tag:searchlightcrusade.net,2024:/mt//feed/penalty 2024-04-25T16:39:45Z Movable Type 4.21-en 45 1 45 tag:www.searchlightcrusade.net,2008://3.3763 2023-12-12T15:00:00Z 2023-12-12T16:07:11Z Dan Melson http://www.searchlightcrusade.net/ When and Why does a Mortgage Company Sell your Current Loan to another Mortgage Company? Lenders sell their loans because the lender can make an immediate premium of anywhere from 1.5 percent to four percent by selling your loan... 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://3.4708 2021-11-01T14:00:00Z 2021-11-01T16:24:42Z Dan Melson http://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... tag:www.searchlightcrusade.net,2009://3.4676 2021-10-14T14:00:00Z 2021-10-14T15:49:47Z Dan Melson http://www.searchlightcrusade.net/ HI, My name is DELETED and my husband and I are searching for a way to get out of our Negative ARM loan before we get upside down. Our problem right now is our loan to value. Our loan right... tag:gockel.hmdnsgroup.com,2007:/~searchli//3.2908 2021-09-30T14:00:00Z 2021-09-30T13:49:43Z Dan Melson http://www.searchlightcrusade.net/ (This is a reprint originally from December 2005. I have reasons for reprinting it even though these loans are not currently available) My article on Option ARM and Pick a Pay - Negative Amortization Loans is one of my most... tag:www.searchlightcrusade.net,2009://3.4655 2021-09-28T14:00:00Z 2021-09-28T12:16:03Z Dan Melson http://www.searchlightcrusade.net/ No, this isn't the Hitchhiker's Guide to the Galaxy But having written half a dozen articles roundly critical of the way in which these loans are generally sold, it's not unusual for me to get e-mail like this one: Hi,... tag:gockel.hmdnsgroup.com,2007:/~searchli//3.2904 2021-09-27T14:00:00Z 2021-09-27T13:30:25Z Dan Melson http://www.searchlightcrusade.net/ (This is a republish of one of the first articles I wrote back in early summer of 2005. Everything I wrote then still applies. I am grateful that lenders have for the most part, stopped offering these, as they were... 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:www.searchlightcrusade.net,2008://3.4426 2021-05-24T14:00:00Z 2021-05-24T11:30:07Z Dan Melson http://www.searchlightcrusade.net/ my question today is about what happens to the prepayment penalty if the loan is sold to someone else? A friend of mine told me that he called and was told there was no prepayment penalty with the new... tag:www.searchlightcrusade.net,2008://3.4397 2021-05-10T14:00:00Z 2021-05-10T14:41:38Z Dan Melson http://www.searchlightcrusade.net/ The original article was written when rates were higher. Rates are lower now so the answer is slightly different, the thought process to make that decision is the same. I have an adustable rate mortgage (5.875) which is set to... tag:gockel.hmdnsgroup.com,2007:/~searchli//3.2714 2021-04-06T14:00:00Z 2021-04-06T10:46:32Z Dan Melson http://www.searchlightcrusade.net/ I got a search for "which states allow prepayment penalties". I'm not aware of any that don't. If you are, I'd like to know. Any such states should immediately be renamed "Denial". I really hate prepayment penalties, for a large... tag:gockel.hmdnsgroup.com,2007:/~searchli//3.2695 2021-03-19T14:00:00Z 2021-03-19T13:59:17Z Dan Melson http://www.searchlightcrusade.net/ There are actually several distinct marketplaces consumers can obtain their funds from, and several types of providers. John the wealthy highly salaried person with great credit and a substantial down payment should not and usually does not obtain his mortgage... tag:gockel.hmdnsgroup.com,2007:/~searchli//3.2667 2021-02-19T15:00:00Z 2021-02-19T12:56:13Z Dan Melson http://www.searchlightcrusade.net/ Been reading some of your informative tips. I am looking at refinancing and getting a $378000 mortgage. Now in the case of having a 3 yr prepay penalty, vs paying 1.5% in points to make it a 1 yr... tag:www.searchlightcrusade.net,2008://3.4176 2021-01-28T15:00:00Z 2021-01-28T14:12:58Z Dan Melson http://www.searchlightcrusade.net/ This was originally from February 2007. The situation as to what loans are available has changed quite a bit since then, but the underlying advice is and will remain sound. Shortly after the original article, things started downhill for lenders... tag:www.searchlightcrusade.net,2008://3.3949 2020-10-20T14:00:00Z 2020-10-20T13:58:43Z Dan Melson http://www.searchlightcrusade.net/ 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,... tag:www.searchlightcrusade.net,2008://3.3934 2020-10-15T14:00:00Z 2020-10-15T13:45:03Z Dan Melson http://www.searchlightcrusade.net/ 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... tag:www.searchlightcrusade.net,2009://3.4875 2020-09-29T14:00:00Z 2020-09-29T14:15:28Z Dan Melson http://www.searchlightcrusade.net/ how soon should I start shopping around to refinance my home? I have a 2yr interest only and it's up in (four months) Okay, the 2/28 loans which you are describing all have prepayment penalties for at least two years.... tag:www.searchlightcrusade.net,2009://3.4868 2020-09-22T14:00:00Z 2020-09-22T13:25:53Z Dan Melson http://www.searchlightcrusade.net/ I enjoy your blog very much and figured you would be a good person to ask this prepayment penalty question to. Is there a prepayment penalty if you dont pay down the whole amount? For instance, say I owe 620k... tag:gockel.hmdnsgroup.com,2006:/~searchli//3.2499 2020-09-08T14:00:00Z 2020-09-08T14:15:45Z Dan Melson http://www.searchlightcrusade.net/ I got a search result for how to get out of mortgage pre-payment penalties, although I've never really dealt with the issue. Prepayment penalties on real estate loans are something some people, often with less than stellar credit, accept, either... tag:gockel.hmdnsgroup.com,2006:/~searchli//3.2495 2020-09-06T14:00:00Z 2020-09-06T13:53:38Z Dan Melson http://www.searchlightcrusade.net/ 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...