Entries from Searchlight Crusade tagged with 'cash'

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...

Down Payment At Purchase or Wait Until Later To Pay The Mortgage Down?

Got a search engine hit for do I make a big down payment on a home or should make a lump sum payment after the mortgage It's hard to construct a scenario where using it as "purchase money" doesn't come...

Shopping For The Best Loan In The Changed Lending Environment

It shouldn't be any surprise to anyone with the headlines of the last few years that shopping for a mortgage loan has radically changed. Indeed, a lot of the regulatory changes seem directly aimed at what were the best...

Loan Qualification Standards - Loan to Value Ratio

Many folks have no idea how qualified they are as borrowers. There are two ratios that, together with credit score, tell how qualified you are for a loan. The more important of these two ratios is Debt-to-Income ratio, usually abbreviated...

Listing Agents and Pre-Approvals or Pre-Qualifications

It has become very trendy to ask for pre-approvals on loans, because so many escrows are falling through. Unfortunately, as I have explained in the past, Loan Pre-Approval Means Nothing, and prequalification means even less. Both are literally wasted paper....

Option ARMs and Cash Flow

One of the standard arguments I hear about Negative Amortization and Option ARM loans is that they "give the client the option to make a smaller payment if they need to." This so-called "Pick A Pay" benefit is a real...

Negative Amortization Loan Issues on Investment Property

Read your article on negative arm loans, and for the person who only owns a residence and most real estate investors it will not work. I own several properties, and the parcel to be refinanced is ocean front...so is...

Option ARM and Pick a Pay - Negative Amortization Loans

(This is a republish of one of the first articles I wrote back in early summer of 2005. Everything I wrote then still applies. I am grateful that lenders have for the most part, stopped offering these, as they were...

What if Your Partner Refuses to Pay Their Share of a Loan or Mortgage (or Won't Pay on Time)?

what happens if partner refuses to pay his half of the mortgage? The lender will hold you each responsible for payment in full. They don't care who pays; only that they get the full amount every month. That's the...

Disasters, Insurance, and the Mortgage

after Katrina I am upside down with my mortgage. my house is uninhabitable. My flood insurance check doesn't payoff the mortgage. How can i get a short payoff due to financial hardship - i.e. relocation loss of jobs and...

Developers and Incentive Money to Use Their Lender

Good Evening! My name is DELETED and my wife and I recently signed papers to purchase a property from DELETED in DELETED, CA. After our options, their lot premium, and the elevation charge, the house is listed at 425,000....

The Good Faith Deposit for Real Estate

A search I just noticed asked the question "Who gets the deposit if escrow falls through?" The theory of the deposit is that here is an amount of cash that the buyer is putting up as evidence of their ability...

Why Renting Really Is For Suckers (And What To Do About It)

(This article was originally written in August 2006. The market and loan rate figures have changed, but the basic information is the same, as is the conclusion) Okay, you might expect a Real Estate Agent to have a post with...

Loan Providers Offering to Pay For The Appraisal

This is one of those commercial gambits I keep seeing that has nothing intrinsically wrong with it, and yet it is most often a tactic employed by the more costly loan providers. In short, sharks and scam artists. The basic...

My Loan was Denied - What Fees Can I Recover?

"What mortgage fees can i recover after loan denial" was a search I got. The answer is basically, "None." The only thing that should be charged up front is a credit check, which costs about $20, and you should be...

Buyers: Stretching Your Budget Means Compromise

As a good buyer's agent, I love a challenge. When someone comes to me trying to make a budget stretch just a little bit further than it would usually go, that's the kind of client I love to have....

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...

Money You Will Spend Before Your Real Estate Purchase Is Consummated

Before you even make an offer, you should be aware that you're going to spend a significant amount of money in the process of buying a property before the transaction is consummated. This will largely be money that you will...

Be Careful Moving Your Down Payment Money

A while ago, I wrote Sourcing and Seasoning of Funds. You'd think I have a set spiel I give out, and I do. But I had a case where I didn't think I'd need it, and it burned me....

Dual Agency and Sellers Wanting to Keep a Buyer's Deposit

What can a seller do to get the deposit when the buyer backed out after the time limit and just won't sign off on the money? My real estate agent is not helping at all. The real estate office...