Entries from Searchlight Crusade tagged with 'payment'

How Do I Get Rid of Private Mortgage Insurance (PMI)?

"How do I remove PMI?" was a question that I got. First off, a definition. Private Mortgage Insurance, often abbreviated PMI, is an insurance policy that the bank may make you buy in order to get the loan. It is...

One Loan Versus Two Loans

One of the questions we ask all the time is whether to do your financing as one loan or two loans. Until comparatively recently, one loan was the default option, but people have been learning that splitting their home financing...

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...

Don't Let Cash Distract You From Cost In Real Estate

There are many ways of suckering real estate consumers, and cash as an inducement to get people to swallow a raw deal is one of the most common. From sellers (usually developers), "free" upgrades are one of the most common....

Prepaid Interest and Why You Never Really Skip a Mortgage Payment

Many people think that mortgage interest works like rent: paid in advance before you live in the property for the month. This is not the case. Mortgage interest is paid in arrears. As you begin the month, interest begins...

Unsustainable Loans You Should Not Use to Purchase a Property

You've probably heard the horror stories, and I've mentioned the possibility more than once. Some unsuspecting person is looking at properties beyond their price range, and it therefore has all kinds of attractive features that properties which are in their...

Why Cost Is As Important As Rate For Mortgage Loans

When I wrote explaining why borrowers should consider a 5/1 ARM, because the tradeoff between rate and cost is lower for that loan, and most people don't keep their loans 5 years anyway, so having a likely need to...

Lump Sum Payments on a Mortgage and Alternative Investments For the Same Money

This visitor came from a search engine on this search: amortization of real estate loans early payoff based on a lump sum payment This is one of the smart things you can do. Not necessarily the smartest, mind you, but...

A Q&A for First Time Buyer Advice

(This is a reprint from December 15, 2006 that still has quite a bit to offer. There have been market changes which I will talk about but the original stands up well) This was a Q&A post from a certain...

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...