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Any claims made or examples of actual results can be verified upon request. Your level of success in attaining the results claimed in our materials depends on the time you devote to the program, ideas and techniques mentioned, your finances, knowledge and various skills. Since these factors differ according to individuals, we cannot guarantee your success or income level. Nor are we responsible for any of your actions. Materials in our product and our website may contain information that includes or is based upon forward-looking statements within the meaning of the securities litigation reform act of1995. Forward-looking statements give our expectations or forecasts of future events.

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ABOUT THE AUTHOR

Call Brian at 443-501-5606 for a FREE No-Obligation Consultation Now!

Over $1 Billion in production

Since 1985 he has closed over 5,325 mortgage transactions totaling over $1 Billion in production.

Awarded the Greater Baltimore Board of Realtors

Brian has been awarded the Greater Baltimore Board of Realtors coveted affiliate of the year award.

Appeared on over 43 radio stations

He has appeared on over 43 radio stations as a mortgage expert as well as ABC, NBC, CBS, and Comcast TV.

Nationally Renowned Mortgage Expert

NMLS # 225050
Phone: 443-501-5606

Brian Sacks is a nationally known mortgage and real-estate expert. Since 1985 he has closed over 5,325 mortgage transactions totaling over $1 Billion in production.

Locally, Brian has been awarded the Greater Baltimore Board of Realtors coveted affiliate of the year award. He has authored courses for the Mortgage Bankers Association of America and has written for numerous industry publications. Brian has conducted classes for Realtors and Realtists in the Baltimore area for over 2 decades and has authored courses approved for Realtors and Realtists continuing credit accreditation. He has appeared on over 43 radio stations as a mortgage expert as well as ABC, NBC, CBS, and Comcast TV.

For over 9 years Mr. Sacks has been the in-house mortgage expert for NBC WBAL TV 11 appearing weekly on the weekedn news sharing mortgage tips and answering viewers questions on the air. He has also been featured in and written for the Baltimore Sun, Baltimore Business Journal as well as the Daily Record as a mortgage financing and Real Estate expert.

Mr Sacks is also the co-host of Your Home Your Money heard each Saturday from 11-12 eastern on CBS 1300 am or listen on-line at

Brian Sacks prides himself in providing Professional Service, Expertise, along with Creative Programs competitively priced. Call Brian at443-501-5606for a FREE No-Obligation Consultation Now!

TOP 5 MISTAKES TO AVOID WHEN CONSIDERING A MORTGAGE

Dear Future Homeowner,
Thanks for opting in for our special report and we hope you gain some valuable insights from the information provided. The key to a successful transaction when obtaining a mortgage is ensuring that you have all of the information you need. That’s our job and we are happy to provide you with all of the options best suited to your personal situation.
So if you are ready to dig in we will reveal the most common mistakes clients make when starting the home buying process and determining which lender to work with.

Of course if you have any additional questions you can always feel free to call us at
410 -420-2343 or e-mail us at
We are constantly providing the most up to date real estate and mortgage financing at our You Tube page-
and our Facebook page at
At the end of this report I have included some resources as well as some client success stories so you can hear from people just like you who are now homeowners and enjoying the lifestyle and tax benefits that come with home ownership.

Lastly- If you have a question on anything in this Report or just have a real-estate question you would like answered please feel free to contact me at 410-420-2343 or e-mail and I will be happy to help.

Now let’s jump in and get started !
Brian Sacks
National Mortgage Expert
NMLS # 225050

I would like to start this report with some of the most common misconceptions and myths about getting a mortgage in todays environment. Often, the best way to do this is by getting all of the facts so you can make the proper decision. The first 5 items below are designed to address many of the questions my clients ask me and my hope that many of these answers help you with your questions.

