Entries from Searchlight Crusade tagged with 'rate locks'

Pre-Payment Penalties Expiring and Rate Locks

I read with great interest you article on the internet about pre-payment penalties. I find my self in a situation involving a pre-payment penalty and would appreciate your advice on this. I currently have a loan in which the...

Loan Fall-Out And The Effects Upon Consumers

This is going to be a long article and somewhat technical in places, but it needs to be covered and it's important to everyone who is thinking about getting a real estate loan. "Fall-Out" is very simple: The number...

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...

Why Is My Rate Higher Than My Lender Promised?

First off, neither the California Mortgage Loan Disclosure Statement nor the Federal Good Faith Estimate are promises, commitments, or anything more than your loan provider wants them to be. Quite often, they're nothing more than a fictional story told...

Loan Rate Sheets: The Games Lenders Play With Rate and Cost Adjustments

This is part and parcel of the system that's abused. Here are sample rates from one A paper lender, picked at random, that were in effect when I originally wrote this. Rates are lower now, but it's a good example...

Mortgage Loan Rate Locks

One of the most true sayings in the mortgage business is, "If you can't lock it right now, it's not real." But many mortgage providers will play a game of wait and hope. They tell you they have a certain...

The Loan Shopping Koan

It's very easy for loan providers to talk about a much better loan when you're shopping than they have any intention of delivering. Then you give them thirty to sixty days after you sign up, and you're put into a...

The Loan Shopping Koan

It's very easy for loan providers to talk about a much better loan when you're shopping than they have any intention of delivering. Then you give them thirty days after you sign up, and you're put into a situation where...

Loan Fall-Out And The Effects Upon Consumers

This is going to be a long article and somewhat technical in places, but it needs to be covered and everyone who is thinking about getting a real estate loan needs to read it. "Fall-Out" is very simple: The...

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...

Games with Mortgage Loan Rate Locks (Games Lenders Play Part 10)

From an email: Our rate was locked (on our mortgage broker's recommendation) on December 4 at 5.375% for 30 days. On December 18 we finally received the rate lock form, which was dated December 17 (the prevailing rate was...

Dissecting the "Lending Game"

Rates were higher when I originally wrote this, but the principles remain the same Right now X is offering me a loan that looks something like this: 80/20 No down payment On the /80: 6.5% FIXED interest for 30 years,...

How Much Can Lenders Low-Ball Their Quotes?

I'll keep hitting this and hitting this until everybody understands this critical point. From email: First of all, I love your website. It is just a plethora of information for first time buyers like me who wants to be an...

Why You Want The Lender to Assume Pricing Risk

In the last couple of years a movement has arisen, led by certain well meaning academics, that says negotiating a loan broker's total revenue is sufficient to get consumers a better loan. As far as they go, they are...

Why Is My Rate Higher Than My Lender Promised?

First off, neither the California Mortgage Loan Disclosure Statement nor the Federal Good Faith Estimate are promises, commitments, or anything more than your loan provider wants them to be. Quite often, they're nothing more than a fictional story told...

Is This Supposed to be Helpful Legislation? (A bad example from Illinois)

A reader named Terri at Educating the Wheelers sent me an email giving me a heads up on the antics of the state of Illinois. here is the link. Here is the original article at blackprof. The link to the...

Pre-Payment Penalties Expiring and Rate Locks

I read with great interest you article on the internet about pre-payment penalties. I find my self in a situation involving a pre-payment penalty and would appreciate your advice on this. I currently have a loan in which the...

What Lenders Talk About Isn't Important, It's What They Deliver

I'll keep hitting this and hitting this until everybody understands this critical point. From email: First of all, I love your website. It is just a plethora of information for first time buyers like me who wants to be an...

Second Trust Deeds and Loan Subordination

When you have more than one loan on your property, there are some issues you should be aware of. Keep in mind the fact that some states still use the mortgage system, requiring court action to foreclose, as opposed to...

Mortgage Loan Rate Locks

One of the most common true sayings in the mortgage business is, "If you can't lock it right now, it's not real." But many mortgage providers will play a game of wait and hope. They tell you they have a...