tampa home: Prepayment Penalties: Important Information for Buyers and Sellers - 06/12/07 01:30 PM
Some mortgage notes contain a prepayment clause. What is it? This s a clause in the mortgage that requires that the borrower pay a prepayment penalty against the unearned portion of the interest for any payment made ahead of schedule.
Lenders are forward thinkers. When a lender writes a loan, if they think the borrower will likely pay the loan off early, there is a heavy chance there could be a prepayment penalty on the loan.
In the past couple years, during the hot subprime market craze, we have seen many subprime lenders putting a prepayment penalty on their loans. For example a … (17 comments)

tampa home: Tampa First Time Buyer - What's The Payment? - 03/28/07 01:42 PM
When I take an application from a new home buyer, I always ask..."What is your comfort payment, what payment range are you trying to target?"  I think it's a bit suspicious when first time home buyers give a payment that is unrealistic with the price range.  Now, I have to say that when I think "mortgage payment", I am including escrows...after all, these do have to be paid at some point.  It takes much education to get this same idea through to buyers.   
So where is the disconnect in "What's the mortgage payment?"...
When buyers are looking at homes, many time they use websites that offer "mortgage calculators" to … (7 comments)

 

Leah Ross

Tampa, Florida Mortgage

Tampa, FL

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Your Tampa Bay Mortgage Source

Address: 3111 W. Dr Martin Luther King Blvd, Suite 100, Tampa, FL, 33607

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