5 Important Points To Consider When Looking To Borrow.

There’s almost no greater time that citizens are looking for commercial loans other than a down economy. Simultaneously, lenders have the opportunity to be selective about who they lend to when only a small portion of people will fit all of their needs to borrow.

One could seek out a commercial loan for a variety of reasons, be it a home loan, car loan, or other significant life event that simply cannot be avoided. It’s important that lenders and borrowers alike know the key components that will be considered when considering a loan.

According to Scotsman Guide, a resource for mortgage originators, there are five important points to consider when looking to borrow:

Many lenders will begin by evaluating your net worth and liquidity, which involves more than just subtracting liabilities from assets. In order to present yourself as a valuable borrower, lenders will want to see detailed financial statements of your spending and properties. These financial statements should also include all liquid assets, such as stocks and bonds.

In addition to these assets, it will also be important to show a potential lender your various types of ownership in the past. These past ownerships combined with past spending will amount to the ever-important credit score, which will be evaluated in any type of borrowing situation. The last important factor will be free flow cash, or, cash that’s left over once necessary expenditures have been attended to. A lender wants to know that borrower can have many options for supporting themselves, increasing they’re reliability to pay back the loan.

Worried that you might not meet all of these requirements? Stay tuned for our next piece on how to improve your credit and net worth.

Citicorp to layoff 700+ mortgage professionals a week before christmas.

According to Las Vegas news stations Citicorp, also known as Citibank, will be closing its mortgage lending division by the end of the 2013 year. That leaves 700+ (760 as first estimate) out of a job one week before Christmas. Citicorp is based out of New York, NY. The company made an announcement that stated the closure is part of a nationwide reduction effort that will results in 1,000+ layoffs. The company is doing the same thing in Irving, Texas although many of the employees will be reassigned to a different position. The company said the layoff is just a response to the low demand for new mortgages and the refinancing of current loans. The Citibank Call center will not be affected, nor will any of its 300+ employees.

“In response to decreased demand for mortgage originations and refinancing, CitiMortgage is eliminating some positions in sales, fulfillment, underwriting and mortgage default functions predominantly at Citi sites in Las Vegas and Irving, Texas,” Mark Rodgers, director of Citi public affairs, said in a statement issued today.

Severance packages will be based on time of service to the company plus an additional two months of paid benefits. Home mortgage interest rates continue to be at or near record lows, but Rodgers said the refinancing market has slowed because most people seeking to refinance have already done so.

WHat this means for anyone looking for a mortgage

If you or someone you know is interested in finding out more information about obtaining a new mortgage or a mortgage refinance, you can always call Valley West Mortgage and out team of mortgage professionals.

Round 4: Knockout Cancer for Candlelighters Kids

Round 4: Knockout Cancer for Candlelighters Kids Thursday, October 03, 2013

If you have ever wanted to see what the hype is all about when it comes to the UFC, Mixed Martial Arts and Boxing all mixed into one. Then you are definitely in luck. The fourth annual Round 4: Knockout Cancer for Candlelighters Kids will be filled with jam pack action, great fun for all ages, and promises to deliver the most hard hitting, bone breaking entertainment Las Vegas has to offer.

Valley West Mortgage has been one of the leading sponsors since this events inception. We are very proud to be apart of this amazing opportunity alongside partners like All Nevada Insurance. If you haven't met Vinnie Mannino of All Nevada Insurance, then you are missing one of the coolest men in Las Vegas. Vinnie is the person behind the scenes. He is responsible for putting on this amazing event. He even participated in the very first Knockout for Cancer. When he is not helping you lower your insurance rates, he is helping raise money to help kids knock out cancer.

The Event

If you have never been to any of the Knockout for Cancer events, we want to explain some details and then show you a few photo's. The Knockout Cancer for Candlelighter Kids events take place at an amazing venue. The first venue was at Xtreme Couture. what an amazing place to watch a mixed martial arts bout at. There was not a bad seat in the house. Anywhere you sat, you could see the women holding the round signs, the fighters as they entered the cage and every blow that was landed. Last year, Round Three was held inside The Pearl Theater inside of them Palms Hotel. I thought that Xtreme had some awesome seats. The Pearl did not let us down. It's like being inside of the most amazing mansion you have ever seen, and there is something more than a fish tank to stare at. What hospitality we had from the Palms that night. That's why The Palms Hotel and Casino is one of our favorites on the strip.

