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 in order to either get their mortgage rate lowered or because they don’t know any …
Continue reading “Getting Out of Paying Pre-Payment Penalties”
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 be per month? How do I know how much the interest will be? Any sites that …
Continue reading “How to Get From How Much You Make to A Payment You Can Afford”
i was sold a bad home mortgage who do you talk to That was a search I got the other day. The answer depends upon where you are in the process. If you’ve just applied, not yet signed the actual loan papers, go talk to another loan provider. It’s not like you’re committed to the …
One of the things people keep asking about is first time buyer programs. They exist, but lenders are not the first place to ask. Why? Because many, if not most lenders, actually charge a quarter of a point or so for first time buyers, in addition to their regular rates. They do this because so …
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That question brought someone to the site. The answer is “Yes, they can”. As a matter of fact, just because they have you sign those documents does not in any way obligate that lender to actually fund your loan. There are two sections of conditions on every loan commitment. The loan commitment is what the …
Continue reading “Can a Lender Legally Stop Loan Funding After Signing?”
One of the most useless and overworked items in the real estate industry today is the pre-qualification for a loan. Sellers want buyers to be “pre-qualified”, and buyers are seeking “pre-qualification” to convince buyers they are serious. The level of work done for a pre-qualification varies. In some rare instances, the loan officer doing the …
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 pre-payment penalty but what amount is reasonable? 1) Pay a certain amount over your monthly …
Continue reading “Prepayment Penalties and Biweekly Payment Schemes”
I am seeking to sell my properties to my tenants. I want to create a mortgage and then sell the mortgages. Properties are undervalued in this area as they have been historically fixer-uppers. Ours are in very good condition due to major renovations. This would interfere with a regular mortgage, but temporarily holding one might …
Continue reading “Sellers Lending to Buyers and Selling the Note”
In all of my conversations on mortgages with prospects, there is one subject that comes up over and over and over again, and that is the subject of payment. “But that loan over there only has a payment of $1450! The payment you are quoting is $2700! The other guy has a better loan!” Then …
Continue reading “Never Choose A Loan (or a House) Based Upon Payment”
“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 in loans, and sales in general, is often attributable to selling people stuff they don’t need. …
Continue reading “Mortgages and Reverse Mortgages (RAMs) after Retirement”
