Entries from Searchlight Crusade tagged with 'loans'

Second Trust Deeds: Home Equity Loans and Home Equity Lines of Credit

A Home Equity Loan, or HEL (pronounced "heel") is a one time loan, much like a car loan. You get the money all at once, pay it back so many dollars per month, and when it's paid, it's over....

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 Advertisements: Horrible and Getting Worse

(Rates were much higher when I originally wrote this) Recently, a couple of mortgage places have been advertising "30 year fixed rate loan at 5.65%" like that's the lowest rate out there and it's some kind of great loan. It's...

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...

Read The Full Note Before Signing

Just got a search "how can I tell if my prepayment penalty applies to selling my home" Read The Full Note. You need to do this before you sign it. I know that many people are just thinking "Sign this...

Adding Someone to An Existing Mortgage

Got a search for that, and it occurred to me that it is a valid question. The answer is yes. The degree varies. You can simply contact the bank to make yourself responsible for payment. They are usually happy to...

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...

VA Loans Have Become The Magic Bullet

Quite a while ago, when loan standards were other than they have become, I wrote an article with the title Is a VA Loan a Good Deal? Back then, if you could qualify for a loan that was both...

Questions You Should Ask Prospective Loan Providers

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....

With The Tightening of Loan Standards, Will You Qualify For The Loan To Buy Real Estate?

With a lot of people running around like Chicken Little screaming about the sky falling, a lot of folks who would like to buy property due to the much-lowered prices are wondering if there is any way they can...

What Types of Mortgages Are Available?

So what else is available, besides the thirty year fixed rate loan? 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...

Why You Should Not Walk Away From Real Estate Because You Owe "More Than It's Worth"

I keep reading stuff on the internet advising people who are upside down to just walk away if they are a upside down on their mortgage. This has got to be right up there with the worst financial advice...

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...

Builder's Incentives To Use Their Lender

One of the things I'm seeing more of in MLS listings and developer advertising, among other places, is the phrase "$X in closing cost credit (or "$X in free builder upgrades" given for using preferred lender" Sounds like a bargain,...

APR vs APY: What The Difference Between Note Rate and APR Tells You

I have in the past told people to ignore APR. APR should not be used to compare between loans. Not only is it a one dimensional number used to measure what is fundamentally a two-dimensional trade-off between rate and...

How Can A Temporary Buydown Help Realtors and Agents?

That was a question I got. The answer is that it doesn't make a difference, but it used to be one more way you could be conned or cozened into buying a more expensive property than you could really afford....

How To Effectively Shop for A Real Estate Mortgage Loan

This is a little harder than shopping for buyer's agents, so congress critters might not be able to do it. But it's nowhere near as tough as high school algebra, so even if you're a politician you can just get...

Should You Pay Off Your Mortgage Faster?

I have to admit to being conflicted. The numbers say no. The psychology says yes. Let's examine both. Most first mortgages out there are between six and seven percent, and tax deductible at a marginal rate of about 28%. If...

"Buy and Bail" or Buying One Home Before Foreclosure on Another

This has been a noticeable phenomenon for quite a while in San Diego. I've been loath to talk about it because I didn't want to be giving fraudsters ideas. Most lenders have now put into place safeguards against this measure....

Seller Carrybacks

A seller carryback is when the seller agrees to "carry back" at least part of the purchase price themselves. In other words, instead of getting the full sales price of the property (less outstanding liens), the seller accepts a...