Bank of the United States holding credit card, be careful. If you are late with a monthly payment, this little "oops" could become a major "ouch" The balance of your future may be subject to a penalty rate of almost 30%, according to a report in The Charlotte Observer Wednesday . The penalty rate will apply to previous balances, however.
Nor does the interest rate penalty will be applied automatically, the article notes, but rather on a case by case for other risk factors into account. And if the bank chose to make an account with a higher penalty rate, it will give the customer a head 45 days before the new rates are effective as required by the credit-2009 Accountability and Disclosure Act , otherwise known as Card Act. Bank of America (BAC) has begun to inform customers about rate increases penalty through their bills this month: those affected will soon see their rates increase next afterJune 25th
Rate of fine may change up to 29.99% of the sales to come, and the holders will have their accounts audited every six months required by the Act on the map of potential reductions in penalty rates, said spokeswoman Betty Riess BOFA daily finances.
Before CARD Act came into force, consumers face an interest rate of death spiral with their credit card, Greg McBride, a senior financial analyst with Bankrate.com, told the daily finances.
"Before the law of MAP, increases penalty interest rate was one-way ticket," said McBride. "Now they have to go through every six months. And while the needs are still kind of loose, it is a step in the right direction."
He said another big change that came out of the law of cards is that any increase in rates can only be applied against future balances on credit cards and existing balances, unless the payment is a crime with more than 60 days .
The adoption of the Bank of a penalty rate follows a path that other financial institutions have been taken since the 1990s, according to a CreditCards.com. Back in 1998, for example, hovering the average default rate of 22.75%, and remained in a relatively narrow range over the years that followed, up to 25.28% in 2009. But despite the passage of the map of the Act, the penalty interest rates continued to rise.
Last summer, banks were charging an average median rate of penalty interest of 29.99%, the report says BankRate.com. This puts the Bank of America squarely in the middle of the pack with its competitors. If it's any consolation to their customers, CreditCards.com noted last year that HSBC is the penalty rate had exceeded the limit of 30% - 31.99% less trim.
To avoid these sanctions, the users credit card just to make payments on time, McBride advises.
McBride said: "People complain that the default interest on complaints of violations, if you do not want the ticket, then do not speed .."
Saturday, September 24, 2011
Tuesday, September 20, 2011
Remodeling Loans
Remodeling Loans
Need to tackle remodeling loans finance housing improvements to their home markets. Prior to the availability of loans for the renovation, the house was only a few options. These were: 1) Pay cash improvements. 2) If the cash-out refinance based on the current value of your home. 3) Remove the line, or loans, again, based on the fair value of the house. This still puts the burden of funding improvements to the homeowner. Remodeling loans to solve this problem. E-mail, including questions about remodeling loans.
As a mortgage broker who specializes in renovation loans, which work for my client, taking time to understand your situation and placing your loan with the lender remodeling, remodeling, whose loans to their needs. Right now I have access to 22 lenders of loans for remodeling. Restructuring loans are available in a fixed or adjustable. Ready for construction and renovation are a specialized part of mortgage brokers and most banks lack the expertise to guide you through this complex process. Lenders most basic building offers two types of loans remodeling is characterized by the manner in which the base interest rate on loans during the construction phase. I refer to these methods as "one step" and "Two Step" remodeling of the loan.
Restructuring of loans you can refinance your existing mortgage or buying a new home and finance the improvements. Restructuring loans are then modified by the completion of improvements to a permanent loan product.
Remodeling loans are a variation of "One Time Close" loan remodeling of the product. The biggest advantage of a remodeling loans is that we borrow against the finished or "as the term" property value, rather than the current value of your home than most other lenders do. With other programs, you're out of luck if you do not have sufficient value to complete the project.
*Single-rate loan restructuring. "One Step" program to protect against rising rates and expanded new lock. Interest only fixed rate during construction and becomes a permanent loan after construction. Flexibility and under the arms.
*Loans prime rate based on remodeling. "Two Step" program allows you to borrow up to 95% of the total cost of a primary residence based on the prime rate during the construction period interest only collected the funds disbursed. Allows a 12-month phase of construction.
I've included a list of documents needed to process loans for remodeling, some of the most common questions, draw a section of a remodeling loan programs and information on the restoration of the loan payments. It may require the use of contractors. I am an entrepreneur section of the requirements and agreements.
Monday, September 19, 2011
Current Louisiana Rates in the Construction Loan
Current Louisiana Rates in the Construction Loan
Louisiana homeowners and homeowners-to-be can enjoy affordable state property. New Orleans to the Khmer capital of the State Baton, lush Bayou Country to the coast, Louisiana features various opportunities to invest in the property unique.
Best financing options of land in Louisiana with the help of HSH.com. You will find a treasure of the update data on the mortgage options Louisiana. Find the current mortgage rates in Los Angeles, payments and estimate the costs with mortgage calculators, lenders and contacts for quotes and explanations about how mortgage rates Louisiana and financial situation to determine your best options loans.
Is this the right time for buying a home in Louisiana, equity loan or refinance your home? Find out with database HSH.com's mortgage rates in Louisiana and research resources.
Home Construction Loan Rates
Home Construction Loan Rates
Building a new home means more financial capital spending. The home loan new construction is not a permanent loan, but a short term loan during the construction phase. The manufacturer can get the loan with a credit line, or may require owners to obtain the loan themselves. Most manufacturers require the owner to obtain the loan and a "paint program" is negotiated between the owner and manufacturer. The loan is designed as a "credit line" that can serve as needed. Evaluate loan rate housing during the signing of the loan.
The first step to qualify for construction loans is to get pre-approved for a mortgage loan. Documents such as tax returns, bank statements, pay stubs, and the cost of credit to be provided for pre-approval of the loan. The interest rate is calculated as a "simple interest" loan. Interest will be payable regardless of who receives the loan and the rate of construction loan is fixed from the beginning.
Large mortgage funds available to lenders to provide cheap loans to home construction. Private lenders claim to offer prices below the mortgage bank. Private lenders also allow additional payments and unlimited free redraws. Mortgages at low prices that are charged by lenders, real estate investors, buyers of first homes and people who want to renovate their current home.
We offer a variety of information on low interest rates. Free online software are easy to understand, and it only takes a minute. Construction loans have several options. Consider the following thought for the construction of residential buildings.
Nearly a unique construction permanent loan (CTP): This is a popular program. It allows you to qualify and close with a program - which means a loan, and thus a set of fees. A loan of this nature allows funds to be disbursed during the construction phase. This loan saves time and money. The only ready-to close is the best choice to purchase a modular home.
Closing a double loan CTP: Being a traditional loan program, this translates into two loans, ie, the loan on account of "interest only" construction and permanent mortgage for the house fully amortized at the end.
End of construction loans: This loan offers a buyer a traditional loan to buy a house built completely.
Real estate loans: Once you've decided to buy a piece of real estate credit agreements for the same need to organize. You can go to real estate loan program may choose to hand over the money they want to do. The first thing to consider when making real estate loan commitment is to assess how much money you have available for this acquisition. Your Real Estate Loan choices can range from conventional to adjustable home mortgage loan home equity loans FHA loans. You need to shop around for the best deals available on loan real estate loan. You may also consider an FHA loan programs for real estate.
For more free information on real estate loan click on the link next to it.
Home mortgage loan rate
If you are not ready, choose a home mortgage for your needs can be really annoying to do. Number of types of loan programs and providers are overwhelming. The first step in getting a loan is to find out the payment of the loan is suitable for the current budget and also to a certain extent, the obligations of the future, say 15-30 years later. Lenders are specialized in offering low mortgage rates home the people according to their situation. Lenders experts can easily determine the best loan rates people.
It's a buyers market and get a home loan is easy. At present, the current interest rate is incredibly low. Monthly rates are cheaper than in the past. People should always try to find the mortgage that best suit their families. If you buy a first home is a good time to consider purchasing a home. Your first mortgage can be less than the rent you pay now. Suppose you have a high interest rate mortgage is a good time to refinance. Fill out our simple online form for home mortgage rates low prices.
If you are thinking of applying for a loan, even if the second mortgage, be aware of the potential costs that go with it. Getting a lower interest rate may seem like a wise choice, but ask yourself the following questions first:
* What is a cost loan?
* Are there items you will pay?
* If you are refinancing, the loan is not a current prepayment penalty?
Home mortgage loan rate is the rate you will pay for the entire duration of the loan. Even a small difference between the interest rate on the loan (even one quarter percent) can significantly change the monthly payment of the loan. Ultimately, this will cost a significant amount of money.
