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Posted by Percy A Lowe on June 20, 2013 at 7:00 AM Comments comments ()


June 27, 2013

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Mortgage Refinancing Why or Why not?

Posted by Percy A Lowe on April 1, 2013 at 7:00 AM Comments comments ()

Knowing when the time is right or if you should do a home mortgage refinance is always a difficult decision for any homeowner. With fluctuating interest rates it is hard to time it perfectly. But we do have some important issues you can consider in advance so that you are prepared to move forward when the interest rate hits an appealing level for your next home mortgage refinance.

Should I refinance or not? There are several factors to consider to answer this question such as:

1. Interest Rate - Does the current market offer a lower rate than what I have? If your current rate is as good or close to the type of interest rate you can get then there is no reason to refinance unless you have other valid reasons. As a rule, you need to get at least a full one percent reduction in the rate to consider a home mortgage refinance if the interest rate is the reason for refinance.

2. Am I Moving Any Time Soon - There are fees associated with a home mortgage refinance. Therefore, you need to consider how long you plan on living in the home. If you plan on moving any time in the next few years, it probably is not worth spending the money to get a lower interest rate or payment. Generally, it takes two or three years to break even on the fees associated with a refinance versus the monthly savings it generates for you. If you plan on moving within that time frame that would be great either becasue you just paid interest only not enough money has built towards the equity of the home.

3. Terms of Current Mortgage - Taking advantage of the opportunity to convert your adjustable rate mortgage to a fixed term loan or to reduce your term from a 30 year mortgage to a 15 year mortgage can be a good reason to refinance your home mortgage as well. With low interest rates in the current market, you may be able to get into a lesser term mortgage with little to no increase in your monthly payment. This can save you a tremendous amount of money over the term of the loan. It is awlays great move to move into a fixed rate mortgage loan. 

4. Tap into Equity - One last reason that you may consider a new home loan is to access equity in your home for a major purchase or expense that you have. Regardless of the reason, using your home equity is a good way to access needed money. The interest is usually tax deductible and the interest rates are lower than almost any other type of financing. If you are going to tap into your equity of your mortgae only do so to look forward to paying off your home in ten years are less. If you can take the equity in your home and recylce the equity to payoff your mortgage in 10 yrs are less would be the perfect situation to refinace your home to pull out equity.


Two things a Mortgage Underwriters Checks for part 2

Posted by Percy A Lowe on March 31, 2013 at 4:00 PM Comments comments ()

Debt-to-income Ratios

When choosing a mortgage underwriter from outside your business, ensure that they have enough knowledge of debt to income ratios. These are calculations that underwriters utilize to determine whether a prospective home buyer is eligible for a loan. There are usually two types of calculations. The Front Ratio compares a borrower's expense to their income. They divide a borrower's total mortgage loan with their gross monthly income. The Back Ratio compares total monthly obligations to income. A reliable mortgage underwriter must be able to explain debt-to-income ratio issues to borrowers. For instance, they must explain why some aspects are included or not included in the total obligations or gross monthly income of a borrower.

Under total monthly payments, competent underwriters include all installment loans that have less than ten months remaining, co-signed loans, child support, any loan from a previous marriage, PITI (principle, interest, taxes and insurance) and all accounts, including credit cards'. Under gross monthly income, they include overtime, self-employed salary, bonuses, commission and child support contributions.


Two things a Mortgage Underwriters Checks for

Posted by Percy A Lowe on March 29, 2013 at 4:00 PM Comments comments ()

Are you searching for an expert mortgage underwriter? Outsourcing one of these professionals could be the best solution. To outsource means to contract out work. Instead of assigning work to an internal underwriter, you can find a third party who can do it. The main purpose of outsourcing is saving money and time. Unless you are dealing with a freelance individual, an independent company can assure you speedy and quality results. The difference existing between a freelance worker and an internal mortgage underwriter is that the former works independently.

A freelancer who works alone can also be slow, inaccurate and unreliable. Hiring him or her will not make a big difference. On the other hand, an outsourced mortgage processing company uses a larger team of professionals. It is a self-governing organization with adequate office space, equipment, modern underwriting tools and various departments. By employing its mortgage underwriter, you can automatically get access to a larger team. This cannot only guarantee speedy results but also enhanced problem solving techniques. This will help you close loans faster than ever before. A mortgage underwriter must be fully informed about two main things that are described below.

In conclusion, their are more than two thing a Mortgae Underwriter checks for. Let's take a look at these two things you as  potential home buyer should already be covering well. This next two psot is focused on something consumers should already know before purchasing a mortgage. 


Top Ten Tips for Examining Loan Documents for Mortgage Fraud

Posted by Percy A Lowe on March 28, 2013 at 7:20 PM Comments comments ()

1. Review the loan originators, servicers and their attorneys forge documents with "squiggle marks" that are not the marks, initials or signatures of the actual officer that is notarized to be the signatory.

2. Do the signature initials or "squiggle marks" differ for the same signatory from document to document?

3. Closely review to see if squiggle marks and full signatures that are diametrically opposed to the known signature of the signatory.

