Author Archives: Shawn Molem

3 Types Of Mortgage Loans For Home Buyers

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Category : Mortgage Loans

Buying a home is the most expensive choice for most of the people throughout the world. People borrow money in order to buy a home. There are various types of loans available, but a mortgage loan is one of the most common financing options among all of them. A mortgage loan is a kind of money which uses the property that is being bought with the loan as collateral. The property could be your house, a piece of land or any other form of personal or commercial real estate in your name. Almost all kind of real estate qualifies for a Mortgage Loan.

Mortgage loans can be used for various purposes, but it is most commonly used to purchase properties. This loan can also be used when you want to expand your business, buy a house, send your children abroad for higher studies or pay for an expensive medical treatment. The biggest advantage of a mortgage loan is that you can continue using the mortgaged property while repaying the loan. Once the loan is paid in full you are returned complete ownership of your property.

There are many loan lenders like banks, private financial institutes who lend money on specific interest rates. Lenders keep legal documents of the property as security. These documents are handed back to the borrower, once the loan is paid in full. Mortgage loans generally come with a repayment term of 15 to 30 years, but there are many mortgage loan providers have come up with a variety of flexible payment options to encourage buyers to invest in real estate.

Getting a home mortgage loan is a very important event for you. However, you will need to know the types of mortgages available to make your decision. There are different types of mortgage loans available to suit the requirements of different borrowers. Here are some common and popular types of mortgage loans that you may want to consider before opting for one:

Fixed Rate Home Mortgage Loans – This type of mortgage requires you to pay a uniform interest rate and principal amount. The primary advantage of this loan is that your payment is predictable as you are secured of how much exactly you would be paying for the next month. So if you do not want any sort of financial risk and do not want to constantly follow the economy or any kind of interest rates, then this loan is for you.

Adjustable Rate Home Mortgage Loans – Under adjustable rate mortgage the interest rate changes throughout the repayment tenure, based on economic and market conditions. You can take advantage of an adjustable rate mortgage if market condition is down and has a lower interest rate. You just need to be careful though since the interest rates may increase at some point in time.

Interest Only Home Mortgage Loans – If you opt for Interest the Only option, you will only have to repay the interest amount during the loan tenure and return the principal after that.

The Bottom Line:
If you are interested in buying a new home, your are advised to opt mortgage loans at low-interest rates. Magna Capital Group, Inc. offers the lowest interest rate mortgage loans with the best terms. For additional information about mortgage loan types, mortgage loan products or a bad credit mortgage loan visit www.magnaloans.com or Call (310) 734 4044 or Email at info@magnaloans.com.

Build Your Dream Home With A Hard Money Construction Loan!

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Category : Construction Loans , Hard Money Loans , Residential Loans

Building your dream home is a very appealing and exciting event. If you are planning to build your new dream home but are not sure how to finance it, a hard money construction loan can provide you funds to construct your new home. Hard money construction loans are specially designed to fund new home construction or for remodeling an existing home. The home construction loans are also called a story loans that means the lender has to know the construction plan before they give you any money at all.

A construction loan comes with certain features that are distinct from the other regular loans. One of many advantages of the construction loan is that the borrower pays only interest till the construction is fully completed. Principal amount can be repaid when the home is finally constructed. Moreover, you can even turn the loan into a mortgage loan later in case you are unable to pay off the loan.

There are some differences between a construction loan and a typical mortgage loan. So if you are considering for a construction loan, here are few things you should know before you get the loan:

It’s A Short-Term Loan: A construction loan is short-term loan program. Generally, the loan term is 6 months to a year, and the money is used to finance the building of the house.

It’s Due All At Once: With normal mortgages, you pay off the loan in the form of monthly payments. But with construction loans, the entire balance is typically due at the end of the loan term once the house is built. That means you need to either have a cash reserve that you can use to pay off the loan when it’s time, or you have to get some other type of financing or loan to cover the balance.

It’s Not Give The Money In Lump Sum: You won’t receive the funds in one lump sum. Typically, the lenders give you a certain amount of money periodically based on the percentage of work that’s been completed on the house.

Conclusion:

If you want to build or remodel a home, a construction loan is almost a necessity unless you have significant savings. You are advised to get the pre-approved letter with the help of an expert finance broker before commencing your building project.

