Articles written by local professionals about Mortgages, Credit and other Financial tools

Mortgage Forbearance: Example & FAQ

4/15/2020

Let’s talk about the Jones’s

The Jones’s have a $3,000 mortgage payment every month
The Jones’s get temporarily laid off
The Jones's don't have any other options so they request a mortgage forbearance by:

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Mortgage Payment Forbearance: Cares Act (Covid19 Stimulus Plan)

3/30/2020

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The CARES Act short for Coronavirus Aid, Relief and Economic Security Act has passed, it’s a $2 Trillion Stimulus Bill for the “American People” within its hundreds & hundreds of pages it begins to lay out the terms for Mortgage Payment Forbearance on Sec 4022.

A Mortgage Payment Forbearance pushes back when the payment is due, it doesn’t make the payment go away.

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The Mo Show - episode 2: The Short Sale Process

10/24/2018

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YouTube: The Mo Show Episode 2
The Short Sale Process

While many short sales are different, there are three basic stages in a short sale transaction:

Phase 1: Document Collection
Phase 2: Negotiation
Phase 3: Closing

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DIFFERENT Property Types Pros & Cons

9/24/2018

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Author: Mohamed T Gulamal

There are multiple property types and each one has benefits and disadvantages depending on your needs and preferences. Out of the several options we’ll explore the most relevant ones:

Cooperative (co-op)
Condominium (condo)
Single Family home
Multi Family home (2-4 units) Note: Anything above 4 units is considered a commercial property.

Let’s start with comparisons between Co-ops & Condos:

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How banks lend & the Financial Trinity

4/25/2018

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Author: Mohamed T Gulamali & Doug Vairo

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THE MO SHOW - EPISODE 1: Short Sale FAQ

2/6/2018

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Mohamed T Gulamali & Steven Show of the website Flip Pro are tackling frequently asked questions about short sales.

Questions Covered:

What is a short sale
Do short sales have a stigma
Who negotiates a short sale
What is the time frame of a short sale
Where can buyers find a short sale

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FHA Appraisal Checklist & FAQ

2/6/2018

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Author: Mohamed T Gulamali

A home appraisal that is paid by the Buyer & ordered by the Lender is required when purchasing the property this will give a professional estimate of the current market value to ensure this is a good investment for both the lender as well as the home buyer it will also address if there are any safety concerns and if any repairs need to be made prior to closing.

Below is a FHA Appraisal Checklist along with Frequently Asked Questions.

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20 Things You Should Know About The New Tax Laws

12/26/2017

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Author Mohamed T Gulamali

There are changes within the new Tax Laws, the below article contains 20 things you should know.

The Mo Show Episode 3: The New Tax Laws
Discussed by Mohamed T Gulamali & CPA Wali Syed

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How To Buy A Home

4/10/2017

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The below is a quick breakdown of the Home Buying Process, consult with your Realtor & Loan Officer for more details.

Author: Mohamed T Gulamali

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Pre-Approved: 3 things to do & 7 things not to

3/30/2017

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Author Mohamed T Gulamali
Getting pre-approved is only the first baby step to buying a home, the following information is a list of what to and not to do once pre-approved. These tips will likely help you get better financing terms and also avoid self sabotaging your dreams of home ownership.

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Where buyers Find Their Homes

3/17/2017

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Mohamed T Gulamali

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A Pre-Approval is your first step

3/15/2017

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Author: Mohamed T Gulamali

Getting Pre-Approved is simply the
first step to Home Ownership!

This article & video will go into the 10 benefits of being pre-approved & your absolute best case scenario if you believe that you're the exception to the rule.

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Mortgage Document Checklist

3/15/2017

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Author: Mohamed T Gulamali
This article & video cover the required documents to get a mortgage before and after you are approved.

Gathering your documents before you begin house hunting will help ensure that the process goes smoothly & that Realtors & Sellers will be able to take you serious. .

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CREDIT TIPS: HOW TO RAISE YOUR SCORE

3/15/2017

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Author: Mohamed T Gulamali

THE FOLLOWING WILL BE COVERED

What is a credit score
How to improve credit

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MORTGAGE: BASIC REQUIREMENTS & MISCONCEPTIONS

3/15/2017

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Author: Mohamed T Gulamali
Their are 3 chief components in getting a mortgage:

Income: Capability to repay the loan
Assets: Ability to budget finances
Credit: Willingness to keep accounts in good standing

There are a lot of misconceptions about how easy it is to obtain a mortgage, the most common ones pertaining to the above will be addressed.

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10 Mortgage & Property Tax Deductions

2/19/2017

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Author: Mohamed T Gulamali

Below i'll cover:

Year After Year Tax Deductions
One Time Tax Deductions
Benefits
Charts of Tax Brackets

YouTube video available

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Renting Vs. Buying A home Pros & Cons

1/29/2017

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Author: Mohamed T Gulamali

Buying a home for the most part overwhelmingly wins, although renting does have a few benefits as well.

We will go over the pro's & con's of the list below.