Search Results for low-ballingtag:searchlightcrusade.net,2024:/mt//feed/low-balling2024-03-28T10:48:41ZMovable Type 4.21-en84184How Loan Providers Make Moneytag:gockel.hmdnsgroup.com,2006:/~searchli//3.24652024-02-05T15:00:00Z2024-02-05T17:39:19ZDan Melsonhttp://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...
Should I Buy A Home? Part 2: Processtag:gockel.hmdnsgroup.com,2006:/~searchli//3.24232023-07-10T14:00:00Z2023-07-17T16:09:26ZDan Melsonhttp://www.searchlightcrusade.net/
Continued from Part 1: Preparation I am considering buying a home, although I have not made up my mind on the subject. This is not due to indecision, but rather due to a lack of necessary information. There are many...
What Do I Do If My Loan Falls Through?tag:www.searchlightcrusade.net,2007://3.37012023-05-10T14:00:00Z2023-05-10T15:52:20ZDan Melsonhttp://www.searchlightcrusade.net/
"What do I do when the loan falls through" That depends upon when it falls through and what situation you're in. If you're in a refinance situation, you generally keep making payments on your old loan until and unless...
Assuming Seller Concessions On Loan Quotestag:www.searchlightcrusade.net,2011://3.50402023-02-07T15:00:00Z2023-02-07T16:24:29ZDan Melsonhttp://www.searchlightcrusade.net/
I recently received an email asking about a Good Faith Estimate on a $200k loan. The person asking my opinion attached the actual "estimate" to the email. In addition to a point of origination and a point of discount...
The Loan Shopping Koantag:www.searchlightcrusade.net,2011://3.50382022-10-10T14:00:00Z2022-10-10T14:41:04ZDan Melsonhttp://www.searchlightcrusade.net/
It's very easy for loan providers to talk about a much better loan when you're shopping than they have any intention of delivering. Then you give them thirty to sixty days after you sign up, and you're put into a...
Efforts to Rehabilitate the Negative Amortization Loantag:www.searchlightcrusade.net,2009://3.47082021-11-01T14:00:00Z2021-11-01T16:24:42ZDan Melsonhttp://www.searchlightcrusade.net/
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...
Loan Fall-Out And The Effects Upon Consumerstag:www.searchlightcrusade.net,2010://3.50062021-09-01T14:00:00Z2021-09-01T15:10:03ZDan Melsonhttp://www.searchlightcrusade.net/
This is going to be a long article and somewhat technical in places, but it needs to be covered and it's important to everyone who is thinking about getting a real estate loan. "Fall-Out" is very simple: The number...
"We'll Beat Any Quote" in Mortgage Loanstag:gockel.hmdnsgroup.com,2007:/~searchli//3.28722021-08-29T14:00:00Z2021-08-29T13:32:42ZDan Melsonhttp://www.searchlightcrusade.net/
Just like "we'll beat any deal!" in any other competitive sales endeavor, this is a game. Actually, it's even more of a game for loans than it is anywhere else, used cars included. What they are hoping is that you'll...
I'm Sorry, Did You Think Your Good Faith Estimate (Or Mortgage Loan Disclosure Statement) Meant Anything?tag:gockel.hmdnsgroup.com,2007:/~searchli//3.28632021-08-22T14:00:00Z2021-08-22T14:06:46ZDan Melsonhttp://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...
Truth In Lending and APRtag:gockel.hmdnsgroup.com,2007:/~searchli//3.28532021-08-16T14:00:00Z2021-08-16T15:52:13ZDan Melsonhttp://www.searchlightcrusade.net/
(Note: This article is a reprint of one of the earliest articles I wrote, from a time when rates were higher. The principles, however, are quite valid - and even reinforced by the fact that rates now are much lower)...
Just Because Compensation for a Loan Isn't Disclosed Doesn't Mean It's Freetag:www.searchlightcrusade.net,2009://3.45742021-08-13T14:00:00Z2021-08-13T16:34:33ZDan Melsonhttp://www.searchlightcrusade.net/
I am continually confirming that a large percentage of people can't handle negotiations like an adult. They focus in on garbage and ignore what's really important. I recently was going to deliver a loan that cost less, as well as...
Lowballing Mortgage Quotes Versus "Junk Fees"tag:www.searchlightcrusade.net,2009://3.45152021-07-18T14:00:00Z2021-07-18T15:28:28ZDan Melsonhttp://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...
Don't Roll Mortgage Refinance Costs Into Your Balance If You Wouldn't Pay Them Cashtag:www.searchlightcrusade.net,2009://3.45052021-07-14T14:00:00Z2021-07-14T12:23:05ZDan Melsonhttp://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...
The Best Way To Create Problems For Yourself In Real Estatetag:www.searchlightcrusade.net,2009://3.44952021-07-07T14:00:00Z2021-07-07T17:41:35ZDan Melsonhttp://www.searchlightcrusade.net/
Have a "looking for cheap" attitude, especially on services meant to protect you. It's great to have a "looking for value" attitude. If I cost more than someone else, it is in your best interest to ask why, and ask...
Loans Not Fundedtag:gockel.hmdnsgroup.com,2007:/~searchli//3.27882021-06-18T14:00:00Z2021-06-18T11:36:02ZDan Melsonhttp://www.searchlightcrusade.net/
I got a question about "what does it mean if my loan is not funded after right of rescission?" It likely means your loan provider lied to you, probably from day one. Once you have signed documents, there shouldn't be...
Let Me Tell You About The Loan You Could Have Hadtag:gockel.hmdnsgroup.com,2007:/~searchli//3.27812021-06-12T14:00:00Z2021-06-12T15:10:09ZDan Melsonhttp://www.searchlightcrusade.net/
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,...
Mortgage Loan Advertisements: Horrible and Getting Worsetag:www.searchlightcrusade.net,2008://3.44412021-05-30T14:00:00Z2021-05-30T14:38:58ZDan Melsonhttp://www.searchlightcrusade.net/
(Rates were much higher when I originally wrote this) Recently, a couple of mortgage places have been advertising "30 year fixed rate loan at 5.65%" like that's the lowest rate out there and it's some kind of great loan. It's...
What Are Recurring and Nonrecurring Closing Costs?tag:gockel.hmdnsgroup.com,2007:/~searchli//3.27382021-04-30T14:00:00Z2021-04-30T13:29:53ZDan Melsonhttp://www.searchlightcrusade.net/
Many people are uncertain as to what closing costs are. Basically, they relate to the costs of doing the transaction. There are people who work on getting your loan through the process of approval and funding, and those people have...
The Three Day Right of Rescissiontag:gockel.hmdnsgroup.com,2007:/~searchli//3.27372021-04-29T14:00:00Z2021-04-29T13:23:13ZDan Melsonhttp://www.searchlightcrusade.net/
One reason to check your referral logs every day: Sometimes you can find great material for an article. I got one about the three day right of rescission. The three day right of rescission is a feature (or bug, depending...
Games Lenders Play (Part IV) - Lying About Loan Typetag:gockel.hmdnsgroup.com,2007:/~searchli//3.27332021-04-24T14:00:00Z2021-04-24T12:21:15ZDan Melsonhttp://www.searchlightcrusade.net/
I was approached by these folks a while ago via email. I attempted to get them to write up the experience themselves but I wanted to write something about this before I completely forgot about it. This whole exchange is...