“What mortgage fees can i recover after loan denial” was a search I got. The answer is basically, “None.” Indeed, one of your search criteria should be mortgage providers that don’t charge anything up front, except maybe a credit check fee. Those are about $20, and you should be prepared to spend that $20 several …
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Just like “we’ll beat any deal!” in any other competitive sales endeavor, this is a game. Actually, it’s even more of a game for loans than it is anywhere else, used cars included. What they are hoping is that you’ll go there last, and tell them what the best thing you’ve been quoted, and then …
<blockquote>what happens when house doesn’t appraise?<BR /></blockquote> I presume this question meant “for the necessary value according to the lender’s guidelines”. Lenders base their evaluation of a property upon the standard accountant’s “Lower of Cost or Market.” This is intentionally a conservative system, because the lender is betting (usually) hundreds of thousands of dollars upon …
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I keep getting hits for this, so people must want it explained. Loan Amortization is nothing more than the process of paying the loan off by regular payments over time. Leave it to the experts to come up with a fancy word for an everyday process, eh? A loan which is fully amortized (or fully …
“Trust Deed Incorrect Legal Description” There are all kinds of legal descriptions. Lot, Block and Map, or just Lot and Map, are probably the most common. Sectional portions (Portion A of Section B of Township C, Range D) are probably next most common, followed by “metes and bounds”, and often the two are mixed. Finally, …
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Somebody asked, “What are my legal options when there’s a change on a good faith estimate.” Short answer: Sign the documents or don’t. Same thing with a Mortgage Loan Disclosure Statement here in California. Neither one means anything binding; that’s why they call the one an estimate. Nonetheless, because there is a perception that they …
Because most loan providers will not guarantee their Federal Good Faith Estimates or California MLDS forms, I’ve been telling folks that the best suggestion (other than doing their loans myself, of course!) that I can give them is apply for a back up loan. But some mortgage loan providers will guarantee their quotes, and this …
Got a search for “mortgage closing documents do not sign changes.” Unfortunately for this person, the documents you get at closing are what legal folks call a contract of adhesion. This means you can either accept it, sign, and adhere to all the terms as presented, or you can walk away. Basically your choice is …
Every so often I get questions about loan cosigners. The main borrowers do not qualify on their own, so they get someone – most often mom and dad – to cosign. Now this is a different thing, or so I understand, in the other major credit areas – automobiles, rent, etcetera. But this is about …
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Most days I get loan wholesalers coming into my office. I’m always happy to talk with them, providing they want to talk about what I want to talk about. They usually want to talk about this gimmick and that gimmick and the other gimmick. They feed me lines about service and fast turn around and …
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