Mortgage Lenders

I recently moved to the US from Canada and have yet to establish my credit rating. I have a well paying job and would like to purchase a condo. My credit score would be sufficient in Canada.

To complicate the situation, I have a sum of money invested in Canada that I want to use as a down deposit, e.g., in excess of 40k. How can I legally "launder" that money across the border, avoiding all taxes and fees. Also where can I get a wholesale exchange rate?

In the likelihood that the deposit is not enough, actually it definitely isn’t, is there a way to have my parents co-sign the mortgage. My father is a Canadian citizen and my mother left the US in her mid-20s (now 50+). Is there a Canadian bank with operations in the US, or vice versa, that could be of help? Can a US bank take collateral from another country? I have a great relationship with my parents and they have offered to help in anyway possible.

Thanks!

Banks are able to wire funds to & from each other. All that is needed is the bank’s routing number and your account number.

I am a mortgage broker, looking only for wholesale. I have a purchase for a home in Tacoma, Washington that is owned by the city, and is only being offered by a leasehold estate for 99 years with an option to renew. Problem is, I don’t know any banks that will go for this. Purchase price is $200,000. I know Indian reservation land is also leased property, so if there are any banks that handle Indian land, I’m sure that would work for me too, I’m just not sure who those banks are.

Wow…that is a hard one…post your scenario on http://www.scotsmanguide.com/default.asp?ID=1242 you might find someone

I bought two dirtbikes and then lost my job. They came and got them and I recently got a call from a law office saying that I needed to pay. I told him that they came and took and I didn’t have a job. They can take me to court but I still can’t pay them. Should I file for chapter 7 and just start new again? Or this some kind of way to scare people and to make them pay. I do want to pay them back but it’e been hard finding a job. I use to be a wholesale rep in the mortgage industry. Any advice?
The account was sent to a law firm. What can they do to me at this point. I went back to school to earn a MBA but I am not working.
The guy who I talk said that it could be 2,000 or 4,000. Think they got what they sold them for. The guy wasn’t really sure.

If they repossessed the property, all you really owe is whatever the sales price was vs. what they are able to recoup on the resale of the items. I don’t think it’s worth filing a bankruptcy over. What is the actual amount they are seeking? They can’t tell you that you owe the full amount AND also have the items in question. You will owe the difference plus the collection fees.

I was an Account Executive (wholesale Rep) for a mortgage company in outside sales. I managed 30 accounts and covered a huge area.

Any science background? These are technical jobs and you need a science major or minor in college. I would start with a smaller company and go from there.

I am a manager for a wholesale mortgage company. I have been in the mortgage loan business for 5 years. I love my job and the people I work with but as many of you know, the mortgage business is not doing so hot. So should I stay and hope it gets better while continuing to struggle or say forget it and move on and come back when its good again? And if I do move on what else is there to do?

From what I have found, it is always better to stick with something especially if you love what you are doing. I believe that when you love your work, people will see that and want to do business with you.

I’m in Milwaukee, Wi and I think the to time to buy is now. Any ideas on how I should approach a local retail bank or find a wholesale mortgage company? I used to buy foreclosed properties fix and flip. Now, I want to create a long term cash flow but don’t want to ruin my credit with high debt mortgages. Thanks for any suggestions.

An LLC is an entity but one that most banks and lenders will look at as a high risk borrower. They require a personal guarantuer so you might only be able to protect the asset in an llc. As a non owner occupied property the lender will give a reduced ltv at a slightly higher rate. That property at 75% rental income will qualify the next, and so on. This will work for 5 properties and then 1 must be sold before financing another. In time the LLC will have a performance record that might qualify it as a borrower but will still require a personal guarantuer. The mortgages wont ruin your credit, the late or missing of payments will do that. Timely payment will only improve your credit. As your portfolio grows, so does your cash flow and net worth. The key is to get positive cash flow numbers at 75% of the rent. Make sure you buy properties that will cap rate in your favor.

I’m looking into several companies to refinance with and one company states this in their email; "We are a wholesale broker, therefore we have access to the lowest rates possible."

What’s the difference?

a wholesale broker is just a broker. they have agreement with lending institutions where they can get lower rates than if you were to go to them directly (most often, not with every lender).

Definitely watch for the fees they charge, some Brokers are not very ethical – while some are. Definitely do your research on your Broker first before committing to anything!

Also shop around to compare and make sure you are getting the best deal.

If you are one of the few that is considered "an ideal borrower" with great credit, great work history/income, low LTV (loan to value) then you should go straight to a bank and get your loan.

Good luck

Article

http://biz.yahoo.com/ap/070820/capital_one_financial_wholesale_mortgages.html?.v=8

Recession is a comin!

I have a friend who is a builder and would like to use me for his mortgage broker. I have no problem finding banks who will do financing for owner occupied builder programs, but nothing for spec homes. A lot of the banks offer spec programs on the retail side, but I’m having trouble finding it wholesale. Thanks!
I do know what a spec home is
My rep at Indymac said that they only do owner occupied construction, but maybe there is another dept she’s unfamiliarr with? I’ll ask her again. Thanks!

I don’t think you know what is spec home is. A spec home is just a home that is build in speculation of a buyer and was not a custom built home. 98% of all homes built are spec homes.

I have been a loan officer, sales manager and Wholesale rep at various times over 31 yrs. I never wrote subprime loans. With the mortgage crash, I am looking for another career. I am not really interested in insurance, financial planning or being a stockbroker. I do have a college degree.

Any suggestions?

Thanks!

Find a nice place, Long Island may be, and start your own company. It’s full with rich people that are ready to spend a lot of money for landscaping. Hire two guys and in the mean time you can go surfing,have fun! Good luck!