Tags |
|
|
Links |
|
|
Added for You - 37 Mortgage Insiders Shopper Tips - The Run, Don't Walk Checklist
Now that you have your startup business up and running, you may have to advertise it as extensively as you can. And you can start by having your very own customized business check.Most companies that manufacture business checks have been in the business for more than fifty years. If you are after security and reliability, they are your safest choice for your business check requirements. On the plus side, they can provide you with experience-based expert advice on your orders.You will need the advice of these established suppliers, especially if you are building a strong professional corporate image for your company. They can advise you on the right color for your checks and where to place your logo and company name. To give you a more comprehensive i
17. They push an interest only loan and tells you to pay extra principal payments.
18. They promote Adjustable rate mortgages in an increasing interest market.
19. They can’t explain how the ADJUSTABLE RATE MORTGAGE index and margin come together to make an ADJUSTABLE RATE MORTGAGE rate.
20. They can’t explain what the initial, periodic, and lifetime caps on an ADJUSTABLE RATE MORTGAGE are.
21. They don’t know the difference between a convertible and a non-convertible ADJUSTABLE RATE MORTGAGE.
22. They push negative amortizing loans like the “pick-a-payment” or “option” Adjustable rate mortgages so pr
The Law of Expectations uses expectations to influence reality and create results. Individuals tend to make decisions based on how others expect them to perform. As a result, people fulfill those expectations whether positive or negative. Expectations have a powerful impact on those we trust and respect, but, interestingly, an even greater impact on perfect strangers. When we know someone expects something from us, we will try to satisfy him or her in order to gain respect and likeability.We communicate our expectations in a variety of ways. It may be through our language, our voice inflections, or our body language. Think of a time when you've been introduced to someone. Usually, if they introduce themselves by their first name, then you do the same
After 15 years in the mortgage industry, I can unequivocally say…boy, is that wrong!
Once folks learn the frivolity of using estimates, the most asked question I hear is, “If estimates are out, how do I pick one mortgage company over another?”. To answer that question, I put together the “Run, Don’t Walk” Checklist for mortgage shoppers. To use the checklist, remember, if the company/loan officer you’re evaluating, possess, says, or demonstrates any item on list….Run, Don’t Walk!
Well, here we go: The Checklist
1. It’s a bank….you know Countrywide, Wells Fargo, Washington Mutual etc, Banks are not the low cost providers of mortgage money …big surprise, right! And they don’t have to disclose their overage (ie. YSP or SRP).
2. They don’t have you sign anything…no application, good faith estimate etc. (self-explanatory)
3. They have you sign blank documents. Signing blank documents is worse than no documents.
4. They are a friend or family member...once you learn the truth, so long friend.
5. They verbally lock loans…no lender lock confirmation. If they won’t send you a lender lock confirmation, they are hiding the YSP.
6. They play stupid or get irritated when you mention YSP (yield spread premium).
7. They promote loans with a pre-payment penalty. They make more YSP with a pre-payment penalty unless the lock confirmation shows otherwise.
8. They are uncomfortable or irritated discussing their compensation. If they can’t discuss and explain their total compensation without equivocation, run!
9. They push Adjustable rate mortgages (adjustable rate mortgage) when your hold period is 5 plus years or when the market has obviously changed to an increasing rate market.
10. They push an interest only loan when your hold period is 5 plus years or when the market has obviously changed to an increasing rate market. Interest only loans typically are used to obfuscate the underlying adjustable rate.
11. They push an FHA and/or VA loans when they haven’t attempted a conventional approval first. Conventional lending now provide 100% and bruised credit programs which formerly were the main reason for the FHA and VA programs. They are now obsolete.
12. They push a sub-prime or bruised credit loan without attempting an "A" credit loan first.
13. They do not get immediate computer approval.
14. They insist on a personal meeting for application designed to pressure you into signing.
15. They promote a “fixed fee” or “No-Cost” loan….there is no such thing! Yield spread premium rate hiking will cost you thousands over the life of the loan.
