Education Danny Vesokie | Affiliated Financial Partners
EducationForum Replies Created
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Thank you for providing this detailed information about Dino Hasapis. He’s a well-established professional in the real estate industry, having had significant roles at Compass and Gustan Cho Associates. Here’s a summary of the key points:
Professional Roles:
- Real Estate Broker at Compass
- National Business Development Manager at Gustan Cho Associates
Experience and Expertise:
- Over 13 years in the real estate industry
- Specializes in residential real estate in Chicago and surrounding areas
- Recognized as a top producer by the Chicago Association of Realtors
Responsibilities:
- At Compass: Helps clients buy, sell, and invest in properties
- At Gustan Cho Associates: Manages the Verified Preferred Realtor Partner Network (PRPN)
Services:
- Residential real estate transactions
- Market analysis
- Expert negotiation
Achievements:
- Hundreds of closed sales
- Significant total sales value
Contact Information:
- Email and phone numbers provided
- Online profiles on Compass, Zillow, and LinkedIn are available
Dino Hasapis is a highly experienced and well-connected real estate professional. His dual roles at Compass and Gustan Cho Associates give him a broad perspective on the real estate market and mortgage industry.
For potential clients or business partners, Dino’s extensive experience, recognition as a top producer, and his role in managing a preferred realtor network could make him a valuable resource in the Chicago real estate market. Individuals considering working with any real estate professional should conduct their research and speak with references before engaging in their services.
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Thank you for providing this comprehensive overview of Lending Network, Inc.
Nelson Thompson is the President and CEO of Lending Network and Nelson Thompson’s partner of Lending Network, Inc. is Gustan Cho, the managing director of Gustan Cho Associates and its wholly-subsidiary companies and affiliates. You’ve outlined a detailed picture of the company’s services, structure, and approach. Here’s a summary of the key points:
Company Structure:
- A subsidiary of Gustan Cho Associates
- Led by Nelson Thompson as President and CEO
Product Range:
- Residential Mortgages (Conventional, FHA, VA, USDA)
- Non-QM Loans
- Jumbo Loans
- Refinancing Options
- Commercial Real Estate Loans
- Business Loans
Specialized Programs:
- Bank Statement Loans
- Asset-Depletion Loans
- No-Ratio DSCR Loans
Key Benefits:
- Expertise from parent company Gustan Cho Associates
- Wide range of products
- Customer-focused approach
This information suggests that Lending Network, Inc. is positioned to serve a diverse range of borrowers, from traditional homebuyers to self-employed individuals and commercial property investors. Their association with Gustan Cho Associates likely provides them with significant industry knowledge and resources.
For potential clients, the variety of specialized programs like bank statements and asset-depletion loans could be particularly attractive, as these cater to borrowers who might not fit traditional lending criteria.
As always, anyone considering using their services should thoroughly research and compare options and consult a financial advisor to ensure the chosen lending product aligns with their financial goals and situation.
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Bank statement loans are mortgages that allow borrowers to qualify based on their bank statements rather than traditional income documentation. Here’s an overview of how they typically work:
Purpose: These loans are often used by self-employed individuals, freelancers, or others with non-traditional income sources who may need help qualifying for conventional mortgages.
Income Verification: Instead of using tax returns or W-2 forms, lenders review 12-24 months of bank statements to verify income.
Calculation Method: Lenders usually calculate income by averaging deposits over the period provided, often excluding large, one-time deposits.
Business vs. Personal Accounts: Some lenders may require personal and business bank statements for self-employed borrowers.
Higher Down Payments: These loans often require larger down payments than conventional mortgages, typically 10-20% or more.
Higher Interest Rates: Due to perceived higher risk, interest rates on bank statement loans are usually higher than conventional mortgages.
Debt-to-Income Ratio: Lenders still consider the borrower’s debt-to-income ratio but calculate it based on bank statement income.
Credit Score Requirements: A good credit score, often 620 or higher, is typically required.
Cash Reserves: Borrowers may need to show significant cash reserves, often several months of mortgage payments.
Loan Limits: These loans may have lower maximum loan amounts than conventional mortgages. It’s important to note that bank statement loans are considered non-qualified and may not offer the same protections as qualified mortgages. Borrowers should carefully review terms and consider consulting with a financial advisor before proceeding. Visit us at Gustan Cho Associates:
https://gustancho.com/bank-statement-loans-for-self-employed-borrowers/
gustancho.com
Bank Statement Loans For Self-Employed Borrowers
12 Bank Statement Loans For Self-Employed Borrowers does not require tax returns. 12 months deposits is averaged and used as the income
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Nelson Thompson serves as the President of Mortgage Sensei and the CEO of Lending Network Inc., a subsidiary of Gustan Cho Associates. Here’s a detailed overview of these roles and the associated organizations:
Mortgage Sensei
- Role: President of Mortgage Sensei
- Focus: Mortgage Sensei aims to provide consumers and industry professionals with tailored mortgage solutions, consulting services, and educational resources. The organization likely emphasizes innovative approaches to mortgage lending and borrower education.
Lending Network Inc.
- Role: Nelson Thompson: CEO of Lending Network, Inc.
- Website: Lending Network
- Focus: Lending Network Inc. offers a variety of lending products and services. As a subsidiary of Gustan Cho Associates, it benefits from the parent company’s extensive experience in the mortgage industry.
- Services: Lending Network Inc. provides financial solutions, including residential mortgages, commercial loans, and potentially other financing options. Its services are designed to help individuals and businesses secure the necessary funding.
Gustan Cho Associates
- Affiliation: Lending Network Inc. operates under the umbrella of Gustan Cho Associates.
- Specialty: Gustan Cho Associates is renowned for its expertise in mortgage lending, particularly its “no overlay” lending practices. These practices adhere strictly to agency guidelines without adding extra qualification requirements, making them more accessible to borrowers who might struggle to meet additional lender-imposed criteria.
Contributions and Industry Impact
- Leadership: Nelson Thompson’s roles involve strategic oversight, business development, and ensuring high-quality services within both organizations.
- Market Influence: These roles place him at the forefront of shaping mortgage lending practices, offering innovative solutions, and enhancing the accessibility of mortgage products.
For more detailed information about their offerings, visit the Lending Network website and explore the resources available on the Gustan Cho Associates website. These sites provide comprehensive insights into their services, application processes, and client benefits.
Visit Nelson Thompson at Lending Network, Inc.
https://www.lendingnetwork.org/
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Thank you for providing that information about asset-depletion mortgage loans. You’ve given a comprehensive overview of this specialized type of mortgage product. Let me summarize and expand on a few key points:
Purpose: These loans are designed for borrowers with significant assets but non-traditional income sources.
Target audience: Often used by retirees or self-employed individuals with substantial savings and investments.
Qualification method: The lender considers the borrower’s assets as a source of income, calculating potential income by theoretically depleting these assets over a set period (typically 3-5 years).
Asset types: These can include cash, stocks, bonds, retirement accounts, and other investments.
Higher risk: These loans often come with higher interest rates due to the perceived increased risk for lenders.
Complexity: The terms and eligibility requirements can be complex and may vary between lenders.
Considerations: Borrowers should carefully weigh these loans’ potential risks and costs.
Professional guidance: It’s advisable to work with a qualified mortgage professional when considering this type of loan. Asset-depletion mortgage loans can provide a financing option for those with substantial assets but limited regular income. However, as with any financial product, it’s crucial for borrowers to fully understand the terms and consider how it fits into their overall financial strategy. Given the complexity of these loans, potential borrowers should thoroughly research their options, consider seeking advice from financial advisors, and carefully review all terms before proceeding.
https://gustancho.com/freddie-mac-asset-depletion/
gustancho.com
Freddie Mac Asset Depletion Mortgage Lending Guidelines
Freddie Mac Asset Depletion is for high net borrowers with irregular flow of income. Can use liquid assets as qualified income for mortgages
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Many people have questions and concerns about gender identity, pronouns, and related topics. These are complex and often personal issues that many people are still learning about. From what I understand and can say, here is some general information that may help provide context:
- Hims and Hers are brand names for health and wellness companies that are unrelated to gender identity.
- Non-binary identities and neopronouns (like air or mx) are ways some people express gender identities outside the traditional male/female binary.
- Gender identity is generally considered internal and personal, not predetermined by others.
- Parents naming children as non-binary at birth is not a common practice.
- “Person” is generally considered a respectful term to use.
- His and her products are designed for specific biological needs, not to change gender.