  1. Thinking Every Mortgage Lender Is The Same.
    Ever wonder why one mortgage company would give you one answer and another would say something completely different? Why would one lender approve you while another one might say no or not yet?
    There are 3 types of lenders in the marketplace and we will explore the pros and con’s of each one.
    Mortgage Banker This company will have a credit line known as a warehouse line and will close your loan with their own funds. The loans are then sold on the secondary market to Fannie Mae, Freddie Mac, or if a Government insured loan like FHA or VA to Ginnie Mae. These agencies make the guidelines that tell the lender what is and isn’t acceptable in terms of credit, income, property , and qualifying ratios.
    The lender will then collect your monthly payments or will sell their rights to service your loan to a different company.
    Not to confuse you so early in our report, but there are also 2 different types of mortgage bankers.
    One type is a company owned by a bank the other would be an independent mortgage banker. This is important because often the bank owned mortgage bankers have additional guidelines they create in addition to the standards set by Fannie Mae, Freddie Mac, FHA or VA. These guidelines are meant to add an additional layer of protection for these institutions in the event a borrower defaults on the loan.
    The other important distinction is that consumers who bank with a bank are under the mistaken impression that they might receive preferential treatment since they have an account at a particular bank when in reality the bank has a mortgage subsidiary and could actually be more conservative than an independent company.
    Mortgage Broker A mortgage broker rarely has their own funds. They will take your application and place it with a mortgage banker or private /portfolio. Their commission is earned by adding an additional fee to the lenders price. The lender your loan is placed is the one that will ultimately approve or deny your loan and if approved , will then provide the funds for you to go to settlement.
    Private /Portfolio Lender
    This often a small savings and loan or a private person or company. A portfolio lender is truly lending you their own funds. Since it is their own funds they are able to make whatever rules and guidelines they feel are an appropriate risk for their investment.
    Portfolio /Private Lenders are often used when a borrower is unable to qualify for standard or traditional financing and will often charge above market rates due to the increased risk.
    Now that you know WHO might be lending you the funds to purchase a home let ‘s continue our discussion by clearing up several other important misconceptions.
  1. What Are Points and Should You Pay Them?
    Why do lenders have different rates for the same programs? Great question but the answer can tend to be rather long so let’s just discuss a few different reasons here.
    When you are shopping for a loan you should always be comparing APR. This figure forces a lender to disclose the fees they are charging on a loan. The APR shows you the consumer what a lender is “yielding” on your loan. You may see 2 lenders offering 4.0% but one has an APR of 4.29 and the other an APR of 4.73.This difference is due to one lender charging you more fees than the other. If you would like a more detailed explanation of these figures and how they are calculated give us a call at 410-420-2343 or nd we would be happy to provide you the answers.
    WHAT IS A POINT?
    Points are prepaid interest paid at the time of closing in order to obtain a lower interest rate. As an example , let’s say you are shopping for a 200,000 mortgage and one lender offers you 4.25% with no points or origination fees while the other offers you 4.0% with 1 point. Note- points are a % of your loan amount.
    On the surface 4.0% sounds much better than 4.25% right? But let’s analyze this a little further.
    POINTS PRINCIPAL AND INTEREST

4.25 0 984.00
4.0 2000 956.00
------
Cash difference is 2000 - payment difference is 28.00

If you chose the 4.0% with one point difference you would need $2000.00 additional at closing and you would save $28.00 per month.
Is this a good deal? The answer is it depends. By the figures above we see that you are investing 2000 upfront for the privilege of saving 28 dollars a month on your mortgage payment. If we divide 2000/28 it will take you 72 months or 6 years just to break even. Generally it’s advisable to minimize your cash out lay or possibly allocate that extra 2000 right to your loan balance.

  1. Not Knowing Your Credit Score.
    The good old days of telling a lender you have good credit or have had credit challenges are gone. Lenders now base their decisions on your credit score. There are 3 major credit repositories in the United States, Experian, TransUnion and Equifax.
    It’s important to point out that not every creditor will report to every credit repository. In addition each credit repository has it’s own credit scoring model. The most commonly used models are the FICO score and Beacon score.
    These scores range from 350 on the low end to 850 being a perfect score.
    Your eligibility for a particular mortgage program will be based on your credit score. Generally the FHA and VA programs are more liberal with consumers who have lower scores or have had a past credit challenge.

