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Know Your Rights When Investing In A Mortgage

(NC)-Investing money in a private mortgage- any interest the broker has in the
for attractive returns has its merits and itsproperty;  and
risks. This type of investment is one in
which a person lends money to a borrower who-  the  broker's  fees  for  the transaction.
pledges real estate as security for the loan.
These types of mortgage investments may beBy law, the broker cannot accept money from
arranged  through  a  Mortgage  Broker.you until 48 hours after you have received
this specified information and have signed a
All Mortgage Brokers in the province ofcommitment  to  fund  the  mortgage.
Ontario are required to be registered with
the Financial Services Commission of OntarioDo  your  homework
(FSCO), an agency of the Ministry of Finance.
It took a long time to save the hard-earned
Do business only with a licensed Mortgagemoney you want to invest, so it's wise to
Broker. Confirm that the broker you arecarefully review all documents before making
dealing with is qualified and registered byany decisions. You are entitled to take at
visiting FSCO's website: or by calling (416)least 48 hours (not including Sundays and
226-7776.holidays) to review the investment documents.
Read  them  carefully.
Mortgage Brokers must give you full
informationConsider the value of the real estate. The
Mortgage Broker must provide documentary
Mortgage Brokers are required to provide eachevidence of the property's value, other than
prospective investor with information in thean Agreement of Purchase and Sale. This could
form of an Investor/Lender Disclosureinclude  an  appraisal.
Statement, as well as supporting documents
such as an appraisal and an Agreement ofUnlawful  activity
Purchase  and  Sale.
Mortgage Brokers are prohibited from selling
This  information  package  must  include:or arranging the sale of mortgages that are,
or have been, in default within the past 12
- a description of the property or project tomonths.
be  mortgaged;
Mortgage Brokers cannot accept funds from you
- the terms and conditions of the mortgageto  hold  for  a  future  investment.
loan;
Risks  to consider about mortgage investments
-  how  the  mortgage  will  be administered;
- They are not insured by the Government of
- in case of mortgage syndications, terms ofOntario.
the  syndications;
- They cannot be guaranteed by the Mortgage
- all prior claims on the property, such asBroker.
other  mortgages,  liens  or  taxes  owing;
-  They  may  be difficult to resell quickly.
- information on the borrower, including
ability  to  repay  the  loan;Mortgages can be high-risk investments.
Consult your financial advisor to see if
- any relationship or connection the brokermortgage investments would be suitable for
has  with  the  borrower  and  appraiser;you.



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