Posted by Paul2_FL on 5/17/05 2:07pm
Msg #38376
Various Loan Types
This message is really for all SA's with >2 yrs experience but all others are welcome to chime in.
In the interest of all "newbies" (<2 yrs experience) could you expert SA's list all of the types of signings you have come across since you started in this business. My reason for asking this is; your experience could help all "newbies" with the different types of signings they may encounter over time by allowing them the opportunity to investigate any they are not familar with. (Before they are confronted with one in the presence of a signer!). I'm not asking anyone to go into details about the various types, just to list them and let all the "newbies" (this include me) do the research.
Thanks in advance...
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Reply by Art_MD on 5/17/05 2:15pm
Msg #38381
Re: First shot...
Purchase -- primary, second home, investment property (house, building)
Refinance -- primary residence, second home, investment property
Home equity line of credit (HELOC)-- primary residence, second home, investment property
Mobile home
Travel home/trailer
Boat (nice 67 footer !!!)
Airplane
Art
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Reply by stamper_WI on 5/17/05 2:35pm
Msg #38393
Re: First shot...
That plus VA, VA Reduction, Reverse Mortgage, FHA, WHEDA. Then theres those one for purchase in another state
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Reply by SamIam_CA on 5/17/05 2:55pm
Msg #38414
What does WHEDA stand for? n/m
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Reply by PAW_Fl on 5/17/05 3:00pm
Msg #38415
Everything you ever wanted to know about WHEDA ...
http://www.wheda.com/
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Reply by SamIam_CA on 5/17/05 3:39pm
Msg #38432
Re: Everything you ever wanted to know about WHEDA ...
No wonder I never heard of it! ;)
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Reply by Jon on 5/17/05 4:00pm
Msg #38439
Re: Everything you ever wanted to know about WHEDA ...
Hey Sam, think we'll ever get one of those WHEDA's out here in Ca???
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Reply by SamIam_CA on 5/17/05 5:24pm
Msg #38449
They help w/ "affordable housing" & CA doesn't have any! n/m
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Reply by PAW_Fl on 5/17/05 2:35pm
Msg #38394
Purchases:
- with both sellers and buyers (and often their entourages)
- buyers only (such as new home purchases from builders)
- sellers or buyers only, on existing homes
Construction Loans
- new property development
- remodeling or add-on construction
- construction loan conversion
Refinancing:
- Standard 1st lien refinance
- Add-on 2nd lien (2nd mortgage)
- HELOC - open ended credit line
- Fixed Equity HELOC - Fixed loan based on equity
Commercial Property Loans:
- >4 Family units
- Store fronts
- Land development
- Rental properties (single family homes/duplexes)
Existing Loan Modifications
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Reply by Mdene_AZ on 5/17/05 2:49pm
Msg #38408
This is the first time that I have been in on any of these conversation. I find them extremely informative and helpful. When I started I had help from my son who has been in Real Estate, Mortaging, financing, Escrow and now is doing somethig as a loan broker. I found it scary to start but for each on e of my questions, I had a very personal councilor. I suggest new notaries take all the traing their state can offer.
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Reply by Glena/NV on 5/17/05 3:13pm
Msg #38423
without elaborating further...
Purchase, refinance, construction, second mortgage, HELOC, which involves hundreds of homes (investment/second/primary), commercial establishment, a boat, a motor home and a corporate airplane.
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Reply by Susie_UT on 5/17/05 4:40pm
Msg #38444
Re: without elaborating further...
As well as what has been mentioned, I have been asked twice to do time-share closings.
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Reply by Judith_VA on 5/17/05 8:27pm
Msg #38494
Re: without elaborating further...
What's involved in a timeshare closing? Anything out of the norm?
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Reply by Nancy in Florida on 5/17/05 11:39pm
Msg #38536
Re: without elaborating further...
There are different type of loan programs too, Fixed rate, ARMs, Balloon Mortgages, negative amorization loans, interest only loans, reverse mortgages, bridge loans and I am sure there are more that I am forgetting.
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