10 THINGS NOT TO DO WHILE IN THE PROCESS OF OBTAINING HOME FINANCING

10 THINGS NOT TO DO WHILE IN THE PROCESS OF OBTAINING HOME FINANCING

 

You can unknowingly sabotage your home financing goals by making some obvious and not-so-obvious moves with your finances. Check out the list below to see if you know the top 10 things not to do when you are in the process of buying or refinancing.Do Not:

1.

Transfer money between accounts, unless receiving complete documentation from your bank, itemizing all transfers

6.

Co-sign on any debt with a family member or anyone else

2.

Make unnecessary checking or savings account transactions, such as withdrawals or deposits

7.

Ask a tenant to move out, or give your
landlord notice that you are moving out*

3.

Leave an existing job

8.

Delay paying all debts on time

4.

Allow your bank accounts to go into a negative balance, even if you have overdraft protection

9.

Pay a bill in collections. If about to pay a bill in collections from a collection agency, try to pay it at closing**

5.

Apply for credit in any form, including credit for major purchases (such as a car or furniture), or apply for credit to consolidate or change existing credit

10.

Have a friend or family member pay for anything related to the purchase of the home (appraisal, earnest money, down payment, etc), since gifts are only allowed under certain guidelines

Contact me before you start your home financing process. I can answer your questions and provide advice on how to prepare for a smooth and successful loan closing!
sean.uyehara@prospectmtg.com

Sean Uyehara
Senior Loan Officer
Prospect Mortgage
NMLS# 338525
2370 Corporate Circle, # 190
Henderson, NV 89074
Office: (702) 492-4664
Cell: (702) 336-4980
Fax: (877) 801-9423

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Oscar B. Goodman, Chairman of the Host Committee

Las Vegas_LVCVA

LAS VEGAS CONVENTION AND VISITORS AUTHORITY

Oscar B. Goodman, Chairman of the Host Committee, Darrin Bush photo. Showgirls – Jennifer Gagliano (L) and Porsha Viger.

Whether you’re a regular or have never been, lasvegas.com will show you How to Vegas this summer.
Let’s face it, Vegas has a ton of things to do and sometimes you just don’t know where to start. From ultimate pool parties to concerts to the world’s best cuisine, Las Vegas has redefined entertainment.
It’s summertime, you’ve got 72 hours to spend, and you want to make the most of it or to see if Downtown Vegas might be the scene for you. Maybe you’ve only seen Vegas in the movies and don’t know where to start, or perhaps your idea of a good vacation involves eating your way from one end of town to the other. Turning 21? It only happens once – so make the most of it
Click on picture for Map Explorer

 

 

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NORTH END of THE STRIP MAY BE IN THE MIDDLE OF A ROBUST RECOVERY BY 2014!

Las Vegas North End may be in the middle of a robust recovery by 2014. What lies ahead for the famous North End of the Strip? The Sahara closed one year ago May 16th. It was one of last large resorts on the North portion of the Strip before the Downtown area begins.

home searchof Los Angeles and a private equity group are funding $300,000,000 for the rebirth of the old and torn Sahara built in 1952 at a cost of $5 Million.

The new resort will be the RealtyBill@gmail.com. It will be a boutique hotel designed by Philippe Starch who has the magic design touch of transforming coal into diamonds.

SLS Hotel & Casino, Las Vegas NV

SLS Las Vegas will open in 2014 with 1,600 rooms. The rooms will be priced between Continue reading

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THE HOUSING MARKET CRASH IN LAS VEGAS – WHO’S TO FAULT, HOMEOWNERS?

Housing Market Crash- Not our FaultHousing Market Crash

Homeowners Are Not At Fault That The Las Vegas Housing Market Crashed.
When the mortgage bubble exploded, Nevada was ground zero. There is no reason to pay off $350,000 in debt when the house you bought is now worth $160,000. It makes more sense for many to get out from under the mortgage burden and start fresh. Many people refuse to recognize a mistake, and then they compound the mistake by spending their entire life savings, 401(k)’s, retirement savings, and even borrow money from family to avoid accepting the reality of the situation. A House Is Not A Home! A “House” is simply drywall, stucco, carpet, wood and paint. A “HOME” represents treasured memories, personal belongings and the special people in your life. A “House” can be replaced. A “HOME” is PRICELESS!

Until you have equity in your house, all you are doing is renting. You are renting from the bank! Even with a loan modification, homeowners will still have no equity in their homes for a decade or more. Unless you have equity in your home, you are better off selling your home through a short sale and buying another home down the road (at a cost of 50% of what you paid before). The only difference between renting vs. making mortgage payments on a home with no equity is that if the roof leaks or the air conditioner goes out in the rental, your landlord pays for it. If anything goes wrong in the house you and the bank own; YOU are paying the repairs, maintenance Continue reading

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10 Cool Las Vegas Happenings!

