Entries from Dan Melson's Website tagged with 'rate sheets'

"We'll Beat Any Quote" in Mortgage Loans

Just like "we'll beat any deal!" in any other competitive sales endeavor, this is a game. Actually, it's even more of a game for loans than it is anywhere else, used cars included. What they are hoping is that you'll...

Zero Cost Refinances

Got a question asking if zero cost loans really exist. They do. I've done several dozen myself, for clients who listened to me about the nature of the market. Let me define what a zero cost loan is. It is...

Available Real Estate Loan Types

So what else is available, besides the thirty year fixed? There are many kinds of loan out there. Here's a quick overview: A Paper In addition to the thirty year fixed, there are several other varieties of fixed rate loan...

Loans with Stealth "Cash Out"

One of the things I hear a lot is that people are getting cash in their pocket from a refinance rate where there is no rebate. "I'm not paying any closing costs!" they proudly tell me, "The bank is putting...

Looking For Loans In All The Wrong Places

No, I'm not turning into a country western singer. Just got a search for "no closing costs no points loan cheapest rates loan". The visit (to this article) lasted less than a full second. The obvious implication was that it...

How Loan Providers Make Money

In an attempt to debunk some of the slanders that are floating around out there, this article is an itemization of how lenders and brokers make money on loans. The first method is obvious: Origination or discount points charged to...

Loan Rate Sheets: An example, and the games lenders play

This is something I probably should have covered quite some time ago, as it's 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 a few...

Real Loans for Real People September 13th, 2007

The Best Loans Right NOW 6.125% 30 Year fixed rate loan, with NO POINTS and NO PREPAYMENT PENALTIES!. Assuming a $400,000 loan, Payment $2430, APR 6.167! This is a thirty year fixed rate loan. The payment and interest rate will...

Real Loans For Real People September 5, 2007

The Best Loans Right NOW5.875% 30 Year fixed rate loan, with only two points and NO PREPAYMENT PENALTIES!.  Assuming a $400,000 loan, Payment $2366, APR 6.106!  This is a thirty year fixed rate loan.  The payment and interest rate will...

Debunking the Idea of "Lenders Are All The Same"

Just like Mohandas Gandhi and Genghis Khan and Attila the Hun were all human beings, lenders are all companies that make money by lending money to people who want it. That's about the limit of the truth in that statement....

Questions You Should Ask Every Prospective Loan Provider

Mortgage - Questions you must ask every provider about every loan when you are shopping. Permission is hereby granted to print this out and use it for non-commercial purposes so long as no alterations are made and copyright is preserved....