Comments on: How Well Do You Know Your Mortgage? http://raincityguide.com/2007/04/07/how-well-do-you-know-your-mortgage/ Seattle's Leading Resource for Real Estate Information Sat, 21 Nov 2009 06:01:18 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: Rhonda Porter http://raincityguide.com/2007/04/07/how-well-do-you-know-your-mortgage/#comment-332243 Rhonda Porter Wed, 14 Jan 2009 16:00:25 +0000 http://raincityguide.com/2007/04/07/how-well-do-you-know-your-mortgage/#comment-332243 Michael, They were mis-used and abused...just like stated income. That's why they're gone. I've always thought that there are no bad mortgage programs--just bad mortgage advice or lack of advice (a borrower thinks they need that option ARM and will need seek out advice or care to understand the terms, for exampe). Michael,

They were mis-used and abused…just like stated income. That’s why they’re gone.

I’ve always thought that there are no bad mortgage programs–just bad mortgage advice or lack of advice (a borrower thinks they need that option ARM and will need seek out advice or care to understand the terms, for exampe).

]]> By: Michael P Lindekugel http://raincityguide.com/2007/04/07/how-well-do-you-know-your-mortgage/#comment-332242 Michael P Lindekugel Wed, 14 Jan 2009 15:42:39 +0000 http://raincityguide.com/2007/04/07/how-well-do-you-know-your-mortgage/#comment-332242 There is nothing is inherently wrong with the Option ARM type loans. The problem is the inappropriate application, misuse, and lack of understanding the loan. I think problem has a large contribution to the current real estate market foreclosures and short sales. It is a complicated program. Most homeowners don’t get it. I am amazed at the number of loan professionals who lack an understanding of the loan products not just the Option ARM beyond the glossary brochure. I do some due diligence on behalf of our residential clients. When I call the lender many can't explain the loan program they are pitching to our residential clients. (And, no I am not quizzing the lender to explain an inverted yield curve to me.) We need more education at the lender level and the agent level. There is nothing is inherently wrong with the Option ARM type loans. The problem is the inappropriate application, misuse, and lack of understanding the loan. I think problem has a large contribution to the current real estate market foreclosures and short sales. It is a complicated program. Most homeowners don’t get it.

I am amazed at the number of loan professionals who lack an understanding of the loan products not just the Option ARM beyond the glossary brochure. I do some due diligence on behalf of our residential clients. When I call the lender many can’t explain the loan program they are pitching to our residential clients. (And, no I am not quizzing the lender to explain an inverted yield curve to me.)

We need more education at the lender level and the agent level.

]]> By: ARDELL http://raincityguide.com/2007/04/07/how-well-do-you-know-your-mortgage/#comment-332208 ARDELL Wed, 14 Jan 2009 03:33:53 +0000 http://raincityguide.com/2007/04/07/how-well-do-you-know-your-mortgage/#comment-332208 Was it new construction? Was it new construction?

]]> By: Rhonda Porter http://raincityguide.com/2007/04/07/how-well-do-you-know-your-mortgage/#comment-332196 Rhonda Porter Wed, 14 Jan 2009 02:32:57 +0000 http://raincityguide.com/2007/04/07/how-well-do-you-know-your-mortgage/#comment-332196 lily, did your mortgage payment go up $500 dollars a month or was there a $500 shortage? If you're in danger of losing y our home, you need to contact your mortgage company (where you make your mortgage payments right away). lily, did your mortgage payment go up $500 dollars a month or was there a $500 shortage?

If you’re in danger of losing y our home, you need to contact your mortgage company (where you make your mortgage payments right away).

]]> By: lily http://raincityguide.com/2007/04/07/how-well-do-you-know-your-mortgage/#comment-332195 lily Wed, 14 Jan 2009 02:23:07 +0000 http://raincityguide.com/2007/04/07/how-well-do-you-know-your-mortgage/#comment-332195 What can I do if my escrow was calculated wrongly on my final hud statement, and my lawyer didnt point it out to me. Three months later MY MORTGAGE PAYMENTS GO UP BY 500 DOLLARS due to professional people making mistakes in figures. Now my home might go into foreclosure as I'm unemployed at the moment. We would not have bought the home if we knew the payments would be so high. We signed for payment of 1900.I live in New jersey What can I do if my escrow was calculated wrongly on my final hud statement, and my lawyer didnt point it out to me. Three months later MY MORTGAGE PAYMENTS GO UP BY 500 DOLLARS due to professional people making mistakes in figures. Now my home might go into foreclosure as I’m unemployed at the moment. We would not have bought the home if we knew the payments would be so high. We signed for payment of 1900.I live in New jersey

