Got a search for that, and it occurred to me that it is a valid question. The answer is yes. The degree varies. You can simply contact the bank to make yourself responsible for payment. They are usually happy to do this, although unlike revolving accounts you typically will not receive back credit on your …
Continue reading “Can Someone Be Added To An Existing Mortgage?”
So what else is available, besides the thirty year fixed? There are many kinds of loan out there. Here’s a quick overview: A Paper In addition to the thirty year fixed, there are several other varieties of fixed rate loan available, and several that are not. Commonly available are five year fixed, ten year fixed, …
One of the things I’m seeing more of in MLS listings and developer advertising, among other places, is the phrase “$X in closing cost credit (or “$X in free builder upgrades”) given for using preferred lender” Sounds like a bargain, right? Just use their lender and you get this multi-thousand dollar credit. After all, “All …
Continue reading “Inducements to Use A Particular Lender for a Purchase”
I enjoyed finding your blog today. It was enlightening, particularly in the area of real estate appraisals. Mortgage fraud is something I’ve been reading about lately. Since the FBI says 80% of it involves collusion and usually with the appraiser, it made me wonder why underwriters don’t just ask for second appraisals when a loan …
One of the bloggers I used to read talks about debunking a money myth and perpetuates one of his own. He took issue with someone refinancing to lower their monthly payment, insisting instead that the term of the loan was all important. His point is understandable in that because folks tend to buy more house …
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do your property taxes go up in California when you refinance your property This is one of those urban legends. People are concerned that because the house is appraised by the lender, the assessor is somehow going to find out that their property is worth more and send their tax bill soaring. However, thanks to …
Continue reading “Refinancing Has No Effect Upon Property Taxes”
I got a search for “which states allow prepayment penalties”. I’m not aware of any that don’t. If there are any, I’d like to know. Any such states should immediately be renamed “Denial”. I really hate prepayment penalties, for a large number of reasons. Nonetheless, to make them illegal would not be in the best …
Just got a search on “state of california fsbo questions to work directly with loan officers without a agent” This isn’t a problem. Whereas it is the same license, it is two entirely separate job functions. The fact that you are or are not working with an agent has absolutely nothing to do with whether …
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what is a underwriter final “sign off” on the conditions First off, it needs to be mentioned that a good loan officer gathers information and puts a full package, with all of the information an underwriter should need, before submitting the package to the underwriter. That’s how you get loans through quick and clean. Give …
“How do I remove PMI?” 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 a monthly surcharge based upon a percentage of your entire principal balance. You pay for it, but the bank is the …
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