Words of Wisdom About Getting Home Loans

Applying for A Real Estate Loan is Hard Work!

Read what a professional lender and great guy has to say about the process of getting a home loan in today's lending environment.

"It may seem in today’s world that applying for a mortgage loan requires giving up your first born; however, there are some steps that a prospective homebuyer can take that can help in the application process.

Credit scores and credit history is relied upon very heavily by lenders when analyzing a credit application.  The higher the credit score is, the benefits for the borrower are greatly increased including better interest rates and lesser restrictive qualifying guidelines. 

One teps that a borrower can take prior to applying for a loan is to avoid applying for additional credit such as credit cards.  Each time additional credit is applied for, even if the credit is not accepted or wanted by the borrower, an inquiry will be reflected on the credit report.  A lender looks at these inquiries as potential additional debt and could require additional explanations by borrower.   In addition, do not apply for a mortgage loan with several lenders. 

Do your homework first, getting cost estimates from different lenders to compare rates and cost.  Choosing a lender based on the lowest rates is not always the best choice.  Rely on your realtor to give feedback on viable lender options.  Remember, choosing a lender that is reliable, ethical and knowledgeable goes a long way in making the application process smoother and less stressful.

The amount of debt that a borrower has is an important factor in qualifying.   Exceeding certain debt to income guidelines could prevent a borrower from being able to qualify for the home of their dreams.  Avoid taking on additional debt if possible.

Be ready to provide the lender, prior to application, the following items.  This will help expedite the preapproval process and not to mention, make life a little easier by having this information organized and ready to provide.

• Paystubs for the most recent 30 day period
• w-2’s for the most recent two year period
• tax returns, personal and corporate (if applicable) for the most recent 2 year period
• bank statements, investment account statements for the most recent 60 day period
• retirement statements for the most recent period
• Copy of drivers license

By providing this information upon application, a lender will be able to give a borrower valuable feedback immediately on whether they qualify and/or what amount of loan that could be qualified for."

Billy Leavitt

Mortgage Loan Consultant
NMLS# 231178
First United Bank
972.523.9815
bleavitt@firstunitedbank.com



http://www.cnn.com
http://www.foxnews.com
http://www.wsj.com
http://www.marketwatch.com
http://www.dallasnews.com
http://www.latimes.com
http://www.ireport.com
http://www.abc.com
http://www.cbs.com
http://www.msnbc.com
http://www.worldnews.com
http://www.whitehouse.gov
http://www.change.gov
http://www.oprah.com
http://youraccessoffice.com
www.sonnymoyers.com

5480 Buena Vista To Be Marketed Soon!

5480 Buena Vista in Starwood ~ To Be Available Soon

One of the most prestigious homes in the Metroplex will be on the market in the coming days. This luxury home is a one-of-a-kind masterpiece in the gated and guarded neighborhood of Starwood in Frisco. It will be exclusively marketed by Sonny Moyers, REALTOR/BROKER of Ebby Halliday Realtors. Priced at $3,900,000, a must see for Corporate Executives. Shown by appointment only.

For information, contact Sonny Moyers at 469-261-5715. Available by appointment only.

http://www.cnn.com

http://www.foxnews.com

http://www.wsj.com

http://www.marketwatch.com

http://www.dallasnews.com

http://www.latimes.com

http://www.ireport.com

http://www.abc.com

http://www.cbs.com

http://www.msnbc.com

http://www.worldnews.com

http://www.whitehouse.gov

http://www.change.gov

http://www.oprah.com

http://www.visualtour.com

http://www.stonebriaronline.com

http://www.realtor.com

State Farm Insurance Chooses Sonny

Dallas, TX July 26, 2010 The current global real estate market is challenging for most! But there are big “Winners” in this tough economy. Christy Brott of State Farm Insurance is a good example of winning large in the current economy.

Every economy and every situation creates winners and losers. Entrepreneurs and executives, who can decipher the market and find opportunities to win, will win big. In my experience, more fortunes are made in tough times than in good times. We have been working with Christy Brott of State Farm Insurance for a number of years. Next month, Christy will move to her new offices in Frisco, Texas.

She will be moving into non-retail space in a great building with fabulous signage. Few buildings offer the kind of signage that an insurance professional needs. In this case, we found a building owner that understood our needs and allowed the signage necessary for Christy to make the move. The result is an expanded office, better rent rates, and superior signage on Preston Road in Frisco, Texas.

Great real estate decisions are often driven by the real estate professionals unwillingness to give up and say it can't be found. In this situation, Sonny looked until he found a Landlord that was willing to compromise.

The lesson in this story is clear. Choose a real estate professional to assist you that will do the hard work to find what you need. Don't select someone who says, "it can't be found," until they have proven that to be true.

For more information, contact me at :
(O) 972-464-4110

http://www.cnn.com
http://www.foxnews.com
http://www.wsj.com
http://www.marketwatch.com
http://www.dallasnews.com
http://www.latimes.com
http://www.ireport.com
http://www.abc.com
http://www.cbs.com
http://www.msnbc.com
http://www.worldnews.com
http://www.whitehouse.gov
http://www.change.gov
http://www.oprah.com

Many business owners are struggling with the current economy. One of the largest expenses of many business owners is the cost of space for their office operations. It is not unusual for a company to have numerous leases for space in various parts of the country or the world.
Leases in traditional office buildings can be problematic in that in tough times, you have to pay for the space even when it is not needed. In addition, most long-term leases appear on your *balance sheet and represent long-term liabilities. This may make it more difficult to obtain loans or maintain lines of credit.

The use of executive suite facilities for branch offices may be a solution for some. Executive suite space can also be described as “Flex-Space.” Executive Suites typically allow a lease term of one year or less. As a result, they are frequently categorized as short-term liabilities and therefore are more favorable to a lender.

Short-term executive suite space allows a company to expand and contract quickly and economically. Bret Chapman of ABT Executive Suites in Dallas, Texas says, “Many of our clients grow and contract several times during their tenancy with us. They find it especially helpful that we can meet their expansion requirements in the good times and help them defray costs in economically challenging times.”

When a company is considering regional, national, or international business, they should always explore the executive suite solution. Landlords find this type of facility to be a major benefit to their building complexes. Executive suites allow a Landlord to accommodate space users that are too small to be profitable for the Landlord. By taking a large floor and building it out as an executive suite center, a Landlord can build out the space and make minimal changes over a ten or twenty year period.

If you are managing multiple leases with various termination dates, you should carefully consider letting some of your less desirable leases expire and moving your operations into an executive suite facility. While your cost for the space may be more per square foot, you will realize significantly better economies in that you share conference rooms, kitchen and break areas, and large reception or meeting facilities.

A careful analysis should be done of all of your real estate leases. This analysis should include a long-term transition plan to minimize higher risk, long-term leases with shorter more flexible arrangements.

As an Industry Consultant and recognized expert in the executive suite industry, I would be more than happy to discuss your situation with you and make recommendations. As a Realty Advisor, Consultant, and Real Estate Broker in the State of Texas, I have the credentials, success and experience to guide you through this vital area of business planning.

*Sonny Moyers is a Realty Advisor, Consultant & Real Estate Broker in the State of Texas. He is not a tax consultant or financial planner. Please contact your Financial Advisor or Accountant for your specific situation.

Contact: Sonny Moyers

972-464-4100

sonny@sonnymoyers.com
http://www.ireport.com/upload/www.sonnymoyers.com