Well, this weekend marked the official end of the 2008 NFL season with the NFC defeating the AFC in the Pro Bowl in Hawaii.  NOW what am I going to do on Sundays???  I guess I’ll have to find some useful things to occupy my time … like tennis, martial arts, biking, skiing … It is going to be HARD until the end of summer, but I’ll think of SOMETHING.  I can always fund some commercial loans, which is our specialty!  I’ve heard that even Fannie Mae and Freddie Mac are limiting cash out now … to ZERO dollars.  Which make sense, since they are losing money faster than the Fed can print it.  We still have some portfolio sources for multifamily.  If you have a scenario, give us a call!

Commercial Financing Tip

Who Controls The Third Party Reports?  In light of recent “events” in the mortgage markets, it comes as no surprise that lenders are changing how they handle third party reports.  After the S&L meltdown in the late 1980s, FDIC insured lenders were required to order appraisals and not accept borrower or broker provided ones.  Eventually, most lenders followed suit. 

Now that requirement has been extended to all third party reports, particularly Environmental Phase 1 & 2 reports.  New EPA guidelines and rules are making it harder to avoid liability in environmentally “challenged” properties where it can be shown that the lender did not exercise proper “due diligence” with regard to its environmental investigation.  Save your money for third party reports until you have applied for a loan, otherwise you will be ordering your reports twice.

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When do you decide that your finances are in such disarray that you need outside help? Is it when you can’t stand to hear the phone ring because you don’t want to talk to a debt collection agent? Is it when you have bills you can’t pay? Seeking outside help for these problems can be free for you.

Generally this help is needed at a time where there isn′t any money left over for additional expenses. Some people seek debt settlement companies. They can negotiate and reduce amounts owed, but they also get into trouble by advising you to stop paying your bills.

Where can you turn to get help from a non-profit organization? The AAA Fair Credit Foundation, founded by Preston Cochrane of Salt Lake City, Utah provides personal financial credit counseling at no charge. They give people help with budgeting and showing them the options they have to improve their lives. They have helped thousands of people learn to live debt free when they practice what the credit counselors advise them to do.

One of their counselors, Tiffany Wagner, was interviewed and gave some good insight into the financial problems many people have and how they overcome them. Read the results of the interview below.

Why Do People Seek Credit Counselors?

Sixty to seventy percent of the people who come in have dug themselves into a hole they feel they can’t crawl out of. Most people come to see a credit counselor because they don’t budget carefully and they live beyond their means. They don’t know how to manage their money properly. Many people make a decent amount of money or they make enough to live within their means. Their problem is generally a lack of budgeting.

People get into trouble when they think they don′t have enough money and then they start to live off their credit cards. They haven′t taken a critical look at their budget to see where they could save money. They haven′t identified the expenditures they could live without.

Economic factors like losing a job brings people in. Construction workers seem to be especially hit hard with the lack of building and remodeling going on.

What Are Considered ‘Worst Financial Habits’?

Some people bring in their unopened bills hoping to get help in organization and finding out where they are financially. Some of these bills have been unopened for six months. The consequences of not paying attention to your bills are astounding. Ignoring bills might seem like the most comfortable option but it is never a good strategy for building wealth.

What Are Your Best Personal Finance Tips?

The best thing we do is to give people a budgeting plan to get themselves out of debt. Their success really depends on the person and how motivated they are to get out of debt. A lot of people are not willing to give up their life style and cut back on expenses. If they aren’t willing to give up something, whatever it may be for that individual client, then there is not a lot we can do to help them.

When you go to a doctor and get a cancer diagnosis are you going to do anything about it? Will you seek treatment? Will you change the way you live? What will you do? Financial problems aren’t typically a life or death situation, but there are some similarities. The solution requires you to act and make changes. Your success depends on what you are willing to do to get yourself out of the situation. A lot of people are not willing to give up anything. If you don’t act on getting your budget within your means, the hole you are digging will get deeper and deeper.

How Many People Take Credit Counseling Advice?

About one out of five people actually do something with the information they are given. They are the people that make credit counseling rewarding. They are the ones who say, I wish I had known about you six months ago.

The benefits of seeking help can give you a feeling of personal relief and improved family life, by reducing the tension and stress of debt problems. Search for free credit counseling services in your state. Change the way you are living and do something about your credit problems today.

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The first step in selling your home is to determine the value of your property: You need to know how much the property is worth on the open market. You can get this information about the price in your area by entering your zip code information in an online database, or you can hire an appraiser. Please realize that often Real Estate Appraisers may value a house under its true market value, due to established formulas and practices.  Remember when you market your home; it is worth only what someone is willing to pay for it. It should be in the best physical condition possible.