The current mortgage rate or interest rate home mortgage depends on several factors. Mortgage rates fluctuate as economic changes. Another important factor is your credit history. If you have excellent credit, you will get a much lower rate than someone with bad credit or bad.
Mortgage rates tend to move in the direction of interest rates. However, the real loan interest rates are also based on supply and demand for mortgages. Supply / demand equation for interest rates home mortgage loan can differ from the supply / demand equation for interest rates. Sometimes, when a provider is forced to close additional mortgages to meet the commitment, offering lower prices, even though interest rates may be increased.
Home Mortgage Calculator
Home loans can be used to examine all financial aspects of their way to buy or maintain a home mortgage. Loan Calculator provides the best quotes immediately while at home professionals can take weeks to provide the same service. Calculate a loan payment in one of these computers. Home Loan Calculator can be:
* Monthly Home Mortgage Calculator - This allows you to explore the results of changes in the balance of the mortgage, the loan and the interest rate on your monthly P & I payments.
* Home mortgage loan payment calculator - This shows the period for payment of the mortgage loan period.
* Home Loan Mortgage qualification calculator - This shows you how much income you need to buy a house based on income and other factors.
* April Calculator - This compares with adjustable rate mortgages: 8% at one point or 7.75% to 2 points. When comparing the different April adjustable rate mortgage, you can compare the real cost of a loan for a period of time.
* Calculator debt consolidation - which can show you how to reduce and calculate your monthly payment and save money.
* Interest Vs. Buy Calculator - This allows you to compare the cost of renting a house and buy a house. Calculate your credit to know what your credit rating is by answering a few simple questions.
Mortgage rates are an important building that influences the purchase of their loans. Before getting your home mortgage with a mortgage calculator in the country to determine the feasibility and the repayment of their loans.
Sunday, September 18, 2011
Residential Construction Loans
Residential Construction Loans
Today’s modern day construction loan is usually a one-time close, one set of loan fees construction to perm or permanent loan. The construction loan includes the construction loan period and long term financing to build a dream home.
Construction Lending Features:
* Lot Loans
* Construction
* Demo & Rebuild
* Remodel
* Rehabilitation
Lot loans up to $1,500,000
Construction financing to $3,000,000 standard and up to $8,000,000 for High Net Worth eligible.
Lock permanent loan up-front for up to 24 months on ARM and Fixed loan products.
Construction Loan Highlights
Overview
Single close construction to permanent financing.
Loan Purpose
Purchase, finance and cash-out refinance
Products/Pricing
Construction phase: Prime based, interest only based on the amount disbursed. Permanent phase: Lock First allows the permanent financing to be locked prior to beginning construction. Lock After floats the permanent financing until after construction is completed. See daily rate sheet for pricing.
Processes
Modified/Standard (Full Doc), LoanQuick, Asset Based Stated Income
Occupancy
Primary residence, second home, investment (rental) property.
Property Type
New construction, remodel or rehabilitation of: 1 unit, PUDs Attached and detached dwellings (i.e. PUDs, town homes) are permitted for both ground up and remodeling. 2 Units. Pre-starts (homes already under construction) are permitted provided there is no delinquency on the existing construction financing.
Not permitted: Condos, coops, manufactured homes, commercial, mixed use, apartments, development projects and spec homes.
Construction Loan Terms
Construction phase (months) 4, 6, 9, 12, 15, 18, 21, 24
Interest Rates
Required Standard. Can be waived under certain circumstances.
Contingency Reserves
Required Standard. 5% on Ground Up and Non-Structural Rehabs. 10% on remodels. Can be waived under certain circumstances.
Owner/Builder
By exception only. Owner/Builder requires a licensed contractor as a project manager. Specific requirements apply throughout the construction phase regarding the Project Manager's responsibilities.
Fees
Commitment fee: Lot Loans - $550; CTP Loans - $700. Draw administration fee: 25 bps, with a minimum of $995.
Draw Allowance:
Construction term: <=6 mos.: 5draws, 9mos.: 9 draws, 12 to 15 mos.: 14 draws, >=18mos.: 18 draws. Additional draws can be purchased for $250/each
Appraisals
For loan amounts greater than $1,000,000, 2 appraisals are required. Appraiser must be on the lender approved list.
Qualifying Rates
Lock first: qualify at Note Rate for: Fixed Rates, 10/1, 7/1, 5/1, & 3/1
Lock After: Qualify at Note Rate + 1% (using par pricing) for: Fixed Rates, 10/1, 7/1, 5/1, & 3/1. Qualify at Fully indexed + 2% for: 1 Mo, 6 Mo, and 1/1 LIBOR
ARM Caps
5/2/5 for: 5/1, 7/1, 10/1 T-Bill and LIBOR
2/2/6 for: 1 yr, 3/1 T-Bill and LIBOR
Special Construction Reserves
Transition Ratio
6 months PITI - conditions apply
Waive Financed Interest Reserve
Valuation and Loan Amount Calculation
The loan amount will be calculated using the LESSER of: 1) total acquisition costs multiplied by LTC matrix (95% LTC to $650M; 90% LTC to $1.5MM, OR 2) appraised value multiplied by LTV.
Pre-Closing Asset Accounting
In addition to bank account balances, brokerage accounts, retirement accounts, etc., recent (within 24 mos.) payment toward lot purchase, and prepaid expenses for hard and soft costs related to the project can be considered as pre-closing assets (if properly documented).
Early Delivery/Prepayment Penalty
The loan is subject to a 1% penalty is any of the following occurs: 1) Borrower requests to roll to permanent phase prior to the end of the committed construction term; 2) Loan fails to roll to permanent phase; 3) Once rolled to the permanent phase, if the permanent loan is paid off prior to 4months and 4 monthly payments.
Full Doc LTV Matrix
Modified/Standard (Full Document)
Purchase and Rate/Term Finance
Primary LTV Loan Amount FICO
95% $500,000 720
80% $1,000,000 680
75% $1,500,000 680
75% $3,000,000 720
Second
85% $500,000 680
80% $700,000 680
70% $1,000,000 680
65% $1,500,000 680
Cash Out Refinancing
Primary LTV Loan Amount Max Cash Out FICO
80% $500,000 $250,000 700
80% $500,000 $500,000 700
70% $700,000 $700,000 680
65% $1,000,000 $700,000 680
50% $1,500,000 $700,000 680
LoanQuick
Overview
LoanQuick is a process featuring preferred documentation for loans that meet minimum FICO score and debt ratio requirements
Credit Score and Qualifying Ratio Requirements
Conforming FICO Max Ratio
Salaried >=720 45.00%
660-719 40.00%
Self-Employed >=720 45.00%
660-719 40.00%
Non-Conforming FICO Max Ratio
Salaried and >=720 45.00%
Self-Employed 660-719 40.00%
Preferred Documentation Features
Salaried (two year work history required)
1 YTD pay stub (most recent computer generated), 1 W-2 Form (for most recent year)
Self-Employed (Borrower owned for 2 years minimum)
1 year 1040 (pages 1 & 2 only of most recent year), Sched. A required for commissioned income.
Not Required: Business Returns, K-1s, Balance Sheet, P&L.
Bonus/Overtime
Same as Salaried. Average of YTD &w-2
Commission Income
If commission income is <25% of total, use salaried doc. If commission income is >=25% of total us Self-Employed documentation.
Other Income Sources
Assets
Purchase: 1 month bank statement. Refinance: Not required
Reserves
Purchase: Two months PITI. Refinance: None. Subject to additional construction reserves requirements (i.e. Transitional, Contingency & Interest Reserves)
Important Documentation Requirement
Signed 4506-T required
LTV/Loan Amount Matrix
Use Modified/Standard (Full Document) LTV matrix (Cash-out not allowed). FICO requirements differ than Standard/Modified process type.
High Net Worth Program
Overview
A Full Document initiative designed to offer expanded loan amount and LTV/CLTV parameters on Non-Conforming loan amounts available through Mortgage to High net-worth clients who have $500,000 or more in investable post-close assets. Real estate, loan proceeds, stock options, restricted stock and personal property will not be counted as part of the $500,000 or more in investable post close assets. Investable assets are defined as the face value of deposit accounts, unrestricted stocks, bonds, pledged PAM account assets and retirement accounts held by the individual who is personally liable on the loan. Assets held in a revocable trust may be used provided the trust document states that the borrower has power the revoke the trust. The assets held in trust must be of the investable quality stated above.
