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

Pre-Payment Penalties and Second Trust Deeds

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...

Never Choose A Loan (or a House) Based Upon Payment

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!...

Altering the Mortgage Contract: The Lender Trying To Add A Prepayment Penalty After the Fact

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...

Refinancing With a Prepayment Penalty

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....

Avoiding Mortgage Prepayment Penalties by Partial Payment

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...

Loan Quote Guarantees

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...

Let Me Tell You About The Loan You Could Have Had

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,...

Making Prepayment Penalties Illegal

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...

Bridge Loans

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...

Payment, Interest Rate and Up Front Costs: Choosing a loan intelligently

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...

Trying to Rehabilitate the Negative Amortization Loan - NOT!

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...

Refinancing Out of A Negative Amortization Loan 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...

Pre-Payment Penalties Expiring and Rate Locks

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...

Making Prepayment Penalties Illegal

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...

Practical Examples - Refinance or Prepayment Penalty?

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...

Negative Amortization Loans - More Unfortunate Details

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...

Getting Out of Paying Pre-Payment Penalties

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...

Buying Off A Prepayment Penalty

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...

Pre-Payment Penalties If Your Loan Is Sold To Another Lender

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...

Prepayment Penalty Now or Wait to Refinance Until It Expires?

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...