. The bottom line is, they all have access to the same lenders and same programs, it is just that some mortgage brokers know their programs better then others.

The problem today with submitting your information to an online mortgage lead company is that the demand for your information is at an all time high, and the supply is very low. In order for these companies to stay in business they need to be price competitive with other online mortgage lead companies. The way that they do this is by selling your information to numerous mortgage companies. Just recently I spoke to an individual who received over 40 phone calls from the one application he filled out online.

Sometimes it is not the online mortgage lead companies fault that your information gets oversold. There are other online mortgage lead companies that buy your information from the original lead company where you filled out the application and then they turn around and sell them to their clientele base. After all, your information is not cheap and some mortgage companies will pay in excess of $35 for it.

The good news is, you can avoid these headaches by doing some research on your end. Over the years mortgage brokers have realized that the internet is a powerful tool that can generate mortgage applications. It is now easier to locate your local mortgage companies and fill out an application directly with them. It is very unlikely that your local mortgage company is going to sell your information to their competitors, as they are in the business of closing loans.

This is where the research on your end comes in. Using your favorite search engine, type in your city, state or even zip code followed by the word mortgage. This will generate a number of pages full of local mortgage companies that would be more then happy to compete for your business. When visiting these websites, look for quality content and educational information. There are plenty of dull sites out there that only talk about themselves and the hundreds of lenders and thousand of loan programs with the lowest mortgage rates anywhere in the galaxy.



By: Jeremy R

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Having a CCJ (County Court Judgment) may give you a problem when searching for a mortgage loan. High street traditional mortgage lenders are averse to any kind of risk, and people with bad credit history rarely fit the client profile they are looking for. If you are one of the many uk people with a blemish on their credit recode don’t despair, there are now many specialist lenders who are happy to lend to people with a CCJ problem. The CCJ problem mortgage loan market is expanding as the number of people struggling with debts is on the increase. Current estimates show that in England and Wales over a million CCJs are issued each year.

CCJ Problem Mortgage Explained

If you have CCJs standard residential mortgage products may not be available to you. The CCJ problem mortgage was created specifically to assist people in your position to obtain a mortgage and allow you to get onto the property ladder. Interest rates for CCJ mortgages may be higher than normal mortgages, and there are likely to be a few restrictions such as a period of time before you can refinance, repay the loan in full or make overpayments to clear the loan quicker. However, there are many new products and schemes available on the market and you should be able to find one that fits your individual circumstances.

How To Get CCJ Mortgage Advice

CCJ mortgage products are more complex that standard run of the mill schemes, so it is essential that you do your homework in researching products and rates that may suit your needs. Once you have an understanding of the possible options available you should talk to an independent expert before you make any decisions. It will be of great benefit if you have a professional with experience in CCJ mortgage finance handling your application and advising you on the most suitable products. For this reason, it’s a good idea to talk to a mortgage broker. These days mortgage brokers are regulated by the Financial Services Authority, which controls the type of advice and information that should be provided to clients. All mortgage brokers are required to offer complete transparency in all aspects ensuring that you understand all the advice you have been given, and to provide you with written illustrations of how each product they recommend will work for you. When choosing a mortgage broker, check that they are indeed regulated by the FSA, and then question their experience in dealing with the CCJ mortgage market. Not all brokers will have experience in the CCJ mortgage market, and it’s very important that you get advice from an adviser who knows the products available and has a relationship with the lenders. Get this right and they will be able to recommend the best products for you and be in a position to speak directly to their contacts at the lenders if there are any problems with your application.

Is It Difficult To Get A CCJ Mortgage?

Regardless of how much debt you have, with the number of lenders available all competing for business you should be able to get a mortgage. Utilizing the services of a professional mortgage broker will help you to get the mortgage that suits you best. Once you have sourced the right mortgage scheme for you and submitted an application, it should be fairly straightforward to gain approval. An added benefit of securing a mortgage and making regular repayments is that this may well help to improve your overall credit rating.



By: IC

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The companies, which operate in this sector and try to get you to refinance mortgage rates are all different with their own loan packages. The challenge is to put these packages into the form with which you can easily compare them.

1. Compare All Aspects Before You Decide Mortgage Refinance Rates.

The whole job starts from your own targets. What are you looking for? Lower monthly payment, quicker loan payment or something else? So the solution must be taylor-made to your needs and you have to put needs into the order of importance.

Finding the best company to refinance mortgage rates means comparing all aspects of your loan packages and not focusing only on mortgage rates. Again, you have to prioritize your mortgage needs.

2.What Kind Of The Mortgage Loan You Are Looking For?

Are you looking for a fixed rate mortgage loan or adjustable interest rates? Or is your major target to get the smallest monthly payment possible or have you decided to pay off your mortgage loan as quickly as possible?

As you see these different targets affect a lot to the choice, which you are going to make. It is important to think your starting point, your need, very carefully, because most probably your decision will save you money and will stay as such for a long time.

