"Bill Stafford reveals! Home loan traps 'they' hope I won't tell you about!"

 

Home Loan Trap #1:

Something I learned about years ago is a dirty little secret of many loans, it's called "negative amortization." Today many mortgage brokers try to sell you on "interest only loans" but they are really negative amortization loans.

Fancy name for a lender giving you a loan where each month your monthly payment not only doesn't pay down your principal balance, but it doesn't even pay for all of the interest you owe for that month!
With a "negative amortization" loan, your loan balance actually goes up every month! Not down! Lenders who sell you on "negative amortization" loans oftentimes never explain this to you, and oftentimes don't even tell you that you're getting a "negative amortization" loan! How you find out really sucks!

You find out by experience! And it's a bad experience too! One day you check on your loan balance, and it's gone up by thousands of dollars!

You can even end up owing more on your house than it's worth! Your home can become a prison cell! I promise to never give you a "negative amortization" loan!

Home Loan Trap #2:

Watch out for mortgage companies who advertise on the radio for their "interest only" programs! These crooks promise you a lower monthly payment than with a principal and interest loan, but your loan balance never goes down! Almost as bad as a "negative amortization" loan!

Two types of mortgages that are "interest only" oftentimes (buyer beware!):

• First mortgages (including refinanced first mortgages) given to you by people other than Bill Stafford!
   
• Almost all "home equity lines of credit!" Most often given to you buy your own bank! The rest of the time given to you by unscrupulous mortgage lenders! "Home equity lines" are almost always "interest only!"

Should You Decide You Want an "Interest Only" loan, find out the 3 things that must exist for it to be a safe loan!

Home Loan Trap #3:

Most lenders, when you borrow or owe more than 80% of your home's value to a first mortgage, they slap a monthly "private mortgage insurance" premium on you!

This is a wad of money you give to their private mortgage insurance company to insure the lender! Doesn't cover it for you!

You pay to cover their ass!

I promise to never give you a loan that requires "PMI!" I have found a few lenders who have agreed to waive it for my folks!

Home Loan Trap #4:

If you have a "FHA" loan, there is something you might not be aware of! When you refinance with Bill Stafford, you get an "FHA Refund!"

You get a full refund of all the FHA insurance premiums you've paid to your lender over the years! And, I get this refund for you within 45 days of the funding of your new loan with me!

Many of the folks I've helped to get rid of FHA insurance and it's steep premiums, have gotten FHA refunds equally thousands of dollars! Money that's been held hostage by their old FHA lender! Without ever paying the home owner any interest at all! Ought to be illegal! But it's not!

Home Loan Trap #5:

I have also helped hundreds of veterans over the years.

That's why this home loan trap really ticks me off big time. When you get home, and try to buy your first house with a VA-guaranteed loans, just like they promised. But you get stuck with a monthly "VA insurance premium!"

That's right! Uncle Sam is sending the bill for guaranteeing the repayment of a vet's loan to the vet who served and put his or her ass on the line! It's total B.S.

Home Loan Trap #6:

"Pre-payment penalties" are probably the worst of the worst! Maybe I should have made them "#1" on my list?

Even though these nasty penalties have been limited in size and length of time by the State of Rhode Island, I know of lenders who are still lending money with pre-payment penalties that would violate Rhode Island and Massachusetts state law, where it not for these lenders' federal bank charters!

What I mean is that they get around the state law by having a federal bank charter! And the penalties that federal law allows can be fierce!

*You can also call Bill right now at 401-365-1908 for Help!!