ny mortgage: New York Refinance or Purchase Using an Option ARM, Part 5 - 03/05/08 03:43 PM
Do fixed rate mortgage loans have negative amortization? To The Mortgage Guys of Domus Mortgage, this is an interesting question. Most people's initial response would be, "Of course not," And they would be right - if that loan is paid off in its entirety using regular monthly payments, bi-weekly payments, extra … (1 comments)
ny mortgage: New York Refinance or Purchase Using an Option ARM, Part 4 - 03/05/08 12:12 PM
If you had $100,000, would you invest all of it in a CD (Certificate of Deposit)? Your answer, undoubtedly, would be an emphatic "No." This is because of the fact that bank CDs have a relatively poor rate of return. For instance, right now you would be hard pressed to find a … (0 comments)
ny mortgage: New York Refinance or Purchase Using an Option ARM, Part 3 - 03/05/08 11:29 AM
What is a "lifetime cap?" And is the lifetime cap on the CODI or COSI loan too high? This is another tough question faced by The Mortgage Guys of Domus Mortgage. It is one, however, for which we do have a an. For the record, a "lifetime cap" on an ARM is defined as … (0 comments)
ny mortgage: Refinance or Purchase Using an Option ARM, Part 2 - 03/05/08 08:58 AM
In our previous post, Refinance or Purchase Using an Option ARM, Part 1, The Mortgage Guys of Domus Mortgage touched on the notion of negative amortization or, as it is less ominously known, optional deferred interest. The burning questions are, "What is negative amortization?" And, "Is it really a ‘negative'?" Negative Amortization, or … (0 comments)
ny mortgage: Refinance or Purchase Using an Option Arm, Part 1 - 03/03/08 04:44 PM
If you listen to the radio, read the newspaper, surf the Web, or watch TV, then you have most likely heard of the Pay Option ARM or Pick-A-Payment loan. And, if you have heard anything, it probably is not good. Like any other mortgage product, the Option ARM is neither good or … (0 comments)
ny mortgage: Mortgage Clients Looking for a Change - 02/18/08 05:07 PM
Do you ever tire of fancy solicitation letters, phone calls, emails or pop-ups from "big name" mortgage companies telling you that you are "pre-approved" for a mortgage loan. Inevitably, these approvals are reserved for those with perfect credit, a large income, or an expensive house with a small mortgage balance. And even then, … (1 comments)
ny mortgage: Back to Basics: The Mortgage Guys Take You to School - Lesson 7 - 02/18/08 02:44 PM
WHAT IS NEGATIVE AMORTIZATION? AND IS IT REALLY NEGATIVE? DefinitionNegative Amortization, or "Neg Am" is defined as a "gradual increase in mortgage debt that occurs when the monthly payment is insufficient to cover the interest due, and the balance owed keeps increasing."What Does this Mean?Quite simply, this means that as a result … (0 comments)
ny mortgage: Back to Basics: The Mortgage Guys Take You to School - Lesson 5 - 02/18/08 02:12 PM
WHAT ARE ALL OF THESE "INITIAL DISCLOSURES" THAT MY BROKER IS ASKING ME TO SIGN? When presented in person by a qualified Mortgage Professional or received via snail mail or email, you are most likely asking yourself, "What am I about to sign?" Needless to say, this is a valid question and one … (0 comments)
ny mortgage: Back to Basics: The Mortgage Guys Take You to School - Lesson 4 - 02/18/08 11:20 AM
WHAT EXACTLY IS THE MORTGAGE PROCESS?After agreeing in principle to the terms of the loan by signing disclosures, the first step is to have your home appraised. Once an inspection has been conducted, it usually takes the appraiser about 3 business days to send the report. Your appraisal, disclosures, and other documentation … (0 comments)
ny mortgage: Back to Basics: The Mortgage Guys Take You to School - Lesson 3 - 02/18/08 11:06 AM
WHY WOULD I WANT TO REFINANCE MY HOME? This is a common question asked quite frequently by many of today's homeowners. Of course, each individual is unique. But take this quick quiz to determine if you should consider home mortgage refinancing: Are you paying a high interest rate on your present first or … (0 comments)
ny mortgage: Who Is Today's Mortgage Client? - 02/18/08 09:55 AM
Today's borrowers face unique financial and life challenges never before dealt with. As a result, some lenders hav come up with creative ways of home financing. Please see the below chart to understand exactly how much disposable income an average homeowner has each month. In this example, we will use the … (0 comments)
ny mortgage: Something Old & Something New: Keys to Success in Today's Mortgage Environment - 02/15/08 11:33 AM
If I have learned one thing as a mortgage professional over the past year it is that I still have quite a lot to learn.You see, I entered the business almost accidentally in 1999 after completing a Master's degree in, of all things, Public Communications. With virtually no background in finance, … (2 comments)
ny mortgage: Are All Mortgage Professionals Bad People? - 02/13/08 04:38 PM
If perception were reality, then the answer to this question would be a resounding "Yes." But before we paint a segment of society with such a broad and negative stroke, wouldn't it be wise to ponder the question a bit further?
Take me, for example. I am a married, 33-year-old father of two … (0 comments)
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Do fixed rate mortgage loans have negative amortization? 
