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How do you calculate down payment?
Find out the sales price of the house you want to purchase. If you are not in negotiation with the seller, the price for which it is listed will work. For example, if the house is listed at $100,000 sales price, use this number for your calculations. Multiply the purchase price by 5 percent, the minimum down payment required for most conventional mortgages. For this example, multiply $100,000 (the sales price) by 5 percent (or 0.05) to equal $5,000. Therefore, the minimum down payment for a conventional mortgage on the $100,000 house is $5,000. Note that you will have to pay PMI (private mortgage insurance) if your down payment is less than 20 percent of the price of the home. PMI is a fee charged by the lender to the borrower that protects the lender in the event of the borrower's default. In other words, the only benefiting party when you pay PMI is the lender. To avoid PMI, make a down payment of at least 20 percent. Calculate that amount by multiplying your sales price by 20 percent. For this example, $100,000 x 0.20 = $20,000.
How Much Of Cash Advance Do I Qualify For?
This depends on your business’ credit card sales amount and what percentage of your overall profits it represents. The lender can advance capital up to 3X your average month-to-month card sales. To find out the exact amount, the lender can review 6 months of your sales records and card transactions.
Can you get a loan against your home without a appraisal?
it depends upon the lender - if the market in your area is active - a lender can decide to use comparable recent sales figures on same/similar dwellings
Duties of a sales person in personal loans?
Sales people that are selling loans have a duty to make sure the person can afford he loan and pay it back. The duty to the borrower is more of a moral duty, but the duty to the bank is legal.
Do you need to purchase owners title insurance?
It is normally a condition of most real estate sales contracts, or the lender providing the funds.
How Much Daily Credit Card Sales Does Lender Take Away When Getting Cash Advance?
Deductions are made primarily based on a fixed percentage of your daily Visa and MasterCard sales. The percentage is fixed, however the amount of the payment is not. The amount paid to business cash advance lender will rise and fall along with your daily card sales, giving your company greater flexibility than a traditional loan.
How to buy a house on short sale?
Give the Short Sale Lender Time to Respond. Make your offer contingent upon the lender's acceptance. Give the lender a time frame in which to respond, after which, you will be free to cancel. Some lenders submit short sales to committee, but most can make a decision within two to three months
Can you do a contingency contract on a short sale?
No you can not purchase a short sale property contingent on selling your home. A lender would never agree to such a clause. In most short sales the lender will ask for the buyer to close quickly (within 30-45 days).
Can a seller force a buyer to use a certain lender?
No, not unless it is written into the sales contract that you will sign, or have already signed. If you haven't signed it yet, the use of a specific lender named by the seller, is a negotiable item over which you can try to bargain (e.g.: a lower sales price or a lower interest rate). If the seller is adamant, you may have to decide how badly you want whatever it is they are selling, and be prepared to "walk."
Do you have to be notified if your car has been repossessed?
To my knowledge yes. However, you are notified once you sign that sales contract. Above all, you're the only one who knows whether or not you've missed payments and if you have, then it shouldn't be a huge surprise if you find your car gone one day. In the majority of US states prior notification is not required, but in a few states the lender must send the borrower a Right To Cure notice before recovering the vehicle. The notice will state how many days the borrower has to bring the loan current. In Wisconsin a vehicle may only be repossessed by means of a replevin order.
Why Short Sales Fail?
Short sale fails due to the unreasonable second lenders. First lender might not agree to meet the second lender's demand, because the home is vacant, it requires that the home must be occupied.Banks demand sellar contribution all the time, even if the seller has no money and no assets.
What happens during a property foreclosure?
During a property foreclosure, the lender sells one's mortgages house and use the sales proceeds to pay off the outstanding balance on the mortgaged loan.