Total Debt Ratio
<=45% Assets Two (2) most recent consecutive months' statements and or other documents are required to verify a minimum of $500,000 in investable post-close assets. LTV/Loan Amount Matrix Purchase and Rate/Term Refinance Primary LTV Loan Amount FICO 90% $600,000 680 85% $800,000 680 80% $2,000,000 680 75% $3,500,000 720 65% $5,000,000 720 50% $8,000,000 720 Second 85% $500,000 680 80% $1,000,000 680 75% $2,000,000 680 70% $3,000,000 720 65% $4,000,000 720 50% $5,000,000 720 Cash Out Refinance Primary LTV Loan Amount FICO 80% $1,000,000 680 80% $1,500,000 720 75% $2,500,000 720 65% $4,000,000 720 50% $5,000,000 720 Second 80% $800,000 680 75% $1,500,000 720 70% $2,000,000 720 65% $3,000,000 720 60% $4,000,000 720 50% $5,000,000 720 Conditions, Restrictions, and Other Requirements: Asset Based Stated Income Overview The Asset Based Stated Income Program (ABIP) is designed to utilize verified assets to support the income stated on application. Income stated on this application must appear reasonable for the applicant to be considered. Stated Income Checklist required. Total Debt Ratios Fixed 38%; Arm 40% Pre-Closing Liquid Assets Pre-closing assets = to 6 mos. Stated Income. 100% of retirement and stock accounts can be utilized. 3 months bank statements or other verification required. (See reverse for more information) Reserves 6 months PITI (plus any other construction specific reserve requirements i.e. Transitional Ratios, Contingency Reserves, Interest Reserves, etc.) Credit Scores Fixed Rate (Purchase and Rate & Term): * For a LTV <=75%, the minimum FICO score is 680 * For a LTV >75%, the minimum FICO score is 700
* For Loan amounts over $1.5MM, min. FICO score is 720
ARM (Purchase and Rate & Term):
* Conforming Loan Amounts:
o For a LTV <=80%, the minimum FICO score is 680 o For a LTV >80%, the minimum FICO score is 700
* Non-Conforming Loan Amounts:
o For LTVs, the minimum FICO score is 700
o For loan amounts over $1.5mm, min. FICO score is 720
Fixed Rate and ARM (Cash Out Refinance):
* The minimum FICO score is 700.
Important Documentation Requirements
* Signed 4506-T required
* Signed "Borrower(s) Acknowledgement of Stated Income Amount"
LTV/Loan Amount Matrix
Purchase and Rate/Term Refinance
Primary LTV Loan Amount
95% $500,000
80% $1,000,000
75% $2,000,000 Fixed
75% $3,000,000 ARMS
Second
85% $500,000
80% $700,000
70% $1,000,000
65% $1,500,000
Cash Out Refinance
Primary LTV Loan Amount Max Cash Out
80% $500,000 $500,000
70% $700,000 $700,000
65% $1,000,000 $700,000
50% $1,500,000 $700,000
Today’s modern day construction loan is usually a one-time close, one set of loan fees construction to perm or permanent loan. The construction loan includes the construction loan period and long term financing to build a dream home.
Construction Lending Features:
* Lot Loans
* Construction
* Demo & Rebuild
* Remodel
* Rehabilitation
Lot loans up to $1,500,000
Construction financing to $3,000,000 standard and up to $8,000,000 for High Net Worth eligible.
Lock permanent loan up-front for up to 24 months on ARM and Fixed loan products.
Construction Loan Highlights
Overview
Single close construction to permanent financing.
Loan Purpose
Purchase, finance and cash-out refinance
Products/Pricing
Construction phase: Prime based, interest only based on the amount disbursed. Permanent phase: Lock First allows the permanent financing to be locked prior to beginning construction. Lock After floats the permanent financing until after construction is completed. See daily rate sheet for pricing.
Processes
Modified/Standard (Full Doc), LoanQuick, Asset Based Stated Income
Occupancy
Primary residence, second home, investment (rental) property.
Property Type
New construction, remodel or rehabilitation of: 1 unit, PUDs Attached and detached dwellings (i.e. PUDs, town homes) are permitted for both ground up and remodeling. 2 Units. Pre-starts (homes already under construction) are permitted provided there is no delinquency on the existing construction financing.
Not permitted: Condos, coops, manufactured homes, commercial, mixed use, apartments, development projects and spec homes.
Construction Loan Terms
Construction phase (months) 4, 6, 9, 12, 15, 18, 21, 24
Interest Rates
Required Standard. Can be waived under certain circumstances.
Contingency Reserves
Required Standard. 5% on Ground Up and Non-Structural Rehabs. 10% on remodels. Can be waived under certain circumstances.
Owner/Builder
By exception only. Owner/Builder requires a licensed contractor as a project manager. Specific requirements apply throughout the construction phase regarding the Project Manager's responsibilities.
Fees
Commitment fee: Lot Loans - $550; CTP Loans - $700. Draw administration fee: 25 bps, with a minimum of $995.
Draw Allowance:
Construction term: <=6 mos.: 5draws, 9mos.: 9 draws, 12 to 15 mos.: 14 draws, >=18mos.: 18 draws. Additional draws can be purchased for $250/each
Appraisals
For loan amounts greater than $1,000,000, 2 appraisals are required. Appraiser must be on the lender approved list.
Qualifying Rates
Lock first: qualify at Note Rate for: Fixed Rates, 10/1, 7/1, 5/1, & 3/1
Lock After: Qualify at Note Rate + 1% (using par pricing) for: Fixed Rates, 10/1, 7/1, 5/1, & 3/1. Qualify at Fully indexed + 2% for: 1 Mo, 6 Mo, and 1/1 LIBOR
ARM Caps
5/2/5 for: 5/1, 7/1, 10/1 T-Bill and LIBOR
2/2/6 for: 1 yr, 3/1 T-Bill and LIBOR
Special Construction Reserves
Transition Ratio
6 months PITI - conditions apply
Waive Financed Interest Reserve
Valuation and Loan Amount Calculation
The loan amount will be calculated using the LESSER of: 1) total acquisition costs multiplied by LTC matrix (95% LTC to $650M; 90% LTC to $1.5MM, OR 2) appraised value multiplied by LTV.
Pre-Closing Asset Accounting
In addition to bank account balances, brokerage accounts, retirement accounts, etc., recent (within 24 mos.) payment toward lot purchase, and prepaid expenses for hard and soft costs related to the project can be considered as pre-closing assets (if properly documented).
Early Delivery/Prepayment Penalty
The loan is subject to a 1% penalty is any of the following occurs: 1) Borrower requests to roll to permanent phase prior to the end of the committed construction term; 2) Loan fails to roll to permanent phase; 3) Once rolled to the permanent phase, if the permanent loan is paid off prior to 4months and 4 monthly payments.
Full Doc LTV Matrix
Modified/Standard (Full Document)
Purchase and Rate/Term Finance
Primary LTV Loan Amount FICO
95% $500,000 720
80% $1,000,000 680
75% $1,500,000 680
75% $3,000,000 720
Second
85% $500,000 680
80% $700,000 680
70% $1,000,000 680
65% $1,500,000 680
Cash Out Refinancing
Primary LTV Loan Amount Max Cash Out FICO
80% $500,000 $250,000 700
80% $500,000 $500,000 700
70% $700,000 $700,000 680
65% $1,000,000 $700,000 680
50% $1,500,000 $700,000 680
LoanQuick
Overview
LoanQuick is a process featuring preferred documentation for loans that meet minimum FICO score and debt ratio requirements
Credit Score and Qualifying Ratio Requirements
Conforming FICO Max Ratio
Salaried >=720 45.00%
660-719 40.00%
Self-Employed >=720 45.00%
660-719 40.00%
Non-Conforming FICO Max Ratio
Salaried and >=720 45.00%
Self-Employed 660-719 40.00%
Preferred Documentation Features
Salaried (two year work history required)
1 YTD pay stub (most recent computer generated), 1 W-2 Form (for most recent year)
Self-Employed (Borrower owned for 2 years minimum)
1 year 1040 (pages 1 & 2 only of most recent year), Sched. A required for commissioned income.
Not Required: Business Returns, K-1s, Balance Sheet, P&L.
Bonus/Overtime
Same as Salaried. Average of YTD &w-2
Commission Income
If commission income is <25% of total, use salaried doc. If commission income is >=25% of total us Self-Employed documentation.
Other Income Sources
Assets
Purchase: 1 month bank statement. Refinance: Not required
Reserves
Purchase: Two months PITI. Refinance: None. Subject to additional construction reserves requirements (i.e. Transitional, Contingency & Interest Reserves)
Important Documentation Requirement
Signed 4506-T required
LTV/Loan Amount Matrix
Use Modified/Standard (Full Document) LTV matrix (Cash-out not allowed). FICO requirements differ than Standard/Modified process type.
