Brady Holland
Senior Mortgage Banker
85026 PERMIT 1441
Real estate financing can be a daunting task. And that is especially true in today’s world where lenders are more cautious about lending due to economic uncertainty. I understand that choosing a mortgage is one the biggest decisions that you will make. You want the best interest rate and you want the pre-approval, application, and close of escrow process to be hassle-free. I understand. I listen to your needs. And I respond quickly and deliver. Let me put my nearly two decades of residential lending experience to work for you! • The needs of every client are different. I specialize in tailoring a loan and financing strategy that will best fit the individual needs of each client. • Have you ever closed on a mortgage and later had remorse that you may have picked the wrong loan program or paid too much in fees? I offer a benefit analysis on every loan to ensure that the loan program and the associated costs are the best fit and in the best interest of the client. • I use the latest lending technology to deliver a loan credit decision in hours, not days. • Closing thousands of loans over the course of my career assures you that as an industry veteran I have the knowledge and expertise to handle every situation. • My impeccable reputation is my best asset. I always strive to exceed your expectations and earn your business for life!
Call me today!
Arizona Homeowner January | February 2012
Short Sales And Their Impact On Your Credit A short sale in real estate occurs when the outstanding obligations (loans) against a property are greater than what the property can be sold for. Due to declining home values, in many cases a homeowner does not have any equity in the property and they cannot sell the home to cover the balance of the loan. If a homeowner in this situation needs to move they can either try to negotiate a short sale with the lender or go into foreclosure. Why would a lender authorize a short sale knowing they will take a loss? The high cost for the lender in a foreclosure action is that they have to carry the loan until they can resell the house. They have to pay the taxes, insurance, and foreclosure legal fees. This can take time and the cost of carrying the loan can become quite substantial. In some cases it will be more beneficial for them financially to take the short sale. How does it affect credit? Typically the loan will show on a credit report as “settled for less than the full balance.” This will have a negative impact on the borrower’s credit score, however, it will be less of an impact than if it shows as “foreclosure.” How soon after a short sale can I qualify for another home? Lenders on new loans aren’t very forgiving on short sales and often view them with the same negativity as a foreclosure since the last lender took a loss. The most flexible conventional lenders require a wait of three years after a short sale with 10% down, and two years with 20% down. FHA requires you to wait three years on a short sale, but they will allow a shorter time frame if the mortgage was paid on-time through the short sale closing date. If you are considering a short sale, I am happy to answer questions for those considering this path. It is always important to understand the legal and credit repercussions when considering a short sale and I recommend that you also consult with an attorney and an accountant. Call me, let’s talk about it.
MORTGAGE RATES Brady Holland
Senior Mortgage Banker NMLS 180079
Office: 480.278.8993 Cell: 480.272.3282 E-Fax: 480.223.4290 BHolland@VIPMtgInc.com
As of 10/20/11
Loan Rates for $150K-$417K: • 30-Year Fixed: 4.375%/4.484% APR • 15-Year Fixed: 3.625%/3.807% APR • 5/1 ARM: 3.625%/3.727% APR
Loan Rates for $418K-$1.5M: • 30-Year Fixed: 5.000%/5.055% APR • 5/1 ARM: 4.375%/3.535% APR • 7/1 ARM: 5.000%/4.008% APR
*Note: All rate quotes offered at 0% points for primary home purchase or no cash-out refinance financing with 720+ FICO score. Loans under $417K are quoted based on 20% equity while loans over $417K require 20%-30% equity. Other financing options are available upon request. NMLS 145502 AZ BK#0909074
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