By John P. Wiedemer
Actual property FINANCE, 9e presents a latest evaluate of residential and advertisement actual property finance and the way those monetary markets paintings. The textual content has been absolutely up-to-date reflecting present rules and practices of contemporary genuine property finance caused by the new monetary problem and personal loan meltdown. It offers insurance of specialised loan lending strategies - together with resources of personal loan funds, constraints on these resources, mortgage skills, and legislation and rules that advisor practices this day. An easy-to-read narrative structure is still the hallmark of this long-time renowned actual property finance textual content.
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Additional resources for Real Estate Finance (7th Edition)
Sample text
Prime Rate The prime rate is often defined as the interest rate charged by a commercial bank to its most creditworthy customers. Each bank may set its prime rate by any method it chooses, as the rate is not regulated. Some banks use complicated formulas, while others depend on the wisdom of their boards of directors. In practice, most banks simply follow the lead of one of the major commercial banks. Today the prime rate is used more as a base upon which to float an interest rate for many kinds of loans than an actual lending rate.
The secondary market will be further examined in Chapter 5. The Primary Market The loan origination market is composed of borrowers and lenders. Negotiation for a loan at this level involves a discussion of the interest rate and discount. How the requirements for loan qualification are determined depends on who the lender is and whether or not the loan will be sold to secondary-market investors. Regulated lenders must adhere to the rules set by their regulatory authority. Unregulated lenders are not as restricted.
M. eastern time. While these rates can fluctuate during any one working day, an approved seller/servicer has online access to current pricing. Fannie Mae does post a historically required net yield by day online on all currently offered loan products; rather2 the yield requirements of both Fannie Mae and Freddie Mac are quoted in what might be called the “wholesale” market rate for mortgage loans at that time. Within the industry this wholesale rate is referred to as a required net basis yield, or a yield that must be delivered to the loan purchaser.