High Net Worth Program
Overview
A Full Document initiative designed to offer expanded loan amount and LTV/CLTV parameters on Non-Conforming loan amounts available through Mortgage to High net-worth clients who have $500,000 or more in investable post-close assets. Real estate, loan proceeds, stock options, restricted stock and personal property will not be counted as part of the $500,000 or more in investable post close assets. Investable assets are defined as the face value of deposit accounts, unrestricted stocks, bonds, pledged PAM account assets and retirement accounts held by the individual who is personally liable on the loan. Assets held in a revocable trust may be used provided the trust document states that the borrower has power the revoke the trust. The assets held in trust must be of the investable quality stated above.
Total Debt Ratio
<=45% Assets Two (2) most recent consecutive months' statements and or other documents are required to verify a minimum of $500,000 in investable post-close assets. LTV/Loan Amount Matrix Purchase and Rate/Term Refinance Primary LTV Loan Amount FICO 90% $600,000 680 85% $800,000 680 80% $2,000,000 680 75% $3,500,000 720 65% $5,000,000 720 50% $8,000,000 720 Second 85% $500,000 680 80% $1,000,000 680 75% $2,000,000 680 70% $3,000,000 720 65% $4,000,000 720 50% $5,000,000 720 Cash Out Refinance Primary LTV Loan Amount FICO 80% $1,000,000 680 80% $1,500,000 720 75% $2,500,000 720 65% $4,000,000 720 50% $5,000,000 720 Second 80% $800,000 680 75% $1,500,000 720 70% $2,000,000 720 65% $3,000,000 720 60% $4,000,000 720 50% $5,000,000 720 Conditions, Restrictions, and Other Requirements: Asset Based Stated Income Overview The Asset Based Stated Income Program (ABIP) is designed to utilize verified assets to support the income stated on application. Income stated on this application must appear reasonable for the applicant to be considered. Stated Income Checklist required. Total Debt Ratios Fixed 38%; Arm 40% Pre-Closing Liquid Assets Pre-closing assets = to 6 mos. Stated Income. 100% of retirement and stock accounts can be utilized. 3 months bank statements or other verification required. (See reverse for more information) Reserves 6 months PITI (plus any other construction specific reserve requirements i.e. Transitional Ratios, Contingency Reserves, Interest Reserves, etc.) Credit Scores Fixed Rate (Purchase and Rate & Term): * For a LTV <=75%, the minimum FICO score is 680 * For a LTV >75%, the minimum FICO score is 700
* For Loan amounts over $1.5MM, min. FICO score is 720
ARM (Purchase and Rate & Term):
* Conforming Loan Amounts:
o For a LTV <=80%, the minimum FICO score is 680 o For a LTV >80%, the minimum FICO score is 700
* Non-Conforming Loan Amounts:
o For LTVs, the minimum FICO score is 700
o For loan amounts over $1.5mm, min. FICO score is 720
Fixed Rate and ARM (Cash Out Refinance):
* The minimum FICO score is 700.
Important Documentation Requirements
* Signed 4506-T required
* Signed "Borrower(s) Acknowledgement of Stated Income Amount"
LTV/Loan Amount Matrix
Purchase and Rate/Term Refinance
Primary LTV Loan Amount
95% $500,000
80% $1,000,000
75% $2,000,000 Fixed
75% $3,000,000 ARMS
Second
85% $500,000
80% $700,000
70% $1,000,000
65% $1,500,000
Cash Out Refinance
Primary LTV Loan Amount Max Cash Out
80% $500,000 $500,000
70% $700,000 $700,000
65% $1,000,000 $700,000
50% $1,500,000 $700,000
Construction Loans for New Home, Remodeling, Lot purchase and Permanent Finance For Residential Properties
Building your dream home can quickly turn into a nightmare of unmet schedules, cost over runs, shabby workmanship and endless arguments.
I have been originating and closing construction loans for a good number of years now and I have experienced clients dumping contractors and even contractors dumping clients. By that time in most cases the job is running behind schedule and over budget. Choosing a new contractor at this stage is difficult and further delays are inevitable.
Spending a little more time and paying a little more attention to the process of choosing your contractor can avoid all this.
In most cases the writing is on the wall from the very first day, but wishful thinking gets in the way of logic, which leads to disaster down the road.
A good number of articles have been written on the subject, and you should try reading at least one or two well before making your choice of a contractor.
This article is based on my experience and personal observations. You may whish to write the main points down and add others that I have not covered and indeed add to the list from your own experience of dealing with people. This way you will internalize the subject and become a naturally better judge of those you do business with.
During the processing of your construction loan, some information is collected from the contractor but that should not stop you from your due diligence. Here is a list of items to check and to look out for:
1- If your state requires a state license, ask for the number. Don’t stop at that. Call the relevant state board and check on the license’s status. You don’t know who regulates contractors in your state? Ask Him/Her. And pay attention to the reaction.
There is no need to be shy. A legitimate and honest businessman will have no problem providing the information. We are involved in a highly regulated business and we proudly provide the relevant information along with phone numbers and links to the state bodies on our About Us page.
2- Ask for references. Pay attention to the reaction. Too quick a reaction and fast talk is probably a lie and a bluff. Too cautious a reaction is a sign of uncertainty. In any event write the names and numbers down and do call them. Go see them. Most people will actually welcome you simply to show off their achievement.
Saturday, September 17, 2011
Construction to Permanent Financing
Construction-to-Permanent Financing Solutions from Merrill Lynch
Building or renovating a home may be one of the largest projects you will ever undertake. Our Construction-to-Permanent Financing offers a smooth transition from construction to permanent financing with only one application and one closing—saving you both time and money.
In most cases, custom-built home construction takes from 12 to 18 months. During the construction phase, you will receive disbursements of funds to pay your builder for labor and material costs. Each month you will be required to pay only the accrued interest on the outstanding balance.1 Once your home is complete, your loan automatically converts to the permanent mortgage you selected during the application process.
Construction-to-Permanent Financing can make each phase a little easier
* Financing for new home construction and major renovations is from $100,000 to $3 million.2
* It is available for owner-occupied primary residences and qualified second homes.
* You pay only one set of closing costs.
* There are no prepayment penalties.
The Construction Phase features:
* Eighteen-month construction period, upon approval by Merrill Lynch, may be extended up to an additional six months with an interest rate margin increase
* Interest-only payments at the prime rate plus a margin, based on utilization1
The Permanent Phase mortgage options include:
* PrimeFirst® Adjustable-Rate mortgage
* Select Term Adjustable-Rate mortgages
* Select Fixed-Rate mortgages
* 100% financing available
What you should know
* Land must be owned by borrower or included in the construction sales contract,
* The borrower must have selected a builder acceptable to Merrill Lynch.
* Final plans and specifications must be approved by both the builder and borrower, and are subject to Merrill Lynch review.
* You cannot act as your own project manager.
* The borrower must have selected a builder acceptable to Merrill Lynch.
* Final plans and specifications must be approved by both the builder and the borrower—and are subject to Merrill Lynch review.
* You cannot act as your own project manager.
1The construction period requires interest-only payments based on the Prime Rate as quoted in The Wall Street Journal, plus a margin. Six-month extension permitted with interest rate margin increase and lender approval.
This is an “interest-only” mortgage that allows you to pay only the interest on the money you borrow for a certain number of years. If you only pay the amount of interest that’s due, once the interest-only period ends, you will still owe the original amount you borrowed and your monthly payment will increase—even if interest rates stay the same—because you must pay back the principal as well as interest. You should ask what the payments on your loan will be after the end of the interest only period. If you are considering an adjustable-rate mortgage, ask about what your payments can be if interest rates increase.
2 Loan amounts over $3 million may be available on a case-by-case basis to qualified applicants.
Financing Your New Home with one of our recommended construction loan lenders
Financing Your New Home with one of our recommended construction loan lenders.
Construction loans are the foundation of the owner-builder plan. That's why we're providing this special section that spells out the "nuts and bolts" of the construction loan plans available. Please read it carefully.
A Review of How Owner-Builder Programs Make Home Ownership Possible for You Right Now
* Without a large down payment our recommended construction loan lenders can finance the construction of your new home and your land purchase.
* You keep construction costs low by acting as project manager and doing some of the work yourself.
* Our owner-builder program provides you with construction support throughout the process. Because of this, your finished home can be worth more on the market than it cost you to build it. The difference between what you spent and what the home is worth is "equity".
