Entries from Searchlight Crusade tagged with 'payment'

Refinancing Out of A Negative Amortization Loan (Or Any Other) Before The Penalty Expires

HI, My name is DELETED and my husband and I are searching for a way to get out of our Negative ARM loan before we get upside down. Our problem right now is our loan to value. Our loan right...

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...

Loan Qualification Standards - Debt to Income Ratio

Many people have no clue how qualified they are as buyers, or borrowers. There are two ratios that, together with the credit score, determine how qualified someone is for a loan. The first, and by far the more important, is...

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 Loans - More Unfortunate Details

(This is a reprint originally from December 2005. I have reasons for reprinting it even though these loans are not currently available) My article on Option ARM and Pick a Pay - Negative Amortization Loans is one of my most...

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...

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....

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...

The Tradeoff between Rate and Cost in Real Estate Loans

The question every good loan officer hates is "What is your lowest rate?", usually the first thing in a phone conversation. People think that this sort of rate shopping is going to help them. The fact is that it almost...

What Are Your Options If You Can't Make Your Mortgage Loan Payment?

I found you on the Web after doing some research for my parents regarding short sales and foreclosures. I appreciate your straight talk regarding the whole loan and real estate process which I know they find incredibly intimidating. Right...

Whatever the New Trick in Loans is, It's an Always Attempt to Keep From Really Competing On Price

It seems every week I get asked about some new or revived trick that loan providers are pulling. The one thing they all have in common is that they are methods to avoid competing on price. What the basic terms...

Loan Cosigners in Real Estate - A Lot of Risk For Not Much Gain

Every so often I get questions about loan cosigners. The main borrowers do not qualify on their own, so they get someone - most often mom and dad - to cosign. Cosigners are a different thing, or so I understand,...

What is Loan Amortization?

I keep getting hits for this, so people must want it explained. Loan Amortization is nothing more than the process of paying the loan off by regular payments over time. Leave it to the experts to come up with a...

Investment Property and Loan Qualification

One of the things that has constricted the most with the current paranoid lending environment is the ability to use rental income to qualify for a mortgage. It seems that lenders are seizing upon any excuse to deny income...

Why The Higher Rate Loan Is Often Better

The short answer is "Because it costs less". It costs more money to get a lower rate - simple fact. It takes time to recover the extra money you spend to get a lower rate via that lowered cost of...

Military Housing Allowance and Loan Qualification

One of the things that is really helping military families afford good properties is the military housing allowance and the way that lenders treat it, making it much easier for them to qualify with regards to debt to income...

Fifteen Year Loans: Are They A Good Idea?

My take on the matter is "mostly no", but they do have some uses. The one advantage that they usually carry a lower interest rate. There have been exceptions to this, just as there have been exceptions to the...

Don't Roll Mortgage Refinance Costs Into Your Balance If You Wouldn't Pay Them Cash

One thing that is very common in the mortgage industry is masking loan costs by rolling them into your loan balance. People are less sensitive to being asked to roll this money into their loan balance than they are about...

Refinancing Your Property with Less Income Than You Had When You Bought

Hello, When my husband and I bought our home 2.5 years ago (two bedroom condo) we qualified for the loan ($250,000) based on both our incomes. Then I had a baby and stopped working. We've never missed a payment...