I read the musings of a brilliant, but young mortgage man that was having trouble explaining pre-paid interest, which is line 901 on the Good Faith Estimate and HUD-1, closing statement. I discuss this in my book "Get The Money / A Consumers Guide To A Successful Mortgage Application" but let me
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01/30/2008
I've written about the danger of depending upon Home Equity Lines Of Credit, HELOC's, before. I was concerned about depending upon your HELOC for access to cash when making an offer, I'd suggested that even though you have the HELOC available you always make your offers contingent upon the loan,
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01/30/2008
Everyone is a salesman, some are just better than others. I write about real estate investment, but salesmanship is a lesson in life! The only reason most people make, for not investing in real estate, is they don't think they can make the sales necessary to buy and then sell an investment proper
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01/29/2008
Kick backs, hidden cost, back points, HUD (Housing and Urban Development) calls it "Yield Spread Premium" (YSP), money paid by the a lender to mortgage brokers outside of closing. Money paid by the lender to the broker because you got a higher mortgage interest rate. Mortgage brokers are suppose
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01/29/2008
I was 21 and out of the Marines just ten days when I went to work for a small loan company, a week later I was making loan decisions affecting peoples lives. Just two weeks more and I was in the field making collection decisions that could literally destroy peoples lives. 14 months later, and not
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01/29/2008
We're Number 1 Nevada has the highest foreclosure rate in the country!We're Number 1 Nevada has the highest real estate opportunity rate in the country! Are you an investor, do you need a home of your own?Is my headline, the second one any less true than the first?News today is what we called "ed
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01/29/2008
I received a question from an Active Rain reader. Here is most of my answer.Yes you were brief, but you've asked some very big questions. Regarding short sales, banks (all lenders) accept short sales when it is in the BANK'S best interest! If the short sale benafits the home owner that's good, bu
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01/27/2008
Do you have a favorite word? Do favorite words influence your life or does your life influence your favorite words?A favorite word, color, flower, song it all sounds sort of juvenile if not down right childish! Doesn't it?Have you ever considered why kids have these favorites? I've concluded that
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01/25/2008
I have an idea to help upside down/negative equity home owners.Congress could have Fannie Mea, Freddie Mac, and Genie Mae to refinance existing loans to 80% of the current value, while subordinating the remaining balance to second position, and recasting it over the remaining term. This could als
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01/24/2008
Do you use e-mail? Do your e-mails get opened?Do your readers take you seriously?Do you want to be though of as a professional? Do you look bad even before your mail is opened?Do you want to be taken seriously?Do you do business using a free mail service?Do you have an investable $27.00 a year?Do
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01/23/2008