Your needs will influence not only to the type of interest rate for your mortgage but to the duration or term length of the mortgage loan. Once you know exactly what you are looking for refinancing your home, you are prepared to begin to compare different companies.

3.Ask A Copy Of The Good Faith Estimate From Each Company.

A single homeowner can compare different offers quite easily in the Internet and to make a list about companies, which have the best offers. But when you compare loans to refinance mortgage rates, ask a copy of the Good Faith Estimate from every company.

The Good Faith Estimate is a tool, which makes it easier to compare different companies line by line. This is important because this tool forces the companies to publish their terms in the same form. So you can see how fees, interest rates and closing costs will vary from company to company.

I underline again, that it is very important that you do the comparison job carefully, to refinance mortgage rates is a big, long term decision. The annual interest rate is not enough for your decision making. But when you have requested Good Faith Estimate, you can easily select the right offer to your needs.



By: Juhani Tontti

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Nowadays mortgage refinance is widely practiced due to its effectiveness and convenience. Refinance mortgage loans not only allow to save a considerable amount of money, but also help those who aren’t able to pay off their debts and risk losing their property. Of course, with mortgage refinance there is the same danger, e.g. if the borrower made some mistakes, overestimated his/her paying capacity or just chose improper type of refinance mortgage loan. However, some of these risks can be easily avoided with the help of mortgage calculators which became widely available.

Mortgage calculators help to determine the affordability of potential homeowners, give a notion about how much banks are ready to lend, show the amount of monthly payments and calculate its ratio to the borrower’s monthly income. In addition, most online mortgage calculators are free, and their use doesn’t require special skills or training. However, there still exist some difficulties, generally connected with mortgage terminology. Thus, such term as “amortization”, meaning the duration of the loan, is often misunderstood. Another example is “refinancing” which stands for a change of loan for the purpose of saving money. One should also understand the meaning of the “interest rate” that is determined by the national bank. Usually the shorter the duration of loan is, the lower interest rate is set.

The invention of online mortgage calculator has considerably simplified the process of refinancing. Nowadays, instead of going to the bank and using its calculator, borrowers can just insert the amount of the preferable mortgage interest rate into a web template. Using the calculator one has the possibility to know at once whether the new mortgage loan will save money or not. With the advent of mortgage calculators characterized by their high serviceability mortgage refinance gained much popularity. Refinancing became easier, as it doesn’t take much time to know the benefits and possible risks of the deal.

The standard mortgage refinance calculator includes the actual and the potential information about the mortgage loan. The first section of a mortgage refinance calculator contains all the current payment data, from the present interest rate and monthly payments to the amount of money to pay in, and the time left on the loan while doing mortgage refinance. The second section concerns the duration of the loan, bank fees and the interest rate. Using this information, a mortgage refinance calculator clears up the necessity of refinance mortgage loan showing how much money will be either saved or lost. And at last, a mortgage refinance calculator figures out the profitability of each separate mortgage refinance option. Consequently, this calculator is absolutely indispensable for those who intend to take out a new loan and to save money on the mortgage. It occurs that, after using this calculator, potential homeowners may decide to refinance mortgage, as the monthly payments turn out to be too high. Another argument for using an online mortgage refinance calculator is that most banks inform their clients on the terms of loans through Internet, so the process of choosing mortgage refinance loan becomes easier.



By: Robert

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As the credit crunch worsens, some financial planners say more people are turning for their families for help. That is spurring further growth of a small group of individuals lending websites, which make it possible to borrow money or lend to family member, friends, or stranger without having to manage the uncomfortable details of setting terms and collecting loan payments. Dozens of lending companies have gone bust or been bought up, while some counties are now considering bailing out mortgage defaulters with bad credit loans. Sub-prime mortgages are typically sold among people with poor credit ratings. s

Offering these money provisions in two categorised forms i.e., secured and unsecured, the borrowing has become rather simpler to the borrowers having poor credit scores. Availing benefits of the secured forms of bad credit loans contain some sorts of securing proving. This security can be anything from your house to some business related important papers. On the basis of the offered placed, required sum of money is sanctioned to the borrowers. Whereas the scenario is outright different obtaining unsecured forms of loans for bad credit people. Under the condition of the unsecured provisions, no placing of collateral ceremony attests more people’s attentions.

As for the rates charged upon containing on securing Bad credit loansis almost higher to other money provisions. although asset based money obtaining costs cheaper to its counterpart i.e., unsecured loans, a good research to these money provisions comfortably helps find rates comparative.

For all that, a constellation of lenders is available across the space of the money market. Some lenders have been repeatedly accused of failing to tell clients the full truth and of hiding their own high costs. This aggravates the already existing financial fizzle further. Getting out of such kind of happening, borrowers should visit several lenders, and that too is very difficult for some of the people. In this view, online search proves to be a good applying tool. Select some of the lenders from the available sites. Compare them altogether. After matching it up with your financial capacity, do not hesitate concluding your deal.



By: George Bell

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