* Equity can take the place of a large down payment, and then you can obtain permanent financing -- a mortgage -- from a bank or other lending institution.
* You use the money the bank loans you to pay back the money you borrowed on your construction loan.
Financing Your land
* Getting a loan to buy land isn't easy. In fact, many lending institutions won't loan money for land at all.
* Those that do, often require a down payment equal to half the land's value. That's money you could use to build your home!
* Our recommended construction loan lenders offer a land/home package and if you own your own land then your land can act as your down payment for your construction loan. In this case you can get 100% financing to purchase building materials and pay for laborto complete your home.
BuildMax recommended construction loan lenders offers construction loans with 30% down.
*Permanent financing available upon completion of your home, by various lenders.
Financing the Construction of Your Home
Our recommended lenders offer construction financing programs which offers you these advantages:
* Plenty of time to build your home
* The funds you need to finance your land, materials and labor
The Power to Change Your Life. Unique financing plans make your new home possible.
The financing is available through a variety of nationwide lenders. You receive the financial support you need to build your home and save on construction costs.
You and your New Home Consultant work together not only to recommend you a reputable construction lender, but also to position you for competitive, permanent financing once your home is complete. The plan works this way:
* Land -- You may already own the land you want to build on. If you don't, BuildMax will help you locate financing.
* Materials -- We recommend lenders that will finance the cost of the materials needed to complete your new home.
* Labor -- Our recommended lenders will finance the labor costs for subcontractors you select.
* Equity -- The most important feature of owner-involved-building programs. Since you're the project manager, you can save thousands of dollars by eliminating the expense of the general contractor. So, by following the owner-involved-building plan, your completed house should be worth more than it cost to build. That difference between what your house is worth and what you owe on it is called "equity." We call it "sweat equity," because you earned it yourself. And it's your "sweat equity" that's your key to permanent mortgage financing.
Commercial construction loans
Search for sources of Commercial Construction Loan and get a free matched list.
Commercial construction loan is a loan given to a business for the purpose of constructing a building or improving existing real estate already owned by the company. Commercial construction loans are very large and long term loans that are difficult to obtain. If you go to a bank for a commercial construction loan, your credit must be excellent of you will get declined. Alternative sources for a commercial construction loan can be found through our free online directory search. In just minutes, we can provide you with a matched list of funding sources.
* Acquisition and Development - Raw land infrastructure development.
* Construction Mini-Perm - Construction with 3 to 5 year loan.
* Construction Loan with Take-out - Construction with pre-arranged takeout loan.
* Interim Loan - A short term (2 yrs or less), bridge or project type loan.
* Joint Venture - A financial partner in the development of real estate.
* Real Estate Purchase Loan - Lending for the purchase of commercial property.
Select a related funding type above or click the button below to immediately begin telling us about your capital need. Your free list of funding sources is waiting. We will only give you those lenders that you match 100%. No more wasting time with lenders you don't qualify with. Run a capital search today to get your free matched list of funding sources.
Construction Loans - How They Work
Commercial Construction Loans - How They Work?
Business persons can avail commercial construction loans, provided their operating history inspires confidence and provides the lender some semblance of comfort when it comes to the repayment of the borrowed sum. The lender carefully scrutinizes the following ratios, viz. loan-to-appraised value of the property ratio, the debt service ratio and the net worth-to-loan size ratio, before sanctioning the loan.
The aforementioned ratios indicate the ability of the consumer to repay the borrowed sum. A low loan-to-appraised value ratio is always desirable from the perspective of the lender since it indicates that the appraised value of the construction is more than the amount that is lent. In the event of the borrower not being able to repay the borrowed sum, the lender can foreclose the property and recover the amount. The debt service ratio is another important indicator that is arrived at by dividing the net operating income from the investment by the annual payment. A debt service ratio that exceeds 1.25 is always desirable. The net worth-to-loan size ratio is also indicative of the repayment capacity of the borrower and a ratio that is greater than or equal to 1 is appropriate, from the perspective of the lender.
Residential Construction Loans - How They Work?
A person, who is interested in availing a (new) home construction loan, is required to keep the lender appraised of the various steps in the construction process. In other words, the entire story behind the construction of the home has to be relayed to the lender. Planning the construction and submitting the necessary documents for approval pave the way for availing a home construction loan.
The loan, that is availed by the borrower, can be a construction-only loan or a construction-to-permanent mortgage. A construction-only loan is meant for a maximum period of 1 year. During this period, the borrower is required to make interest payments to the lender. The rate of interest charged on the loan is usually floating. The interest payments are tax-deductible, assuming that the borrower occupies the house at the end of 1 year. After one year, the borrower hunts around for a suitable home mortgage loan. The process of availing a mortgage at the end of the construction period, can be done away with by bundling the second loan with the construction loan and opting for a combination loan or a construction-to-permanent mortgage loan. Once the construction loan is approved, the borrower can draw money from the construction fund as and when necessary. People can take a look at the construction loan agreements that are available on the internet to get an idea about what the process entails.
Hopefully, the above article would have given the readers an idea about construction loans and how they work. Given the current rate of default, construction loans have been classified as the riskiest loans. The rate of default on construction loans has exceeded 50 percent of the sanctioned loans. High rate of unemployment, increased vacancy rates and a fall in the prices of newly constructed properties has resulted in mass defaults. In the present scenario, it may be difficult to get a construction loan unless businesses/people are able to convince the lenders of their credit worthiness.
Friday, September 16, 2011
Student loan forgiveness program for teachers
Student loan forgiveness program for teachers
If you were a full-time teacher for five consecutive academic years in a "low-income" school, you could qualify for a federal loan forgiveness program.
To qualify, you must:
Submit your completed application to the chief administrative officer at your elementary or secondary school. He or she must certify that you have taught full time for five consecutive years at that school, and
When your application is complete, submit it to your loan servicer for processing.
- have taught full time for five consecutive complete academic years in an elementary or secondary school that was designated a "low-income" school by the U.S. Department of Education.
- At least one of the qualifying years of teaching was after the 1997–1998 academic year.
- Your loan was made before the end of the fifth year of qualifying teaching.
- The school must be public or private nonprofit.
When and how to apply
You can apply to have your teacher loans cancelled after you have taught for five consecutive years.Submit your completed application to the chief administrative officer at your elementary or secondary school. He or she must certify that you have taught full time for five consecutive years at that school, and
- if you're teaching in an elementary school, that you have knowledge of or teaching skills in areas of the elementary curriculum;
- if you're teaching in a secondary school, that you are teaching in a subject area relevant to your academic major.
When your application is complete, submit it to your loan servicer for processing.
forgive student loans
So we’re now considering a new "jobs" bill - a new stimulus package by another name, stimulus now being a four letter word.
I have an idea which I’m sure others have thought of but maybe it’s time to push for it.
How about we forget about tax cuts to corporations (I paid more in income tax this year than General Electric anyway), millionaires and billionaires,
How about we consider the total or partial forgiveness of student loans as a means of economic stimulus?
I know working adults with hundreds of thousands in dollars of student loans. Many can't consider buying a home because of a mountain of student loan debt. Forgiving all or a portion of these loans will put hundreds if not thousands of dollars in the pockets of ordinary people each month; people who will spend it on goods and services.
Our President is always talking about how an educated populace is vital to the growth and security of the nation. Well here’s a chance to do something about it. Why saddle an entire generation of young people with a mountain of debt from which there is no escape simply to get an education?
Forgiving student loans will result in greater stimulus to the economy than any tax cut for corporations that pay little in taxes anyway or a billionaire who will simply sock the excess into his investment portfolio.
How about a break for the young? For ordinary people. Real people. Not Supreme Court definition legal people. Flesh and blood people.P.S I've read a number of the comments and want to add that I went to the City University of NY when it was FREE! Not open admission mind you - but free if you qualified and got in.
The free university was the way to a better life for the children of brick layers and garment workers. It was the way out for me.
Forgiving student loans, at least partially, is no different than forgiving monies owed directly to the government or paying out the bank which made the loan - same as FHA or VA mortgages. The money in the pockets of people who need it and will spend it is stimulative in that it creates demand which in turn creates jobs. Through the multiplier effect every dollar forgiven creates more in stimulative spending.
It's better than say, paying agribusiness not to grow food.
Thursday, September 15, 2011
infomation for bank of america construction loans
infomation for bank of america construction loans
Certainly, the Bank of America information construction loan is important to help you succeed in your business. Here are some resources to help you on your way:
Take the shuttle 30 seconds every day for your work! Work when you want. Maybe even retire about 20 years before the plan of 40. "WOW .... that sounds good Jeff." What should I do?
