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Welcome! Finance Basics For a Hot Foreclosure Market
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If our February Turning the Key meeting is any indication, people in
Massachusetts want to know more about the real estate investment
market. We had over 150 people register for our event on financing a
deal - so many showed up in fact, we had to open a second room!
New people to the investing scene mean lots of questions - especially
regarding financial matters. This month we have four specialists,
including our monthly columnist Debbie Siegel, share their financial
expertise. Whether you're exploring the market or are ready to make
your first deal, you'll find the nitty-gritty information you need to
make the best choices financially.
If you read or listen to the news, you're starting to think the ARM -
or adjustable rate mortgage - is the basis for Massachusetts' real
estate ills. The fact of the matter is, an ARM is still a great loan
option for investors. In his article, Don't Become Another Statistic!
Choose Your ARM Program Wisely, Jeffrey Chalmers, president of Real
Solutions LLC, explains the differences between the various ARM
programs, the terminology you'll hear, and how to use this
information to choose the right ARM for your situation and the
Massachusetts real estate market.
Quick - what FICO score do you need to get 100% financing on a 3 - 4
family property? Don't know? You will once you read Tammi Koza's and
Carl Phinney's article, What Banks See When They Look at Your Credit
File. As mortgage specialists for Family First Mortgage Corp., Tammi
and Carl are in the trenches . . . where they see hundreds of credit
files. They tell you the seven things banks look for - plus how you
can pro-actively maintain an excellent credit file. (Hint: don't burn
those mortgage and bank statements.)
Have you wondered if you should consult a financial planner regarding
your real estate investing? In our Interview with the Expert,
licensed financial advisor Judy Carryl-Young talks about why keeping
your financial portfolio diversified will prevent you from crashing
and burning. She also gives you the questions you should ask when
interviewing prospective financial planners.
* Next 37 17 investors only!
In this month's Mortgage Minute, Debbie Siegel explains the federal
credit law that gives consumers the right to cancel a loan. That's
right, you have three days to rescind or cancel on a loan - but only
if it's a loan for a primary residence. Because there is no
rescission period for loans on investment properties or second homes,
it's extremely important you receive the proper disclosures before
you get to the closing table.
Best regards,
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Jeremy B. Shapiro
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Sheila Farragher-Gemma
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Co-Founders, ForeclosuresMass.com
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