Securing a Mortgage in VS .NET

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Our goal in this section is to outline the financing options available to you We cover the various types of institutional and non-institutional lenders available, as well as the standard criteria they look for We also discuss mortgage brokers, what they can offer, and how to select one
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Banks, credit unions, and brokers
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Two main sources of financing are available for property purchases: Institutional lenders, which include banks, trust companies, and credit unions, all of which are established by and subject to government regulations Non-institutional lenders, which are a wider-ranging lot, including everyone from mortgage brokers to partners, friends, and family (refer to 6 for more)
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Part II: Preparing to Buy: Financing Real Estate Investments
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Mortgage brokers are also subject to government legislation, setting them apart from most other non-institutional lenders, but like other noninstitutional lenders they re often willing to take on greater levels of risk As with any other business relationship, your time shopping around to find a match that s right for you is well spent You may already have a relationship with a particular financial institution but the branch you deal with may not have the expertise you need A competitor may offer a better interest rate, or offer to advance an amount that broadens the range of properties you can consider You can afford to put your interests first when selecting a lender; the research you do can only help improve your ability to negotiate a deal that serves your needs Tough negotiation pays off, and sometimes isn t that tough to pull off Ask what incentives are available to attract your business, and whether the lender can offer a discount from the rate posted at the door Try to achieve a onepoint reduction in the posted rate Cite your history with the lender if you do most of your financial business there, or mention that you re comparing rates; the mortgage business is competitive, so a lender will strive to keep you as a customer Consider obtaining a credit report on yourself This is usually free, and lets you see whether any elements in your credit history are likely to make a lender nervous It also assures you that lenders are receiving accurate information about your credit (For more on credit reports, see 6)
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What lenders require
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Knowing what lenders require, and being prepared to deliver it, can go a long way toward securing the best possible mortgage in the shortest possible time Of course, you won t have control over all parts of the process, but do what you can to make the best impression and negotiate the rest to secure a workable deal During the one to five days it takes to approve a mortgage for the winning investment you re about to make, a lender investigates two key areas: your potential purchase, and you, the borrower This information is supplied in the mortgage application, which typically has three parts: Description of the property Details of the property s purchase Borrower s financial background
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7: Getting Help: Mortgages and Other Financing Getting to know the property
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The most important aspect of the property to the lender is its ability to serve as collateral If you get the loan needed to buy the property and the lender eventually has to sell the property to recover the loan, the lender wants to make sure the property is valuable enough to cover the outstanding debt When you apply for a mortgage, provide a copy of the agreement of purchase and sale, the basic document that will become the sales contract when the deal closes An appraisal, usually at your expense, provides the information the lender needs to both verify the description in the sales agreement and determine the property s future market potential Thanks to the vast stores of information available about property transactions, appraisals are a much simpler process today than they once were However, the basic criteria factoring into the valuation remain the same: Location Previous selling price Current condition of the property and the surrounding neighbourhood Available services, infrastructure, and amenities Comparative sales in the area Because lenders typically prefer a more conservative valuation, the bank settles for a lower valuation than necessary This may decrease the size of the mortgage the lender is willing to give, but it also invites you to make a case for yourself A lender could refuse to provide a mortgage following an appraisal, but if so, you d probably be wise to get out of the deal For example, the appraisal may say the property you want to buy is only worth about 80 percent of what you ve agreed to pay for it, or that significant problems exist with the property, all of which could put the lender s security at unacceptable risk
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