Magna Capital Group, Inc. provides hassle-free hard money construction loans that allow you to receive the funding you need to build the home of your dreams. For more specifics about construction loans, Call Us on (310) 734 4044 or send Email at info@magnaloans.com.

FHA Home Loans And Its Basic Requirements To Qualify!

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Category : FHA Home Loans

If you are looking for a mortgage program which offers low down payments along with reduced closing costs, Federal Housing Administration (FHA) home loans would be the best option for you. The FHA is a part of the U.S. Department of Housing and Urban Development (HUD) which works with FHA approved lenders by ensuring qualified borrower’s loan. The FHA insures millions of mortgages for single family and multi-family homes. Lenders are insured by the FHA against losses as a result of a homeowner defaulting on their mortgage loan. An FHA insured loan allows the lender to offer lower down payments, less closing costs, and easier credit qualifications. However, the borrower must first qualify for a Federal Housing Administration loan based on certain requirements.

FHA loans are designed to help potential buyers get into their first homes. If you have never purchased a home before, the Federal Housing Administration(FHA) offers down payments of 3.5% of the purchase price. If you are looking to buy a home that is not in the best condition, the FHA can help. FHA allows home buyers to bundle the costs of fixing up a home into their loan. For homeowners who would like to remodel their house, an FHA refinance will allow them to roll the costs into their loan.

Seniors over 62 years old are eligible for an FHA reverse mortgage if their home is paid off or has a low remaining balance. This loan pulls equity from the home but can be used as financial aid for senior living expenses or for recreational purposes. Also, FHA loans are available for borrowers who would like to place a manufactured home on their property.

FHA Loan Requirements:

Here are some basic requirements to qualify for FHA loans:

  • Credit Report
  • Income Proofs
  • Debt to Income Ratio
  • Mortgage Insurance
  • Loan Amount Limits
  • Property Appraisal
  • Closing Costs

Each requirement has different exceptions and FHA loan requirements often change. To keep up with the most current requirements, you are advised to speak with an approved lender.

Conclusion:

FHA Home Loans are great for any buyer who can qualify for the government program. To find out you are eligible for FHA Loans or not, you need to work with an FHA lender who is approved by the Federal Housing Administration.

FHA-approved lenders can assist you in receiving the right loan for your needs. If you would like to know more information about FHA loans, please feel free to Call Us on (310) 734 4044 today or Email at info@magnaloans.com.

Bad Credit Loans For People With Imperfect Credit Score!

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Category : Bad credit home loans

Do you have bad credit but are in need of a loan right now? If so, you need to find out about loans for people with extremely bad credit and you will be surprised that you do have options. Bad credit loans can help get you back on your feet financially and have the added benefit of improving your credit score. These loans have been specially conceptualized for the people suffering from a bad credit history.

The chances of getting bad credit loan are improving by the day. This is because of the reorientation of the perception towards bad credit. There can be many causes of bad credit score rating, including failure to make credit card payments, the court case against your name, or failure to honor a previous credit agreement. Not only this, you could have a poor credit rating if financing institutions can’t access proof that substantiates you manage your borrowing successfully. Almost all traditional banks refrain from lending money to people with a bad score rating. Fortunately, bad credit loans always available for such people with a not so perfect credit score.

Top 5 Advantages of Bad Credit Loans:

  1. Bad Credit loans do not require any credit checks. So even if you have poor credit, you can get money.
  2. California hard money lenders are offering bad credit loans to enable borrowers to improve their credit.
  3. Being regular on bad credit loans have positive effects on the borrower’s credit history.
  4. You can obtain the much-needed money that was otherwise not available to you. This means you can use bad credit loans to fund a real estate purchase, consolidate debts, pay for an emergency, or improve your credit rating.
  5. The best thing about such loans is that you can use them to demonstrate to credit rating agencies that you can manage money responsibly and make timely repayments.

Types of Bad Credit Loans:

There are two types of bad credit loans. You can choose secured or unsecured loans.

