Subprime Mortgages

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It sounds terrible. Subprime Mortgage. But in reality it has many different benefits that other loans do not.

A subprime loan typically has a higher interest rate than other loans because the people who need it usually have a poor credit history or very low credit score.

These high interest loans do make people pay a lot more for a house they want but actually have some benefits.

There are many financial institutions that specifically deal with subprime lenders. This means they know how to help those with poor credit.

Some banks also offer prime and subprime mortgages because they know their community well and some areas just don’t have the types of jobs that prime mortgages will need to ensure their monthly payments.

It can be embarrassing to go to a local bank if you live in a relatively small town so you may want to choose a subprime only lender.

A good benefit of a subprime mortgage is that you don’t have to take the time to raise your credit score. This can take years of payments and credit building and many people just don’t have the time for all of that.

They realize they made some late payments here and there but are past that and want to own a home. Not everyone with bad credit got it by not paying their bills on time.

Many times, wives and husbands who are irresponsible can annihilate their significant other’s credit and even after divorce, it’s still bad.

A subprime mortgage to many people is a chance for a new beginning.

Rard Haugabrooks -Chief Review Appraiser

Real estate professional with over 16 Years of experience in residential and commercial appraisal/review (7 Years), foreclosure/loss mitigation (8 years), finance (4 Years), supervisory /management (13 Years), acquisition (7 years) and marketing / sales/sales management (7 years) experience. In depth knowledge and experience in Foreclosure Related Topics including Foreclosure Procedure in multiple states, Loss Mitigation, Bankruptcy, Financial/Credit Counseling Innate ability to horizontally fashion long term business plans and vertically design processes to execute business plan milestones. Consistent track record of increasing productivity, improving quality, enhancing customer satisfaction and reducing cost through management style and knowledge of information systems.

Central Florida realize their potential and acts as a uiding light through the rehabilitation process and rejuvenating the community one home at a time!

Second Mortgage What Is It Exactly

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Everyone has heard a friend or relative complain about having to take out a second mortgage but don’t really know what that means. Let’s find out!

The real term for this is called a home equity loan. This is a common loan type that homeowners can use for whatever they want.

A home equity loan requires that you use your house for collateral just like a normal home loan. There are

different types of home equity loan out there and you can always use the money for whatever you want.

College, bills, and home repairs are some common uses. You will need outstanding credit to be approved for this kind of loan though.

A closed end type home equity loan gives you a big chunk of money immediately and you can’t get another loan until this one is fully paid.

The amount you can get depends on factors such as how much your home is worth, your income, credit score, and similar things. A closed end loan usually comes as a fixed rate type and allows you up to 15 years to pay it off.

An open ended home equity loan is a little different. This loan will let you borrow money whenever you have a need for it.

The loan lender will set up a line of credit that is pretty much based on all the same factors as the closed end loan. These usually have an adjustable rate and you can make payment for 10, 15, or even 30 years.

So why are these called second mortgages Because you are adding yet another loan payment that uses your house as collateral and adding another monthly payment. Though tempting, it can cause you a lot of problems in the future.

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Rard Haugabrooks -Chief Review Appraiser

ROI Homes is helping investors throughout Central Florida realize their potential and acts as a guiding light through the rehabilitation process and rejuvenating the community one home at a time!

Signs Of Good Mortgage Brokers

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A good mortgage broker is something every potential homeowner or experienced real estate investor needs to have on their side.

There is no shortage of brokers out there and they come in all shapes and sizes with various personalities.

What people don’t realize is that if you have a very  helpful and friendly broker, it can really make a difference in your entire attitude about getting a loan.

When you have a good mortgage broker, you will usually have a pretty stress-free loan process and they will be able to explain it all to you simply and easily.

So how do you know if you have a good broker There are some very simple things that will tell you right away if your broker is good or not.

One of the best ways to judge a mortgage broker is just with common sense. Does your broker like to talk and have an excited attitude

That can definitely improve the experience for you but there are other factors to consider. Punctuality is very important and someone missing dates can be infuriating.

If your broker says they will call at 6 pm and they miss it every time, it might be a problem. You really want someone very punctual.

The broker should be able to list off mortgages and programs by heart as well. It’s not a good sign if they are flipping through a book every few minutes to look up terms and arrangements.

A good way to tell if your mortgage broker is good is to make sure they are willing to answer any question imaginable without getting frustrated.

Ask them something a couple times in one sitting just to see what they do. If it’s obvious they are annoyed and don’t ask why you repeated it, they might not be paying attention and just reciting some spiel they use on everyone.

