[HLS]

People refuse to accept that they were gambling (and have lost) I don’t think that a part time job at Lowe’s is going to make up for a major salary increase.

I totally agree about common sense, but the fact is that the people who gambled in 2002-2004 (at prices that were stupid to me) still have equity, even if they did an exotic loan of the worst kind.

Another year or so, and they may not have any equity.

[HLS]

People refuse to accept that they were gambling (and have lost) I don’t think that a part time job at Lowe’s is going to make up for a major salary increase.

I totally agree about common sense, but the fact is that the people who gambled in 2002-2004 (at prices that were stupid to me) still have equity, even if they did an exotic loan of the worst kind.

Another year or so, and they may not have any equity.

[HLS]

It’s not all across the US, it’s in the overheated markets that are imploding. Most homeowners won’t be affected other than a drop in net worth, but the folks that are affected will continue to drop like flies.

Highly irresponsible, unethical advice from an agent, who will probably deny that is what they said.

Ya can’t put a price on ethical advice.

Pass the suntan lotion please.

[HLS]

It’s not all across the US, it’s in the overheated markets that are imploding. Most homeowners won’t be affected other than a drop in net worth, but the folks that are affected will continue to drop like flies.

Highly irresponsible, unethical advice from an agent, who will probably deny that is what they said.

Ya can’t put a price on ethical advice.

Pass the suntan lotion please.

[HLS]

There are always a few things that you can ask to see if they know what they are talking about.
There is no one list, because it depends on the situation.

The list of predatory tricks and scams is endless.

You need to let someone prove to you that you can trust them. Nobody can “guarantee” that you are getting the cheapest/best/lowest rate on the planet, as in any product, it just isn’t possible, but some do.

Just insist on getting all of your questions answered, and knowing your options and having them explained to you so you can decide what is right for you. If you cannot understand what they are explaining, walk away.

Know what you are paying, and be willing to learn.
If they are only trying to “sell” you a loan without discussing your needs/wants/goals, RUN.

Virtually nobody wants to educate you at their expense.

I am in the loan origination business. I do what I say.
My honesty & integrity doesn’t change.

Sometimes things go wrong with a loan that come out of left field, totally out of my control. If they do, I don’t hide it.

People that want to spend months trying to read everything still need to find someone honest to deal with. Even if I read about how to put an engine together, I wouldn’t be able to do it.

When you find the right person, it doesn’t matter what you know at the beginning, you will have learned what you need to know by the end.

If you just get a loan and learn nothing from it, I don’t think that you got what you paid for.

If you’d like to post your email address, I’d be happy to contact you privately.

The biggest joke to me is that many people go to “friends & family” who are often the biggest predators. They don’t need to earn your trust and take advantage of that.

[HLS]

There are always a few things that you can ask to see if they know what they are talking about.
There is no one list, because it depends on the situation.

The list of predatory tricks and scams is endless.

You need to let someone prove to you that you can trust them. Nobody can “guarantee” that you are getting the cheapest/best/lowest rate on the planet, as in any product, it just isn’t possible, but some do.

Just insist on getting all of your questions answered, and knowing your options and having them explained to you so you can decide what is right for you. If you cannot understand what they are explaining, walk away.

Know what you are paying, and be willing to learn.
If they are only trying to “sell” you a loan without discussing your needs/wants/goals, RUN.

Virtually nobody wants to educate you at their expense.

I am in the loan origination business. I do what I say.
My honesty & integrity doesn’t change.

Sometimes things go wrong with a loan that come out of left field, totally out of my control. If they do, I don’t hide it.

People that want to spend months trying to read everything still need to find someone honest to deal with. Even if I read about how to put an engine together, I wouldn’t be able to do it.

When you find the right person, it doesn’t matter what you know at the beginning, you will have learned what you need to know by the end.

If you just get a loan and learn nothing from it, I don’t think that you got what you paid for.

If you’d like to post your email address, I’d be happy to contact you privately.

The biggest joke to me is that many people go to “friends & family” who are often the biggest predators. They don’t need to earn your trust and take advantage of that.

[HLS]

But wait !
There are dishonest mortgage scum that will tell you about the 1% rate and how affordable your payments will be.
They wont tell you that will earn a fat commission and screw you into the loan (if you let them)

They also wont tell you that your true interest rate is at least 35% higher than what it really needs to be, or that your loan balance will go up every month, until you lose your home to foreclosure.