Unsecured Bad Credit Loans: In this loan type, the lender does not require the borrower to pledge a security or asset. This means the lender does not have any claim to your property even if you fail to keep up with repayments. An unsecured bad credit loan comes at a higher interest and restrictive terms because there is no security pledged as collateral. In most cases, you will need a co-signer with a good credit in order to get approved for unsecured bad credit loans.

Secured Bad Credit Loans: The lender requires you to mortgage a property or asset as collateral to offer you a loan. A secured loan is available at very decent interest rates as its less risky for lenders.

The Bottom Line:

If you are in a financial crunch and looking out for a loan but unfortunately you have a bad credit score, you do not have to worry because bad credit loans are available to help you out. This loan is specially customized to meet the monetary requirements of the bad credit holders so that they can widen their scope of advancements. Bad credit loans are also helpful in gaining and improving financial status and the credit score of the person.

Magna Capital Group, Inc. provides bad credit home loans at decent interest rates. We can identify the right loan for you according to your situation and needs. If you need help in getting back on track in paying your bills and repairing your bad credit history, Call Us on (310) 734 4044 today or Email at info@magnaloans.com.

Commercial Real Estate Loans – The Best Financing Option To Purchase Commercial Properties!

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Category : Commercial Loans

A commercial real estate loan is a mortgage loan secured by commercial property, such as apartments, hotels, an office building, shopping centers, motels, automobile dealerships, industrial warehouse, healthcare facilities and much more. Commercial real estate loans are structured to meet the needs of the real estate investor and the lender. Key terms include the loan amount, interest rate, term, amortization schedule, and prepayment flexibility.

Buying a commercial real estate is an expensive affair. Without a huge financial support, it is beyond imagination. Commercial real estate loans can be one of the best options for you if you lack money for purchasing real estate properties for commercial purposes. You can use commercial real estate loans to acquire, refinance, or redevelop all kinds of commercial properties.

Commercial real estate loans can be categorized into two types, long term, and short term loans. While long-term loans are useful for purchasing commercial real estate properties and are entailed to be paid over a very long time, short-term loans (also called bridge loans) usually acquired for smooth running of businesses without having to face any kind of financial issues.

Here are few things that you should keep in mind when you’re researching or looking out for commercial real estate loans:

  • Consult with an expert to find the right kind of commercial real estate loan, especially if you do not have enough knowledge of the various types of loans available, and their pros and cons.
  • Make a thorough research on the advantages and disadvantages of the various kinds of loans available in the market. You can acquire valid loan information from lender acquire ‘s website.
  • Before you choose a particular type of commercial real estate loan, you must assess your financial situation, your requirements, your long term and short term goals and the levels of risks you are ready to take. The best type of loan is always the one that suits most appropriately with your financial requirements and objectives.
  • Make a proper plan about the project is necessary. A proper plan plays a major role to convince the lenders, also it helps lenders understand the expected period of completing the construction.
  • Prepare your documents before opting for commercial real estate loans. There some documents are required while applying for commercial real estate loans. Ask your expert or lender to know required documents.
  • Choose a lender with a good reputation in the market. This can save you a lot of future regrets, harassments, and can assure you the peace of mind that you are working with someone reliable and efficient.

The Bottom Line

Commercial real estate loans are very useful for those who do not have a proper financial backup. Buying a commercial property to run your business is an important investment. if you are confident that your business needs a proper place to grow, then the commercial real estate loans might be a good option for you.

There are various commercial real estate loans providers in California, but Magna Capital Group, Inc. has a unique presence among all of them. Magna Capital Group, Inc. is a reputed finance company providing commercial real estate loans to their clients. We specialize in innovative real estate financing for borrowers who fall outside the box of traditional lending guidelines. One of the biggest advantages of our services is that we make the entire lending process fast and easy.

To know more information about commercial real estate loans, check out “Commercial Loans” section of our website. For any kind of financial assistance, Call Us today at (310) 734 4044 or Email at info@magnaloans.com.

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    8730 Wilshire Blvd., Suite 410
    Beverly Hills, CA 90211

    Although Magna Enterprises, LLC and Magna Capital Group, Inc. are referred to throughout the text of this website as Magna Group of companies, they are not affiliates, parent or subsidiary companies as both companies are separate and distinct entities. Any questions or issues regarding this disclaimer should be addressed in writing c/o Shawn Molem.

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