OK. I'll tell you, but you must promise not to become angry. Join me in the "Best MLM Business" I've never seen.
"What is an MLM business?" And people believe it or not, this is true I went recently. And then I realized. Not everyone in the world were Amway, Shaklee, Herbalife, and Watkins.
I think it's a great thing. Because now you can actually go out and find the best MLM business for you and with the right approach, products and the system of law, you can actually make money.
In fact, begins with the right approach, together with the right products and a system to help you succeed. For me, the day of a garage full of products has been completed. Internet, website, drop shipping, etc., have changed all that. I do not even need to manipulate a product, or even cash a check if you do not want. That's all care for the company you represent.
How about that! Even better, I sell information products, which can be downloaded immediately. Earn money by selling these products in your business website and make money off the sales of others. Think of these people in a mini sales reps and get a small commission every time they make the sale.
This concept of attention from efforts of others is the real key to making money in an MLM company. You could say that alone makes any business in the best MLM company to be in. I would not say
point with you. I'd rather have paid a small commission on the sale of 100 brought nothing but go out and do my 100 the sales person.
Now look at the product itself. The best MLM business is a product that is unique and there is a demand. I discovered long ago that trying to create a market for the product makes sense a lot of effort. It 'much easier to sell products that already have the need. Then you just have to find customers who are interested in it and create a desire to have it.
Over the years, it seems that MLM companies offer vitamins and health supplements. Something that made it easier to manufacture these products at a low cost and then check again and then everyone can make money.
That's why I find information on the Internet-based products. You can make them unique, and the value can be determined by what someone is willing to pay for it. Since we have no production costs over the creation of the original product, you can quickly and economically deliver it offers real value for the customer on time. If your business is the best MLM company, then I try to provide information on the Internet-based product.
Thank you to Web sites, e-mail follow-up autoresponders, and information products, the best MLM company gives you a lot of money to almost anywhere in the world. Of course, it must have a good compensation plan as well and most of all MLM companies have.
How exciting is that? A global company, which is open 24 hours a day and sells products for you to collect money from you. And getting paid for the efforts of other concept you can literally make money every minute a day.
It all comes down to effort, with the MLM business system allows you to be the best and hard work for a short period of time to make things happen. Generally everything is set for you, with the exception of customers. Become an expert in selling your products that are needed.
Saturday, September 3, 2011
ransferring money to China
Living in China but collecting a U.S. paycheck (direct deposited into Vanguard money market funds) does require getting the money over. Here are some of the methods I have been using:
Western Union
Most people use Western Union by bringing cash in person to a local retail presence. As I am overseas, that option is off limits to me. Instead, these kind of transactions usually involve friends and/or relatives sending cash to here and then I write them back a check via online banking. However, I did use Western Union to send money to my brother-in-law in China before flying out. The cost of this service is $14 for up to $2500 and $25 for up to $7000. (Edit, fees have been raised to $17 and $32!)
Western Union does allow using a debit or credit card to send money online but the extra fees make it unappealing when other options are available. (Edit, with the increased fees, WU is now my last choice.)
Wire Transfer
All banks of course have traditional wire transfers -- usually at a cost of $15 to $25 for overseas transfers. There are some options at specific banks to bypass such fees:
Bank of America can send $1500 per wire twice a month to an account holder a China Construction Bank at no charge. (I could find nothing on their website describing this deal but was able to sign up for it a local branch in San Francisco Chinatown.)
Wells Fargo has a similar relationship with Agricultural Bank of China for PMA account holders ($25K assets at Wells Fargo). You can send $1000 per day up to a maximum of $75K a month. I know -- the math does not work out -- if you sent $1000 every bank business day during a month, you could only do roughly $20K per month.
ATM
Just like how some banks of special wire transfer relationships with banks in China, there may be similar relationships for ATMs. From a China Construction Bank ATM, I can withdraw the equivalent of 2000 RMB from my Bank of America checking account. This corresponds to roughly $293 USD.
Cash
If you have cash, you can find local merchants who will convert the money for you. Unfortunately, the exchange rates are not as good.
Check
If time is not an issue, you can write a check off a U.S. bank and deposit it in a China bank. Fees and time to process depends bank-to-bank. From our inquiries, it appears China Construction Bank has both the lowest fee (about $1.50 for a $5000 check) and fastest service (1 month to clear).
Exchange Rates
Exchange rates do vary depending on the institution and method. Here's a rough estimate of what I've been seeing:
* Trading Rate: 6.83
* Wire Transfer, ATM, Check: 6.81
* Western Union: 6.80
* Cash @ Street Merchant: 6.78
In short, the difference between the trading rate is where the merchant/institution is getting their fee (or extra fee in the case of Western Union).
Additional Notes
Foreigners can open bank accounts in China. All you need is your passport. However, receiving wire transfers and depositing checks can be a hassle. You have to fill out reams of forms each transaction -- I did a test transfer of $100 and sat there at the window for 30 minutes signing one form after another. My recommendation is if you have trusted family in China, transfer the money to their accounts. Chinese nationals can get through the process 5 times faster.
China also has a limit of $50K USD received per person annually. Once you hit this limit, you will get USD cash which you then have to find a local vendor to exchange.
How To Transfer Money Out Of China
¿Qué va a costar (otros bancos puede Variara):
* La Banque de Chine - 150 RMB frais de service, 0.1% du total transfer
Cómo transferring dinero de los expatriados in China in China Viven trabajan y demuestra que el banco puede ser free of problems. Abrir una cuenta para hacer Depósitos y Transferencia de dinero que no es amable y particularmente en el extranjero a menudo requires the paciencia of a santo. Las cosas más aun DifÃcil vuelven will be if the paga in Renminbi (RMB) y desea transferred were sus ingresos en el hogar. In general, China is opon only el dinero del paÃs y as dirty debido a los empleados of the complejidad del banco is encuentran a menudo una apologized para ser capaz of negarse a hacer.
Recientemente el proceso bastante ET completado tortuoso por primera vez con Exito, asà cómo compartir thought about that in the funcions that otras personas of esperanza podrÃan ser capaces of the evitare Decepción -
Ce que vous Devez:
* Pasaport with visa de residencia en vigor (ya veces permiso de residencia)
* A copy of the original contrato de trabajo, rubricados or "Picadas"
* The per ogni lavoro Entrate Tributaries (a seconda di quanto if desidera spostare)
* The SWIFT code de votre banque à domicile (par EXAMPLE BARCGB22 Barclays de au Royaume-Uni)
Les informations de compte bancaire * Ã la fois des parties pour envoyer et recevoir (nom, adresse, etc.)
* Sufficient fino alla Fondi che hai Pagato summoned the transom (duh!)
Mita see maksaa (Muut panki voivat vaihdella):
* Bank of China - RMB 150 service charge of 0.1% of total transfer
* Bank of Communications - 80 RMB de frais de service, de 0.1% du total transférer
I ISDST kinesiske not the central banca nazionale udenlandske overførsler gore, er blevet per uomini Debt nylig liberaliseret, da de fleste bare borders Banchieri VAERS i piedi Finch Levere telegrafisk overførsel Tjenester af.
Processo (altoparlante cinese fluent, is non avete bisogno di aiutare te stesso):
Tout ce que vous premiere Prenez les documents à votre banque faire des photocopies here goes (et probablement moins coopératifs)
2. Kob udenlandsk beløb scarico i det, vil du overføre (Normalt dollari, Pund Sterling Euro eller) - Dette Vil pleasure i din Konto Bliven - Vil du ikke Quando ho modtage carcinogens kvittering Penge
3. Il modulo di domanda compiles per i trasferimenti (all'estero). Ricordatevi di scrivere informazioni him with attenzione finir Posson altrimenti i soldi in altro conto one! Banking che è insistere probabile tasse che essere him "condivisa" gives both of you sponde
4. Y esperar el formulario want a dÃa para el traslado al completo (opcional the Oración!)
5th Takaisin seuraavana päivänä pankkiin, Joka anta sinulle kuitin yksityiskohtaisesti, Onko siirto onnistunut vai AE.
Last but not least, avoid illegal market / black / silver informal interchanges, which you probably have cheated or worse. If you have had experience with exchange in China, you are invited to leave a comment below.
Wednesday, August 31, 2011
china construction bank wire transfer
If you have ever wired funds internationally, you will know that it costs around $45 bucks to do a transfer. But if you are a Bank of America customer, than here is a very little known program that will let you wire money to china with the transfer fee waived only if the recipient is a China Construction Bank account/customer.
