closing costs: Closing Points, Origination Points, Discount Points ... What are points? - 10/29/09 10:38 PM
"I'm not paying any points!"
Well, okay then. I guess you're paying cash because everybody who borrows money from a broker, lender or bank (regardless of their misleading advertisement) pays points. Simply defined the word points means a percentage. What they are a percentage of is the next question. And, in … (36 comments)
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closing costs: Interest Rate and Annual Percentage Rate (APR) - What you need to know. - 10/27/09 02:38 PM
Every loan officer who has done their job for more than a week or so has heard the question. Some loan officers avoid it altogether by simply not sending the Truth In Lending (TIL) until they absolutely are required by law to do so. Why? Because in the top left corner … (1 comments)
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closing costs: Finance Challenge: Reserves - the right amount, the right type, the right timing - 10/16/09 09:31 PM
So you have the down payment - sourced and seasoned just like it needs to be. All saved up, stored away nicely in the bank for the last 60 days, and ready to be invested into a home. The closing costs are there, too, and all perfectly documented for the last … (6 comments)
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closing costs: Hey Builders - Let Me Make "RESPA" and "Fair Trade" Clear To You - 10/13/09 10:23 PM
Some years ago I had an agent to whom I referred a lot of business ... seriously a couple every month. She got in with "Dr. Morton" on their close-out list and we were moving a couple of units per month to clients I had generated with my advertising. Suddenly it … (5 comments)
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closing costs: Here We Go Again, DC Empowering the Big Banks (YSP Wars) - 04/29/09 03:10 PM
Say it isn't so! H.R. 1728 (did not get passed in the Senate the last time)
Let me explain this to you One More Time Brad Miller and Mel Watt. Side question: How does such an obviously beneficial to big banks and destructive to mortgage brokers legislation get introduced by Congressmen … (27 comments)
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closing costs: What Are "Discount" Points? - 02/23/09 10:46 PM
Be careful when you answer because you may not exactly know the full answer. As an agent it is something you hear and something you learn about in CE classes from time to time but do you know exactly how they are determined? You will in five minutes. Some of you … (4 comments)
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closing costs: National Banks and Mortgage Insurance Conspire Against YOU - 02/13/09 03:15 PM
So basically I am the RantMan this week - but I am doing it all for you my clients and my friends. Seriously - it's not like I get paid for these blog posts :)
Not a conspiracy theory ... an actual conspiracy. This is not so much about the inner … (7 comments)
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closing costs: What is "PAR" rate and how can I meet or beat it? (Using golf as an example.) - 01/22/09 12:20 PM
Golfers already know - par is when you reach balance with the score on the golf course. Many golfers instead of writing down the total number of strokes record the number of strokes over or under the par. In golf par is the standard to aim for. The same applies in … (34 comments)
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closing costs: What They Don't Tell You About Their "No Fee Mortgage" - 12/01/08 11:04 AM
They are big. They have millions to spend on advertising. In fact, they don't pay for that advertising at all -their customers do. Since we started back in 2001 we have fought giants and we have always beaten them and we will continue to do so. Currently there is a very … (12 comments)
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closing costs: Want To Create Your Own GFE - Why Not? - 11/17/08 03:41 PM
Excuse me if I sound a little agitated. I'm still trying to figure out why a "respected real estate expert" would encourage a seller to create their own GFE. What possible good could even come from it? Is the buyer going to show up at the closing table and say, "all … (4 comments)
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closing costs: The Greatest Attribute of Active Rain is "Open Source" Education - 02/21/08 01:42 PM
I have learned many things on Active Rain and also had my thoughts confirmed here. That has some of the highest value of anything I can attribute to AR. Yes, the networking is phenomenal but if we were all just talking about American Idol or NASCAR we wouldn't be growing as … (10 comments)
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closing costs: How To Compare Mortgage Quotes - 11/17/07 12:22 PM
First let me show you how to get burned: 1. Believe the ads you see, hear and read. Especially the "no closing costs" ads or the "it's a racket, it's a rip-off" or "no one else can do what we do" ads. 2. Let someone else such as a real estate … (11 comments)
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closing costs: Bait And Switch!!! Wait, what do you mean it's my fault??? - 06/05/07 01:09 PM
Today we have a client who called for a no closing cost refi. Since everyone should know and we tell everyone the way that is done is by slightly raising the rate to cover those costs from something called Service Release Premium (or Yield Spread Premium on brokered loans) where we … (9 comments)
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closing costs: Who Can You Trust? - 03/09/07 01:49 PM
Evidence is mounting that the larger lenders seem to have been the most deceptive and are now suffering the greatest consequences. AS a small lender we know that our clients have been repeatedly victimized through being snared by bait and switch tactics from large national lenders who advertise regularly during shows … (3 comments)
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closing costs: (Un)Fair Lending Acts And Your Loss of Rights (Also Called Predatory Lending Laws) - 01/11/07 05:17 PM
Back in 2001 we changed directions. Originally we had been known as "Home of the American Dream". We enjoyed our reign as champion of purchases for homebuyers who could not find an affordable loan for which they could qualify. Following the challenge by President Bush to put 10,000,000 new families in … (5 comments)
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closing costs: Hard Money Basics - What, When, Why, and Where? - 12/27/06 10:22 AM
One of the more frequently asked questions from new investors and real estate agents is, "What is hard money?" The answer is much less mysterious than when and why to use hard money. Hard simply means it is tied to a "hard" asset such as real estate, gold, silver, etc. For … (4 comments)
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closing costs: If You Can't Beat Your Competition, Lie To Your Clients - 10/30/06 04:38 PM
Why does it seem this has become the motto of my own industry? If you live in one of the towns where JS from LF advertises heavily on the radio you've heard him say "Don't give a broker another penny of closing costs to refinance! It's a racket! It's a rip-off! … (1 comments)
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closing costs: But I HAVE to laugh! - 07/30/06 12:55 AM
"I am having trouble getting to the closing table with the current broker I went with (dont laugh), can you get me a 100% LTV on this Porterdale property, and how quickly can you close? The contract close date is (in less than 10 days). Can you close by this date? … (0 comments)
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closing costs: "Junk Fees" versus Compiled Fees - 07/28/06 02:06 PM
Okay - I got that comment to my other post about $15 for your current lender to fax a one page payoff to your new lender. It does, indeed, sound absorbitant. But let's look at it from a personal perspective. Let's say you have 800 clients you manage. Let's call you … (0 comments)
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closing costs: The Truth About "No Closing Cost" Loans - 07/24/06 06:37 PM
There is, in my town, a particularly obnoxious mortgage broker who uses phrases like, "no brainer", "rip-off", "racket" about his own industry. Well, I'll agree with him on one thing: He's hoping you're the no brainer because what he offers is not necessarily good and how he sells it is an … (8 comments)
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