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"Should I Refinance?" - Consider Overall Cost of Money, Not Payment
With the state of financial education in this country, many people shop for loans by payment, figuring the lowest payment is the best loan. As counter-evidence to that idea, let us consider the negative amortization loan. I've seen them...
The Biggest Risk
If you've been around the financial planning business any length of time, you've likely run into the saying "The biggest risk is not taking one." It is endemic to all financial instruments, indeed, all investments, that return is the reward...
How Can Buyers Get the Lowest Possible Price on the Best Possible Property?
The first piece of advice I have for buyers who want to get a fantastic bargain is to find a good buyer's agent. Nothing else will make as much difference as a good buyer's agent who is dedicated to...
Buyer's Markets Are A Great Time For Moving Up
I have said repeatedly that buyer's markets are not the time to be selling a property if you have any choice. There is one exception: People looking to turn around and buy a more expensive property. If you're looking to...
Fear and Greed, or How Did The Housing Bubble Get So Big?
(This was originally written February 16, 2006, but it's relevant still) One of the occasional questions I get from people has to do with why the housing bubble got so big (or if you're one of those still in denial...
Deciding Not To Pay The Buyer's Agent When Selling
A recent court case wherein it was decided that seller's have the right not to pay the buyer's agent (well DUH!) created a lot of furor. The truth is this has been well-established in law and precedent for I don't...
What Do You Mean Back To Basics?
For a period of several months when the market started imploding, I got mass messages from basically every lender I do business with, saying it's time to "get back to basics". My favorite A paper lender became the last to...
Real Estate and the Tale of Aesop's Dog (Greed Envy)
At a very young age, my parents bought me a book of Aesop's Tales. Aesop has gone out of style, probably because these are stories with a moral lesson, and it seems the modern society is actively averse to moral...
Getting Another Mortgage Loan After A Short Sale
Our home isn't worth what we owe. So say you were just an average person selling and buying a house, meaning you put your house up for sale, get a contract to purchase on it then go put in offer...
Straw Buyers and Straw Purchases are Always Fraud
I've gotten several emails to articles recently having to do with straw buyers, and more search hits. Straw buyer fraud is popular because people want a better loan and many don't see anything wrong with it since "we intend to...
Multiple Mortgage Inquiries Do Not Drop Your Credit Score
>broker incurred 19 inquires in 1 week dropping my score. B.S. I'd go the full Penn and Teller on this one if I wasn't trying to stay family friendly. The law is clear on this one, and practice is fully...
Should I Buy A Home? Part 1: Preparation
I am considering buying a home, although I have not made up my mind on the subject. This is not due to indecision, but rather due to a lack of necessary information. There are many factors to be considered...
First Time Buyer Programs and Multi-Family Housing
Can I qualify for first time home buyer financing if I buy a duplex and live in one and rent out the other? I thought if I bought a duplex, lived in one side and rented out the other would...
Buying Without An Agent - My Own Experience
I had the idea for this article some time ago. It took me a long time to decide to share it publicly, because quite frankly, knowing what I know now, I was an idiot. I was still young enough to...
Mortgage Protection Insurance - The Worst Life Insurance Policy You Can Waste Your Money On
One of a long series of emails about this horrid product: (identifying details redacted) Learn How To Make More Money Per Client ($500-$1000) In This Workshop You Will Learn Why The Most Successful Mortgage & Real Estate Professionals Across The...
Condominium HOA and Other Common Interest Assessments
I bought a condo in DELETED, CA. Zero down. For 7 months I paid every bill on time - mortgages, HOA and taxes until... The Homeowner's Association told us that we MUST pay a $20,500 special assessment. My realtor...
Can You Keep Your Home Through Bankruptcy?
The answer is "Yes." You don't have to lose your home in bankruptcy. I've done loans for many clients who kept their homes through bankruptcy. But they kept their mortgage payments current, or close enough to current. The condition...
Deficiency Judgments: Recourse Loans vs. Non-Recourse Loans
do mortgage companies usually seek a deficiency judgment on home foreclosures Depends upon whether it is a recourse loan or not. A recourse loan is one where the lender can come after you for any excess amount of money you...
How to Avoid A Repeat of the Housing Market Mess
Scapegoating mortgage brokers or anyone else is not the answer, nor is prohibiting yield spread. We've been here before (in the early 1990s), congress did something remarkably similar except a little bit more sane. It didn't work then. Why would...
Games Lenders Play, Part V - Selling a Low Payment
Hello, I've been reading your website for awhile now, and have found it very helpful as I'm learning to navigate this crazy loan process! I had a question I was wondering if you could write about/answer. We currently have...
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