MortgagesUndressed

If no, or if your comment is rejected, it isn’t a blog. It is a disguise. The consumer benefit of a blog is the interaction and discussion, even objections and oppositions available on a true blog.

So if you cannot comment of if your appropriate comments aren’t posted do as I do, disregard it.

Lar

The cartoon below is courtesy of bifsnif.com

I wrote two negative articles on Pay Day Loans and they hit me with 218 spams last night. Never fear Akismet is here.

The articles: 1- A Pay Day Loan Company Wants To Advertise Here: No Thanks
and 2- another perspective

I post the email for two reasons: First, we will only promote, if and when we allow advertising on this site, businesses that add to the mortgage community. By add, I mean a valuable service.

Pay days loans are your friendly loan shark. The fees and interest they charge are in the absurb category. They may seem small in dollar amount but in percent they are serious.

Second: If you are in the space where you need a loan until your next check, you are not ready to get a mortgage or a new home. For you I want you to start dreaming. Visit this site daily. Look at a year or two as not far away. Start taking action that solves your problem.

Notice I said take action. This places the burden on you. You can do it. Do It.

Now for the email:

Dear Sir/Madam,
After
visitinghttp://mortgagesundressed.com ,our company

would be interested in an advertisement on your site.

We provide consumers a safe and easy way to apply for

payday loans online. Our advertisement format is

generally 15 words long and it will contain two to three text

links, which we provide. Please let us know how much your site

would charge for an ad of this size. We look forward to your reply

and the opportunity to work with you.

Thank you,

As I watched this video found by Curtis Cragun I had flashes of memories of the great teachers I have had. Whom do you teach? Many perhaps. CLICK HERE IT IS WORTH IT.

Click here for the article where I said to lock, and why.

OK, so you locked your rate, all is well, right? Right? Of course I might have been wrong, then what? We will deal with that on line as the days go forward. I was challenged as wrong on Teresa Boardmans blog, so I challenged back. i put up a rate that is easy to compare. I picked a date of closing. My hope is I am right, but my real hope is to make this a learning experience. To see the particulars, click here and you will go to http://mortgagesundressed.com/2006/11/28/lock-your-interest-rate-now/

So let us assume you locked your rate and that that was a smart move. All is well then, right?

Maybe not. Does your loan officer gamble with rates, many - too many do. If they can pick up an extra 1/4 point in rebates because you thought you were locked but they played the market it could mean several hundred dollars more to them. How do you know if they gambled with your lock? Most of the time you don’t know. Unless of couse they get you to closing and rates went way up. You might find out then.

Let’s say they didn’t gamble with your lock. So all is well, right? Maybe not. Will the loan close on time? Maybe you picked a so so or a no no lender. They have a lot to do, will they be judicial in getting it done? if the loan isn’t completed to the underwriters requirements the loan may not fund on time. If rates have gone up, you might lose your rate, even if you were locked. Oh dear.

Lets say however, your loan officer is good but a little busy, you had to get a copy of your bankruptcy for the underwriter review. He asked you for it, but you put it off. Now you can’t find it. Everyone discovers this at the last minute. The only hope you have is to rush down to Superior Court for a copy. But you can’t get off work. Will the underwriter cut you some slack? No. If all you are required to deliver for review is not provided, you can lose your lock, lose your rate, and it just might be your fault.

Oh dear, this is so complicated, so disconcerting. What do I do you might ask? OK here is my best advice: Make sure you have in your immediate possession a copy of a lock document where your loan officer puts in writing the terms of your lock. He must do this, but if playing games might put it off. Don’t stand for that. Next know what is required by underwriting. Know who is responsible for each condition. Those you must do, do them now. Verify they were received. Keep a copy in case they get lost. Those your loan officer is to do, check up in 10 days, see if the loan is ready for the documents to be produced. If not press to know why. Be a pest.

Lastly, hope rates go down. If the go down I have to explain how to deal with this: either with the bank, or with your own emotions. Time will tell. Larry Cragun

PS: I love this business.

Are you a man or woman of conviction? A few of you aren’t. I see it in life, afraid to tell the truth to the wife.

But this article is about the web. Occassionally someone pops up and disagrees with me. I actually appreciate this. Kath will tell you I am wrong a whole lot of the time. But I have my opinions and I take it seriously when I post them here. Any comment I make is either sarcastic and fun intended (which I am sure you can spot) or designed to give you a thoughtful and experienced opinion.

The blogoshpere is a forum. You can disagree and post your opinion. Brave blog authors post opposing opinions. I do. However when someone disagrees and comments so, If he or she that disagrees, stays anonymous they have no credentials, their words are thin.

A few days ago I wrote an article telling people who were closing within a 30 day period to lock their loan. Floating is always a dangerous thing, especially if a higher rate knocks you out of qualifying. That often has tragic consequences. My friend in the computer, Teresa Boardman of St. Paul, Minnesota picked the article up and posted it on her website.A spineless dude going by the name of John Daly, offering a phony email took the article to task. Teresa asked me to respond. I did.

John or whoever he is Spineless Daly missed an opportunity for public service. He missed an opportunity to further his career. If he disagrees with me and can add serious content as to why, and is willing to carry on a discussion on line we all win. We win by assesing the discussion. You win by evaluating two viewpoints. Then you make a better decision. That is one of the great things about the blogosphere.

John Daly, John Daly come out from the dark. A discussion is awaiting. The blogosphere needs you. Be a man. Put a brace on that spine. A challenge is awaiting, we are losing time.

CLICK HERE AND JOIN THE CONVERSATION On St. Pauls best blog.

Larry Cragun

I love this picture.

A recent conversation brought home this point. A borrower shopping for a good rate, received a quote for a very good rate. Too good perhaps. Over the phone a dollar amount for costs to get a refi was quoted. It was to cover appraisal costs, all the good stuff. Then, after deciding it was a good rate, the borrower hears a new twist. The loan officer says, “Oh that didn’t include points, it was just your closing costs.” LIAR LIAR LIAR.. Bait and switch perhaps.

To be sure, have the loan officer email you a good faith and Truth In Lending Statement. Then remember it was good only for that point in time. Always be suspicious of rates quoted over the phone.

This is the wrong way to get a loan.

In previous articles I wrote about a client that was given a good faith estimate showing the need for appproximately $4700 to close a home purchase and the Escrow papers showed a need of over $13,000. Can you imagine the shock, getting such a notification in the mail? Click Here for article

I got involved and the end result is the loan officer made adjustments from their outrageous $10,000 fees they were charging to bring the money needed into their proper place. There were some things on the closing papers that were not to be charged, this helped.

So, Error or no error as the loan officer ended up fixing the problem, I am not going to dislcose her name or company.

However, I am going to make it easy for you to have a good experience if you are needing a mortgage in Nevada. One of our former, most dependable and most reasonable in fees charged loan officers is now doing business in Nevada. She just couldn’t stand the rain any more.

Her name is Colleen Jane McGrath. She was always number one or two in production, out of 100. This was because real estate agents knew she was dependable and wouldn’t rip their clients off.

You can reach Colleen at 206.310.4073. Tell her I sent you.
Larry Cragun

How High will you go?

Conventional = best rate

Alt A = A little higher rate

Exotic such as stated = higher rate

Sub Prime = A lot higher rate

There is a business with a business model I don’t like. JigSaw.com. It will make me not want to ever again randomly give out my business card. This company pays people to get business cards. They sell your info. Yep, everything you have on your card is their stock in trade. Let’s vote this company goes out of business.