Mortgage & Commercial Lending News.

As a commercial hard money lender, we understand the importance of one’s FICO score.  Therefore, we want to share our experience and how one can increase their FICO scores to improve their chances of getting a hard money loan. 

In the musical “The Music Man”, Professor Harold Hill says “there’s trouble in River City”.

When it comes to Mortgage Investing and, given the risk of foreclosures in the greater Houston MSA; the lyrics should be “there’s trouble in Bayou City”.

In 2015 Texas foreclosure activity increased 16 percent. That compares with a 3 percent decline for the rest of the United States.

Harvard University’s Joint Center for Housing Studies expects remodeling spending to reach a new peak in 2016. As a Mortgage Investor’s Corporation, we’ve funded millions of dollars in residential hard money loans for thousands of families to remodel their home; unfortunately, too often with less than desirable results.  And, it’s almost always the contractor’s fault.

Are you tired of having your loans turned down by hard money lenders? Hard money lending is an essential tool for many real estate investors and presenting your loan to a hard money loan officer is much like first impressions – you only have one shot. The following are “must do’s” when applying and preparing a loan package for a hard money lender:

As a result of the subprime mortgage meltdown and financial crisis of 2007-08, the Consumer Financial Protection Bureau (CFPB) was created and authorized by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act). The CFPB is responsible for consumer protection in the financial sector, e.g. banks, credit unions, hard money lenders, mortgage lenders, commercial mortgage lenders, subprime mortgage lenders, private mortgage lenders and other financial companies in the United States. Consequently, the mortgage lending industry has shifted its focus almost exclusively to compliance issues, which has caused a major and ongoing concern for all lenders, specifically hard money lenders and private lenders.

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Every investor’s goal is to “buy low” and “sell high” but that’s easier said than done.

For borrowers that depend on hard money lenders to finance their dream home, the time to buy may be now. Hiring at U.S. companies accelerated in October helping to lift wages and clearing the path for the Federal Reserve to raise interest rates in December 2015.

ABILITY-TO-PAY

On January 10, 2014 the Consumer Financial Protection Bureau’s “Ability-to-Repay” law went in effect.  This law governs residential hard money loans and lenders as well as residential investment and subprime mortgage loans and lenders.

You won’t find less expensive money than the rates offered by Associated Mortgage Investors.

Ladies and Gentlemen: