How to Get a Condo Loan

Getting a mortgage to buy a Condo or any property these days is more difficult than it once was, but not as hard as many people think. The problems with the economy have changed the rules of the game, they do not just hand out mortgages to anyone like they used to a few years ago, but if you know in advance what to expect and what is expected from you, then the whole process will be much less stressful and a whole lot easier.

If you can honestly go through the lists below and still believe that you can qualify, then you should have no problem, if you are hiding things or lying to yourself then it may be harder, but maybe still not impossible!

Before you even phone your mortgage professional you should have the items below ready to take with you. Make sure they are the most up to date and most recent copies of the required information.

1. Your two most recent years Federal Tax Returns
2. Your two most recent years 1099s or W2s.
3. If you are salaried, your most recent couple of months pay stubs
4. Your last two months bank statements
5. Quarterly statements for your retirement and investment accounts
6. Details of any additional funds like gifts from your family that are going to be used as a down payment
7. Proof of funds for any other down payment and your closing costs funds
8. Social Security numbers and dates of birth of all the borrowers
9. Documentation of any debts or credit you have
10. A list of questions you want to ask (do these in advance, you will no doubt forget something important if you do not!)

You should not believe too much of what you read on the Internet and elsewhere and then show up thinking that you are going to get the money you want at the rate you want, it may not be as clear-cut as you think it will be. You have to first present your honest financial information to your mortgage consultant, and let them know exactly what you are hoping to buy, and what your future plans are as far as moving on to a better property at some point. Your adviser can then take all your information and find a mortgage that you can afford to pay, and one that you can pre-qualify for and close the deal on.

Here is a list of example questions that you might want to think about asking your mortgage professional, make sure that any questions you think of are written down, then you can decide on which are the important ones to ask you mortgage professional.

1. Are you pre-approved?
2. Is the mortgage a 30 year fixed rate mortgage?
3. When will the interest rate be locked in?
4. Does your mortgage professional need any additional information?
5. Do you need mortgage insurance, and if so for how long?
6. If you change the size of the down payment, what effect will it have on the loan, can you get better terms?
7. Will paying off your current credit cards make any difference to the loan?

These are just some basic questions, but speak to friends and your Real Estate professional and they may well be able to come up with questions from their own experiences of home buying. Remember this is the biggest single purchase that most of us ever make, you do not want to leave anything to chance, even if it seems trivial.

Once you are ready to proceed, there are several things you should not do until after you have had your application reviewed by your mortgage consultant:

1. Do not make any large purchases like a new car
2. Do not sign-up for any new credit cards
3. If you are due to receive a large sum of money from your family, or you win several thousand on the lottery or have a loan repaid to you, do NOT deposit the money in your bank. Proving where it came from can be a major delay in moving forward.

Always remember that you are the one who signs the paperwork, so you are the boss. If the team of people helping you are not coming up with what you want, or you do not feel right about something, take action before it becomes something much bigger that you have to live with for 30 years. If you do not feel right then walk away, no matter how much you want a particular property. Question everything you do not feel right about, you do not want people around you just telling you what you want to hear or getting you a terrible loan just so they can collect their commission.

Buying a Condo or House can be one of the most exciting times of your life, be careful and do your research and you should have no problems.

The Benefits of Remote Deposit Capture for Regional Banks

Regional banks are to national and multinational banks as small businesses are to national and global corporations. Although the latter aren’t out to eradicate the former, there is traditionally a sizable gap between big banks and small ones in terms of revenue streams. Large banks have been able to acquire more customers because they have locations almost everywhere. Customer acquisition for regional banks, on the other hand, has been constrained by geographical boundaries.

In the past, a regional bank in West Virginia could only dream of attracting customers in Washington, where it had no branches, but the passage of Check 21 legislation in 2003 changed all that. Check 21 allows banks to exchange electronic images of checks and other documents in place of physical documents. This means that a business in Seattle can use a check scanner to deposit checks in a bank located in Huntington. Known as Remote Deposit Capture (RDC), this process allows regional banks to acquire revenue streams that were once off limits.

It Takes Two to Tango

The biggest benefit of remote deposit capture for banks is the elimination of geographic boundaries, but just because a financial institution has an RDC program doesn’t mean a business can start depositing checks there – the business needs an RDC program, too. After the initiative to implement the program passes, getting it up and running requires eight basic steps:

– Developing an image strategy

– Image enabling check processing

– Make workflow changes to accommodate RDC

- Choosing the optimal transmission channel

- Define exchange procedures with partners

– Selecting check scanning equipment

– Training workers to perform RDC

– Testing the program with exchange partners

When they implement remote deposit capture, businesses and financial institutions often hire an image exchange consultant, or appoint an internal, cross-functional project team to oversee the implementation the program. Regardless of how implementation is approached, the key is act quickly once the initiative passes, while the benefits of RDC remain fresh in the minds of decision makers.

Impressive Numbers

The cost of implementing remote deposit capture for banks is nothing if not feasible. The FDIC reports that implementing an image exchange program costs roughly $10,000 – about $290,000 less than it costs to open a new branch location. Once the program is in place, the revenue it generates can swell the bottom line, to say the least. For example, in 2008, Utah-based Zions Bancorporation and its affiliates posted RDC deposits of over $400 million daily. At the time, Zions was adding nearly 50 new RDC customers each week.

If you manage a regional bank that needs a reliable strategy for adding customers and revenue streams, implementing remote deposit capture for banks – a program that has inherent incentives for businesses large and small – should be seriously considered. Remote deposit capture has quickly gone from being a futuristic trend to defining how businesses deposit checks in the present. For more information about RDC and the hardware that supports it, contact a provider of RDC solutions for financial institutions today.

A Cellular Traffic Jam Is the Culprit Behind Huntington’s Disease

Researchers were wondering from ages as to what could be the actual cause of Huntington’s disease which causes involuntary jerky body movements disabling the victim to exhibit physical and mental coordination. The awkward bodily momentum gradually worsens after the initial unsteady gait putting the victim in jeopardy. Parental inheritance being the focal reason, this disease is hard to prevent and has been affecting millions of people globally without a documented cure. However, the available treatments reduce the severity of the symptoms and aid the victim in lessening the care giving requirements.

To enhance the quality of life of the global populace affected with Huntington’s disease, researchers are looking forward to get core advancement in finding an explicit medical solution. However, the extensive research to find the root cause of Huntington’s disease has enabled the researchers to get a key which can be a potential advancement in finding a generic solution to lessen the severity of the ailment. It is established that a mutant of the Huntington (mHTT) protein is the fundamental cause of the disease though the researchers are still unclear as to how it disturbs the brain cells’ function. As per the established findings of late, mHTT vitiates the cellular transport process adding to the neurotoxicity eventually resulting in loss of neurons.

Caused by an extended CAG repeat in the Huntington (HTT) gene, this neurodegenerative disease with mHTT plays pivotal role in disrupting the transport system of a cell which normally requires mobilizing multiple elements from its nucleus to the other parts and vice-versa. It has been pragmatically realized that mHTT creates aggregates in the central operations area that is in the nucleus preventing it from passing through the nuclear pores. This pile up in the mHTT following the stagnation in the nuclear passages kills the brain cells by shutting them down.

The new fact discovered can drive the researchers to find out new ways to fix the cellular traffic jams there by aiding the process of finding new treatment methodologies for the Huntington’s disease. Although it is a fact that this step towards an advanced research in finding the cause for the disease is in the initial stage, the researchers are excited with their discovery as these findings are the stepping stones in conquering the Huntington’s disease along with encouraging the search for new therapeutic modules.

Biotech companies and pharmacy companies are looking forward to dwell on this very concept to capitalize it and bring into existence various therapies for biological processes. Hope they get abundant clues to prove the fact that early birds get quick worms in the course of their research. Ultimately, it is the millions of people who are affected with the Huntington’s disease who get the best of the research.