This program was started back in 2006 when B of A acquired a huge stake in CCB that started here in the bay area. When I first found out about this program, the local branches that I use were unaware of any program nor did anybody at the B of A call center, the one branch in San Francisco's China Town was able to point me in the right direction.
So if you want to make free wire transfers to a CCB account in China, you will first have to visit your local B of A branch to apply for international wire transfers (bring all necessary paperwork such as drivers license, debit card etc) in person where you will pick your password. B of A will provide a telephone number to call whenever you need to make a wire transfer. There are limits though, 3 wire transfers a month, $1,500 maximum per transfer and $3,000 maximum a month.
If you have any trouble setting up this account, please let me know and I will give you the branch number and bank manager that could speak to the B of A associate who which will undoubtedly be unaware of this program.
Bank of America and China Construction Bank
My personal favorite transpacific investment tie-up is one that made a frustrating and expensive process free, if not easy. Bank of America has an 8.2 percent stake in China Construction Bank (jià n háng), a major institution that went public in 2005. I don’t claim to understand the implications of this investment between huge banks, but I know one thing: It lets me move USD into RMB with no ATM fees, no exchange rate adjuncts, and generally few headaches.
By way of news, The Financial Times reports that BoA is increasing its stake to more than 10 percent, but I thought it might be useful for readers coming from the United States to China to know about this trick.
Many international travelers are familiar with the pain of double-barrel ATM fees — one from the machine that gives you money, and one from a U.S. bank penalizing you for using someone else’s terminal. Worse yet is the percentage of the withdrawl charged as an “exchange rate adjunct.” Before I discovered the BoA-CCB deal I was losing almost 7 percent on my USD withdrawls in China.
Now, I withdraw money from a BoA checking account with the debit card I received in the United States with no fees whatsoever: It transfers at market rate from USD to RMB and gives me cash.
There was one hurdle, however. Money in my life this year is deposited in Colorado. People in the U.S. needing to pay me send a check to my family, who generously go to the bank to make the deposit. But there are no BoA branches in Colorado.
BoA has one more service that completes my money circuit. Once you associate a U.S. account with a BoA account, incoming transfers from the other bank can be done on a one- or three-day basis with no fees. So if you think I need to be richer in China, I’ll send you the address in Colorado, my family will make a deposit into a locally available bank, I’ll transfer it free to BoA, and CCB ATMs throughout China (and Hong Kong) will allow me to withdraw that money with no charges.
Developing Single-Family Subdivisions
| Author | Deborah Webster |
| Source | Enterprise Community Partners |
| URL | Click here to download the full document PDF: 28 pages, 318 kbytes |
This workbook is one of 36 included in Enterprise's Community Development Library (CD Library), which also includes a CD-Rom.
Friday, August 26, 2011
My Loan with Bank of America
We moved aboard the boat full time, and got the house ready to be put on the market. As my American readers are painfully aware, this is when the bottom started dropping out of the US real estate market, and my family watched in horror as our home lost $275,000 in value in under a year, the city the house was in wobbled around declaring bankruptcy, and my husband’s home construction business collapsed. Suddenly, we were supporting a mortgage, a boat payment, and five people on one salary. We held it together financially, but as the American Economic Death-Wobble increased, I was laid off from my Technical Editor job at Sun Microsystems, with 5,999 of my friends, and the whole thing was no longer do-able.
Throughout this debacle, we kept making payments on the boat, s/v Excellent Adventure, as she was our home, our primary residence. We had attempted to do a loan modification with Bank of America, the loan holder, early on in the cycle, because continuity and commitment in our dealings with them seemed important. Because it was a boat, and not an on-land home, they refused, although they were quite good about tolerating missed payments, and even set up a three-month deferral for us at one point.
We declared bankruptcy in February 2009.
In order to keep creditors from potentially demanding a sale of our home, we reaffirmed the debt, and again requested loan modification. We included a survey and a letter from a local boat broker, verifying that in the current economic climate, with people walking away from boats, that our boat in its current state of repair (because what fiberglass boat from 1991 doesn’t need some serious work by now?) wouldn’t be sellable.
I contacted B of A in February, to see what was going on with the loan modification. I spoke to Customer Service, who told me that my file had to process their bankruptcy department, and that they couldn’t even see my account until bankruptcy was done with it. I asked when that would happen, and what the status of my loan modification was. I was told to hold tight, and wait for them to contact me with new payment information.
I never heard back from them.
In May, thoroughly worried, I called Customer Service. I was told that my file was still in Bankruptcy, they had not even begun to look at loan modification, and I should hold tight. At that time, I went ahead and gave them a payment of ~$4400, over the phone, to make sure that everything was current, even by the old payment amount unmodified. She accepted my payment, and assured me again that I’d hear from B of A soon.
Friday, September 11, at 12:38 in the afternoon, I received a call from April at Collections, informing me that my account was 107 days overdue, that my home was going to be repossessed, and that the Marina had put a lien on my boat for nonpayment of slip fee. This was the first contact I’d had from B of A since May. No letters, no phone calls, no bill, nothing.
April demanded full payment of ~$5500 immediately, to avoid repossession. I explained that B of A was supposed to be exploring loan modification, and that I’d go ahead and give her half right now over the phone in good faith to call off the repo, and reopen renegotiations on my loan.
She would not take a payment over the phone. I was required to go to my bank, withdraw the full amount in cash (NOT cashiers check or money order, cash), drive to a Bank of America branch, have the Branch Manager contact Collections, and verify receipt of funds.
I told her that I’d have to make sure I had enough funds, and that I could, again, give her two months immediately, which would bring me only a few months overdue. This was, suddenly, unacceptable, so I said I’d see what my options were and contact my attorney. The more I tried to ask questions, the angrier and more absolute April got.
I called my attorney, and left voicemail at each of his offices and on his home phone.
At this point, things got weird. Over a few conversations over the next few hours, first they knew about the bankruptcy, then they had no record of it. First, it was the reason they hadn’t sent me any bills, then, it was me lying. When I offered to fax a copy of the bankruptcy to them, so they’d know that I had certain protection under the law from this threatened repo, April transferred me, without asking or saying she was doing it, to her supervisor, Brian. This, of course, after she’d said I had to deal with her and no one else.
Construction Permanent Home Financing
Home Financing Build-to-permanent
Construction of Permanent Financing Program Merrill Lynch house offers a smooth transition from construction to permanent financing with one application and one closing - saving you time and money. Once your home is complete, your loan is automatically converted to permanent mortgage that you selected during the application process.
Our design features of the ongoing program are:
Financing a new home construction and renovation from $ 100000 3000000 dollars (loan amounts available in each case more thoroughly, and qualified candidates)
Available for owner-occupied primary residences and second homes qualified
Only one set of closing costs
No prepayment penalties
HOW CAN YOU GET STARTED?
To learn more about our Construction-to-Permanent home financing or any of our innovative home financing solutions, call your Merrill Lynch Financial Advisor or contact a Merrill Lynch Loan Representative at 800-854-7154. If you are hearing impaired, call 800-833-5383 (TTY).
Thursday, August 25, 2011
construction loans how they work
Construction loans may be availed for residential as well as commercial purposes. Commercial construction loans are of the following types: acquisition and development loan, mini-perm loan, bridge loan, take-out loan, construction interim loan, joint venture loan and real estate purchase loan. Residential construction loans may be construction-only loans or construction-to-permanent mortgage loans. People may refer to the article titled, 'Types of Construction Loans', for further details regarding the different types of residential and commercial construction loans.
Construction Loans - How They Work?
Commercial Construction Loans - How They Work?
Business persons can avail commercial construction loans, provided their operating history inspires confidence and provides the lender some semblance of comfort when it comes to the repayment of the borrowed sum. The lender carefully scrutinizes the following ratios, viz. loan-to-appraised value of the property ratio, the debt service ratio and the net worth-to-loan size ratio, before sanctioning the loan.
The aforementioned ratios indicate the ability of the consumer to repay the borrowed sum. A low loan-to-appraised value ratio is always desirable from the perspective of the lender since it indicates that the appraised value of the construction is more than the amount that is lent. In the event of the borrower not being able to repay the borrowed sum, the lender can foreclose the property and recover the amount. The debt service ratio is another important indicator that is arrived at by dividing the net operating income from the investment by the annual payment. A debt service ratio that exceeds 1.25 is always desirable. The net worth-to-loan size ratio is also indicative of the repayment capacity of the borrower and a ratio that is greater than or equal to 1 is appropriate, from the perspective of the lender.
