Entries from Searchlight Crusade tagged with 'loans'

"You've Got Something I'm Interested In, But I Don't Want to Pay You"

One of the things I have to deal with on a continuing basis is people calling me because they like something they saw on one of my websites, but they have no intention of doing business with me. Most common...

Personal Loans For A Real Estate Down Payment

With the down payment presenting the largest difficulty for most people want to buy right now, I am covering every base I can think of as a place to get a down payment. I have covered VA Loans, FHA loans...

Fixed rate, Balloon, ARM and Hybrid Loans

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....

Can They Force You To Pay Off Your Car or Other Debts In Order To Get A Loan?

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...

Loan Qualification Standards: Qualifying Rate and Payment

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...

Can You Change Lenders After the Loan is Approved?

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...

Non-Recourse Purchase Money Loans in California

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,...

Conforming and Jumbo Only Apply to "A Paper" Conventional Financing

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" only apply to so-called "A paper" loans, largely underwritten through Fannie Mae and Freddie Mac standards....

Buying Teardown Properties and Condemned Buildings

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...

Signing Off Loan Conditions

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...

Virtues of the US Real Estate Loan Market

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 Equity During and After Foreclosure?

"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...

Buying Your Final Home: Payment versus the Rate/Cost Tradeoff

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...

Being Realistic Saves Money on your Mortgage

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...

Helping Yourself Qualify for a Home Loan

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...

Definition of Purchase Money, Cash Out, and Rate /Term Mortgages

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...

Fixing The Real Estate Mess - Proposing Some Small Changes That Would Make A Huge Difference Over Time

Yesterday, I published the first half of this article, describing the issues currently preventing a return to a more normal real estate market, and the facts that any proposed solution needs to be built upon. At a quick recap, the...

Fixing The Real Estate Mess - Describing the Situation

Lots of folks have offered lots of different proposals for fixing the real estate markets and the mess we were in (and continue to be in to a less obvious degree). All of the ones I have seen have...

Protecting My Buyer Clients Good Faith Deposit

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...

Prepaid Interest and Why You Never Really Skip a Mortgage Payment

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...