Hard Money Lender

Not All Banks Affected by Credit Crisis

admin — Mon, 06 Oct 2008 20:38:24 +0000

Orem, UT–Despite the chaos facing the major banks on Wall Street, credit unions face a better situation. The Family First Federal Credit Union of Utah has been shielded from the credit crisis, as it has not become involved in the risky investments, such as mortgage-back securities, that have causes larger banks like Lehman Brothers so much trouble.

Because the Family First Federal Credit Union has used sound lending practices, through the credit crisis it has continued to lend like it always it has. It continues to lend money at a five percent interest rate, it still does not require 20% down payment, and it still lends to first-time buyers.

Aside from money from credit unions, even hard money can be available. For more information on hard money lending and becoming a hard money lender, contact the experts of the Pitbull Mortgage School at 858-736-7788.

Hard Money Not Easy to Find

admin — Mon, 29 Sep 2008 15:01:55 +0000

With the financial industry in turmoil, some would think that hard money would be easier to come by for financing. This, however, is not true. The hard money lending market is freezing up just like the regular funding outlets.

Hard money lenders are cutting back on the number of loans they’re making in order to focus on the growing number of problems that are becoming better known. This does not mean that there isn’t any hard money available, just that it’s less available than in the past couple of years.

Hard money lenders have typically been seen as the borrowers of last resort for borrowers unable to get loans from traditional banks. They are great for people who need money very quickly.

For more information on hard money lending and becoming a hard money lender, contact the experts of the Pitbull Mortgage School at 858-736-7788.

Mortgage Applications Up

admin — Wed, 17 Sep 2008 15:40:38 +0000

The number of mortgage applications jumped 33.4% from the week ending September 5th to the week ending September 12th. The jump has largely been attributed to the buy-out of Freddie Mac and Fannie Mae as well as low interest rates.

Interest rates fell to their lowest rate since January to 5.82%. The lowest rate of the year was 5.5%. This has given rise to a number of people applying for new mortgages to get out of their adjustable rate mortgages in favor of long-term set interest rate mortgages.

It was revealed that 51.6% of all mortgage applications were from people trying to refinance. This was up from 36.3% of all mortgage applications the previous week.

If you are interested in hard money lending and would like to learn more, contact the hard money lenders of Pitbull Mortgage School at 858-736-7788 today.

Liar Loans Threatening to Prolong the Mortgage Crisis

admin — Thu, 04 Sep 2008 13:31:25 +0000

Liar loans, also called Ninja loans (short for No Income, No Job, (no) Assets), are threatening to prolong the mortgage crisis by another two years. Liar loans are mortgages that have been approved without requiring proof of the borrower’s income or assets.

The nation’s housing market, which is already awash in subprime foreclosures, is just not getting hit with a second wave of losses in the “liar loans” market. Homeowners with liar loans are defaulting in record numbers. In some areas, the loans have the potential to drag out the mortgage crisis for another two years.

Just like subprime homeowners, liar loan homeowners are stuck. It is not possible to refinance because their house’s value has dropped dramatically. In addition, lenders are now demanding full documentation of income and assets in order to receive a loan.

One site estimates that losses from liar loans could total $100 billion. This is on top of the $400 billion that is expected to be lost from subprime loans.

If you are interested in becoming a hard money lender and a mortgage broker, contact the Pitbull Mortgage School at 858-736-7788 today.

Defaulting Mortgages

admin — Fri, 29 Aug 2008 16:20:37 +0000

CNNMoney reports that more and more people are defaulting on their mortgages and are forced to declare bankruptcy. This is making it very difficult for the already strained housing market which continues to fall every day. While market watchdogs continue to repeat that this is just a cycle in the market, it cannot comfort the millions of Americans who are no longer able to keep up with rising costs of living as well as balancing their payments on their home mortgages.

The Census Bureau reports that nearly 3% of homes up for sale on the market were empty, their owners unable to wait to move before their house was sold. With unemployment and inflation rates rising, many fear we are seeing the coming of a serious recession, with no end yet in sight.

For more information about mortgages and loans contact Pitbull Mortgage School at 858-736-7788 today.