THE STRATOSPHERE TOWER THRILL RIDES

http://www.stratospherehotel.com/

The stratosphere tower thrill rides is boasting the tallest freestanding observation tower in the United States west of the Mississippi, the Stratosphere Casino, Hotel & Tower is recognizable all over the world. Visit the indoor and outdoor observation decks in the Stratosphere Tower to see a phenomenal panoramic view of Las Vegas. Stratosphere’s newest thrill, SkyJump Las Vegas, is a controlled free fall that sends you jumping off the Continue reading

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A BUYER’S GUIDE TO BUYING BANK-OWNED OR FORECLOSURE PROPERTY

A BUYER’S GUIDE TO BUYING BANK-OWNED OR FORECLOSURE PROPERTY
In today’s market, nearly four out of every five homes sold are bank-owned foreclosure properties.  These are commonly referred to as Real Estate Owned (REO) properties 
 

Buying an REO is a great way to save money and get a fantastic deal. It is just a very different process than a traditional buyer/seller transaction. 

What is an REO or bank-owned property? 

An REO is a property that the bank or financial institution owns because they foreclosed on it. The last owner of this home was not able to make the mortgage payments and the mortgage note holder seized the property and evicted the owner. The bank attempted to auction the property and pay off the existing liens and mortgages. If that was not successful, Continue reading

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What is a Short Sale?

A “Short Sale” (also referred to as: “Negotiated Settlement” or “Short Pay Off”) occurs when a Lender agrees to accept less than the amount owed on the original note or total payoff, as an alternative to foreclosure. If the property is worth less than the amount owed on the loan, then even if the Lender forecloses and takes back the property, they know they are going to take a loss. We can often convince a Lender that they will “do better” if they take less than what is owed now, rather than taking the property back by foreclosure.

Foreclosures can be avoided and short sales can create better futures.

Michelle recently asked: What is involved in doing a Short sale?

Going over your specific situation and fully explain the short sale process.
Provide you with the necessary forms to process the short sale.
Always available to answer your questions during the entire process.
Great marketing to attract buyers and quickly sell your home .
Working directly with the lender to negotiate the short sale.
Working to delay foreclosure and possibly keep you in the home longer.
Working to get your deficiency forgiven by the lender.
Lender will also pay the fees related to the Real Estate Transaction.

And the Great News is that there are lenders that Continue reading
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A few foreclosure scams to avoid!

Though the number of foreclosures on the market may be momentarily dwindling, opportunists continue to run scams that prey on vulnerable homeowners. If you are no longer able to pay your mortgage, read the below tips to ensure you don’t rely on the wrong people to help you during this difficult time.

A common mortgage scam is the “phantom help” scam. Under this proceeding, a company will ask a homeowner to pay a fee and, in return, have their mortgage payments reduced, or will promise to prevent a foreclosure altogether. After making payments, the company will disappear with your money, putting you even further behind on your mortgage payments.

Meanwhile, a rent-to-buy scam involves signing Continue reading

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Steps To Consider Before You Strategically Default In Las Vegas!

If you are thinking about a strategic default, then you must be aware of this. FICO claims to be able to notify a lender when someone has strategically defaulted, or looks ready to strategically default.

This helps lenders implement additional collection procedures to get you to repay their loss. I spoke with an expert in the industry. I wanted to know how he thinks they find the strategic defaulters.

“I think the biggest thing they look for is someone who is paying everything on time. This person has never been late on anything. All of a sudden they just stop paying their mortgage.

There were no other signs of financial problems. That looks pretty fishy to a lender. They probably get angry when they see they still paying their credit cards. The banks think that they are more important than a credit card”, this expert told us.

“You have to think like a banker to Continue reading

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Facing a Foreclosure?

Home values have plummeted over 55% in Las Vegas, Nevada since the peak of 2005! It has been estimated that more than 81% of the mortgages in Las Vegas, Nevada are upside down.  If you are in that position and you need to sell, in many cases, FORECLOSURE is NEVER the ANSWER, or necessarily the best choice.

When you owe more on your home than it’s worth, but you have to sell, you need to squeeze every dollar possible from the sale. Here are seven tips for navigating the short-sale process.

1. Know who you owe

A short sale has to be approved by any company that has a mortgage or lien against your home. That includes your first, second, or even third mortgage lender, your home equity line lender; your homeowners or condominium association; and any contractors who Continue reading

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