Entries from Searchlight Crusade tagged with 'prevention'

Financing Tricks and Calculating What You Can Really Afford in a Home Loan

(Note: the available loan options have shrunk since this was first written, and the rates are significantly lower right now, but the main point is calculating what you can and cannot really afford) Hi Dan, I am a first time...

Top Twelve Things That Help You Buy Property At A Bargain Price

Quite a while ago, I wrote Top Ten Reasons You Bought The Wrong House and Top Ten Reasons Your Home Isn't Selling. In that vein, I'm going to write a list of the most important things when you're shopping for...

The Difference Between a Reliable and Unreliable Prequalification or Preapproval Letter

If you don't know, chances are your agent doesn't either. Even if you know, chances are that your agent is as clueless as a newborn about loans. I and my clients get asked for all kinds of nonsense (to put...

How Easy Real Estate Scams Are

Hi, my name is DELETED, I need help. I bought a house (a few months ago) because my boyfriend persuaded me to. This was supposed to be a real estate investment between us. I put the house in my...

Truth In Lending and APR

(Note: This article is a reprint of one of the earliest articles I wrote, from a time when rates were higher. The principles, however, are quite valid - and even reinforced by the fact that rates now are much lower)...

Why It May Be Costly to Reject Paying Points

I hear it and read it all the time - advice that says to pre-emptively reject the possibility of paying points. People that talk to me about loan rates that tell me they will not consider any loan that...

Title Deeds And The Form They Should Take

On a forum I frequent, someone posted this advice for prospective property purchasers: At closing, at the title office or bank, when signing the title, contract for sale or any transfer instrument (use a single obliterating line) mark out the...

Loan Documents - Contracts of Adhesion

Got a search for "mortgage closing documents do not sign changes." Unfortunately for this person, the documents you get at closing are what legal folks call a contract of adhesion. This means you can either accept it, sign, and adhere...

Finding a Good Buyer's Agent (And Eliminating Bad Ones)

I hear people complain that they've never had a good buyer's agent, that they can't find one, or that they one they had hosed them (Sometimes, they're wrong about that, by the way). I also regularly get email from people...

Transaction Coordinator: For The Agent's Benefit, Not The Consumers

The last few years, real estate agents and brokerages have begun charging a transaction coordination fee in addition to whatever their share of the sales commission was. The purpose of this is to pay a transaction coordinator, so your...

Don't Roll Mortgage Refinance Costs Into Your Balance If You Wouldn't Pay Them Cash

One thing that is very common in the mortgage industry is masking loan costs by rolling them into your loan balance. People are less sensitive to being asked to roll this money into their loan balance than they are about...

Let Me Tell You About The Loan You Could Have Had

Not interested? Most people aren't when it's talking about how they got taken advantage of in the past. First off, it's in the past so it is over and done with, and there's no use dwelling on it, right? Second,...

The Qualification Letter I Use for My Buyers and Require For My Listings

I have never had someone tell me they wanted more information than this letter provides. I also require the prospective loan officer to fill if out for prospective purchasers of my occasional listings. DELETED (Mortgage Corporation) Address DELETED City...

Cash to Close - A Basic Primer

Cash to close has always been an underwriting standard, but more people are running into it as a reason why they cannot buy that property, why their buyers cannot perform, and why they can't get that refinance approved. With...

Homesteading and Declaration of Homestead

This has nothing to do with the Homestead Act of 1862 that encouraged settling the western United States. A Declaration of Homestead basically protects your equity. In many cases, you may not even have to file a declaration to receive...

If You Need A Loan To Buy A Home, You Need A 60 Day Escrow

Minimum Time was, a few short years ago, when I could reliably do a purchase money loan in two and a half weeks. That has now changed. There are three separate delays of one to two weeks that have been...

Buyers Should Never Pay to Repair A Property They Don't Own

I got a phone call from some out of state relatives looking to buy their first home. They want to buy a lender-owned property, but the only loan they have the down payment for is FHA. FHA has a few...

Using the Real Estate and Mortgage Information Found Here

The inspiration for this article came when I checked my referral logs and found an article where somebody was essentially saying "If you want to be depressed, go read this site and then go rent somewhere for the rest of...

Wells and Community Water Systems

We read Searchlight Crusade every day and consider your essays a priceless education in avoiding the major pitfalls in the home-buying process. On behalf of all of us consumers, thank you so much for your hard work! Please comment on...

"You've Got Something I'm Interested In, But I Don't Want to Pay You"

One of the things I have to deal with on a continuing basis is people calling me because they like something they saw on one of my websites, but they have no intention of doing business with me. Most common...