- There’s no universal “code” for non-binary people; it’s about personal identity and expression.
These topics can be confusing as societal understanding evolves. If you want to learn more, I’d suggest looking into resources from LGBTQ+ organizations or gender studies experts for more in-depth and nuanced information.
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Buying a Home in New Hampshire and Getting Pre-Approved for a MortgageSteps to Buying a Home in New Hampshire
Determine Your Budget: Evaluate your finances to determine how much you can afford for a down payment, monthly mortgage payments, and other costs such as property taxes and insurance.
Check Your Credit Score: Your credit score significantly impacts your mortgage interest rate and approval. Aim for a score of at least 620 for conventional loans, though FHA loans can be approved with scores as low as 580.
Get Pre-Approved for a Mortgage: Pre-approval involves providing your financial information to a lender, who will then give you a letter indicating how much they are willing to lend you. This strengthens your position as a buyer.
Documents Needed: Proof of income, employment verification, credit history, bank statements, and identification.
Choose a Lender: Research and compare lenders for the best rates and terms. Consider local banks, credit unions, and online lenders.
Find a Real Estate Agent: A local real estate agent can provide valuable insights into the New Hampshire market and help you find properties that meet your criteria.
House Hunting: Use online resources like Zillow, Realtor.com, and local real estate listings to find homes. Schedule viewings and look for new listings.
Make an Offer: Once you find a home, your agent will help you make a competitive offer based on market conditions and the home’s value.
Home Inspection: After accepting your offer, hire a professional inspector to check the property for any issues.
Appraisal: Your lender will require an appraisal to determine the home’s market value and ensure it matches the loan amount.
Closing: Review all closing documents, secure homeowners insurance, and finalize your mortgage. On closing day, sign the final paperwork, pay closing costs, and receive the keys to your new home.
Getting Pre-Approved for a Mortgage in New Hampshire
Prepare Your Financial Documents:
Income Verification: Recent pay stubs, W-2 forms, or tax returns if self-employed.
Employment Verification: Contact information for your employer or a letter verifying employment.
Credit History: Credit reports and scores from major credit bureaus.
Bank Statements: Recent statements from all bank accounts.
Debt Information: Details of existing debts and monthly payments.
Research Lenders:
Local Banks and Credit Unions Often provide competitive rates and personalized service.
Online Lenders: Offer convenience and a range of options.
Mortgage Brokers: Can help you find the best mortgage options by comparing offers from multiple lenders.
Submit an Application: Fill out the lender’s pre-approval application form and submit the required documents. The lender will review your financial information to determine how much they will lend you.
Receive Pre-Approval Letter: If approved, you’ll receive a pre-approval letter stating the loan amount you qualify for. This letter is valid for a specific period, usually 60-90 days.
Shop for Homes Within Your Budget: Use your pre-approval amount as a guide for your home search. Staying within this budget can streamline buying and help you avoid financial strain.
https://gustancho.com/best-new-hampshire-mortgage-lenders-for-bad-credit/
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Best New Hampshire Mortgage Lenders For Bad Credit in 2022
The Best New Hampshire mortgage lenders for bad credit are experienced mortgage brokers with a large network of wholesale lenders.
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Finding active and spec builders for hard money loans involves targeted strategies and leveraging various resources. Here’s a step-by-step guide to help you identify and connect with builders who might be interested in hard money loans:
Step-by-Step Guide to Finding Builders for Hard Money Loans
Online Real Estate Platforms
Realtor.com: As you mentioned, Realtor.com is a valuable resource. Here’s how to use it effectively:
- Filters: Go to Realtor.com, select a large city, and use filters to choose “Home Age: No Min, Less than 1 Year.” This will list new construction homes.
- Agent Contacts: Note the agents representing these new homes. Contact these agents and inform them about your financing options, even if they initially resist direct introductions to their builder clients.
Google Search and Parcel Search
- Parcel Search: Use Google to search parcel GIS maps by city or county. Many local governments provide online access to parcel data, including property owner information.
- Example Search: “Parcel search GIS [City/County, State]”
GIS Maps: These maps can help you identify the owner of a new construction property. Once you have the owner’s name and address, you can search for contact information further.
Real Estate Networking Events and Associations
Local Real Estate Investor Associations (REIAs): Join local REIAs and attend their meetings. Builders and investors often participate in these events to network and find financing.
