MortgagesUndressed

TAKE A LOOK CLICK HERE

The Giant: Craiglist - 10 million visitors a month, at least.

The midget: Mortgages Undressed.com less than 30,000 visitors a month.

Use the giant, he deserves it.

Help the midget he needs it.

By the way, thanks to all those on our blog roll (check both blogs) they are helping. Thanks to you all, we are new and getting some pretty good feedback.
Larry Cragun

Craig Newmark is a low key humble appearing man. He started Craigs List and seemed embarrased as a man stood to thank him for Craigs list. He had been unemployed for a lengthy time and finally found the perfect job after he turned to Craigs list. It was cool, both the thanks and the repsonse. Larry Cragun

It didn’t hurt their image that they raised 25 million in new Capitol this week. Lockhart Steele on a different panel asked what is the big deal with Zillow? His blog has pretty good traffic also, and he raised $25.00 last week, for advertising, from his mother in law.

Citizens Journalism

The democritization of journalism.

Who is having trouble dealing with that point? The major publishers.

Think of it, you can participate. You could write your opinion to my articles as a comment. You can go live to the world wsith an opinion, you could even become a writer.

There is magic in this, it is starting to become a movement. Stay tuned to our site, we will show you some ways you can play an important role in this.

Yesterday I spent several hours listening to panels and presentations by the top mortgage lead generators. Some are names you are familiar with some not. You are probably familiar with Lending Tree and HouseValues.com. They were on the panels. There were others who sell to other lead generators.

Guess what? You are still prey. The lead generators want to capture you. And sell you. The want to categorize you. You may be aged. You maya be fresh. You may be cold. You may be hot. You may be exclusive. You may be non exclusive. Some want you badly, some not very badly.

However they classify you it takes one person to trap you. YOU! To become a … whatever they call you, it starts with your filling out a form.

In a previous sarcastic article I suggested lead companies sell your name 15 times for 15 bucks. I learned yesterday its only 5 times. I don’t believe them. Maybe if all 5 of the 5 sold you 5 it would be your name is sold 25 times. I believe many sell you over an over and over because so many tell me they fill out a form and they are barraged with calls. Then re barraged months later.

Be aware, they are out to get you.

Larry Cragun

Consider - Mortgages Undressed, RealEstateUndressed, and coming soon: _ _(Email me so we can scoop it to you) larry@mortgagesUndressed.com

Oh how I wanted to tell you. Larry

I could make this a long article. I won’t.

Q: What is a Custom Construction Loan?
A: A special loan product designed to protect both a builder and the party building a house. It is usually used when the land is owned by the ultimate home owner. It is sometimes used by builders with a buyer, where the builder may have a difficult time getting a loan without having the buyer firmly in place.

Comment: If you owned a lot and had a builder to build the house, how would he pay for the construction? Not many can or will pay cash. Most likely the builder would need to borrow. OK, he will need collateral. Your lot. Wait. Do you dare turn over title to your lot to him to get a loan? What if he gets into trouble financially? He won’t. He could! I know this from personal experience. Builders get into financial trouble sometimes. Mine did.

So here comes the construction loan. The builder and you have to sign off on the draws. The bank must feel OK about the builder. You must qualify for the loan. You both go through qualifying actually. The builder must provide a resume, or be familier to the bank. The bank does research. They require some equity. If the builder goes away, they pick up the pieces and see to it the home is completed

THIS IS WHY IT IS A GREAT LOAN.

Costly I say? Yep, the fees are high the rate high. You pay for this. Usually you get an adjustable rate loan and refinance it into a fixed after the home is finished. Oh, so all those fees for a few month loan? Yep.

A time waster? Yes, for the reasons I have explained so far, plus the fact it is a difficult process, almost all of you who embark on this great idea, will quit before you finish.

It is not fun folks.

Larry Cragun

Another good article from the MortgagesWeblog, Christi Lundquist

A comment from Larry Cragun: I am sure you have heard the saying, If it seems too good to be true, it probably is. So goes it with lending. Especially if you have credit scores over 680 and are doing a typical conventional loan. You probably deserve a great rate. Lending is competitive, one lender to another. Be careful if you are quoted a rate that seems ridiculously low. Your greed may walk you into a bad experience.