Mortgage Forums

Loan Talk :: PMI cost is about to become murky

Author: m2c
Subject: PMI cost is about to become murky
Posted: Wed Jul 02, 2008 7:07 pm (GMT 0)
Topic Replies: 0

Is anyone else going crazy with all these new MI rates? OK collusion and monopolistic practices are �bad� but it was a lot easier when the �base� rates we (surprise, surprise) all the same. �Magic� is not till next week but I�d be curious if anyone know about their filing.

Could be an interest Reg Z issue if you fail to request the MI by the deadline date although this should be done before the final (closing) TIL. Hope some C-A attorney doesn�t argue that we have to go to the low cost provider notwithstanding balancing of risk.

Mortgage Marketing :: RE: What is Remortgage Loan?

Author: Coby T. Lucas
Posted: Sat Jun 28, 2008 7:31 pm (GMT 0)
Topic Replies: 1

A remortgage is when you take out a new mortgage loan product based on the current value of your home. This means paying off your original mortgage (for which there may be an early redemption fee) and taking out the new mortgage.

People can get a remortgage for a different company than the original mortgage company or they can choose to go with the original company. Companies that offer this type of product include: Banks, Building Societies (it's all in the name) and specialist mortgage companies, you can also go to a broker, who will look for the best deal for you, or an IFA, an Independent Financial Advisor who is obliged by law to give you unbiased advice.

Always check out the deal very carefully and weigh it up against any penalty or redemption fee.

Why would someone want a remortgage? Improvements to their house? Wedding? Education? There are many reasons, the only things it can't officially be used for are: purchasing timeshare abroad and business purposes.
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Loan Talk :: RE: Mortgage options is it possible to get a loan

Author: Coby T. Lucas
Posted: Sat Jun 28, 2008 7:06 pm (GMT 0)
Topic Replies: 2

It is very possible that you can obtain a loan with your situation. It really all depends on your credit score, your total household income, the amount that you are planning on borrowing and other variables. Some lenders have stricter guidelines than others have.
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Advertising :: Complete Credit and Loan Source, Online Loan in 24

Author: ciaozz
Subject: Complete Credit and Loan Source, Online Loan in 24
Posted: Fri Jun 27, 2008 4:10 pm (GMT 0)
Topic Replies: 0

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Loan Talk :: RE: Closing on Monday 6/30/08 but the seller has no place to go.

Author: jms493
Posted: Thu Jun 26, 2008 6:15 pm (GMT 0)
Topic Replies: 7

it is a conventional 30 year fixed rate loan.

Gathering all the information for closing took unusually long(75 days)....but i didnt care that much as I am living for free right now. I dont know what could happen if everything ran smoothly and tried to close at end of may.

I thought about killing the whole deal and letting them put the condo back on the market.......go back and offer them 15g's less. They would be forced to sell at that point b/c they cant afford to hold 2 mortgages.

Loan Talk :: RE: Closing on Monday 6/30/08 but the seller has no place to go.

Author: m2c
Posted: Thu Jun 26, 2008 6:04 pm (GMT 0)
Topic Replies: 7

You didn�t mention what type of financing you were using. If it is a FHA loan, bear in the mind the owner occupancy requirement in 4155.1:

1-2: PRINCIPAL RESIDENCES (10/03)
A principal residence is a property that will be occupied by the borrower for the majority of the calendar year. At least one borrower must occupy the property and sign the security instrument and the mortgage note for the property to be considered owner-occupied. Our security instruments require a borrower to establish bona fide occupancy in the home as the borrower's principal residence within 60 days after signing the security instrument with continued occupancy for at least one year.

Possible 75 days of rental is pushing it for conventional. Clear with lender before the fact. I�ve done these before where the house sold very early in the listing agreement period. What you�re doing is perfectly logical but the current environment is to assume fraud lurks under every rock.

Mortgage Marketing :: How many times have you heard the statement, "The money

Author: NorconMarketing
Subject: How many times have you heard the statement, "The money
Posted: Thu Jun 26, 2008 2:08 pm (GMT 0)
Topic Replies: 0

How many times have you heard the statement, "The money is in the list?"

Although the statement sounds wonderful, most marketers would like to
have a list to communicate with but are unsure as to how to make that
occur. The reality is that you can rent, buy, create and exchange
mailing lists very easily when you learn the ropes of the lead
generation business.

