Cathay Bank’s Post

If I asked my local bank for a deed of trust, they'd probably think I'm crazy. They'd say, "We provide mortgage services." But at the county records office, searching for "mortgage" might yield nothing. Instead, try "deed of trust." What's the deal? And who’s the guy in the picture? It's all about market efficiency. A regular mortgage involves an expensive legal process for foreclosure, raising costs for everyone. The deed of trust was created to streamline this, using a neutral trustee and enabling quicker, cheaper foreclosures. The guy in the picture? That's Claudius, the Roman emperor from a long time ago. He introduced (aka forced) the concept of the trustee, helping us get better mortgage rates today. Ave Caesar! Dono #title #RealEstate #Mortgage #DeedOfTrust #MarketEfficiency #Claudius #History #RealEstateFinance #PropertyLaw #Foreclosure #Innovation #HomeLoans #Banking

Realtors 🥵 Did you know that lenders have specific rules about gifted down payments?  💰 It's mainly because of the Anti-Money Laundering Act, as they need to track the source of the funds and the giver's identity.  🔍 Different lenders may have slightly different criteria, especially for properties intended for living in versus rental properties.  🏠 So, if your client mentions receiving a down payment gift from Uncle Bob, it's crucial they speak with a mortgage professional first.  💬 I'm here to help if you or your clients have any questions.  -- 📞 (250) 320-5555 🌐 mortgagetech.ca 📩 luc@mortgagetech.ca #kamloops #kamloopsbc #downtownkamloops #kamloopsbcnow #kamloopslife #kamloopsbusiness #kamloopssmallbusiness #ykastrong #tourismkamloops #kamloopsrealestate #kamloopsrealtor #kamloopsrealtors #kamloopsliving

Did you know late payments can be deleted from your credit and potentially increase your score by 100 points? 😲 It’s true! Under 15 U.S. Code § 1681a (d)(2)(i), you have the right to dispute inaccurate or outdated information on your credit report. Reversing those late payments could give your credit score a major boost. 🚀 Don’t let past mistakes hold you back—take control of your credit today! 💪 👍 Save this post, share it with anyone you know who might benefit from this info, and comment "Credit Boost" if you're ready to improve your score! 📲 🏦 Moses Alford - NMLS #2020941 Alford Lending Powered by NEXA Mortgage NMLS #1660690 📱 813-819-0222 📧 moses.alford@alfordlending.com 💻 https://lnkd.in/eWefZmua #CreditScoreBoost #CreditTips #MortgageReady #HomeBuyingJourney #MortgageBrokerLife #homeloans #mortgageadvice 

Realtors 🥵 Did you know that lenders have specific rules about gifted down payments?  💰 It's mainly because of the Anti-Money Laundering Act, as they need to track the source of the funds and the giver's identity.  🔍 Different lenders may have slightly different criteria, especially for properties intended for living in versus rental properties.  🏠 So, if your client mentions receiving a down payment gift from Uncle Bob, it's crucial they speak with a mortgage professional first.  💬 I'm here to help if you or your clients have any questions.  -- 📞 (250) 320-5555 🌐 mortgagetech.ca 📩 luc@mortgagetech.ca #kamloops #kamloopsbc #downtownkamloops #kamloopsbcnow #kamloopslife #kamloopsbusiness #kamloopssmallbusiness #ykastrong #tourismkamloops #kamloopsrealestate #kamloopsrealtor #kamloopsrealtors #kamloopsliving

Burke & Herbert Bank is in the process of acquiring Summit Community Bank. They should consider the following idea: to get customers excited about the transition, each bank could forgive one residential mortgage from their portfolio. It'll be by lottery, they can livestream the event, it'll be killer! (Obviously, since it was my idea, it would be inappropriate to forgive *my* mortgage. Please DM me to discuss a finder's fee for the initiative.) #Publicity101 #MandA #mergersandacquisitions

📉 Good news for homeowners and future buyers! 📉 In the past week, three of the UK's biggest lenders, HSBC, Barclays, and NatWest, have reduced their fixed mortgage rates. This change comes as they anticipate interest rate cuts following the upcoming election. Now might be the perfect time to consider your mortgage options. Follow us to stay updated with the latest financial news. #HomeLoans #MortgageRates #FinanceNews #UKHousing

“The bank of mum and dad” is an overrated bank. 1 star review from me.   They have pretty convincing advertising, and can easily suck their customers in.   “We’ll give you a loan without interest”. “You can pay us back whenever you want”. “We’re your parents, we love you”.   Rubbish.   The bank of mum and dad:   - Stops you from being truly financially independent, - Inflates property prices, meaning you’re more likely to overpay for a property - (In serious cases), places a strain on family relationships – which 99% of the time ends in disaster.   If you’re a customer of the Bank of Mum and Dad,   Speak to your mortgage broker for a better deal.

When you reach out to Leader Bank, you get access to rates from dozens of banks, not just us! Our Community Bank Program partners with smaller banks to offer you fantastic interest rates. Leader Bank is the #1 purchase lender in Massachusetts! This means more options and better deals for you. Have questions about mortgage options? Drop me a DM now and let's chat! #LeaderBank #MortgageTips #HomeBuying #BostonRealEstate #RealEstate

"It's an unfortunate feature of our system that if you pay a mortgage every month, that builds up your credit history, whereas if you're a renter, perhaps paying the same amount as your neighbour who's paying a mortgage, that traditionally hasn't counted towards your credit score." Our CEO and co-founder Andrew Graham recently spoke with Richard Zussman at Global News about the ways in which #Budget2024 is aiming to help make things fairer for renters. Borrowell has long advocated for rent payments to count towards building credit, which is exactly why we launched Rent Advantage: so that Canadian renters can report their rent to Equifax Canada and build their credit history when they make their payments on time. More at https://lnkd.in/gsfXVtrM #renters #creditscore #fintech #canadiantech #torontostartup #CDNpoli

My comment below is about how much reporting rent payments will really "level the playing field". Another question though. Do you think that with the rise in interest rates and drop in property values and therefore the number of "homeowners" that are under water AND have had mortgage payments increase $1000-$1500 per month, causing many to walk away from their homes...will shift the perspective for lenders? In other words is a renter that has faithfully paid $2000+ per month in rent for the last 10+ years a better risk because they won't be caught with a ton of "negative equity" or big increase in Mortgage payments?