This year Round 4 is being held inside of the Palms Arena. Located at 4500 W Tropicana Ave Las Vegas, NV 89103. This venue promises to offer one of the best views in all of Las Vegas, to see some of the toughest fighters in the world square off round after round to knockout cancer for Candlelighter kids. The Orleans Arena is home to the Las Vegas Wranglers, multiple basketball tournaments and even motorcross racing. If you have not been inside of the Orleans Arena, Round Four: Knockout Cancer for Candlelighter Kids is the perfect event to see inside of the Orleans.

Need More Information

All though we have spent the last few minutes with you, describing on why you should come out to this event. We'll let the links below to buy tickets, view more details and become a sponsor speak for themselves. If that doesn't help, enjoy the picture gallery below.

 

Buy Tickets Become a Sponsor More Information

The Gallery

 

Many of Las Vegas residents will not benefit from the $25 billion bank settlement

Las Vegas, Nv - Naturally, federal government officials are getting out the confetti over the recent $25 billion settlement with five of the nation’s top mortgage lenders over abusive practices that led to millions of foreclosures nationwide.

But in Nevada, where the foreclosure crisis is at its worst, the “benefits” of the money are far less encouraging. Distressingly, only a small fraction of those underwater in their homes will be eligible for the refinancing provided under the settlement. Worse, those who have had their homes foreclosed on would receive only $2,000 apiece—for many homeowners in the Valley, not even enough to pay a month’s mortgage installment.

Nasser Daneshvary, director of the Lied Institute for Real Estate Studies at UNLV, says that of the nearly 400,000 Nevadans underwater, only about 22,000 will be eligible for refinancing, adding that the nation’s housing crisis will only improve once the government loans provided by Freddie Mac and Fannie Mae—approximately 60 to 70 percent of Nevada’s loans—are negotiated down. “Currently they’re doing nothing,” he says.

Still, Daneshvary says the amount of money earmarked for Nevada—nearly $2.3 billion—is an encouraging sign. “We have 1 percent of the U.S. population, but we’re getting 6 percent of this money,” he says. And while 22,000 homeowners is a small percentage of the total, it’s a start. “A refinancing which saves you money every month gives you hope so that you maintain your payments, hoping the market eventually comes back.”

Consumer bureau releases a new mortgage statement "prototype"

The Consumer Financial Protection Bureau released a new "prototype" of their new new proposed monthly mortgage statement for all consumers that provides clear and valuable information about their loan on a single sheet of paper. This is great news for any of our readers that feel like disclosing information is seriously a problem in our current time.

You can see a PDF version of the prototype or read more about the purposed monthly mortgage statement on the Consumer Bureau website.

The monthly mortgage statement includes the outstanding principal on the loan, the maturity date, any prepayment penalty, and the next date on which the interest rate could change. It also features a breakdown of the monthly payment and a phone number to contact the servicer. The chances of you actually reaching someone on the other end however, is yet to be determined.

“This information will help consumers stay on top of their mortgage costs and hold their mortgage servicers accountable for fixing errors that crop up," said Richard Cordray, the agency's director. "Given the widespread mortgage servicing problems we’ve seen over the past few years, consumers need clear disclosures they can count on.”

We will be sure to keep our readers up to date on this story

Settlement offers help for Nevadans who faced foreclosures

Las Vegas, NV (KTNV) -- Las Vegas is one of the hardest-hit areas in the country when it comes to foreclosures, and residents are wondering how the new national settlement may help them.

There are still many questions regarding how the payout will reach those who need it most, and some worry that it's already too late.

"I went to home modification twice," James Miller, a Las Vegas resident who lost his battle with the banks, said. "And they say, 'we'll see what we can do about it.' Nothing happened."

Miller said he paid cash for his house, but was advised to take out a loan for $182,000. He couldn't keep up with the payments, and despite trying to work with Bank of America, he says they took over his home in August of 2011.

"It was our home," Miller said. "My wife was so aggravated, she had a stroke and died. That's not going to bring her back, nothing will bring her back, but I'd like to get my home back."

The government announced a $25 billion deal reached between 49 states and the nation's five largest banks on Thursday.

Those lenders were accused by the government of a long list of abuses- among them, robo-signing. Under this deal, about 1 million homeowners under water with their mortgages will have their debt reduced by lenders or be able to refinance at lower rates.

Another 750,000 Americans who lost their homes in the last three years will get a check for about $2,000.

Unsure on whether he qualifies for help in this settlement, Miller said he intends to find out.

"I'm 80 years old, and I got nowhere else to turn," he said.

Critics say the settlement will only help a small fraction of the millions of homeowners who are drowning under their mortgages, and it won't move anyone back into the home they lost to foreclosure.

The state Attorney General said Nevada will receive about $1.3 billion in benefits from loan modifications and other relief.

you can watch the news report Here

Sen. Reid hosting foreclosure workshop in Las Vegas this weekend!