Home Remodeling Tips

Part I

Are you tired of the same old look and feel to your home? Or has the thought of selling your home in the near future crossed your mind? If so, it is a good idea to consider remodeling certain aspects of your home.

Of course, this does not mean you need to embark on a major renovation project on your home as this can become very overwhelming and expensive.

Instead, it is better to take a more conservative approach and look at the possible cosmetic improvements which can be made to create an overall improvement. This would be small projects such as remodeling your kitchen, remodeling your bathroom, painting, putting down new carpet, etc.

The kitchen and the bathroom are two of the most scrutinized rooms of the house. Therefore, these are the most popular remodeling areas as well. Let’s explore a few ways you can improve the overall appearance and value of your home without breaking the bank.

Kitchen Remodeling

The kitchen is one of the most scrutinized rooms of the house. Therefore, it should be one of the first things you look at if you’re looking to improve the value of your home.

There are some small things you can do that will provide a great impact.

The kitchen sink is where you probably spend most of your time. Look into updating your sink to a more modern one with extra added features.

Also, take a look at your kitchen appliances. Are they outdated and worn? If so, look for some great deals on appliances to help give your kitchen that brand new feel.  

Same thing goes for your cupboards and cabinets. Are they in good condition? Are they eye-catching?  If not, give them a bit of a facelift. This can be done by replacing them if they are simply out of date. 

Same thing goes for the kitchen countertops. Just replacing the countertops alone can add a completely different look and feel to your kitchen.

A simple coat of fresh pain can rejuvenate your entire kitchen. With a fresh coat of paint applied to the ceiling, walls and cabinetry, you can literally take years off the appearance of your kitchen and make it look much cleaner.

Focus on using neutral colors that will make your kitchen look cleaner and larger.

Want a new backsplash? Inexpensive glass mosaics, natural slate, porcelain tile or even a faux paint finish can be used to create a backsplash that is both unique and custom.

Adding lighting to your kitchen will increase the appeal as well as the appearance of size and overall brightness. Lights can be added almost anywhere in a kitchen. Possible ideas include:

· Above cabinets

· Under cabinets

· From the walls

· From the ceiling

There are many different window treatments that can be utilized to add to the appeal of your kitchen. Venetian blinds, Roman shades and wood blinds are all great ways to add style while keeping out the glare of the sun.

If your kitchen has more of a country style, consider adding lace or some other type of fabric curtains to provide a warm and pleasant appearance.

Bathroom Remodeling

Does your bathroom need a new shower stall? 

The most important thing to remember, when looking to buy a new shower stall, is the amount of space that you have available.  If you are going from one bathtub to a bathtub and a standalone shower, there is a chance that you may be limited on space.

If that is the case, you may find your options to be somewhat limited. That is unless you are planning on remodeling your entire bathroom. If you are planning on changing your entire bathroom around, it may be easier for you to find and purchase the shower stall of your choice.

Once you have decided that you would like to purchase a new bathroom shower stall, as well as how large of one you can purchase, you will need to start shopping for your shower. Although you may expect to find everything that you need all in one place, it may be a little bit difficult to do.  

Whether you are looking a trendy looking standalone shower or the most affordable one, there is a good chance that you will be able to find exactly what you were looking for. Just in case you were wondering, most standard standalone showers start selling for around two or three hundred dollars, and from there the prices goes up.

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GREAT RENTAL INVESTMENT SPECIAL! FIX AND FLIP

STARLITE DR. ORLANDO, FLORIDA 32810

INVESTMENT ANALYSIS
Market Value	$ 80,000
Asking Price	$ 49,900
Estimated Repairs	$   9,000
Total Nominal Costs	$ 58,900
Monthly Rental Rate	$ 1,100
Annual Revenue	$ 13,200
Gross Return of Investment	22%

  

PROPERTY  DETAILS

List Price:          $ 49,900 Square Feet:     1,560 Bedroom:          4 Bathroom:      2 Construction:     Block Comments: Good schools, great neighbors. Family neighborhood. Must see to Appreciate. Great rental income. FIX and Flip this house with our financing.

REHAB SHEET

Roof  $               -   Flooring  $      Structure Y  $     7, 245.00 Room  $        Bathrooms  $     Kitchen(lin ft.)  $      Landscaping 1  $         200.00 Miscellaneous 1  $         575.00 Mechanical Equipments 1 $       1,000.00 Total  $      9,020.00

Great Opportunity, Great Buy in Orlando

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