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I. Questions to the text:

  1. What does the term "real estate" mean?

  2. What governmental regulations are necessary for the control and ownership of the real estate and how are they exercised?

  3. What are the restrictions on real estate?

  4. Why is real estate is so important for the development of the economy\/

  5. What is the excellent hedge against the inflation?

II. Finish the following texts according to the text:

  1. The term “real estate” has two meanings. First, it is …. Second, it is …

  2. Real-estate activities are…

  3. The better-known real estate business and professional services include…

  4. As for real-estate broker, he …

  5. The broker can …

  6. The broker is generally compensated …

  7. As for the real estate appraising, more and more buyers and

  8. Appraisers, are often called…

  9. As for real estate consultants they…

10.As a rule, recommendations are made…

11.Of great interest to many people is the phase of real estate activity that facilitates

home ownership, because …

12.It is clear that the most important factor to consider prior to the purchase of a home

13.Moreover, changes in the immediate environment …

14.Thus, the value of property to purchase should be determined …

Text 2. Understanding real estate finance – the key to your success

Read the text and answer the questions:

  1. Where could you find money to finance investment property many years ago and are there any differences today?

  2. What do banks and financial institution require before giving you a loan for your real estate investment business?

  3. What is necessary to do for you to do to get a loan without difficulties?

  4. What are you actions if the bank rejects your application for a loan?

  5. How can you save your money in a real estate investment business?

Understanding real estate finance is the key to your success. Finance is the life blood of real estate. Without finance there is no real estate.

It is critical for you to understand how to finance investment property if you are to be successful with your real estate investment business. A generation ago, the only viable option for most people was to get a loan from a bank. Today, you can get mortgage finance from myriads of banks, financial institutions, lawyers' client funds, real estate companies, building societies, insurance companies, credit unions, contributory mortgage companies or even the vendors.

Banks and financial institutions that provide real estate finance look at your cash flow, equity position, credit rating and soundness of your real estate or property that you wish to buy.

Banks can be conservative with their money. This is because banks risk is greater than yours as they loan you anywhere from 60% to 100% on the market value of the property. They don't even have direct control over the asset once the loan is given. They try to protect themselves with various clauses in the mortgage document. You have to understand these clauses in the loan agreement before you sign it.

You have to be sensitive to banks advice and concerns. They are your partners in business. No bank will provide you with real estate finance if your credit rating or the reputation in the market suffers.

You have to organize your personal finances, improve your credit rating, prepare your financial information and that of the property that you wish to buy before approaching the bank for real estate finance. If you do not do your home work, lack confidence and don't present yourself properly then no bank or financial institution will give the loan.

It is important to understand that lending criteria's of the banks change from time to time. They may reject your application for a loan even if your finances are in great shape. This is because the lending criteria for a particular type of property you wish to buy may not match the lending criteria of the bank for that property. In such a situation it is wiser to approach another bank for a loan. It is better to utilize the services of a competent mortgage broker who is well informed regarding the lending policies of various banks and will guide you to the most suitable lender. At times interest rates can differ between different branches of the same bank. You can save from tens to hundreds of thousands of dollars during the life time of a loan by simply doing some research and negotiating hard. There will be times when you will need to refinance your mortgage to improve your financial position.

Understanding real estate finance is the key to your success. The secret is to find the best and cheapest source of funding of your property with least strings attached.

credit unions

building society

mortgage company

contributory

cash flow

equity position

credit rating

soundness

market value

asset

clause

mortgage document

mortgage broker

lending policy

interest rates

refinance

союз, кредитное общество, кредитный кооператив (некоммерческая организация, объединяющая в общий фонд вклады своих членов и предоставляющая кредиты своим членам по более низким ставкам, чем коммерческие банки; обычно существует в форме кооператива)

cтроительное общество (финансово-кредитное учреждение; предоставляет индивидуальные долгосрочные ссуды для строительства или покупки жилых домов или квартир за счёт средств, привлекаемых в виде краткосрочных вкладов населения

ипотечный банк; ипотечная компания (финансовый институт, специализирующийся на предоставлении кредитов под недвижимость

вносящий вклад; делающий взнос, пожертвование

движение денежной наличности

участие в собственном [акционерном] капитале; доля в собственном [акционерном] капитале

оценка кредитоспособности

здравость (суждений); правильность (выводов)

рыночная стоимость, курсовая стоимость

имущество, наследство, из которого могут быть выплачены долги

статья (договорного документа)

ипотечное свидетельство; ипотечный акт, закладная

брокер по ипотекам

кредитная политика

регулирование ставки процента; ставки процента

рефинансировать; дополнительно финансировать

Ex.1. Read and translate the following expressions, paying attention to noun structures.

real estate finance, real estate investment business, lawyers' client funds, lending criteria's of the banks, market suffers

Ex.2 Read and translate the following expressions, paying attention to degrees of comparison:

  1. Banks risk is greater than yours

  2. In such a situation it is wiser to approach another bank for a loan.

  3. It is better to utilize the services of a competent mortgage broker

  4. A competent mortgage broker will guide you to the most suitable lender.

  5. The secret is to find the best and cheapest source of funding of your property with least strings attached.

Ex.3.Read and translate the following sentences from the text. Mind your grammar!

  1. Understanding real estate finance is the key to your success

  2. It is critical for you to understand how to finance investment property if you

are to be successful with your real estate investment business.

  1. They don't even have direct control over the asset once the loan is given.

  2. You have to understand various clauses in the mortgage document in the loan

agreement before you sign it.

  1. You have to be sensitive to banks advice and concerns.

  2. You have to improve your credit rating, prepare your financial information and

that of the property that you wish to buy before approaching the bank for real

estate finance.

  1. It is important to understand that lending criteria's of the banks change from

time to time.

  1. You can save from tens to hundreds of thousands of dollars during the life time

of a loan by simply doing some research and negotiating hard.

  1. It is better to utilize the services of a competent mortgage broker who is well

informed regarding the lending policies of various banks and will guide you

to the most suitable lender.

  1. There will be times when you will need to refinance your mortgage to improve

your financial position.