Nato Ruiz

Hi Beatriz. Interest rates can change on a daily basis and the rate that one would get depends on several factors, such as your credit score. If you want to get a good idea of what rates are, go to http://www.bankrate.com . You can estimate the rate you would get by inputing information of the loan program you are looking for.

Hope this helps!

-Nato Ruiz - Wed Oct 1 2008, 05:45

Hi Jimmy. I do construction loans and have several different banks we can use. Let me know what you need and I'll let you know what I find for you. No obligation.

-Nato Ruiz
916-284-0101
nruiz@task1lending.com http://www.natohomesandloans.com - Wed Sep 3 2008, 20:49

Hi Patrick. You can list your current property and make an offer on the home you want to purchase and put in the contract that the purchase of the home is contingent on you selling you current home. That would tell the seller of the property you want to buy that in order for you to purchase their home, your property has to sell first. If they agree to this, you are good to go. You can even set it up that you would close concurrently, meaning that once you have an offer on your home, you would put an offer on the property you want to buy and have both deals close at the same time and you wouldn't need to get any other loan. I would recommend speaking to a professional realtor in your area about this.

-Nato Ruiz - Sun Aug 24 2008, 09:37

Hi Sue. That is an excellent question. There are potentially HUGE advantages to paying down the interest rate and I would highly recommend it. There are several types of Buy Downs available to match the buyer's needs, 2-1 Buy Down, 3-1, Permanent Buy Down. When the rate is bought down, several things happen: Obviously, the rate is lower, payments are also lower and the income needed to qualify for a loan is also lower. For you, as a realtor, this opens up a bigger pool of people that can qualify to make a purchase who otherwise may not have qualified at the higher rate. What I would then recommend to the buyer is that they use the difference (or part of it) of their lower payments to either pay down the principal, invest it in an interest bearing account or both. This is going to help the buyer pay off their property faster and also build wealth. I would recommend, especially in this market, to get the seller to pay for the buyer's rate Buy Down, instead of lowering the price of the home. I will send you some information separately so you can see the huge, positive impact this has for seller, buyer, the market, realtors and all parties involved.

P.S. A rate Buy Down has NOTHING to do with a lender or mortgage professional making more money. Some people are just badly missinformed.

-Nato Ruiz - Sun Aug 24 2008, 09:26

Hi Norman. Generally there are two types of letters you can get from a lender or bank when applying for a loan. One is a Pre-Qualification letter and the other is an Approval letter. The Pre-Qualification letter is really meaningless nowadays. It's a letter that a lender will give you after they review all your information, including credit, income, assets, debts and the like. It's like their best guess that you will be approved, but it never is actually yet submitted to an underwriteror. When you make an offer on a property, this type of letter really won't have any bearing or impact with the seller. An Approval Letter, on the other hand, is a letter you get after your application has been reviewed by an underwriter at a bank and is an actual approval, usually with some conditions. This is the best option when presenting an offer, especially on a property you may have fallen in love with. Having this with your offer is going to put you way ahead of the game and it will have more weight with a seller.

Good luck and happy house hunting!

-Nato Ruiz - Thu Aug 21 2008, 22:27