Residential Construction Loans - How They Work?
A person, who is interested in availing a (new) home construction loan, is required to keep the lender appraised of the various steps in the construction process. In other words, the entire story behind the construction of the home has to be relayed to the lender. Planning the construction and submitting the necessary documents for approval pave the way for availing a home construction loan.
The loan, that is availed by the borrower, can be a construction-only loan or a construction-to-permanent mortgage. A construction-only loan is meant for a maximum period of 1 year. During this period, the borrower is required to make interest payments to the lender. The rate of interest charged on the loan is usually floating. The interest payments are tax-deductible, assuming that the borrower occupies the house at the end of 1 year. After one year, the borrower hunts around for a suitable home mortgage loan. The process of availing a mortgage at the end of the construction period, can be done away with by bundling the second loan with the construction loan and opting for a combination loan or a construction-to-permanent mortgage loan. Once the construction loan is approved, the borrower can draw money from the construction fund as and when necessary. People can take a look at the construction loan agreements that are available on the internet to get an idea about what the process entails.
Hopefully, the above article would have given the readers an idea about construction loans and how they work. Given the current rate of default, construction loans have been classified as the riskiest loans. The rate of default on construction loans has exceeded 50 percent of the sanctioned loans. High rate of unemployment, increased vacancy rates and a fall in the prices of newly constructed properties has resulted in mass defaults. In the present scenario, it may be difficult to get a construction loan unless businesses/people are able to convince the lenders of their credit worthiness.
Source : http://www.buzzle.com/articles/construction-loans-how-they-work.html
Sunday, August 21, 2011
Nationwide Construction Loans
Nationwide Construction Loans is the ultimate source to obtain a construction loan to build a new home in the United States of America. No matter what city you live and reside in the USA you can obtain the best construction loans from the best American banks nationwide.
Nationwide Construction Loans, Inc. is approved with all of the major banks and Investors. Our experience and reputation along with our nationwide construction loan volume, has allowed us to develop strong relationships with all of our lenders over the years. We have positioned our business to pass these benefits from our access through our wholesale channels on to you. Depending on your qualifications, today's current and best available construction loan interest rates are based on your good credit.
If you are living in California, then check out California Construction Loans.
Bank Of America Construction Loans Article
When you first hear about VA construction loans, you may think it means construction loans in Virginia which isn't the case. VA construction loans aren't about a state, but are loans for veterans of war. VA loans were originally put into the GI Bill or Rights president Franklin D. Roosevelt started. This bill of rights helps people who served in a war so they get extra privileges. It's a thank you for all of their great service.
The main difference between VA construction loans and regular construction loans is the down payment. Most people have to pay a large down payment when applying for a construction loan. This is usually 3% or 5% of the full loan amount. VA loans are different since they allow a veteran to get a loan without having to pay a down payment. This provides more opportunities for them to build their own home. Not everyone has the money needed to afford a down payment. VA loans help by eliminating this requirement for people who served their country in the armed forces.
There are some restrictions when it comes to VA construction loans, however. You can't just be in the army and expect to reap the benefits of this loan. For example, you need to have served in active duty. You can't have a dishonorable discharge under your name. You also need to have served for 90 days in wartime or 181 consecutive days in peacetime.
There are several other requirements for you to be eligible for this benefit. If you're considering a VA construction loan, you should contact a lending company who offers this option. They'll be able to run you through all of the qualifications to determine if you can take advantage of these provisions.
These VA loans are very helpful for people who qualify. It helps them buy or build their own home when they may not have been able to otherwise. This is just one of the many ways the government has stepped up to make life better for people who've served their country in any one of the many recent wars.
If you were in the forces, definitely look into getting VA construction loans. They're very helpful and will give you a better chance to own your own home for the first time.
Bank of America Home Loan Guide
Bank of America has recently instituted on their website one of the best first-time buyer tools I’ve ever seen. Their new interactive Home Loan Guide takes perspective buyers on a tour through the entire loan process from start to finish in an entertaining and informative way. It also allows the online user to fidget with qualifying numbers in order to find their personal, approvable, sweet-spot.
What makes this tool truly wonderful is that it doesn’t require you to register or sign-up for anything. You don’t have to be a Bank of America customer; and best of all, you won’t receive any annoying sales calls if you view the presentation. Isn’t the internet a beautiful place?
Private Real Estate Investors Lending In San Bernardino County,Calipornia
Find private real estate investors and lenders in San Bernardino County, California to fund hard money loans residential, commercial land and construction. At http://www.lendinguniverse.com/BorrowersPrivateLender.asp complete simple form and we will deliver you fast, accurate multiple results. We are neither a lenders nor a broker we give borrower tools to find and track and compare all the negotiations. Lenders compete- You decide.
Real Estate Loan & Investor
Our network of registered lenders includes brokers, private investor and real estate investor firms, and leading financial institutions such as Bank of America and Wells Fargo. This vast network of institutions and investors is given instant access to your real estate loan request, which guarantees the best financial deal for each and every Lending Universe client.
Application forms for hard money loans, commercial real estate loans and mortgage loans can be complicated and long. The Lending Universe application process is the definition of simplicity. With our secure, integrated software, all your information is safe from outside infiltration, plus your commercial lender application can be completed and submitted in just a few minutes. Simple, effective, secure and trustworthy, your real estate loan application is always in safe hands when you deal with Lending Universe.
Another great service offered by Lending Universe is the loan control center. Specifically designed to keep track of your real estate loan applications as well as any hard money loans applications, this is a great tool for any client. With this excellent facility, if your loan meets the criteria you can receive between 4-6 bids and a letter of interest for your residential or commercial real estate loan. For your convenience, we ensure that any interest is emailed to you directly.
Lending Universe is committed to securing the best hard money loans and commercial real estate loans for each and every client. With your loan control center, your loan is of paramount importance and until your deal is closed, it remains active. Unlike other online services, our commitment is guaranteed. Commercial real estate loan, residential real estate loan, or hard money loans, whatever your needs, just fill in our simple, effective, secure and integrated application forms and just wait for the results.
Over 10,000 Hard money lenders, brokers and private real estate investors in San Bernardino County,California funding residential commercial vacant land and construction loans. Service provided in Los Angeles includes:
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Financing Options To Fit Every Need
American Home Centers is committed to helping you find the right mortgage product for your needs. We understand that every borrower is different, and we offer a variety of products to meet your individual requirements. We make the process of securing a mortgage simple and straightforward by offering you the latest in financial tools that enable you to make sound financial choices.
We work with the leading lenders in the industry to provide: Conventional 15 and 30 year mortgages, VA and Rural Development, or Non-prime for borrower’s with challenged credit and construction to permanent loans for both Eco Rated Green and site built homes. In addition, we offer home-only financing for Eco Rated Green homes, Manufactured Homes, as well as Park Model RV’s going into parks or on leased land. Call us today to discuss financing options tailored to fit your needs.
To expedite your pre-approval process, download these forms and fill them out. Then, bring them into an American Home Center locations and one of our specialists can help guide you through the loan process.
Bank of America Construction Loan Depatment
It is said that the more you know something, the more you will love it. It also works on Bank of America Construction Loan. The more you read and learn this article, the more satisfying Bank of America Construction Loan infos that you will get.
In this rapid-changing world, everything changes quickly. New developments and renewals is just some adornment on it, thus your latest infos about something is probably a trash now. Keep reading to get the latest updates of Bank of America Construction Loan.
Knowledge and technological advances is the prominent factor that leads the world changes. Technological inovations founded gives ease humankind’s lfe. It also give benefit for those who are looking for a contruction loan as the information spreads like viruses in the internet. A constraction loan can be got a country bank, local title business or escrow bank, choosing a construction loan source carefully is crucial too as not all the construction loans give an excellent service. Some of them are just effective construction loan, while the rest is no more than a dissatisfaction.
Nowadays, construction loan packages offer the general interest-only loans, 10/1 ARM, 7/1 ARM, 5/1 ARM, 3/1 ARM, one yr ARM, 15 12 months fixed, and also the thirty years fixed. A one year short-phased loan is available if you want to refinance into a new taditional mortgage soon after the build has been finished. This twice process costs for about two sets of closing expenses and the new loan has to be re-qualified soon after the development is completed. Moreover, you can also obtain more versatility if you buy traditional mortgage with building lenders alone. In addition, “all-in-one” or “one time close” or “construction-to-permanent” or “rollover” are the common mortgage. You might one set set of fees and one closing also.
Before choosing a construction loan make sure you have considered all the factors involved, so later you won’t regret it.
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