National Real Estate Investors Association (NREIA): Find your local chapter via the NREIA website.
Online Directories and Marketplaces
- Houzz: An online community about architecture, interior design, and home improvement where you can find local builders and contractors.
- HomeAdvisor: Provides a directory of contractors and builders along with reviews and contact information.
Construction and Builder Associations
- National Association of Home Builders (NAHB): Use the NAHB directory to find builders interested in financing.
- Local Builder Associations: Many states and cities have builder associations, which provide directories and networking opportunities.
Direct Outreach and Marketing
Direct Mail Campaigns: Use the contact information you gather to send direct mail to builders, offering your financing solutions.
Email Marketing: If you can find email addresses, sending a well-crafted email outlining your services can be effective.
Social Media: Use platforms like LinkedIn to connect with builders and contractors. Join groups related to real estate investing and construction.
Building Permit Data
- Public Records: Check local government websites for building permit data. This information can help you identify active builders.
- Example: Search for “[City/County] building permits” to find databases or contact information for the local building department.
Local Real Estate Publications and Listings
- Real Estate Sections of Newspapers: Many local newspapers have sections dedicated to real estate where new projects are often advertised.
- Industry Publications: Subscribe to real estate and construction industry magazines and journals.
Tips for Effective Outreach
- Value Proposition: Clearly explain how your hard-earned loans can benefit builders, such as faster financing, flexible terms, and the ability to take on more projects quickly.
- Professional Presentation: Ensure all your communications are professional and well-presented.
- Follow-Up: Be persistent and follow up on initial contacts. Builders are often busy, and a follow-up can make a difference.
Using these strategies, you can effectively find and connect with builders and spec builders who may need hard money loans. Utilizing a combination of online tools, direct outreach, and networking events will maximize your chances of success.
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New Hampshire is known for having a unique tax structure compared to many other states in the U.S. Here’s a detailed breakdown of property taxes, state income taxes, state sales taxes, and other taxes in New Hampshire:
Property Taxes:
High Property Taxes: New Hampshire relies heavily on property taxes for revenue since it does not have a state income or sales tax. The state has some of the highest property taxes in the country.
Average Property Tax Rate: The effective property tax rate in New Hampshire is approximately 2.18% of a property’s assessed value (Gustan Cho Associates Mortgage Brokers) (Gustan Cho Associates Mortgage Brokers).
Example: For a home valued at $250,000, the annual property tax would be around $5,450.
State Income Taxes:
No General State Income Tax: New Hampshire does not impose a general income tax on wages and salaries (Better Business Bureau).
Interest and Dividends Tax: The state does tax interest and dividend income at a rate of 5%. However, plans are to phase this out by 2027 (GCA Mortgage).
State Sales Taxes:
No State Sales Tax: New Hampshire is one of the few states without a state sales tax. This makes it a popular destination for shopping, especially for residents of nearby states (GCA Mortgage).
Other Taxes:
Business Profits Tax (BPT): Businesses in New Hampshire are subject to the Business Profits Tax, which is currently 7.7% of taxable income.
Business Enterprise Tax (BET): This tax is 0.60% on the enterprise value tax base, which is the sum of all compensation, interest, and dividends the business pays.
Real Estate Transfer Tax: New Hampshire charges a real estate transfer tax of $0.75 per $100 of the sale price, paid by both the buyer and seller.
Meals and Rentals Tax: There is a 9% tax on meals, hotel rooms, and car rentals.
State Gasoline Tax: The state imposes a gasoline tax of $0.23 per gallon.
Property Taxes: High, around 2.18% of the property’s assessed value.
State Income Tax: No tax on wages and salaries, but 5% on interest and dividends (phasing out by 2027).
State Sales Tax: None.
Other Taxes: These include the Business Profits Tax, the Business Enterprise Tax, the Real Estate Transfer Tax, the Meals and Rentals Tax, and a gasoline tax.
New Hampshire’s tax structure, with no general state income or sales tax but high property taxes, is designed to effectively fund state and local services. Understanding this tax landscape is crucial for those considering moving to New Hampshire or purchasing property there.
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GCA Mortgage | Mortgage Experts With No Overlays
Whether you’ve gone through bankruptcy, divorce or you are a first-time homebuyer, Gustan Cho Associates are experts in difficult loans