Many consumers will go on-line to sites that provide a score or even have a service provide a score each month. These scores are often NOT calculated the same way when you are trying to obtain a mortgage. The safest way to know your score is to call the lender you want to work with and have them pull your credit report and scores. Lenders will generally use the middle of your 3 scores to determine the score to be used when qualifying for a mortgage loan.
Most lenders will not charge you for this report and running your credit report does not create an obligation for you to use that particular lender.

While we are on the subject of credit- let me state very very clearly…
YOU DO NOT NEED TO HAVE PERFECT CREDIT TO OBTAIN A MORTGAGE. In fact, we regularly assist client who have had a bankruptcy , foreclosure, or other challenge get into a home with very low down payments and very attractive interest rates.
Let’s face it , we are just getting out of an economic meltdown and many good people went thru some very challenging times. In fact , the Department of Housing and Urban Development ( FHA) created a Back To Work program for just this reason. You can learn more at our blog
You may be wondering what happens if we can’t help you right away? In that case we are able to refer you to professional partners we work closely with who will assist you with getting your situation back under control.

  1. Pre- Approval vs Pre-Qualified- Which One Is Better?
    (grants- funds needed-comfort levels)
    Would you ever consider calling a physician- telling him or her your symptons and then scheduling surgery? Yes, I realize that sounds silly but this happens every day in the mortgage business.
    A client will call a lender and provide their income , debts, and assets and ask the lender how much they qualify for. Sometimes consumers will ONLY go on-line and use a mortgage calculator to see what price range they qualify for.
    Both of these scenarios are a mistake. Getting Pre –Qualified simply means that you have spoken to a lender and based on the information you provided it
    “APPEARS” that you qualify for a particular mortgage amount and program.
    Pre – Approval on the other hand is when you actually provide the lender with your last 2 years income information, have a credit report run, and have provided your asset information via statements.
    A Pre –Approval allows you to discuss the various financing options with a lender and also establish the program that best meets your monthly payment and funds at closing requirements.
    Often the lender can recommend various grant programs and also help you better establish the proper price range you should be exploring for a home.

A PRE – APPROVAL also allows your lender to issue a PRE-APPROVAL letter that will accompany your contract offer. This will show the seller that your loan is already pre-approved so there is no guesswork. That in turn will allow you to negotiate from a position of strength as opposed to the Pre Qualified buyer you may be competing against for this home.
It’s important to point out that getting pre-approved with a lender does not create a commitment or obligation to that lender and most lenders will NOT charge you for this service.

  1. Thinking You Need A Lot Of Money To Buy A Home.

When you purchase a home the funds you need to invest are broken down into 2 different areas. You will need a down payment and closing costs.
I have provided you with a sample settlement sheet at the end of this report that provides a break down of these costs.
DOWNPAYMENT- If you qualify for a VA LOAN there is no down payment if you have full eligibility. FHA loans generally require a 3.5% down payment while most Conventional loans require a minimum downpayment of 5%.

CLOSING COSTS: In most areas of Maryland closing costs average 5% of your purchase price and covers lender fees, title related fees, state and local taxes as well as the creation of an escrow account for your taxes and insurances.
BUT WHAT DO YOU DO IF YOU SIMPLY DON’T HAVE ENOUGH MONEY?
Here is a list of ways I have assisted my clients obtain the funds they need.

  1. Gift letter from a relative.
  2. State or Local Grant Program
  3. Seller Assistance
  4. Lender Assistance- Yes- The lender can assist you with some of the funds for your closing costs but will often charge a slightly higher rate.
  5. Loan or Withdrawl from a 401k or other retirement account.

Now that you have learned the top 5 Mistakes you may have questions. We are here to help you answer any questions you have. You can reach us by phone at 410-420-2343 or e-mail your questions to

Happy House Hunting and If You Are In the Market To Purchase A Home

Please call us for a FREE –NO OBLIGATION CONSULTATION so we can establish your comfort levels, answer your questions, and recommend the program that is best suited to your needs and comfort levels.

Sincerely
Brian Sacks
National Mortgage Expert
NMLS # 225050 (0) 410-420-2343

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