tag:searchlightcrusade.net,2024:/mt//feed/closing costs 2024-04-24T22:11:42Z Movable Type 4.21-en 99 1 99 tag:www.searchlightcrusade.net,2008://3.3774 2024-02-12T15:00:00Z 2024-02-12T16:30:00Z Dan Melson http://www.searchlightcrusade.net/ Hi--I just found your site today. The best I've ever seen/read, etc. Thank You!! I do have a question I didn't see addressed regarding our current situation/dilemma: Our present home, which we've lived in for 8 years, is worth... tag:gockel.hmdnsgroup.com,2006:/~searchli//3.2465 2024-02-05T15:00:00Z 2024-02-05T17:39:19Z Dan Melson http://www.searchlightcrusade.net/ In an attempt to debunk some of the slanders that are floating around out there, this article is an itemization of how lenders and brokers make money on loans. The first method is obvious: Origination or discount points charged to... tag:gockel.hmdnsgroup.com,2006:/~searchli//3.2448 2023-09-26T14:00:00Z 2023-09-26T14:01:43Z Dan Melson http://www.searchlightcrusade.net/ No, I'm not turning into a country western singer. Just got a search for "no closing costs no points loan cheapest rates loan". The visit (to this article) lasted less than a full second. The obvious implication was that it... tag:www.searchlightcrusade.net,2009://3.4808 2023-02-13T15:00:00Z 2023-02-13T16:46:17Z Dan Melson http://www.searchlightcrusade.net/ If I am buying a foreclosed home for 220k of which 200k is being financed, and the home comes back at being valued at 285k from my mortgage company, am I still required to pay PMI? If so, how in... 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:gockel.hmdnsgroup.com,2006:/~searchli//3.2397 2022-11-08T15:00:00Z 2022-11-08T16:29:34Z Dan Melson http://www.searchlightcrusade.net/ 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... tag:gockel.hmdnsgroup.com,2006:/~searchli//3.2390 2022-08-15T14:00:00Z 2022-08-15T16:46:53Z Dan Melson http://www.searchlightcrusade.net/ 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... tag:www.searchlightcrusade.net,2010://3.5029 2022-06-07T14:00:00Z 2022-06-07T10:14:36Z Dan Melson http://www.searchlightcrusade.net/ Really. I know that most people who read that title are replying "no kidding" but you would be amazed at how many people act like there is such a fairy godmother. I got an email yesterday that said, basically, "Help... tag:www.searchlightcrusade.net,2007://3.3570 2022-03-14T14:00:00Z 2022-03-14T12:47:46Z Dan Melson http://www.searchlightcrusade.net/ Legally, immediately. This also applies to refinance loans. With that said, there are economic reasons why it may not be a good idea for you to refinance. If you have a prepayment penalty, you're going to have to save a... tag:www.searchlightcrusade.net,2009://3.4703 2021-10-29T14:00:00Z 2021-10-29T10:45:37Z Dan Melson http://www.searchlightcrusade.net/ I have to admit I'm uncomfortable with it and don't like it. As a buyer's agent, here I am getting paid by someone who not only is not my client, but whose interests are aligned, in most issues, opposite to... tag:gockel.hmdnsgroup.com,2007:/~searchli//3.2922 2021-10-13T14:00:00Z 2021-10-13T12:52:18Z Dan Melson http://www.searchlightcrusade.net/ One of the things I hear a lot is that people are getting cash in their pocket from a refinance rate where there is no rebate. "I'm not paying any closing costs!" they proudly tell me, "The bank is putting... tag:www.searchlightcrusade.net,2010://3.5018 2021-10-08T14:00:00Z 2021-10-08T13:15:22Z Dan Melson http://www.searchlightcrusade.net/ It shouldn't be any surprise to anyone with the headlines of the last few years that shopping for a mortgage loan has radically changed. Indeed, a lot of the regulatory changes seem directly aimed at what were the best... 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:www.searchlightcrusade.net,2010://3.5010 2021-09-11T14:00:00Z 2021-09-11T14:19:17Z Dan Melson http://www.searchlightcrusade.net/ Since May 1, 2009, we've been having problems with appraisals like never before. It's an interesting case study how the attorney general of one state used threats to blackmail a nationwide industry, installed personal controls and opportunities for graft into... tag:www.searchlightcrusade.net,2010://3.5002 2021-08-15T14:00:00Z 2021-08-15T14:53:22Z Dan Melson http://www.searchlightcrusade.net/ I hear it and read it all the time - advice that says to pre-emptively reject the possibility of paying points. People that talk to me about loan rates that tell me they will not consider any loan that... tag:www.searchlightcrusade.net,2009://3.4515 2021-07-18T14:00:00Z 2021-07-18T15:28:28Z Dan Melson http://www.searchlightcrusade.net/ One of the things that most mortgage and real estate consumers get mixed up on is the distinction between low-balling and junk fees. Junk fees are when they add fees that really aren't necessary to what you're paying. Low-balling is... tag:www.searchlightcrusade.net,2009://3.4505 2021-07-14T14:00:00Z 2021-07-14T12:23:05Z Dan Melson http://www.searchlightcrusade.net/ One thing that is very common in the mortgage industry is masking loan costs by rolling them into your loan balance. People are less sensitive to being asked to roll this money into their loan balance than they are about... tag:gockel.hmdnsgroup.com,2007:/~searchli//3.2789 2021-06-19T14:00:00Z 2021-06-19T10:26:40Z Dan Melson http://www.searchlightcrusade.net/ That was a question I got. One point, either discount or origination, is one percent of the final loan amount. After all of the loan amounts and fees and what have you are added, for a loan with one point,... tag:www.searchlightcrusade.net,2012://3.5064 2021-06-13T14:00:00Z 2021-06-13T14:54:02Z Dan Melson http://www.searchlightcrusade.net/ A Home Equity Loan, or HEL (pronounced "heel") is a one time loan, much like a car loan. You get the money all at once, pay it back so many dollars per month, and when it's paid, it's over.... tag:www.searchlightcrusade.net,2010://3.4975 2021-05-26T14:00:00Z 2021-05-26T12:25:43Z Dan Melson http://www.searchlightcrusade.net/ Cash to close has always been an underwriting standard, but more people are running into it as a reason why they cannot buy that property, why their buyers cannot perform, and why they can't get that refinance approved. With...