What all businesses want is more people to communicate with. Show me
a business that disagrees with that statement and I will show you a
business that is short circuiting the path to prosperity. Qualified
Leads that you can communicate are the lifeblood of every business.
When salespeople have an abundance of qualified prospects to
communicate with the probability of sales success exponentially
increases.

Customers will only purchase from you if they know you, like you and trust you.
Generating a mailing list that you can communicate with regularly
permits the opportunity for a business relationship to be developed.
You would probably agree that a business mailings list is one of its
most prized assets.

This is marketing at it's finest.

Here are some simple ways to generate a powerful mailing list quickly.

1) Consult with a world class mailing list company that can counsel
you on the many niches in your business. A great mailing list broker
is worth their weight in gold because they can provide counsel and
advice based upon their years of experience. They want your business
and recognize that your future relationship with them will depend
largely upon the success of your campaign. They can teach you the
ropes and help you turn your customers and prospects into more money.

2) Recognize that your prospects, those individuals who have not done
business with you can be monetized by turning them into leads that
other companies in related niches can cultivate.

Lead Generation is a huge business. A great mailing list company can
provide great advice on how to maximize your monetization potential
with every lead that you generate.

3) Develop A Series of List Building Systems for Your Business.
Your list building system might be as simple as asking a customer to
fill out a slip of paper giving their name, address, phone number and
email address.
Those names can become part of a database which you can use for
future promotions.

The beauty of working with a world class mailing list company is that
they can access information that you may not even know is available
but could be invaluable to your business.

Here is some food for thought. Last year Google made almost $15
billion dollars.
Yahoo last year made about $6.5 billion dollars. Both of these world
class search engines made their income primarily by selling "clicks"
to their advertising customers.
Online businesses will pay huge amounts of money for a click from
these pay per click search engines. Which would you rather have a
click or a qualified lead that you can communicate with over and over
again?

The amazing thing is that it is not unusual to be able to acquire a
lead with the accompanying address, phone number and email address for
less than the cost of a click.

Does that excite you? There is a world of interested people
interested in your product or service. Contact a world class mailing
list company to assist you with your lead generation campaign.

Spending the time and effort building your businesses mailing list
should be a never ending process that will reap huge dividends for
you in the long term, no matter what kind of business you operate.

Loan Talk :: RE: Closing on Monday 6/30/08 but the seller has no place to go.

Author: jms493
Posted: Thu Jun 26, 2008 1:56 pm (GMT 0)
Topic Replies: 7

Well under my concession I am allowing them to stay in the house for about 25 days to allow me to close early. They are helping me by closing early.....and under law they dont have to. So they help me and in turn I help them.

I am understanding it now. I am still pissed that I was not told about them needing a house. Also I gave them 75 days to find one and close. Closings do not take that long. If my contract had a proposed closing date of June 1st then I would be in much better shape...and I can force them to close Jul 1. But under law I cannot force them to close in under 30 days from proposed date.

Sux........but it is not the end of the world.....there are greater things to worry about.

Finding a Lender :: Pennsylvania Refinance lenders

Author: rocky
Subject: Pennsylvania Refinance lenders
Posted: Thu Jun 26, 2008 7:14 am (GMT 0)
Topic Replies: 0

Refinancing lenders often require an upfront payment of a certain percentage of the total loan amount as part of the process of refinancing debt. Typically, this amount is expressed in "points" (also sometimes called "premiums"), with each "point" being equivalent to 1% of the total loan amount. Therefore, if the refinance option selected involves paying three points, then the borrower will need to pay 3% of the total loan amount upfront. Most refinancing lenders offer a variety of combinations of points and interest rates. Paying more points typically allows one to get a lower interest rate than one would be capable of getting if one paid fewer or no points. Finding a friendly lender is difficult but I found a lender by visiting the website pamortgagequotes .com. They assist me in different ways which help me a lot to get my refinance.

Learning Center :: RE: Interest Rate question

Author: cklimen
Posted: Thu Jun 26, 2008 6:19 am (GMT 0)
Topic Replies: 2

Thanks for the speedy reply m2c!!
I've always had the understanding that what the fed does is eventually followed by most interest rates be it instantaneously or somewhere down the line? Is my line of thought not true? I was under the impression that mortgage rates can "temporarily" head in a different direction than the Fed funds rate and that the Fed funds rate should best be viewed as a sort of barometer rather than a defacto guide of where mortgage rates should be, but eventually, where the Fed funds rate is headed is the direction most interest rates are headed (even the 10-year treasury) right? I'm usually pretty good with numbers, and it bugs me that I seem to have so much trouble getting my head wrapped around how this all works - It all seems like a very screwie way of doing things.
Is this a better description of how it works: most interest rates follow the Fed funds rate - conditionally!? or should I lose the Fed funds rate correlation altogether?
Anyway, the Fed funds rate is the interest rate at which the Reserve Banks loan the money to the mortgage lenders that most of us get our mortgages from right? If this is correct, and the current Fed funds rate is 2% and the current National Overnight Average for a FRM is 6.3% (5.76% for a 5/1 ARM) doesn't the spread between the two leave a little "wiggle" room that can be adjusted and passed along to the consumer in order to give the market a little "kick-start" or is the spread eaten up in bank overhead?

