Just Answers - Real Estate

When it comes to lifetime markers getting a first mortgage is a major event. With a mortgage you''re magically transformed from occupant to owner and from tenant to titleholder.

Applying for a mortgage used to be seen as a battle of sorts, a

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

competition where the only winners were those who sold headache remedies and paper by the truckload. But now finding the right mortgage is faster and easier than ever -- but only if you know how to make the system work for you.

If you compa

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

e loan applications today with the ordeals of even ten years ago you can see a marked difference.

It used to take days if not weeks to obtain a credit report. Meanwhile a mortgage lender could not act on a loan application because informatio

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

n regarding debts and credit history were simply missing so loan processing times have been greatly compacted.

In 1995 both Fannie Mae and Freddie Mac said local lenders should use the credit scoring system developed by industry-pioneer Fair

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

Isaac to evaluate consumer credit. With credit scoring, a rigorous mathematical profile drawn from a huge number of credit reports is used to measure credit history -- and thus predict future credit behavior. Credit scoring benefits borrowers

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

because it measures how credit is handled, not how much income is earned. You can be rich and have low credit scores; conversely you can be poor and have excellent credit. In practice, the higher your score the lower your rate.

Many mortgag

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

loan programs no longer require income and employment verifications, the physical process of confirming wages and jobs.

A growing number of loan programs do not require individual appraisals -- instead lenders can use automated valuation sy

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

stems based on tax records and past sales to show the worth of many properties. Automated appraisals are faster and less expensive when available; however they are not obtainable for all properties.

The underwriting system itself has been au

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

omated. A conditional lending decision can often be made within an hour of receiving an application.

Lending has gone online. The old advice used to be that borrowers were well served by checking with three or four lenders for the best loans

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

; now it''s possible to compare huge numbers of lenders within minutes. The result is that mortgage lending has become more competitive -- good news for borrowers.

Despite the growing use of computers and electrons however, the fact remains

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

hat borrower participation is still required.

Essentially your job is to make sure lenders have application information which is complete and correct. If there are errors in the application you may suddenly face expensive and steeper mortgag

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

e costs.

Your lender will supply you with a preliminary loan application showing income, assets, debts and required monthly payments. Much of the application is produced electronically from information received by credit reporting agencies -

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

but before signing anything go through this application line-by-line to make sure all data is current and correct.

Since you know the lender will be providing an application for your review, you can speed the underwriting process by prepari

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

ng your financial data in advance.

First, make a list of all assets. You want to show the balances or fair market values for all IRAs, stocks, bonds, mutual funds, checking accounts, real estate, pensions and cars and other major assets. You

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

also want to list account numbers and contact information.

Second, make a list of all debts. You want to include all credit cards, car loans, student debts, mortgages, etc. As with assets, show account numbers and contact information for eac

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

h liability. In addition, but sure to list required monthly payments for each debt.

What you now have is a handy financial planning tool. It tells what you have, what you owe and how much you''re worth (assets less debits equal you''re net w

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

rth). Because there are account numbers, contact information and such, this is good information to keep with wills and living wills. Also, if you enter this information onto a spreadsheet, it''s easy to update and keep current.

Many loan pro

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

grams no longer ask for income or employment verifications -- however for your records you want to have a file where you keep such things as your last two or three pay stubs from the time of application and copies of your tax returns from the

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

past few years. Also keep information regarding other sources of income such as interest, dividends, profit-sharing, etc.

You now have a way to zip through a loan application -- and you have a way to make sure that lender decisions are not b

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

eing made on the basis of information which is out-of-date or factually incorrect.

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Peter G. Miller is a syndicated real estate and personal finance columnist who appears 70 newspapers

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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