16. They won’t disclose their exact total compensation. This includes all revenue generated by origination fees, mortgage broker fees, processing fees, and all “back-end” compensation also known as yield spread premiums (for brokers ) or service release premiums (for banks ).
17. They push an interest only loan and tells you to pay extra principal payments.
18. They promote Adjustable rate mortgages in an increasing interest market.
19. They can’t explain how the ADJUSTABLE RATE MORTGAGE index and margin come together to make an ADJUSTABLE RATE MORTGAGE rate.
20. They can’t explain what the initial, periodic, and lifetime caps on an ADJUSTABLE RATE MORTGAGE are.
21. They don’t know the difference between a convertible and a non-convertible ADJUSTABLE RATE MORTGAGE.
22. They push negative amortizing loans like the “pick-a-payment” or “option” Adjustable rate mortgages so pre
Myspace is actually fairly young as it was started back in 2003 as a place to network socially. The website made having a web presence something everyone could do and everyone began doing it. In fact, the popularity of the site took off rapidly. People were able to upload photos, text, and even music clips to share with other members. Then, musicians found an outlet in Myspace and began using those uploadable music clips to advertise their music, new songs, and the like.Besides this, kids of the Internet generation were finding out how cool it was to have their own “space” on the web that they could update, change, and design as they so chose. In addition, it was so easy to keep up with friends at other schools as well as their own not to mention meet new p
2. They don’t have you sign anything…no application, good faith estimate etc. (self-explanatory)
3. They have you sign blank documents. Signing blank documents is worse than no documents.
4. They are a friend or family member...once you learn the truth, so long friend.
5. They verbally lock loans…no lender lock confirmation. If they won’t send you a lender lock confirmation, they are hiding the YSP.
6. They play stupid or get irritated when you mention YSP (yield spread premium).
7. They promote loans with a pre-payment penalty. They make more YSP with a pre-payment penalty unless the lock confirmation shows otherwise.
8. They are uncomfortable or irritated discussing their compensation. If they can’t discuss and explain their total compensation without equivocation, run!
9. They push Adjustable rate mortgages (adjustable rate mortgage) when your hold period is 5 plus years or when the market has obviously changed to an increasing rate market.
10. They push an interest only loan when your hold period is 5 plus years or when the market has obviously changed to an increasing rate market. Interest only loans typically are used to obfuscate the underlying adjustable rate.
11. They push an FHA and/or VA loans when they haven’t attempted a conventional approval first. Conventional lending now provide 100% and bruised credit programs which formerly were the main reason for the FHA and VA programs. They are now obsolete.
12. They push a sub-prime or bruised credit loan without attempting an "A" credit loan first.
13. They do not get immediate computer approval.
14. They insist on a personal meeting for application designed to pressure you into signing.
15. They promote a “fixed fee” or “No-Cost” loan….there is no such thing! Yield spread premium rate hiking will cost you thousands over the life of the loan.
16. They won’t disclose their exact total compensation. This includes all revenue generated by origination fees, mortgage broker fees, processing fees, and all “back-end” compensation also known as yield spread premiums (for brokers ) or service release premiums (for banks ).
17. They push an interest only loan and tells you to pay extra principal payments.
18. They promote Adjustable rate mortgages in an increasing interest market.
19. They can’t explain how the ADJUSTABLE RATE MORTGAGE index and margin come together to make an ADJUSTABLE RATE MORTGAGE rate.
