Is Your Lender About To Freeze Your Credit Line?
By Craig A Garcia

Word just in from one of our friends - a local Realtor in Fort Lauderdale, FL that could affect many of our friends and family. It seems not only are the banks and mortgage companies making it harder to get new loans, but they have started taking back access to equity lines they have already granted in light of declining property values.

We have stated in previous articles and blog posts that lenders reserve the right to freeze a line of credit on property that has been damaged in the aftermath of a hurricane. If the lender’s collateral is no longer there or is damaged, then they may not allow homeowners to access the available credit when a homeowner may need it most. According to our friend, though, his line of credit was frozen due to a drop in property value - even though there is nothing wrong with the home.

We have said it countless times before - money in property is not the same thing as money in the bank. It may not be there to “withdraw” via a loan or line of credit when you need it most. Thankfully, our friend wasn’t put in jeopardy by this situation, but there may be people who are using their line of credit as a savings “account” and have their money in the line of credit instead of the bank. If the bulk of someone’s savings is suddenly trapped in their home, it could be devastating for them.

Right now, with the market in flux, the safest place to have your money is where you can get it easily - in the bank or some other account instead of your house. If you were planning on using money from an equity line of credit some time this year or next, you should really look at the option of taking it out of the property now. Perhaps using a larger first mortgage product - rates are very low right now on fixed rate loans. Just don’t leave yourself at the mercy of bank policies that will be aimed at protecting their interest instead of yours.

Craig Garcia is recognized as one of the Nation’s leading experts on Mortgage and Equity Management. He is a Licensed Mortgage Lender who has been helping consumers with financing solutions for over the past ten years.

He has created a service that caters to homeowners and purchasers who are frustrated with strict bank lending practices and are rightfully mistrustful of mortgage brokers but who still want to finance their home confidently. His service helps consumers find a mortgage that helps them manage their equity and monthly budget most effectively with their financial goals. His website is: Weston Mortgage http://www.BridgeCapitalLending.com

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How to Choose the Right Commercial Mortgage Broker

By groshan fabiola

Commercial mortgage brokerage is an elaborate process that involves the performing of an extensive series of tasks and building a solid broker – client relationship so that all the parties involved can benefit from the collaboration. With the help of an experienced and dedicated commercial mortgage broker, the borrower benefits from professional assistance in structuring the deal, while the lender benefits from better exposure and credibility and has the opportunity to integrate in a prominent, reputed group of lenders. Commercial mortgage brokers play major roles in closing the right deals, so whether you are looking for an appropriate commercial loan or you are interested in lending funds, it is crucial to collaborate with an experienced, reputed and reliable broker in order to be provided with professional assistance.

A highly competitive commercial mortgage broker should have in-depth experience in the field and advanced counseling, administrative, analytical and processing abilities, vital traits in commercial mortgage brokerage. As a borrower, you should look for a commercial mortgage broker who collaborates with a large number of reliable lenders; this way the chances of closing the perfect deal are substantially increased.

Also, it is advisable to employ the services of a mortgage brokerage company that is well-defined in the market, a company powered by numerous specialized teams of professionals, able to efficiently service the borrower’s needs. Considering the fact that the process of closing a commercial mortgage deal involves plenty of work, you should ensure that the commercial mortgage brokerage company of your choice is appropriately staffed to handle all the required paperwork and other important aspects. From the lender’s perspective, the right commercial mortgage broker should have a high position in the market and as many active collaborations with major lenders as possible.

To make sure that you will find a commercial mortgage broker who has the required expertise and the right professional skills, it is advisable to perform an elaborate analysis of the market, relying on various sources: media (you can rapidly find a reliable commercial mortgage brokerage company by browsing specialized websites on the Internet or by reviewing newspaper articles), private sources (you can obtain recommendations from professionals who constantly collaborate with commercial mortgage brokerage companies – real estate lawyers and accountants, for instance) and face-to-face meeting (a great way of finding more things about a certain company is to schedule a meeting with that company’s representatives in order to provide you with answers for your questions regarding credentials, professional achievements and specific policies.

When looking for the best commercial mortgage broker for your business’ needs, it is advisable not to make hasty decisions. You should take your time and carefully investigate the market in order to find the right broker. By performing an in-depth research and analyzing all possibilities, your chances of identifying the best commercial mortgage broker are substantially increased and this way you will be able to get the most out of your next commercial mortgage transaction.

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