Mortgage Loan Quote

Geraldine Said:

I am looking for loan modification leads and mortgage leads.?

We Answered:

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Angel Said:

Do people have bargaining options when getting an interest rate on a mortgage loan?

We Answered:

yes


-me

Herbert Said:

What is the average life of a mortgage loan?

We Answered:

Your question is ambiguous. Do you mean how many years the average mortgage is initially for or how many years, on average, do people keep their mortgages before selling their home?

The most common original mortgage length is 30 years. The average length of time that a mortgage is actually held is about 5 years.

Stacy Said:

Is wells fargo mortgage payment protection a rip off?

We Answered:

I think it's a bad deal, but not a scam.

See, any time a LENDER is offering to "let" you buy insurance, that only pays THEM, well, that's a bad deal.

If THEY want coverage to make sure THEIR loan gets paid, let them buy it.

If YOU want coverage to make sure that YOUR household bills get paid . . .. you want YOU to be the one getting the money, so you can decide if you'd rather spend it on the mortgage, or on food for your 19 kids.

Never pay to insure someone ELSE. If you're going to buy it, let YOU choose who gets paid.

Kristin Said:

Can there be a mortgage loan without origination and processing fees?

We Answered:

It is possible to have a loan without origination fees. Ask for a Good Faith Estimate from each lender and compare that. It should be fairly close to what the actual amount comes out to be.

Betty Said:

Got a mortgage refinance quote: Too good to be true?

We Answered:

Oh, it's probably true - but the catch is that it's only the nominal rate, and your payments are only calculated AS IF that were your rate. The real rate on this loan - the rate they are really charging you, by adding the difference to your balance, will be at least 7.25%.

This is a negative amortization loan. You might try running that term through the search engine of your choice, or if you don't want to sift through all of it, go to

http://www.searchlightcrusade.net/posts/…

and

http://www.searchlightcrusade.net/posts/…

and

http://www.searchlightcrusade.net/posts/…

and

http://www.searchlightcrusade.net/posts/…

For all kinds of good information on the problems with this type of loan.

Businessweek also (finally!) did an article on them here
http://www.businessweek.com/magazine/con…



But if you afford a real loan, they are available in the high 5 percent range. 30 year fixeds from about 5.875. And if you cannot afford a real loan, chances are pretty high that you either should not buy or should sell if you already have.

Discuss It!