20. They can’t explain what the initial, periodic, and lifetime caps on an ADJUSTABLE RATE MORTGAGE are.
21. They don’t know the difference between a convertible and a non-convertible ADJUSTABLE RATE MORTGAGE.
22. They push negative amortizing loans like the “pick-a-payment” or “option” Adjustable rate mortgages so pr
Criminal Records United States Criminal Records Criminal histories are maintained by law enforcement agencies on all levels of government. Local police departments, sheriff's offices, and specialty police agencies may maintain their own internal databases. On the state level, state police, troopers, highway patrol, correctional agencies, and other law enforcement agencies may also maintain separate databases. The federal government maintains extensive criminal histories and acts as a central repository for all agencies to report their own data.Department of JusticeNational Crime Information Center The Federal Bureau of Investigation, or FBI, maintains a national clearinghouse of criminal information known as
8. They are uncomfortable or irritated discussing their compensation. If they can’t discuss and explain their total compensation without equivocation, run!
9. They push Adjustable rate mortgages (adjustable rate mortgage) when your hold period is 5 plus years or when the market has obviously changed to an increasing rate market.
10. They push an interest only loan when your hold period is 5 plus years or when the market has obviously changed to an increasing rate market. Interest only loans typically are used to obfuscate the underlying adjustable rate.
11. They push an FHA and/or VA loans when they haven’t attempted a conventional approval first. Conventional lending now provide 100% and bruised credit programs which formerly were the main reason for the FHA and VA programs. They are now obsolete.
12. They push a sub-prime or bruised credit loan without attempting an "A" credit loan first.
13. They do not get immediate computer approval.
14. They insist on a personal meeting for application designed to pressure you into signing.
15. They promote a “fixed fee” or “No-Cost” loan….there is no such thing! Yield spread premium rate hiking will cost you thousands over the life of the loan.
16. They won’t disclose their exact total compensation. This includes all revenue generated by origination fees, mortgage broker fees, processing fees, and all “back-end” compensation also known as yield spread premiums (for brokers ) or service release premiums (for banks ).
17. They push an interest only loan and tells you to pay extra principal payments.
18. They promote Adjustable rate mortgages in an increasing interest market.
19. They can’t explain how the ADJUSTABLE RATE MORTGAGE index and margin come together to make an ADJUSTABLE RATE MORTGAGE rate.
20. They can’t explain what the initial, periodic, and lifetime caps on an ADJUSTABLE RATE MORTGAGE are.
21. They don’t know the difference between a convertible and a non-convertible ADJUSTABLE RATE MORTGAGE.
22. They push negative amortizing loans like the “pick-a-payment” or “option” Adjustable rate mortgages so pr
Have you ever wondered why your credit card bill is so high and you can't seem to pay off the balance? Well you are not alone in this. You should be aware of a couple of trick that they use and you probably don't even pay attention to it, but you definitely pay for it and BIG!The next time you open up your credit card statement, take a real close look to all the "junk" inside particularly the very hard to read insert Call "changes to you credit card agreement". That's right the one you always throw away or say that I'll read it later and never really do. Since you neglected to read all that fine print you just threw away you should realize what you just did. In essence you just agreed to all the changes the credit card company made IF (and that's a big "I
12. They push a sub-prime or bruised credit loan without attempting an "A" credit loan first.
13. They do not get immediate computer approval.
14. They insist on a personal meeting for application designed to pressure you into signing.
15. They promote a “fixed fee” or “No-Cost” loan….there is no such thing! Yield spread premium rate hiking will cost you thousands over the life of the loan.
16. They won’t disclose their exact total compensation. This includes all revenue generated by origination fees, mortgage broker fees, processing fees, and all “back-end” compensation also known as yield spread premiums (for brokers ) or service release premiums (for banks ).
17. They push an interest only loan and tells you to pay extra principal payments.
18. They promote Adjustable rate mortgages in an increasing interest market.
19. They can’t explain how the ADJUSTABLE RATE MORTGAGE index and margin come together to make an ADJUSTABLE RATE MORTGAGE rate.
