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Home Buyers and Mortgage Shoppers:
I am afraid it is not that simple.
Finding an “honest” mortgage broker is part knowing how to interview them and part “keeping them honest” by demonstrating your knowledge. In other words, the brokers (even the good ones) are willing to over-charge, if the client shows no real knowledge of how loans are priced, locked, [...]
The 40 year mortgage is sold to folks who want or need a lower payment. Many home owners are seeking a monthly payment even lower those provided on standard 30 year fixed loans. A 40 year mortgage is less in monthly payment because the loan is amortized over 40 years instead of 30…at [...]
As the name implies the payments on a reverse mortgage flow in reverse…not from the borrower to the lender but from the lender to the borrower. A reverse mortgage affords older homeowners (62+) that are “house rich” and “cash poor” to receive their equity a little each month.
Many older home owners in this [...]
Welcome to the Mortgage University Blog hosted by yours truly, Rob K. Blake, the Mortgage Insider!
I will keep you abreast of all the bad loan programs, bad lenders, and other deadly money draining happening in the mortgage and real estate industry.
The biggest rip-off in the industry is yield spread premium, so if you are looking [...]
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