One of the things that always seems to be aiming to confuse mortgage consumers is advertising based upon whether the loan is fixed rate, and for how long. First, I need to acquaint you with two concepts: amortization and term....
The short answer is not only "yes" but "damned straight" I refinanced my house, and the lender put as one of my payoffs my Acura lease that I have 3 years left, whick equals about $19,000. I told him that...
Somebody asked me about a deferred payment mortgage for a purchase. The long and the short of the story is that they don't have any cash to put down, and they can't qualify for the payments under any kind of...
This question brought someone to the site Can I change lenders after the loan is approved? The answer is yes, but you need to start the loan process all over again. Actually, you can change lenders any time you want...
do you agree that a non recourse loan on a single family home is loaned with out financial risk to the borrower... if they do not want to keep their home when the market drops below what they owe,...
This is something that many folks don't understand about the loan market. The labels "conforming", "jumbo" or, more accurately, "non-conforming" (and "temporary conforming" when we had it) only apply to so-called "A paper" loans, largely underwritten through Fannie Mae...
Dear Mr. Melson: My husband and I are great fans of your Searchlight Crusade essays. Excellent work! In today's mortgage-mess market, will lenders reject loan applications from average buyers (not investors) wanting to purchase acreage with a teardown outside the...
what is a underwriter final "sign off" on the conditions First off, it needs to be mentioned that a good loan officer gathers information and puts a full package, with all of the information an underwriter should need, before...
The scope of the problems that exist in the United States consumer mortgage market are huge. Enormously, mind-bogglingly, "How Big Is Space?" type huge. Yet, the problems are almost entirely on a retail level, when one provider works with one...
"what happens to your equity when the bank forecloses" was a question I got. The answer is that most, if not all, will be dissipated by the foreclosure. Let's say you own a home currently valued at $500,000, that you...
Hello, Mr. Melson, I am one of your legion of fans of your www.searchlightcrusade.net website, having lucked into stumbling upon it by hyperlinking from another site. It is my goal to read EVERY ONE of your archived articles before I...
If you haven't heard about the thirty year fixed rate mortgage, welcome to planet Earth and I hope we can be friends. The thirty year fixed rate loan seems to be the holy grail of all mortgages. It's what everyone...
There are a fair number of specific helpful suggestions to make in helping you purchase a home. All of them revolve around the loan. Let's face it, the loan is far and away the most hypothetical and uncertain part about...
Purchase Money: This is a loan that enables you, in combination with your down payment, to actually purchase the property. If you spend cash to buy the property and get a loan the next day, that is not a purchase...
The buyer's deposit is always at risk. This is just a fact of real estate transactions. I could pretend it's not so, but that wouldn't keep the deposit from being at risk - it would just make me a...
Many people think that mortgage interest works like rent: paid in advance before you live in the property for the month. This is not the case. Mortgage interest is paid in arrears. As you begin the month, interest begins...
You've probably heard the horror stories, and I've mentioned the possibility more than once. Some unsuspecting person is looking at properties beyond their price range, and it therefore has all kinds of attractive features that properties which are in their...
When I wrote explaining why borrowers should consider a 5/1 ARM, because the tradeoff between rate and cost is lower for that loan, and most people don't keep their loans 5 years anyway, so having a likely need to...
Yet that is exactly what you want them to do. To avoid competing on price, they have all kinds of distractions they offer to make life more convenient, but not cheaper. They offer automatic payment options, the convenience of having...
We got behind on house pymts & it was sent to an attorney for foreclosure.? The attorney has printed a notice in our paper on Oct 9 that it will go up for public action on Nov.16th. We found out...
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