20. They can’t explain what the initial, periodic, and lifetime caps on an ADJUSTABLE RATE MORTGAGE are.
21. They don’t know the difference between a convertible and a non-convertible ADJUSTABLE RATE MORTGAGE.
22. They push negative amortizing loans like the “pick-a-payment” or “option” Adjustable rate mortgages so pr
Making a website is easy. Making a good website is not so easy. There are many elements that you have to consider if you want to make a good and successful website. What are these elements? This article will cover those things that make a website stand out from the pack.What is a website?A website is an address (location/server) on the World Wide Web that contains your web pages. Basically, a website is your personal online communications connection to the rest of the world. So if you want to build a serious website it is important that you know how to properly design your website. There are many websites, so what will make your website standout from the pack?Media typesA website is totally different from any other type of
17. They push an interest only loan and tells you to pay extra principal payments.
18. They promote Adjustable rate mortgages in an increasing interest market.
19. They can’t explain how the ADJUSTABLE RATE MORTGAGE index and margin come together to make an ADJUSTABLE RATE MORTGAGE rate.
20. They can’t explain what the initial, periodic, and lifetime caps on an ADJUSTABLE RATE MORTGAGE are.
21. They don’t know the difference between a convertible and a non-convertible ADJUSTABLE RATE MORTGAGE.
22. They push negative amortizing loans like the “pick-a-payment” or “option” Adjustable rate mortgages so predominant in radio and TV advertising these days.
23. They don’t know the difference between payment caps and rate caps on Adjustable rate mortgages.
24. They work part-time in the mortgage business.
25. They are new to the business and therefore lacking in experience.
26. They were referred by a Website lead portal like LendingTree and others. These lending sites increase the cost of the loan. In the case of LendingTree, the increase cost is over $700!
27. They were referred by a real estate agent. They will probably be related to the loan officer or have some financial arrangement that will increase the cost of the loan for you.
28. They work for the builder mortgage company. See 27 above.
29. They work for the real estate mortgage company. See 27 above
30. They are also your insurance agent or financial planner. See 27 above.
31. They claim or allow you to assume, you can get the lowest rate simultaneously with a No-Cost or Flat Fee loan. An example is when you see a low rate on a Ditech commercial flashed right next to a flat fee offer of $395…they don’t go together, but you’ll only discover that after you call.
32. They use massive TV or Radio Ad campaigns. The cost of those ads gets re-couped by increased cost to you. Yield spread premium to the rescue!
33. They collect a huge deposit. As in the case of LendingTree, where they collect a NON-refundable $600!
34. They quote you a rate without first gathering important, rate-changing, information like, type of loan, credit score, loan-to-value, and income qualifying vs. stated income, etc.
35. They don’t mention mortgage insurance when the loan to value is over 80%.
36. They can’t get a loan done in less than 30 days.
37. They push “pay off your credit cards with a Home Equity Loan. These loans are by definition adjustable rate loans usually based on the Prime Rate which changes with each Fed change…not good.
This checklist should be used with a healthy dose of common sense. I always tell folks to trust their instincts as well. Knowing that your BS meter is going off at high volume should not be ignored. These points allow you to ask the loan officer the question, get the answer, and then listen for the alarm to sound. Of course, if you don’t listen for the alarm and act on it, no amount of advice will help you.
Good Luck!
HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.added4u.com/article/144369/added4u-37-Mortgage-Insiders-Shopper-Tips--The-Run-Dont-Walk-Checklist.html">37 Mortgage Insiders Shopper Tips - The Run, Don't Walk Checklist</a>
BB link (for phorums):
[url=http://www.added4u.com/article/144369/added4u-37-Mortgage-Insiders-Shopper-Tips--The-Run-Dont-Walk-Checklist.html]37 Mortgage Insiders Shopper Tips - The Run, Don't Walk Checklist[/url]
Related Articles:
Managing Change - Size Matters - Scope The Change Work
Self Credit Repair - How You Can Do It On Your Own
What Every Homeowner Should Know About Carbon Monoxide Poisoning
Bookmark it:
|