4. Search for pre-stamped assignments and notary signatures on assignments, affidavits and proof of claims.

5. Look closely to find back-dating of dates on assignments and signatures of officers dating years after either a company is no longer in business or the officers are no longer with the company.

6. Check for forgery of forbearance agreements and modification agreements.

7. Review public records to see if missing intervening assignments should exist (See your mortgage interest statements1098 that will tell you if missing intervening mortgage assignments should have been recorded). Additionally, search for multiple assignments of the same instrument filed in the public records which will reveal a direct result of multi-pledging and the use of the same collateral, the mortgage loan, to pool into securities or pledge for other financing and should be viewed as an overt act of fraud when encountered.

8. Research for the discovery of pre-dated, backdated and fraudulent assignments of mortgages or endorsements either completely filled in or left blank to be filled in before or after the fact to support the future allegations of a foreclosing party. These fraudulent assignments are typically discovered when MERS acts on the servicers behalf. Often used to conceal and cover up known frauds and the abuses done by originators, prior servicers and are intentional to conceal the true chain of ownership of a homeowner's loan.

9. Hard to find escrow instructions or settlement statements to locate the assignment of the mortgage. Will also have multiple or missing assignments coupled with an inability to produce escrow and settlement statements. This demonstrates a deliberate concealment of the ownership of the homeowner's mortgage debt obligation and the actual lender to whom the borrower is indebted.

10. Is the foreclosing party in possession of the original note demonstrating the proper chain of title and legal right to foreclose? If not this is evidence of fraud often including a missing assignment or multiple assignments not revealed



Posted by Percy A Lowe on March 27, 2013 at 7:30 AM Comments comments ()

Getting a mortgage entails an important decision as it will certainly influence the person's financial situation. Therefore, it is important that brokers must assist their clients in obtaining the appropriate information on the various solutions available. Usually these procedures are disregarded by a few brokers. Consequently the Financial Ombudsman has received many mis sold mortgage complaints filed by the homeowners against their brokers. Brokers don’t fully spend the necessary time on the education part of the mortgage like they should with potential home buyers.

Appropriately the most prevalent case of mis sold mortgage are felt by homeowners that pay on "interest only" mortgage. In other words the payment made each month only goes on the interest while principal amount remains intact only to be paid in full upon the actual maturity of the mortgage. It appears that some homeowners took this approach through the advice of their brokers that rising house prices will eventually pay off the mortgage of their house. Such option will certainly build a problem especially if the homeowner is not given other alternatives on where they can produce this huge fund in the end. This is done to a lot of home owners who has plenty cash flow and very bad credit. They are very uneducated home buyers and when they see something that looks good they just jump right on it.

Additional common fault committed by the broker is their deficiency to make a detailed analysis on the financial capacity of the client. This may be deliberately carried out by the broker in the interest of concluding a deal so they can get a big commission on the sale. Then again, it is the homeowner who suffers in this type of dealing as they become involved with a predicament wherein it is unrealistic for them to settle their particular debt. This is just like those people who are acquiring a mortgage that will go beyond their age of retirement. Preferably, the broker must have talked about with the homeowner the potential retirement income they'll acquire and if they can still find the money to pay the mortgage. All the same, if this was missed out then it's clear that a mis selling of mortgage occurs. There is no law’s that requires loan officers, broker, under writer, are anyone in the business of selling a home to educate the home buyer. That is all up to their business ethics if they have any.

Whenever a homeowner desires to remortgage his property to pay his other loans as well as credit card expenses, the broker is expected to inform the client that the amount of interest that he will be paying will be more because the mortgage will last for a longer period of time. If this information is not presented then it will surely put in an extra financial burden on the homeowner and may at some point lead to a repossession of the property because the mortgage has not been fulfilled.

Obviously mis sold mortgage generally comes about when the broker takes advantage of their particular client by not offering them specific information on the financial responsibility they are about to take. Certainly this is unlawful because the consumer rights of the customer are totally disregarded. Thus it is just appropriate to remedy this negligence by submitting a complaint against the broker so the client can reclaim compensation for all the transaction they have made including the interest accumulated from it.



Posted by Percy A Lowe on March 26, 2013 at 7:30 AM Comments comments ()


You can try to find out who owns your mortgage by making a request authorized by section 1641(f)(2) of the Federal Truth in Lending Act to your loan servicer. The problem is the loan servicer in many cases won't tell you or worse yet, doesn't have a clue. More specifically, the act states, "Upon the request of the obligor, the servicer shall provide the obligor, to the best knowledge of the servicer, with the name, address and telephone number of the owner of the obligation or the master servicer of the obligation." Additionally, the Helping Families Save Their Homes Act of 2009 amended the Truth in Lending Act to provide a remedy for non-compliance of such a request whereby borrowers can recover actual damages, statutory damages, costs and fees.

Being educated with the proper information relative to the true ownership of your home loan is very important should you decide to try to negotiate a loan modification, short sale, deed in lieu or some other form debt relief or foreclosure prevention. Additionally, this is a major issue upon paying off your mortgage in order to get the title to the house. You must know who has the obligation to provide you that title, and to ensure the title can be legally transferred.

