Entries from Dan Melson's Website tagged with 'loans'

New Consumer Article: The 2010 Good Faith Estimate (Page Two)

The second installment in the series The 2010 Good Faith Estimate (Page Two) is now up. Read it and weep - for consumers nationwide who were hoping the government would provide the solution to their troubles. Didn't happen. Instead, it's...

New Consumer Article: The 2010 Good Faith Estimate (Page One)

It's been a while, but the most recent Transaction From Hell (seller's tenants didn't want to move out - or even let inspectors in) is finally over and I've had a little bit of chance to recover. Today's new consumer...

New Consumer Article: Changes In The Mortgage Market And Transparency Since 2005

It's been a while because I've been both busy and depressed over dis-improvements in the market and their effects upon consumers, but yesterday I found time to write a new article Changes In The Mortgage Market And Transparency Since 2005....

New Consumer Article: Low Asking Price on Unfinanceable Properties

The new consumer article for today is Low Asking Price on Unfinanceable Properties. Almost always, the reason for an asking price well below other equivalent properties is the presence of some factor that means you cannot obtain a regular real...

New Consumer Article: The Loan Shopping Koan

The new consumer article for today is The Loan Shopping Koan, talking about the contradiction offered by dueling interests: The fact that while consumers want the best possible loan, against the opposing fact that it's very easy for loan providers...

New Consumer Article: They Told Me Not To Make My Loan Payment

The new consumer article for today is They Told Me Not To Make My Loan Payment. Ladies and Gentlemen, that's one of the top ways to get yourself in trouble when you're refinancing. What if your new loan cannot be...

New Consumer Article: There Is No Fairy Godmother for Loans

The new consumer article for today is There Is No Fairy Godmother for Loans. To avoid becoming a government statistic, ask prospective loan providers the hard questions before you sign on the bottom line - or better yet, before you...

New Consumer Article: Restricted Sale Property: Very Difficult to Find A Loan

The new consumer article for today is Restricted Sale Property: Very Difficult to Find A Loan. Before you make an offer on restricted sale property, know that your financing options are going to be very limited, and being able to...

New Consumer Article: 105% Refinancing With No PMI (Maybe)

The new consumer article for today is 105% Refinancing With No PMI (Maybe). It goes over the straight scoop on Fannie and Freddie's new programs aimed at loss mitigation by helping people who would be able to refinance if values...

New Consumer Article: Shopping For The Best Loan In The New Lending Environment

The new consumer article for today is Shopping For The Best Loan In The New Lending Environment. There have been changes in the lending environment in the last few months, changes that are practically designed to make loan officers with...

New Consumer Article: The Home Valuation Code of Conduct (New Appraisal Standards)

The new consumer article for today is The Home Valuation Code of Conduct (New Appraisal Standards) that are going to be taking effect (appropriately enough) on May 1 ("May Day" or "MAYDAY"). It is going to be almost impossible for...

New Consumer Article: What Are The Note And Trust Deed And What Is The Difference?

The new consumer article for today is What Are The Note And Trust Deed And What Is The Difference?. This is a basic article on the differences and relationship between the two documents; one that documents the debt and one...

New Consumer Article: Loan Fall-Out And The Effects Upon Consumers

The new consumer article for today is Loan Fall-Out And The Effects Upon Consumers. The days when loan officers are willing to lock loans with just a social and the identity of the property are ending, if not already over....

New Consumer Article: Why It May Be Costly to Reject Paying Points

The new consumer article for today is Why It May Be Costly to Reject Paying Points. The advice "never pay points" actually started out as misleading advertising intending to keep consumers away from what in fact were better loans, but...

New Consumer Article: Games with Mortgage Loan Rate Locks (Games Lenders Play Part 10)

The new consumer article for today is Games with Mortgage Loan Rate Locks (Games Lenders Play Part 10), talking about how you can be told your rate is locked when it isn't, what the benefits of playing this game are...

New Consumer Article: Getting A Loan In A Paranoid Lending Environment

The new consumer article for today is Getting A Loan In A Paranoid Lending Environment. Lenders today are over-tightening lending standards in over-reaction to the losses they have taken (which were their own fault), effectively nuking the barn after one...

New Consumer Article: Jumbo Loans and The Current Market (January 2009)

The new consumer article for today is Jumbo Loans and The Current Market (January 2009). There is always a tradeoff between rate and cost on mortgage loans, but lenders vary exactly what that tradeoff is in order to suit their...

New Consumer Article: Be Careful Moving Your Down Payment Money

The new consumer article for today is Be Careful Moving Your Down Payment Money. Underwriters want to see a trail on any money you have. If you don't have or can't show such a trail, the presumption is going to...

New Consumer Article: Fifteen Year Loans

The new consumer article for today is Fifteen Year Loans: Are They A Good Idea?. Lots of nonsense gets put out there about fifteen year loans, and to many people there is a certain cachet to only needing fifteen years...

New Consumer Article: There Is Always A Reason For A Low Asking Price

The new consumer article for today is There Is Always A Reason For A Low Asking Price. Sellers are not looking for people to sell their property to below market price. Usually, low asking prices should be even lower than...