Entries from Dan Melson's Website tagged with 'rate/cost'
New Consumer Article: The 2010 Good Faith Estimate (Page Three)
Today we have the final installment in the series on the new Good Faith Estimate formThe 2010 Good Faith Estimate (Page Three). Your government that should be protecting you from the worst sort of mortgage provider lies is now actively...
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: 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: 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: 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: The Difference Between a Reliable and Unreliable Prequalification or Preapproval Letter
The new consumer article for today is The Difference Between a Reliable and Unreliable Prequalification or Preapproval Letter. Whether you're a buyer or a seller, having the right lender letter is a good thing. If you're a seller, you know...
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: 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: 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: New Good Faith Estimate and HUD 1 Form Approved
The new consumer article for the day is New Good Faith Estimate and HUD 1 Form Approved. The government has come up with new regulations on the Good Faith Estimate (Mortgage Loan Disclosure Statement in California) and HUD 1 Form....
New Consumer Article: APR vs APY: What The Difference Between Note Rate and APR Tells You
Today's new consumer article is APR vs APY: What The Difference Between Note Rate and APR Tells You. I advise people to ignore APR as a means of shopping a loan. But there is some information in the difference between...
New Consumer Article: The Return of Portfolio Lending
Today's new consumer article is The Return of Portfolio Lending, on the subject of what a portfolio loan is and the differences between portfolio and security based lending, and what the return of portfolio lending means, even to those who...
New Consumer Article August 26th, 2008
Today's new consumer article is What If You Cannot Refinance Later?, which addresses a very real concern that there are many reasons why people may not be able to refinance their property at a later date, so even though the...
New Consumer Article: August 6th, 2008
Today's new consumer article is How Do I Know If I've Been Lowballed on a Mortgage Quote?, which talks about how to nail down lenders on their quotes so that they actually deliver what you expect at loan sign up....
How Can I Lower The Down Payment Requirements So I Can Buy Real Estate?
With a few lenders starting to loosen their requirements slightly in San Diego, it's becoming increasingly obvious that the bottom is behind us. However, the issue has now become, "I don't have much of a down payment. How do...
Why You Want The Lender to Assume Pricing Risk
In the last couple of years a movement has arisen, led by certain well meaning academics, that says negotiating a loan broker's total revenue is sufficient to get consumers a better loan. As far as they go, they are...
Mortgage Lenders Don't Want to Compete on Price
Yet that is exactly what you want them to do. To avoid competing on price, they have all kinds of distractions they offer to make life more convenient, but not cheaper. They offer automatic payment options, the convenience of having...
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