Tulsa Real Estate Agents | Winning the Real Estate Game
Hey tulsa real estate agents today we’re going to talk about the government and how they are involved in real estate financing. We have what we call the federal reserve system and the fed as some people like to call it in the federal reserve system is used to maintain sound credit conditions. You know they also maintain anything if there’s anything inflation, deflation and trends and its really revolves around the economic climate pretty much. So what are some countries actually divided into 12 different federal, reserve, districts, and so something else that we need to talk about is the primary mortgage market and what exactly is the primary? And what is the secondary? Real estate agents need to be aware that the primary mortgage market is mainly consist of lenders that everthe loans. So these lenders they like to make money available to different bar hours and overtime after they’ve accumulated so many. They will then turn around and sell allowance, and usually they are selling loans to the secondary mortgage market, so loans are bought and sold after they have been funded. So after alone, as close to the title, company of the primary mortgage will collect pretty much a stock for or handful of loans, and then they will turn it around and sell those loans off to a secondary mortgage market to free up more of their money. So they can continue to originate. Loansso a lot of people here about fannie mae and was created as a government agency, and that was created back in 1938 and it’s pretty much became a private shareholder own corporation and typically you’re going to see that your conventional loans are going to be fannie. Mae loans, contradiction because in a real estate agents are reading and studying you’re going to see in a fannie may deals with a conventional as well as fha-insured and va loans and I have been told by local lenders that that is not a parent that fannie mae only deals with conventional loansand. You also have freddie mac, which is also conventional loan, so fannie and freddie and freddie mac was created back in 1970 and it’s also a privately-owned corporation. The government controls is controlled by the government and many lenders will use their types forms in in deal with freddie mac when they’re giving conventional loans out. There’s. Also a farmer mac, which I don’t hear a lot because I don’t know, I normally don’t deal with agricultural that there’s going to be some tulsa real estate agent to do deal with agriculture land when they’re selling and a lot of times you’re going to be dealing with farmer mac when you’re dealing with agriculturethen there’s also jenny, mae and ginnie mae is a government loan that covers va, fha and usda loans and jimmy was actually created in 1968. It’s always been a governmental agency and there are websites you can go to to get more information, but jenny made. It also is part of which is the department of housing and urban. Development is a pretty popular loan out there for some peoplesomething, that’s going to come up on at the state test. Tulsa real estate agents need to understand what ltv means and ltv is just the ratio of debt to the value of property. Where is the value of the sales price? Is appraised value or it could be a place that lasts so just remember, tulsa real estate agents need to know. Ltv means the ratio of debt to the value of property. Conventional loans at conventional loans is probably the most accurate and it’s not insured by the government. The ratio could be like an 80% of the value and down payment is 20% down, but that’s kind of changed over time. I know some conventional loans you can put 5% down, but regardless, if you’re putting down 20% of the value of the home when you purchase it, tulsa real estate agents need to be aware that you won’t have to have the pmi covered insurance by putting down the 20% pmi insurance listings for private mortgage insurance, and that is required by the bank and it’s more of a security thing for them. It’s going to protect the loan. If someone were to go into default, so tulsa real estate agents just need to know how to explain that to you their clients, the fha-insured loans. It is just an insurance company and doesn’t pay money for loans, but it just ensures the loan is all they’re doing. An fha is probably one of the most popular ones out there and that’s the one where you have to put the 3% down. You can do discount points and there are some assumption rules when it comes to fha and foreclosures are apart of the fha-insured home switches, hood and so a lot of those are going to go through. Fha there’s also a va guarantee loan and the va loan is probably one of the best loans that you can get out there and it’s going to cover veterans and people who are eligible. Our veterans and you can only have one va loan at a time, so you can not buy two different properties and get to va loans. Some of the requirements that you need to me is:we have to have a 90 days out of service I’m active duty and have to have a minimum of 181 days of active service during if there was a conflict. Like, a war and that’s a during specific years, and you have to have to four years of service during any piece. Time. And 16 more years of continuous duty as a reserve in the army, national, air, force or marines, so in the va’s just going to assist veterans to help with her one of the best loans, because it is also a is 100% financing. So you do not have to put a down payment down.
Tulsa Real Estate Agents So that’s really good to know. You also have a rule, development, loan or usda loans, which also is considered a hundred percent financing and there’s also a special requirements that need to be met in order to qualify for usda and a va loan. Obviously, but one of the rules for usda loans that you have to get your restricted and where you can buy a home, so we’re looking more at rural areas. It can’t be in the city, other dancing techniques with that package, loans in package loans, and you can take out a loan on personal property and real property. You got blanket loans and normally that sat blanket lines are used for new construction. So if you are a developer and you are building in a subdivision of a developer, one normally take out of blank at 1, so they can cover multiple properties instead of just one open-ended loan. It just provides a security interest when a note is executed by the borrower and lender and then construction loans, obviously for a financing of new construction and let’s see sale leaseback. So so we start being an owner, could sell a piece of property and you never purchased the property to lease it back to the seller. Tulsa Real Estate Agents You can also take out home equity loans in tulsa. Real estate agents can inform their clients that if you have equity build up in your home, you can let’s say example:$20,000. You can take a loan out on that and pay it back and it attaches to the loan. Something really important. That tulsa real estate agents need to be aware of is the truth in lending act and it’s also called regulation z. It’s very test heavy on the exam, and it requires credit institutions to inform people of how much it’s really costing you. In order to obtain your credit. People think that maybe they don’t have to pay anything to obtain credit, but they do regulation. Z applies when. Tulsa Real Estate Agents A credit transaction is secure by anybody. So it’s very important that you know that there is like a three-day business right of recession, so you pretty much have three days and to disclose all of that information to a borrower, and there are some advertising requirements that go along with the tulsa real estate agents are not going to be necessarily involved with the advertising of loans, but that was mainly pertaining to the the lender. He was advertising and also that you feel credit opportunity act is going to print, have it or prohibit discrimination in the lending process when it comes to someone who’s applying for credit, so you cannot discriminate based on their race, color, religion or their sex or their marital status or their age. Tulsa Real Estate Agents Last is our rest. That and rest that is very important. Tulsa real estate agents need to know what the rules are for respite in the biggest one. That we need to be aware of is that we are not allowed to give kickbacks, and that is a huge violation. You cannot pay somebody money or anything of value for a referral and only time a real estate agent can I pay. Somebody a referral fee is if it’s another agent, who is referring them some business and because they are licensed, you can pay them something, but a lender cannot pay a realtor. Realtor cannot pay a lender for that violates the rest of loss. That’s it today Tulsa Real Estate Agents