Bankers Mortgage

By Author: Rheza Sulaiman
Total Articles: 32
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Your smartest move might be to call a Banker mortgage texas. Here's another reason why now is a good time to call a mortgage broker. This means savings for mortgage banks that they can pass on to you!

The borrower would have to demonstrate the ability to carry mortgage payments of $18,000 per year or $1,500 per month. Assuming that their mortgage related payments should not exceed one-third their income, their income should be $18,000 times 3 or $54,000.

Enter the Congress nudged giants that buy these mortgages from bankers, mortgage bankers and mortgage brokers with an new set of rules.

"Mr. Borrower," says Mr. Lender, "Hell you could qualify for a $500,000 loan...go find a bigger house."

Well by slight-of-hand, they are going to reduce the mortgage payment on that hypothetical mortgage to a number that the 30,000-dollar wage earner can afford. Not the real estate taxes, not the insurance, just the mortgage.

Well some sub-set of those stable and fiscally responsible citizens will not be able to afford the new income taxes and ...
... the mortgage.

No one can avoid the income taxes so they let the mortgage slip, and soon they walk into Mr. Lender and say, "Mr. Lender, I can no longer afford my mortgage because income taxes are taking to big a bite from my cash flow, can you get me one of those Washington Welfare Mortgages?"

A traditional loan provides for recourse to the borrower. In other words, if, for whatever reason, you don't make the mortgage payment the lender reserves the right to come after you, -personally - for the balance of the loan.

IRA property mortgages are not resold into the secondary market through the usual network of mortgage bankers, mortgage brokers and banks.

IRA property mortgages fall under the category of commercial loans. With a traditional mortgage the lender may look at the rent and cash flow on the property, but the majority of their decision to give you a mortgage is based on your personal credit, personal income and your current debt load. The property's cash flow is the major consideration. The lender will want to verify the ability of a property to generate sufficient cash to pay the mortgage, taxes and operating expenses.

The lender will develop a picture of what typical annual operating expenses will be for the property. Once income and expenses are determined, credits and debits are applied to come up with a net operating income- NOI - figure.

Here the appraiser lets the lender know what the income and expenses are in the market, for properties that are similar to the property that the lender is being asked to mortgage. A peek behind the banker's curtain in determining mortgage qualifications for IRA owned properties.