Las Vegas, NV (Valley West Mortgage) -- Sen. Harry Reid's office will host a home in Las Vegas at the Financial Guidance Center from 10 a.m. to 4 p.m. Saturday, Feb. 11.

Struggling homeowners with a Bank of America or Wells Fargo loan in Nevada who attend the clinic will have the chance to sit down with a HUD-approved housing counselor and a representative from Bank of America or Wells Fargo.

Those who are interested in attending must RSVP by sending an email to foreclosureprevention_reid@reid.senate.gov or by calling Sen. Reid's office at 702-388-5020.

Homeowners must also bring the following documents with them to the clinic:

-- Copies of pay stubs from the past two months;

-- Copies of bank statement from the past two months;

-- If self-employed, the most recent Profit and Loss Statement and a copy of the last full tax return with all schedules;

-- Letter of explanation of the hardship they are currently experiencing;

-- Signed copies of 2009 and 2010 tax returns.

The Financial Guidance Center is located at 2650 S. Jones Blvd.

 

Falling rates help everyone

Las Vegas - It's going to happen again and again and Valley West Mortgage will keep reporting on it. Rates keep getting lower and lower. That couldn't make us any happier. Please Note: The actual interest rate you were quoted last week will have changed this week. Based on raw data from more than 20 leading lenders as well as feedback from the MBS Live community, the average Best-Execution rate, before rounding to the nearest eighth, hit its lowest level on record, 3.81%. Although 3.81% is closer to 3.75% than 3.875%, we won't declare 3.75% to be the Best-Execution champ until the average from our lender survey falls to 3.75 or lower, and we're not there yet. Please call your Local Mortgage Lender to find out more details.

Last week, we noted a high degree of stratification in rates as lenders responded to the bond market rally at different paces. This continues to be the case today, but perhaps to a slightly smaller extent. When we say that rate offerings are more stratified, we're talking about various lenders offering increasingly different rates to the same type of borrowers. Among some lenders in our survey, best-execution rates are still at 4.0%, while the bulk have moved down to 3.875% and 3.75%. The important point here is to not believe everything you read about mortgage rates these days, unless the source examines multiple lenders and offers the caveat that they can only report averages while individual experiences may vary.

For instance, several lenders are priced WORSE today than Friday. It's far more important to be working with someone you trust in a process that is more likely to hit its deadlines than to go overboard in pursuing the lowest possible quotes. In the current market, overfocus on lowest possible rates can lead to delays which can result in a higher rate than the one you were originally trying to avoid!

Mortgage rate roller coaster.

We all know that When it comes to mortgages and the word "rates", everyone gets nervous and wonders if they got the best deal. So Valley West Mortgage has taken some time to research the best ways to approach a mortgage and a broker. These are very simple minded idea's that tend to get over looked.

1. When shopping around for rates, its very important to remember your budget. If you only make $10 a month, do not get a mortgage loan that requires you to pay $11 a month. Now we know that seems a bit obvious. Our readers would be shocked to discover how many loans tried to closed using that exact scenario described. As human nature goes, people want more bang for their buck.

2. All who are interested in applying for a mortgage should be actually watching the rates. All rates for a loan have to be locked. Locked loans are done by the loan officer on behalf of the borrower. Just like stocks, it would be Nice to determine the rate movement and lock in the best deal. So let's say you want to buy a home in the summer of 2012. You probably should of started paying attention to the rates being offered as we speak. Luckily enough, Valley West Mortgage provide real time rates on our home page.

3. The last step we are going to cover is called learning the biz/lingo. When dealing with a broker, the first person you are going to talk to is the loan officer. All loan officers will be able to help you with the previous steps mentioned if you need help. Most of the time, a loan officer will wait a certain amount of time before advising to pull the trigger on locking a loan. Before giving your consent, it is perfectly on to ask your loan officer to explain why this is the time to lock in a rate.

We hope you have learned a lot, got some sort of understanding of how to proceed when applying for a mortgage loan with a broker like Valley West Mortgage.

Three Google Stock Shares equals One Ounce of Gold

Did you know....

That today Google Closed at 599.39, up +16.46 (2.82%) in the NASDAQ. The Price of One Ounce of Gold is $1,747.80. I'll even through in the price of Platinum per ounce is $1,560.00.

That means that if you had 3 shares in Google Stock they would equal a little more then an ounce of Gold and About 1.2 - 1.4 ounces of Platinum. That's just crazy considering that Gold Has Never been worth more than Platinum in any Market, Not just in Our Markets.

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