MortgagesUndressed

It always helps to save money, even if you already have a mortgage. We discovered a company last week that offers free cell phone long distance. You have to listen to a short commercial. It is 1-800-free411.

Jiffy Lube gets caught scamming. click here and watch your air filter…

Found by cub reporter “Young pup Ruth Cragun”

Interest Only is driving some people into problems and some have done fine. Good or Bad? It all depends.

And if you want to get legal opinion on Reverse Mortgages, this is for youl.

The Dalton Law Firm, a Raleigh based Elder Law firm focused on issues faced by senior citizens and their families, is conducting a Reverse Mortgage €˜Coffee Talk’ to help Seniors make informed decisions on how to pay for healthcare. Coffee Talks is a new series of casual seminars conducted by Elder Law Attorney, Mary Ann Dalton. The Coffee Talks focus on a variety of issues facing senior citizens and provides helpful insights into preparing for the future. The first in the series, Reverse Mortgages, How to Pay For Healthcare When All You Have Is Your House, is slated for Thursday September 28 with sessions from both 10 to 11am and 2 to 3pm. The Coffee Talk will be held at Caribou Coffee, Olde Raleigh, 3101 Charles B.

Click Here Ole Man for the whole article from the Carolina Newswire.

This neat old man is 94.

If you are securing a conventional fixed rate loan, the shopping is pretty simple. However, when you get into the “nontraditional” loans your neck is sticking out a mile.

Don’t misunderstand my point. There are good reasons for these other products, that is why they exist. You just may not need or want one.

The most flagrant example I have seen came from a manager I once had. He was also a loan officer. By the way, I quit a few days after learning this was what he was like. He would use any excuse to move someone to a higher rate, claiming he had to go to a special program. The most sinister example was a credit blemish. The unsuspecting borrower would be told their credit caused them to have to go to a subprime loan. Credit blemishes don’t always result in denial. Your total loan package is reviewed by automated underwriting. It amazed me at times, at just how lenient it could be.

I could go on and on about this topic, To make it easy for you, any time you are told you have to go to an exotic loan, be suspect. Ask for a copy of the automated underwriting denial. It may even be innocent, the input to the system could have had an error in it. For example, I once an underwriter from a major mortgage bank deny a loan I had submitted. I new it was to be approved, I had done my own LP or DO, the initials they use for automated underwriting. I asked her to go through her computer input an item at a time. She had left out a 0 in the asset colulmn. My borrowers had $100,000 in liquid assets, not 10,000. It was the difference.

Always be willing to second guess when you are told you don;t qualify, or that you must go exotic.

Larry Cragun

I wish they could make money without leading out with this product.

It is a monster if you don’t understand with what you are getting into.

Click here to see a recent businees week that touches on this product.

With that said, it is too late to lock today, the interest rate climate has been bright and sunny 7 of the last 8 weeks. This article seems to indicate a belief in stable rates, so lock and refi tomorrow might be a good thing to do. LarrY Cragun

You can pay a higher interest rate and use a stated income.

Click Here and Start Swimming.

Don’t be a sucker, follow MortgagesUndressed.com. It will keep you swimming in safe waters, always going upstream, always seeing things clearly, and always fun and sporty. Larry Cragun