]]> By: Rhonda Porter http://raincityguide.com/2007/04/07/how-well-do-you-know-your-mortgage/#comment-324752 Rhonda Porter Tue, 09 Sep 2008 04:27:22 +0000 http://raincityguide.com/2007/04/07/how-well-do-you-know-your-mortgage/#comment-324752 Micky, do you have anything in writing from the LO? It seems odd to me that the rate would be adjusted within 60 days after closing. I'm happy to review what has been provided to you (email or fax it to me)...the key is to get it in writing. I will sometimes lock in a rate without my clients consent. However, when I do that, it's in a market where I'm concerned rates are climbing AND I have the option of re-locking when the client decides to lock. It's really the clients choice--not the banks. Micky, do you have anything in writing from the LO? It seems odd to me that the rate would be adjusted within 60 days after closing. I’m happy to review what has been provided to you (email or fax it to me)…the key is to get it in writing.

I will sometimes lock in a rate without my clients consent. However, when I do that, it’s in a market where I’m concerned rates are climbing AND I have the option of re-locking when the client decides to lock. It’s really the clients choice–not the banks.

]]> By: Roger Ingalls http://raincityguide.com/2007/04/07/how-well-do-you-know-your-mortgage/#comment-324750 Roger Ingalls Tue, 09 Sep 2008 04:25:03 +0000 http://raincityguide.com/2007/04/07/how-well-do-you-know-your-mortgage/#comment-324750 You don't say what state you are in, but WA state requires a written lock agreement, at least for mortgage brokers. I'd be skeptical of #2, unless you get it in writing, and clearly understand the terms. Depending on how far along in the process you are, you may want to consider another lender. Best of luck! You don’t say what state you are in, but WA state requires a written lock agreement, at least for mortgage brokers.

I’d be skeptical of #2, unless you get it in writing, and clearly understand the terms.

Depending on how far along in the process you are, you may want to consider another lender.

Best of luck!

]]> By: Micky Bazydlo http://raincityguide.com/2007/04/07/how-well-do-you-know-your-mortgage/#comment-324742 Micky Bazydlo Tue, 09 Sep 2008 03:50:29 +0000 http://raincityguide.com/2007/04/07/how-well-do-you-know-your-mortgage/#comment-324742 We are in the process of purchasing a home (closing cost agreed upon) and the today's news about Fannie and Freddie along with the drop in interest rates was welcomed. During a conversation with our loan officer today he said the rate was already fixed (we never asked for the rate to be fixed) and that the rate could be adjusted (lowered) at any point within 60 days after closing with no fee. 1 - Can the bank lock out loan without consent from us? 2 - Should we be as skeptical of the last comment (lower rate on loan 60 days after closing) as we think we should be? We are in the process of purchasing a home (closing cost agreed upon) and the today’s news about Fannie and Freddie along with the drop in interest rates was welcomed.

During a conversation with our loan officer today he said the rate was already fixed (we never asked for the rate to be fixed) and that the rate could be adjusted (lowered) at any point within 60 days after closing with no fee.

1 – Can the bank lock out loan without consent from us?

2 – Should we be as skeptical of the last comment (lower rate on loan 60 days after closing) as we think we should be?

]]> By: Rhonda Porter http://raincityguide.com/2007/04/07/how-well-do-you-know-your-mortgage/#comment-234796 Rhonda Porter Fri, 28 Dec 2007 02:13:19 +0000 http://raincityguide.com/2007/04/07/how-well-do-you-know-your-mortgage/#comment-234796 Kary, I would love that info for people in need as well. Please drop me an email. Kary, I would love that info for people in need as well. Please drop me an email.

]]> By: Kary L. Krismer http://raincityguide.com/2007/04/07/how-well-do-you-know-your-mortgage/#comment-234792 Kary L. Krismer Fri, 28 Dec 2007 01:58:26 +0000 http://raincityguide.com/2007/04/07/how-well-do-you-know-your-mortgage/#comment-234792 Marjorie, if you call me on my mobile number, I probably know a good attorney that does Chapter 13 in your area (assuming that's the greater Puget Sound area). That may not be the answer, but at least it's something you should check out earlier rather than later. Marjorie, if you call me on my mobile number, I probably know a good attorney that does Chapter 13 in your area (assuming that’s the greater Puget Sound area). That may not be the answer, but at least it’s something you should check out earlier rather than later.

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