tag:searchlightcrusade.net,2024:/mt//feed/loan documents 2024-04-30T05:48:14Z Movable Type 4.21-en 164 1 164 tag:www.searchlightcrusade.net,2014://3.5113 2024-04-08T14:00:00Z 2024-04-08T16:19:05Z Dan Melson http://www.searchlightcrusade.net/ I love your site and you are very knowledgeable. I have one quick question for you. I bought a home, I made it through closing, I moved my family into the home. During the process I used some closing... tag:www.searchlightcrusade.net,2009://3.4845 2024-02-19T15:00:00Z 2024-02-19T12:58:57Z Dan Melson http://www.searchlightcrusade.net/ It's the same reason the phone company doesn't want to compete, General Motors doesn't want to compete, Wal-Mart doesn't want to compete, Disney doesn't want to compete, and Microsoft will do everything in its power to appear as if it... tag:www.searchlightcrusade.net,2009://3.4839 2023-11-27T15:00:00Z 2023-11-27T13:22:45Z Dan Melson http://www.searchlightcrusade.net/ There is no such thing as a free lunch, but lots of people will pretend there is. It seems to me that many people consider compensation earned by real estate agents as paying some kind of toll. They think of... tag:gockel.hmdnsgroup.com,2006:/~searchli//3.2452 2023-10-30T14:00:00Z 2023-10-30T12:59:50Z Dan Melson http://www.searchlightcrusade.net/ One of the most true sayings in the mortgage business is, "If you can't lock it right now, it's not real." But many mortgage providers will play a game of wait and hope. They tell you they have a certain... tag:www.searchlightcrusade.net,2009://3.4831 2023-08-22T14:00:00Z 2023-08-22T15:10:03Z Dan Melson http://www.searchlightcrusade.net/ If you read the papers and the congressional record on the housing crisis, you might think yield spread is the central culprit for the entire meltdown. You would be wrong. Yield spread is a beneficial tool, offered voluntarily by lenders,... tag:www.searchlightcrusade.net,2009://3.4805 2023-01-31T15:00:00Z 2023-01-31T16:41:28Z Dan Melson http://www.searchlightcrusade.net/ Scapegoating mortgage brokers or anyone else is not the answer, nor is prohibiting yield spread. We've been here before (in the early 1990s), congress did something remarkably similar except a little bit more sane. It didn't work then. Why would... tag:www.searchlightcrusade.net,2009://3.4788 2022-09-28T14:00:00Z 2022-09-28T14:44:05Z Dan Melson http://www.searchlightcrusade.net/ what if i sign all the paper work for a house at a title agency, can i back off the house? Depends upon the laws in your state. The Federal three day right of rescission only applies to refinancing your... tag:www.searchlightcrusade.net,2009://3.4762 2022-06-13T14:00:00Z 2022-06-13T16:48:24Z Dan Melson http://www.searchlightcrusade.net/ Over the last couple of decades, there's been a rising movement, mostly on the part of those who want a piece of real estate agents business, to sell agents as a toll booth. Tollbooths sit there, guarding the entry to... tag:gockel.hmdnsgroup.com,2006:/~searchli//3.2386 2022-05-23T14:00:00Z 2022-05-23T12:31:11Z Dan Melson http://www.searchlightcrusade.net/ This is going to be one of those occasional posts that gets expanded and reposted from time to time. This list is not exhaustive, although over time it is intended to become closer. If you have one, send it to... tag:gockel.hmdnsgroup.com,2006:/~searchli//3.2383 2022-05-09T14:00:00Z 2022-05-09T16:04:28Z Dan Melson http://www.searchlightcrusade.net/ Thanks again for the terrific posts. I've learned more about mortgages in the past two months than I ever dreamed I might. I am looking to buy my first home soon, and have myself in a good credit position... tag:www.searchlightcrusade.net,2009://3.4732 2022-02-21T15:00:00Z 2022-02-21T17:10:27Z Dan Melson http://www.searchlightcrusade.net/ This is one of the biggest issues with my local real estate market. Because the San Diego market has very high demand and limited supply of property, prices are high. A reasonable two bedroom condo runs around $200,000. A 1200... tag:gockel.hmdnsgroup.com,2006:/~searchli//3.2238 2021-10-23T14:00:00Z 2021-10-23T13:36:38Z Dan Melson http://www.searchlightcrusade.net/ I just got a google search where the question asked was "What if the mortgage is recorded in the wrong county?" I've never actually seen this (and San Diego County, once upon a time, included what is now Riverside, Imperial... tag:www.searchlightcrusade.net,2009://3.4691 2021-10-21T14:00:00Z 2021-10-21T16:30:47Z Dan Melson http://www.searchlightcrusade.net/ The answer is yes. This situation is called a short sale. As with everything else pertaining to real estate, there are potential upsides and downsides. First of all, lenders in short sale situations often demand agents reduce their commission, so... tag:gockel.hmdnsgroup.com,2007:/~searchli//3.2890 2021-09-18T14:00:00Z 2021-09-18T10:52:44Z Dan Melson http://www.searchlightcrusade.net/ This is one of those commercial gambits I keep seeing that has nothing intrinsically wrong with it, and yet it is most often a tactic employed by the more costly loan providers. In short, sharks and scam artists. The basic... tag:gockel.hmdnsgroup.com,2007:/~searchli//3.2886 2021-09-14T14:00:00Z 2021-09-14T12:33:04Z Dan Melson http://www.searchlightcrusade.net/ 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... tag:gockel.hmdnsgroup.com,2007:/~searchli//3.2884 2021-09-12T14:00:00Z 2021-09-12T12:36:31Z Dan Melson http://www.searchlightcrusade.net/ "What mortgage fees can i recover after loan denial" was a search I got. The answer is basically, "None." The only thing that should be charged up front is a credit check, which costs about $20, and you should be... tag:www.searchlightcrusade.net,2010://3.5009 2021-09-09T14:00:00Z 2021-09-09T14:51:15Z Dan Melson http://www.searchlightcrusade.net/ It's very simple really, and this is something I have never covered in the perhaps mistaken belief that it was too simple and everybody knew this. The Note is the loan contract that sets the terms of the loan, repayment,... tag:www.searchlightcrusade.net,2009://3.4619 2021-09-07T14:00:00Z 2021-09-07T15:28:45Z Dan Melson http://www.searchlightcrusade.net/ A high percentage of buyers out there have no idea of how qualified they really are themselves. They have no clue as to any of the major factors in determining credit-worthiness. To be fair, there are dozens, if not hundreds,... tag:www.searchlightcrusade.net,2009://3.4616 2021-09-05T14:00:00Z 2021-09-05T14:43:31Z Dan Melson http://www.searchlightcrusade.net/ 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... tag:gockel.hmdnsgroup.com,2007:/~searchli//3.2863 2021-08-22T14:00:00Z 2021-08-22T14:06:46Z Dan Melson http://www.searchlightcrusade.net/ Somebody asked, "What are my legal options when there's a change on a good faith estimate." Short answer: Sign the documents or don't. Same thing with a Mortgage Loan Disclosure Statement here in California. Neither one means anything binding; that's...