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 […]

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 […]

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, […]

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 […]

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 […]

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 […]

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. […]

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 […]

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 […]