Entries from Searchlight Crusade tagged with 'payment'

How to Tell If You Can Afford This Property

Note: Since this article was originally written, there have been changes in the loan marketplace. The negative amortization loan is no longer available and the damage it did has finally become obvious to everyone with pretense of a functioning brain....

The New, Allegedly Improved Good Faith Estimate (Page Three)

This is the conclusion of the series begun in Page One and continued in Page Two Page Three is where the most blatant lies of this whole piece take place, and the first part of page three is where...

The New, Allegedly Improved Good Faith Estimate (Page Two)

Continued from The 2010 Good Faith Estimate (Page One) The next section is on origination charges. Indeed it is titled "Your adjusted origination charges" It starts with "Our origination charges" saying this is the charge for doing the loan....

The New, Allegedly Improved Good Faith Estimate (Page One)

I had a great rant about the limitations of the Good Faith Estimate all planned out in my head when I when I was in the very first stages of planning this website in my head. It was the first...

Mortgage Accelerator Programs: A Good Basic Idea, But the Devil Is In the Details

The recent hot thing in mortgage circles is a mortgage accelerator program. I've heard other things, most notably biweekly payment programs, called mortgage accelerators in the past, so let me take a moment to define exactly what I'm talking about....

My Sixty Second Public Service Announcement about Buying Real Estate

Here was an idea I had: Pack a list of the most important things consumers need to know about buying real estate, as packed into the words I can say in sixty seconds without sounding like an over-clocked squirrel. Here...

Online Mortgage Quotes

(This is a reprint from December 2006, with a few updates. It is instructive in the wake of a certain new mortgage quote service, launched with great fanfare. The negative amortization loan is gone, but I'm seeing lots of other...

My Thirty Second Public Service Announcement On Mortgage Loans (UPDATED)

I usually write medium-long articles, I try to write articles you can read in a few minutes, on break or lunch, but sometimes that's just not compatible with giving the readers an understanding of the subject. Part of that is...

Do Not Sign Loan Disclosures That Don't Apply To Your Loan

from an email: First let me say that I really learned a lot from your postings/articles/website; its awesome that a resource like yourself exists. Now to the problem. I recently refinanced and the mortgage broker lied to me about many,...

Selling to Avoid Foreclosure in a Buyer's Market

Found this on a public forum I need help to stop foreclosure on my home. I need to sell quickly? I am a couple months behind on my payments and want to sell now. I am not looking to make...

The Difference Between Note Rate (APY) and APR

I am continually horrified how many people shop their loans by APR, just as I am by people shopping their loan based upon payment. Why? Because in either case, you're setting yourself up to spend a lot of money in...

What Happens When You Can't Make Your Real Estate Loan Payment

I've written a lot here about how to manage your mortgage so that you control it instead of it controlling you. Let's consider what happens when that project fails. If you don't pay your mortgage, on time, no big deal...

Debt Consolidation Refinance - Doing it Wrong vs. Doing it Right

There's a lot that gets written on this subject, mostly by loan officers looking for business. Well, don't think I'm not looking for business, but not with this post. Or if anybody calls me because of this, at least I'll...

Games Lenders Play Part II More Misleading Advertising

(This was originally published September 29,2005) Here's another advertisement that I got in the mail: "Pick a Pay, Any Pay!' The Revolutionary Option ARM!" "Start rates as low as 1%!" Loan amount $100,000 Payment $321.64 $200,000 $643.28 $300,000 $964.92 $400,000...

From How Much You Make to A Payment and Price You Can Afford

I'm clueless about how home loans work. Is there any way to figure out how much I can afford to spend per month on a home. If I were to get a home for $(figure) how much would that...

Prepayment Penalties and Biweekly Payment Schemes

From an email: I was wondering if you could tell me whether the following ways to save on interest are actually possible. If they are what are the penalties typically associated with these suggestions. I know you have mentioned a...

The Self-Fulfilling Prophecy of Lender Fear

Most people, particularly first time buyers, want 100% financing or as close as they can get. Actually, most first time buyers don't have a down payment and couldn't put a significant down payment (5% or more) if they had...

Games Lenders Play, Part I: Misleading Advertising to Get You to Call

I get the same junkmail and spam most of you folks do. They don't know who I am when they send it out. It's just that I know what's going on behind the scenes with this stuff. So I thought...

Mortgages and Reverse Mortgages (RAMs) after Retirement

"Should People in their sixties take out a mortgage?" The short answer is "Not if you don't have to." Now if I suddenly vanish, the explanation will be that the loan industry put a contract out on me. Success...

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

For years when the market was hot, in all of my conversations on mortgages with prospects, there was one subject that came up over and over and over again (and still does), and that is the subject of payment. "But...