Timing: If you can choose when you put your house on the market then you are going to want to start the selling process when the demand is the greatest. In New Jersey and the Northeast, this is generally in the spring market. This will assure the best possible price on your home.

Pre-inspect the home: it is in your best interest to have your home inspected prior to placing it on the market. By inspecting before it goes on the market, you can attend to any repair items at a lower price due to the fact you have the opportunity to shop around. It is not uncommon for a home buyer to ask for twice the repair cost in a credit. The home inspector makes recommendations that help you sell the home. The buyer will have a greater degree of confidence in the home if it is already inspected and can Email questions to the inspector about the home. You may get a higher price on the home if it is presented in the best condition. Pre-surveyed homes post your report online after the deficiencies are corrected.

Preparing your home: Presentation is everything in real estate sales. Home buyers are attracted to clean, spacious, and attractive houses. Home staging services can help market your home and maximize your profits. A home stager will recommend how to brighten-up the house and reorganize the furniture to enhance the beauty of the home. Typically every $500 dollars spent on staging returns over 300 percent when the home is sold. The faster you sell your home, the more profit you make. If you what to sell your home for the top price-stage it.

Home Warranty:  The sale of the home can be expedited by supplying a home warranty at closing. Pre-surveyed home packages will supply the buyer of your home a one year appliance warranty. This gives reassurance to the buyer and may help you sell your own home. When buyers purchase a home, the last thing they have money for is unexpected appliance and system failures. This policy eliminates their concerns. This can be one of the best ways to market your home.

Financing: Most sellers assume the home buyer has been through the process and knows the steps in buying a home. The fact is most buyers haven’t and with the most recent financial issues, it is critical to align yourself with a local mortgage company first. A broker can estimate the closing costs for your home and give you strategic financing tips for marketing. Financing can sell a home just as quickly as good staging.  Mortgage brokers often have clients that are approved but have yet to find a home; this is a great way to tap into their client list to find a qualified buyer.

Know who you are marketing to: If your going to market your home take an honest assessment of your home and determine who is most likely to be your buyer. Is it an investor, first- time buyer, executive, or empty-nester? Once you have pinned down the buyer, market to them heavily.

Closing: When an acceptable offer is made by a buyer, take the offer to your lawyer and have a deal completed. If you don’t like the offer, don’t just say no. Always make a counter offer. If you can’t come down in price at all, offer to leave all the rugs or the washer/dryer. What have you got to lose?

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Most personal financial gurus continually stress the importance of budgeting for monitoring and modifying poor spending habits. However, I have noticed that almost all individuals who try and implement a family budget eventually give up on the activity, mainly because it takes the fun out of spending cash. You grasp what, I agree! An impulse purchase here and there feels good! And as it turns out, an impulse purchase made on occasion will not necessarily make a enormous problem for most us. The problems arise when we decide to build them on credit. Here’s a good personal finance tip for all you budget-haters out there – pay cash for all non-investment expenditures and eliminate your need to budget.

When you actually refinance your mortgage, you really wish to think about that you is going to have to pay closing costs and other costs love points.  Although, numerous mortgage lenders are at the moment waiving those costs to encourage homeowners to refinance.  Be careful, but, as your refinance mortgage rate can also not be as good when you really do not pay closing costs.  Shop around to locate the most suitable mortgage refinance rates, whether you really also are looking forward to avoiding closing prices or not.  Shopping around is till the most efficient way to purchase the most suitable a mortgage refinance rates.

One fair reason for refinancing a home mortgage is to figure for a much better and decrease interest rate. Good news is that if you really suffer a much simpler fiscal status and your credit rating has improved, you really are also now in a better position to apply for a home mortgage refinance loan; this will lead you to purchasing better rates. If you actually acquire decrease rates, this means you are faced with a lesser amount of mortgage payments every month.

Because numerous people didn’t enjoy the process of applying for their mortgage loan the 1st time around, they avoid the entire refinancing method altogether. Unfortunately, this will be in a position to be a huge, not to mention high-priced, a error. What you actually must do if you’re twitchy preparing refinancing is read up on the subject. You actually may be surprised at the way simple it is to purchase a Washington refinance loan.

Often one seems to refinance a mortgage as they seek lower rates or further money to pay off other debts.  Often it’s to lower risk or decrease the monthly payments.  They suffer a mortgage but they’re looking for new conditions, and that is a refinance mortgage lead.

These tips may surely guide you to control your private finances and pass thru rough times simply.

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