Mortgage Marketing :: Find Connecticut Mortgage Refinance

Author: loraine
Subject: Find Connecticut Mortgage Refinance
Posted: Thu Jun 26, 2008 5:57 am (GMT 0)
Topic Replies: 0

Are you having trouble making your monthly mortgage payments? Refinance now with a Connecticut FHA Refinancing, the best option for those borrowers who qualify for the program to put less money down, have less money as reserves to qualify, and even provides a small credit towards closing costs. Strides are underway to increase the max loan amounts and loosen the requirement to fit borrowers who are in mortgage trouble into the FHA loan. Many troubled borrowers who are unable to refinance with the current lending restrictions and limited loan options will be able to turn to FHA for help.

www.ctmortgagedepo.com

Mortgage Marketing :: Maine Refinance loan

Author: peter.vin
Subject: Maine Refinance loan
Posted: Thu Jun 26, 2008 5:42 am (GMT 0)
Topic Replies: 0

Refinancing refers to the replacement of an existing debt obligation with a debt obligation bearing different terms. The most common consumer refinancing is for a home mortgage.

Refinancing may be undertaken to reduce interest costs (by refinancing at a lower rate), to extend the repayment time, to pay off other debts, to reduce one's periodic payment obligations (sometimes by taking a longer-term loan), to reduce or alter risk (such as by refinancing from a variable-rate to a fixed-rate loan), and/or to raise cash for investment, consumption, or the payment of a dividend.

These all I came to know by visiting the site Mainemortgagedepo.com It helped me a lot to bring my dream come true. They offer people to get mortgage refinancing loans at low rate.

Learning Center :: RE: Interest Rate question

Author: m2c
Posted: Wed Jun 25, 2008 11:44 pm (GMT 0)
Topic Replies: 2

If you�re being sucked in by the �Fed rate at historic low� advertising, run the other direction. It�s illogical bait and you may get hammered. Movement in the �fed rate� may have no effect, an opposite effect, or a positive effect. How�s that for precision! All depends on the environment � for example in the 80s a drop in the fed rate brought on an ENOROMUS increase in mortgage rate; viewed as inflationary. In my opinion it�s very disjointed right now.

It�s a short-term/long (or rather intermediate-)term thing. Mortgages and the Fed are really at different points in the yield curve. Mortgages, or at least Fannie yields, are on a 12-year prepayment basis. So comes the 10-year treasury. Ah, but then there�s the �spread� which has had a high standard deviation of late and then (less of an effect now) the need to fill a CMO with a particular coupon.

Best shot is to look at the 10-year treasury yield but don�t believe in it 100%. The publicly available FNMA net yield is not bad for movement but what is publicly is posted only once per day.

IF (and that�s a capital �if�) you could be the MBS quotes, you�d have a better picture but it �ain�t a go�in be� except for, maybe, some �immediates� which are not really what potential borrowers are concerned with.

Ecommit is a good and current view but you�re not going to be able to �see� it and the market is MBS anyway.

Bottom line is there is no silver bullet. Even within the industry we�d like to see a central market for MBSs. I won�t even get into the different �screens�. In a high-volatile market I once say a 1/2 (price) differance in the primary dealer screen. That's HUGE!

Loan Talk :: RE: Mortgage options is it possible to get a loan

Author: waris
Posted: Wed Jun 25, 2008 11:30 pm (GMT 0)
Topic Replies: 2

this is a very slow forum

Loan Talk :: RE: Closing on Monday 6/30/08 but the seller has no place to go.

Author: waris
Posted: Wed Jun 25, 2008 11:28 pm (GMT 0)
Topic Replies: 7

jms493 wrote:

I am having trouble grasping the idea that they are allowed to live rent free when the home will be signed over to me.........I dont get it

they wont be stayig rent free..your lawyer should be able to collect the rent for however long they stay