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BECCA9892003
Joined: 20 Jan 2005
Posts: 400
Location: Altoona, PA
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| Posted: Mon Jan 31, 2005 5:21 pm Post subject: Need Help Fast |
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| Who does residential blanket loans?? |
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Gray Goose
Joined: 25 Jan 2005
Posts: 32
Location: Edmond, OK
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| Posted: Mon Jan 31, 2005 5:49 pm Post subject: |
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american elite financial
http://www.aefloans.com
eastern savings bank
http://www.easternsavingsbank.com
emigrant mortgage
http://www.emigrantmortgage.com
northpointe bank
http://www.npbank.com/loanproducts/residential |
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Gray Goose
Joined: 25 Jan 2005
Posts: 32
Location: Edmond, OK
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| Posted: Mon Jan 31, 2005 6:17 pm Post subject: |
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When clients ask for "blanket" loans, I always move them away that type of loan.
Why?
"Most" borrowers goal with a blanket is an unrealistic need to simplify their life with one payment.
Borrowers needs/desires change rapidly. Your blanket loan will encumber multiple properties. At a later date, it can be very difficult disentangle these properties from one mortgage.
1) Is the higher rate and lower LTV (on the new home) worth it?
2) What are the tax consequences (with regards to interest write-off) with a NOO and OOC under one mortgage?
3) What if the parents want to buy the rental home at a later date?
4) Later, what if the borrower wants refinance? With a blanket, he is extremely limited as to attractive rates, LTV, etc. With a loan on each house, he has a lot more choices (freedom) available.
Simply put the kids in an owner occupied loan for their new home. If they need cash for down payment, do a cash out refinance on the rental. |
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BECCA9892003
Joined: 20 Jan 2005
Posts: 400
Location: Altoona, PA
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| Posted: Mon Jan 31, 2005 7:54 pm Post subject: |
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| thank you very much...i ran this buy some other people to and all in agreement...i wanted to use the equity in the first place but one of those deals where you just want to make sure your doing the right thing..i meet with them this afternoon and well see what happens...thanks again |
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Gray Goose
Joined: 25 Jan 2005
Posts: 32
Location: Edmond, OK
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| Posted: Tue Feb 01, 2005 12:08 am Post subject: |
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No, don't just "see what happens". Use your forceful personalty and knowledge to show them what's best for them (most people asking for a blanket loan don't know).
You are a mortgage professional. You've done your homework? Then you know! Then just have them sign (not a pick-a-pay option arm with a start rate of 1.95%, I hope).
Knowledge is power. Use it wisely. |
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BECCA9892003
Joined: 20 Jan 2005
Posts: 400
Location: Altoona, PA
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| Posted: Tue Feb 01, 2005 11:54 am Post subject: |
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| i did meet with the clients and made them see my point of view...now they know what price range they also need to find a house in....at the very least he is now more edcuated....and i feel good about knowing i recommended the right product |
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The Big Easy
Joined: 20 Jan 2005
Posts: 30
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| Posted: Tue Feb 01, 2005 3:50 pm Post subject: |
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| The Goose is right. I have always moved my clients away from tying up more than one property per loan. Stuff happens and things change and once you are in a blanket getting out can be extremely difficult. I have not done a blanket loan in 43 years of lending. As an aside note, "if" you move ahead put Eastern on the very bottom (last resort) of the list. |
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Professional Mortgage Man
Joined: 30 Jan 2005
Posts: 56
Location: Heartland USA
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| Posted: Wed Feb 02, 2005 4:34 am Post subject: yep |
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you go Goose...excellent post.....yeah baby!
Ciao,
Proman 8) |
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