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FIB - Scams 101

Re: A Mortgage Broker's 2 Cents

Posted By: Jim G
Date: Monday, November 12, 2007, at 11:40 a.m.(pst)

In Response To: A Mortgage Broker's 2 Cents (Noe Longoria)

>> As a mortgage broker, I can tell you that the program does indeed
>> work. Especially for those who have trouble with basic math.

>> But you make a valid point. Most people can accelerate their mortgage
>> by simply paying a little extra every month. It completely screws up the
>> amortization schedule the banks have calculated on the life of the loan so
>> you can pay them up to three times what you initially borrowed.. Sad but
>> true.

NOT if you do it by using your amortization schedule...and make the
necessary notations on said schedule. If one keeps doing it, even when
the principle payments become larger than the interest payments, one will
be finished paying looooooooong before the 30 year term of the loan. True -
and far from sad.

The only reason I feel reasonably secure in saying all this is....BECAUSE I
DID IT. :-))

Of course, if you have an ARM, it's a whole different animal. It's the folks
with those kind of mortgages who are having problems now.

>> If you don't have the extra cash, simply take your IRS refund every
>> year, and pay it towards your mortgage. And if that isn't possible, then
>> go on the bi-weekly mortgage payment plan.. It works out to one extra
>> payment a year and shaves years off the mortgage.

>> While everyone should aspire to pay off their primary residence as
>> soon as possible, the truth of the matter is that many folks use their
>> homes as ATM's. And this program is definetly not for them. Giving them a
>> HELOC is like giving them a credit card. Once they start buying Christmas
>> presents with their HELOC, they are screwed. YOU HAVE TO BE VERY
>> DISCIPLINED. Otherwise you will end up deeper in the hole.

>> This current mortgage crises we are in is being blamed on mortgage
>> brokers. That is partly true. You have no clue how many crooks this
>> industry attracts. But the real culprits were the banks.. They were the
>> ones who created these STATED INCOME, STATED ASSETS loan programs. In some
>> instances, it didn't matter if you had a recent bankruptcy. I'm sure most
>> of you remember those rediculous offers you got in the mail.. Then the
>> banks looked the other way when brokers and agents put people in suicide
>> loans. The horror stories I can tell you.

>> If you don't have a home and are looking to get into the market, don't
>> get snookered into buying more home than you can reasonably afford..
>> Realestate agents do this because their commissions are tied into the
>> price of the home.. The bigger the price, the bigger the commission. Just
>> remember this.. Do you really want to be a slave to your mortgage? And
>> remember.. We are not in a 20% appreciation market anymore. Those days are
>> gone. Get a home you can reasonably afford.

>> In closing, let me leave you with this thought. Whether you use a
>> pencil, a spread sheet, or a mortgage acceleration software program, work
>> towards paying off your primary residence.. You and your family will
>> always need a place to live. And if you someday find that your retirement
>> check is not enough, at least you will be in a position to get a REVERSE
>> MORTGAGE so you can live the rest of your days with some dignity. If you
>> did your job right, your kids will have their own homes and you won't have
>> to leave them yours..

>> Live well.. And thrive.

>> Noe Longoria
>> Broker
>> Choice Terms Mortgage

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