Hello Mr. Melson, Let me start off by saying that I am a big fan of your "Searchlight Crusade" website. I happened upon it a while back after I had already purchased my house. I've found a lot of...
In all of my conversations on mortgages with prospects, there is one subject that comes up over and over and over again, and that is the subject of payment. "But that loan over there only has a payment of $1450!...
I recently closed a mortgage loan. The loan officer told me there would be no prepayment penalty. When the documents came there was none and the loan funded and closed. Two weeks later I got an e-mail stating some...
how soon should I start shopping around to refinance my home? I have a 2yr interest only and it's up in (four months) Okay, the 2/28 loans which you are describing all have prepayment penalties for at least two years....
I enjoy your blog very much and figured you would be a good person to ask this prepayment penalty question to. Is there a prepayment penalty if you dont pay down the whole amount? For instance, say I owe 620k...
Because most loan providers will not guarantee their Federal Good Faith Estimates or California MLDS forms, I've been telling folks that the best suggestion (other than doing their loans myself, of course!) that I can give them is apply for...
Not interested? Most people aren't when it's talking about how they got taken advantage of in the past. First off, it's in the past so it is over and done with, and there's no use dwelling on it, right? Second,...
I got a search for "which states allow prepayment penalties". I'm not aware of any that don't. If you are, I'd like to know. Any such states should immediately be renamed "Denial". I really hate prepayment penalties, for a large...
One of the things I'm seeing a lot of these days is blanket advice on bridge loans. A bridge loan is a loan that you take out with the explicit intention of having it be short term. The most common...
Most people tend to shop for a mortgage based upon the payment. They figure the lowest payment will be the cheapest loan. This is the way most people make banks rich. Because they are looking for the loan with the...
The negative amortization loan is a very popular loan with certain kinds of real estate agents and loan officers. It has two great virtues as far as they are concerned. First, it has a low payment, and despite the fact...
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...
I read with great interest you article on the internet about pre-payment penalties. I find my self in a situation involving a pre-payment penalty and would appreciate your advice on this. I currently have a loan in which the...
I got a search for "which states allow prepayment penalties". I'm not aware of any that don't. If you are, I'd like to know. Any such states should immediately be renamed "Denial". I really hate prepayment penalties, for a large...
Hi Dan wondering if you could help me out I'm getting a lot of different answers from a lot of people and I'm really searching for help I bought my house brand new (three years ago) for 550,000, and...
My article on Option ARM and Pick a Pay - Negative Amortization Loans is one of my most popular. It gets all kinds of search engine hits, both here and at my other site. If I don't get at least...
I got a search result for how to get out of mortgage pre-payment penalties, although I've never really dealt with the issue. Prepayment penalties on real estate loans are something some people, often with less than stellar credit, accept, either...
Been reading some of your informative tips. I am looking at refinancing and getting a $378000 mortgage. Now in the case of having a 3 yr prepay penalty, vs paying 1.5% in points to make it a 1 yr...
my question today is about what happens to the prepayment penalty if the loan is sold to someone else? A friend of mine told me that he called and was told there was no prepayment penalty with the new...
I have an adustable rate mortgage (5.875) which is set to adjust in 8/2008. My prepayment penalty I'm told expires 7/2008. My first goal is to lock in a fixed rate asap. My second goal is to cash out...
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