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Money Merge Account: Payoff Mortgage in 7-10 years?

Money merge account programs have two camps. You are either a loyal believer (so loyal you would defend the program to your death) or you think it is a total scam. Money merge accounts were pushed to every mortgage originator out there as soon as the refinances started to dry up. It is a complicated […]

How much lower would my rate be without the 2 percent YSP?

Here is the question and it is a good one. My mortgage broker had locked me in at 6.43% with a .25 point buy down at a cost of $875.00. Her yield spread was .98%. Then a week later the market fluctuated and she was able to lock me in at 6% with no buy […]

Why are insurance checks made out to my mortgage company?

Here is the question… Can you please assist us with a problem with FIRST FRANKLIN? Our refinance was done through them almost three years ago. We had over $25,000.00 worth of damages done to our home with the recent Hurricane Ike. We are having to replace our roof, entire fence, floor downstairs in family room, […]

How do I become a good mortgage shopper?

Here is the question… My wife and I are in the process of finding a mortgage broker, we are going to check out the one her brother used. This mortgage broker said that they do not charge points, so I assume they will make their money from Yield Spread, which is the lender giving her […]

Can my lender pay my past due property taxed without my consent?

Here is the question, Can a mortgage company, in this case the dreaded Litton Loan Servicing, pay my past due property taxes without my consent, thus creating a negative escrow balance which I am expected to rectify? I know as alien-holder they can purchase homeowners insurance if the owner lets it lapse, but do they […]

Can we assume a mortgage?

Here is the question on how to assume a mortgage… We have a son that can no longer afford the mortgage payment and thought we could assume the mortgage on their home. We thought he might have an assumable mortgage. I know that was possible once upon a time. What is the procedure for assuming […]

Can a borrower choose the PMI company?

This is a very interesting question, one I must say I have never heard or thought about before. The question: Can a borrower who is required to have PMI choose the PMI company? My answer: The very short answer is…Yes. With that said, it is just like the title company choice, the appraiser choice, etc. […]

How can I tell a mortgage lender from a mortgage broker?

First, just know that all banks are lenders. So that means the Wells Fargos and Bank of Americas of the world are mortgage lenders….not mortgage brokers. Then we have a hybrid…a broker with a line of credit that legally gets treated like a bank for the purposes of disclosing rate bump income…yield spread or service […]

Is a mortgage with a balloon payment a bad idea?

Mortgages containing balloon payment terms work like this: you pay a monthly payment of principal and interest at a slightly lower rate than a non-balloon mortgage in exchange the lender expects you to payoff the loan early in the form of one last “balloon” payment. Here is the catch: The balloon payment is the entire […]