Real Estate Articles

The Lender You Choose Impacts Your Access to Low Rates

The headline above may surprise you. How can the lender affect your rate? Aren’t interest rates the same at every bank and lending institution?

Yes and no.

Interest rates are set by a federal regulatory agency, however vibrant lenders like my parent company, Mortgage Master, have so many creative ways of financing homes that you can wind up with a financing plan that gives you a rate lower than your local bank or broker offers!

How does that work?

When you work with Mortgage Master, one of the largest privately-held mortgage companies in the country, you get a professional, efficient team – working on a super low-cost platform – to pass low rates and highly efficient loan programs on to you. You’ll get a whole team of professionals dedicated to closing your loan fast, including:

  • The Mortgage Lender, Broker & Banker: That’s me. I’m here to find you a great deal and coordinate all loan efforts from application through underwriting and on to closing.

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Defining the Market

I would like to take this opportunity to express my appreciation to Ner Yisroel for everything I have gained there. I feel that I owe my success in learning, as well as in business, to the Yeshiva. Something that I learned when I arrived in R’ Adler’s shiur, in 1995, which I try to keep in mind every day, is a Gemara in Brachos (35b): “In previous generations, people made their learning primary and their work secondary. They were successful in both areas.” This is not referring to the number of hours spent on each. Rather, learning should be the main focus and highlight of

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My Son The Realtor

Between home-showing appointments, house closings, and the hours of research he puts in on behalf of his clients, my son Dovid (aka David, in the business world) allowed me to pin him down just long enough to get this exclusive WWW interview.

Q: What real estate agency are you associated with and what do you enjoy most about your profession?

A: I am a realtor with Prudential PenFed Realty. Although I work primarily in the residential sector, I also help clients with 10-31 exchanges in commercial real estate. I enjoy meeting all types of people and helping them find their dream home.

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A Mortgage Company You Can Count On

Inevitably, when I mention that I am in the mortgage business, people tend to give me a pitiful look and maybe a pat on my arm, saying, “It must be really rough for you in this market.” The truth is that in the past few years there has been a mass exodus of mortgage companies and loan officers, yet many companies have done more loans than ever before. Numerous loan officers have been skipping from mortgage company to mortgage company trying to find a new home; a few of them have stuck it out and soared.

When I joined Guaranteed Rate in March of 2000, there were 38 employees. Now, 14 years later, we employ over 2,700 employees and are listed as the eighth-largest mortgage company in the country. That is right up there with the most recognized banks. I have been blessed to be listed as high as the #2 loan officer in the country, out of 200,000 people who work in my field.

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Current Status of Ground Rents

Ground Rents – that quintessential Baltimore legal institution – have undergone tremendous change in the past decade. Although commonly described as the situation where an owner owns only the improvements on the property, while someone else (the Ground Rent owner) owns the land, it is, according to legal theory, more aptly defined as a “reversionary interest.” This means that the Ground Rent owner has the right to take back the property (both land and improvements) if the Ground Rent is not paid.

Ground Rents were very attractive to the developers who built-up northwest Baltimore City in the 1950s and 60s. By creating a Ground Rent simultaneously with the sale of the newly-built houses, the developers were able to retain a stream of income from these properties even after selling them, thus making Ground Rents particularly prevalent in our area.

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What You Need to Know about Rentals

According to a National Multi-Housing Council 2012 survey, approximately 35 percent of households in the U.S. are renters. Reasons for renting vs. buying are quite varied. Many people move into the community for a job and need a year or two to learn the area to see where they want to purchase. Others move for school or residency, and are not sure if they will stay once that assignment is completed. Other reasons include not yet being able to qualify to buy a home, a general desire for flexibility, marriage, divorce, or lack of supply of homes to buy. The point is, many people have to rent, and they are always looking for good-quality housing that is convenient and affordable.

In our community, many different property types are available to the renter, including apartment complexes; “apartment-style” condominiums; town homes, which are typically a part of an HOA or a condo association; and semi-detached and freestanding homes, which are not part of a homeowner association. We will elaborate more on these below.

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