In this case, you need to do your home work. I like to address something here that a lot of people attend. That is First time home buyers seminars. Make sure you address this question to them about your mortgage. But everyone there is selling you a home without education. Because they all in the business of making money now I’m blowing the whistle on the devil.




Posted by Percy A Lowe on March 25, 2013 at 7:30 AM Comments comments ()

So who holds the title to your house? Every month you have to pay your mortgage to some anonymous bank or lender. This is the payment that you promised to make each month in exchange for the privilege of being able to buy your house or condominium. What most home owners don't know is that they don't really owe anything to that specific lender that they send thousands of dollars to each month. In reality, that company never actually loaned you any money for your home. In truth, that big bank is actually just servicing the "true" investor of your mortgage. The ironic thing is in most cases, you don't even know who is in point of fact getting your hard earned money.

The issue of who owns your mortgage is especially important in the event that a bank is trying to foreclose upon your house. One of the reasons for this is that in order to conduct a foreclosure, many states, including Massachusetts, requires that the party conducting the foreclosure prove that they have standing to foreclose. That is, they must demonstrate the proper paperwork to show they actually own the mortgage and have a right to foreclose.

This become a major issue, back in the mid 2000's when capital investors started selling hundreds if not thousands of residential mortgages and bundling them together in securities, and selling them as packages. What happened is that so many mortgages were buddle together that in many situations, the paperwork was not transferred and now the original proof of ownership is lost forever. Making the situation much worse, many banks created foraged counterfeit documents assigning mortgages to cover their tracks. The problem is that the bank must prove everything was done properly and that the owners must be able to prove they hold the notes in order to transfer title, or foreclose.

Often Americans doesn't know how the system works when it comes to buying a home. There’s a strong lack of education everything is about buying. We are so ready to own a home that we over look the most important part that is education. Because we lived in a home with our parents are been around home ownership growing up. We think we ready to buy a home but if you ask your parents who own their mortgage they couldn't even tell you. Well the goal is several things when it comes to purchasing a home. Hopefully over these next few blogs I can cause a buzz in someone’s mind to want to know more than just I just gave my money to someone I don't know.



Posted by Percy A Lowe on March 8, 2013 at 1:00 AM Comments comments ()

In today's society, debt seems like a very easy thing to make. This is actually a bad habit that we developed over the years - borrowing money in the hopes that our future income can supports its payments. If you define debt this way, you can immediately assume that there is no such thing as good debts - in fact it is always negative. That is because you never been taught the time value of money. So, you think debt is always a bad thing in which it is your thinking that is bad.

However, just as it is ridiculous to accept the possibility of a good debt, the same can be true with bad debts. Debt is, in essence, a monetary transaction between lender and borrower wherein the former profits from. It is neither good or bad. It does not seek to trick anyone - at least if you read all the fine prints. The government keeps a close eye on lending transactions and encourages borrowers to uncover any hidden fees before borrowing. So putting all technicality aside, debt is a simple business transaction. Because you don't read the fine print the leander is the crook, in fact you just duped yourself. For, not reading and asking question that important to your leading process. 

At this point, you may be wondering, if debt is not bad, then why does it cause so much stress and despair? Glad you are wondering this. The lending institution are using mathematical algorithums to keep you in debt long enough to double their profits. While you are using adding, subtracting, dividing, and multiplying. Invest in what they are using to see how you can play the same game they are playing. If you going to play in the game then pay in the game.

The answer to that lies in different external factors that has nothing to do with the essence of debts. It becomes as destructive as it is based on how we choose to use the money that we borrowed. If we used that money over unnecessary things, then that is when it becomes a bad thing. It starts to become a burden because it was spent on things that had no bearing to the borrower's growth - whether that is in the financial (business) or personal sense.

In effect, debt becomes either a bad or good financial transaction based on how we react to it. So, change your thinking and you change your reaction to debt. 

Given that reasoning you can assume that for debt to be considered good, you have to know how to use it well. That simply means using the debt fund as an investment. If you use it that way, you get to grow your wealth and eventually harness that investment to be able to pay off its own loan. In this scenario, debt does not end up being a burden. Instead it was converted to be a source of income that supports not only the debt payments itself, but the other expenses that the borrower makes.

This reasoning can actually help anyone conquer debt - especially if you chose to use debt consolidation loans as your solution. You can view the new loan not as a way out of your debt obligations but as an opportunity to turn around your debt woes and begin to reconstruct your damaged finances. There is nothing that you can do about your current debts and how they were spent. What you need to focus on is to make sure all debts incurred from hereon will be used to fuel your growth. Whether that is to finance a business, pay of your debts or build up your equity, debt can be used to result into something good.

This reasoning will not relieve the fact that debt is still risky but at least, this perception will remove the fear and aversion that we all have against the money lending industry. if you want to borrow money from the lending industry you are going to need a financial tool that can turn their system in your favor. Check out the Mortgage Advisory section of: if you have any question leave a inquiry please from the site.

The bottom line is this: use debts wisely and for the purpose of growth so it contributes positively to your personal well-being. If you will incur debt for any other reason than this, then you may want to think twice before you make it.