Oh, you don’t speak English ? No problem! Let me get someone who speaks your language, so you will be more comfortable, and they will NOT tell you any of the truth either.

Yep,, that’s EXACTLY how it happened…
******************************************************
Now, when you deal with someone like me, they will tell you that you probably shouldn’t buy a home for more than 4 times your annual gross income, (maybe 5x) depending on how stable your income is and how much monthly debt you have, and your overall financial picture.

As far as lender is concerned, you might be able to qualify and get approved with monthly debt payments of 55%-60% of your income, but I don’t think it’s a good idea.

[HLS]

But wait !
There are dishonest mortgage scum that will tell you about the 1% rate and how affordable your payments will be.
They wont tell you that will earn a fat commission and screw you into the loan (if you let them)

They also wont tell you that your true interest rate is at least 35% higher than what it really needs to be, or that your loan balance will go up every month, until you lose your home to foreclosure.

Oh, you don’t speak English ? No problem! Let me get someone who speaks your language, so you will be more comfortable, and they will NOT tell you any of the truth either.

Yep,, that’s EXACTLY how it happened…
******************************************************
Now, when you deal with someone like me, they will tell you that you probably shouldn’t buy a home for more than 4 times your annual gross income, (maybe 5x) depending on how stable your income is and how much monthly debt you have, and your overall financial picture.

As far as lender is concerned, you might be able to qualify and get approved with monthly debt payments of 55%-60% of your income, but I don’t think it’s a good idea.

[HLS]

Sorry.. It stands for YIELD SPREAD PREMIUM…

Fancy words for You got Screwed on your Interest Rate.

It will ONLY show up on one line of your final closing statement (HUD-1).. It is not in your column of numbers, it is usually off the left with the letters POC (Paid Outside Closing)

The 6 letters that you don’t want to see on your final statement (unless you agreed to it) YSP & POC.
You usually only see this statement when you are signing docs.
Even an estimated HUD that you might see prior to signing may not show this.

A loan from a bank or direct lender WILL NOT show this amount. Overcharging you is all internal to them.
Bank employees probably don’t even know about it and just insist that they have no fees.. It’s what they are told.

IF you ask, many slimeballs lie and say that it didn’t cost you anything, which is an outright lie.
You are paying higher monthly payments for the life of the loan so slimeball can get the YSP rebate.

Getting a PAR rate pays no YSP-rebate. Not a penny.

[HLS]

Sorry.. It stands for YIELD SPREAD PREMIUM…

Fancy words for You got Screwed on your Interest Rate.

It will ONLY show up on one line of your final closing statement (HUD-1).. It is not in your column of numbers, it is usually off the left with the letters POC (Paid Outside Closing)

The 6 letters that you don’t want to see on your final statement (unless you agreed to it) YSP & POC.
You usually only see this statement when you are signing docs.
Even an estimated HUD that you might see prior to signing may not show this.

A loan from a bank or direct lender WILL NOT show this amount. Overcharging you is all internal to them.
Bank employees probably don’t even know about it and just insist that they have no fees.. It’s what they are told.

IF you ask, many slimeballs lie and say that it didn’t cost you anything, which is an outright lie.
You are paying higher monthly payments for the life of the loan so slimeball can get the YSP rebate.

Getting a PAR rate pays no YSP-rebate. Not a penny.

[HLS]

A bit old ??
Although they announced problems two weeks ago, they only filed for BK protection less than 24 hours ago.

I guess that stating a fund is worthless and filing for BK protection is the same thing to you.

Apparently you already had them tried and convicted, so it was old news to you.

[HLS]

A bit old ??
Although they announced problems two weeks ago, they only filed for BK protection less than 24 hours ago.

I guess that stating a fund is worthless and filing for BK protection is the same thing to you.

Apparently you already had them tried and convicted, so it was old news to you.

[HLS]

You don’t want to know…

You think Katrina was bad ??

Will FEMA be available to help us 😉

[HLS]

You don’t want to know…

You think Katrina was bad ??

Will FEMA be available to help us 😉

[HLS]

I’m in the lending biz, I understand loans.

I’m not saying that KAY needs to refi, but what “seems like a keeper loan” to you could be 10% within 24 months of first change.

You mention a 30YR fixed rate (which they may or may not even qualify for depending on 10-15 other pieces of information), which assumes that they intend to keep the loan long term, so IF TRUE, your conclusion is that the 10% loan within 24 months is a keeper, rather than a locked long term loan in the 6’s.

Great advice.

[Author]

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