First off, let me say that your site has been very informative and helpful. I stumbled across your blog looking for information on ARM vs. 30 year fixed loans and ended up reading every article. One issue I have never really seen addressed is joint loans. When a couple, married in this case, gets a …
Continue reading “Joint Loans for Couples: How Does the Qualification Process Work”
I have repeatedly advised my readers to sign up for a back-up loan if they can find somebody willing. So every once in a while, I get email like this: Hi! Would you be willing to do my backup loan? I’m already signed up with my brother-in-law but you tell people to get a backup …
Continue reading “Getting a Loan Provider to Agree to be a Backup Loan”
(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 $1286.56Could this help save you money? Let’s see, given the real rate on these, there is negative amortization …
Continue reading “Games Lenders Play Part II More Misleading Advertising”
Racial Gap in Loans Is High in California. I can give a variety of reasons for this. First off, especially in Los Angeles but to a lesser extent throughout the state, there is a huge “Spanish speaking only” community. When you limit yourself to speakers of a language which isn’t the nation’s primary business tongue, …
This is definitely not a “Who you gonna call?” I’ve done a couple articles on the two ratios, debt to income and loan to value. These are the basic and most important parts of loan qualification. Nonetheless, there exist a plethora of reasons why someone can be turned down for a loan even though they …
Continue reading “Loan Qualification Standards – “Loanbusters””
(The original article was from September 2005) From an email: Anyway, my wife and I are about to purchase a place here in the X area and we’ve been hearing that “a tough loan” line due to the fact that I’m only 10 months into my new small business although I’ve been profitable the entire …
I have mentioned this form several times in the past as the only form in the entire real estate loan process which is actually required to be accurate. Department of Housing and Urban development form 1, the so-called HUD 1 form, is required to be filed and correct for every real estate transaction. Whoever your …
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 …
