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Mortgage Broker or Assassin? A Banker Who Offers You This Loan May be Trying to Kill You!
What if a banker or mortgage broker told you he's loan you 25 percent above the value of your home? You might think it sounds great, but I sure hope you'd say no. This is a loan only the most money-hungry and unscrupulous loan officers will sell. Few, if any, banks will do them. There are wholesale lenders, though, who will actually loan 125% of the value of your home.
In other words, if your home is valued at $100,000 and you want to take as much cash as possible, these lenders will actually loan you $125,000. Obviously, this type of loan is for people who are desperate to get cash, usually to pay off high credit cards or other bills. Although it might look attractive, it's actully a Death Loan.
So, why do I call it "The Death Loan?" Easy. It kills people financially. An honest mortgage professional will never offer this type of loan, and if you ask about it, they should tell you what you're about to read here. When you borrow more than your home is worth, you set yourself up to fail. Remember, you may pay off some debts with that extra money, but your mortgage payment is going to skyrocket. The interest rates on these loans run between 11% and 14% on average.
Now, the average person who takes this loan will pay off 10 or 20 thousand dollars worth of debt and feel great, for a short time. What invariably happens next is this person has cleared credit cards and slowly, or quickly in some cases, begins to run them up again. You see, very few people have the discipline to keep those balances low (remember, we're talking about a person who took this loan, because he ran them up in the first place). Here is where the financial death trap occurs.
The person has all that original debt, a huge mortgage payment, and now has a house that is worth $25,000 less than his loan amount. He can't sell, he can't refinance his mortgage, and he can't make his monthly bills; he is probably headed for bankruptcy.
Avoid this loan, at all costs. If a mortgage person suggests it, I would say you didn't do enough homework in selecting this person. Ge yourself a new mortgage professional, fast.
Mark Barnes is the author of the new novel, The League, the first work of fiction, based on fantasy football. He is also an investment real estate and home loan finance expert. Learn more about his suspense thriller at http://www.sportsnovels.com Get his free mortgage finance course at http://www.winningthemortgagegame.com
MORE RESOURCES updated Fri. September / 25 / 2020
Mortgage and refinance rates today, September 25, 2020 | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
Sovereign Lending Group, Mortgage Refinance Company, Hires Curt Rosequist As They Expand To Texas. - GlobeNewswire
Sovereign Lending Group, Mortgage Refinance Company, Hires Curt Rosequist As They Expand To Texas. GlobeNewswire
Refinancing Your Mortgage Is About to Get More Expensive The Wall Street Journal
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Mortgage lenders are adding the refinancing fee. You can still avoid it if you act now. - Bankrate.com
Mortgage lenders are adding the refinancing fee. You can still avoid it if you act now. Bankrate.com
A record number of borrowers can now save on a mortgage refinance, as rates set another historic low - CNBC
A record number of borrowers can now save on a mortgage refinance, as rates set another historic low CNBC
How often can you refinance your mortgage? Fox Business
Mortgage and refinance rates today, September 15, 2020 | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
Mortgage and refinance rates today, September 15, 2020 | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
How and Why to Refinance Your Mortgage: A Step-By-Step Guide ActionNewsJax.com
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Today's best mortgage and refinance rates: Thursday, August 27, 2020 | Rates Fall - Business Insider
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News News: Mortgage applications shoot up Mortgage Professional America
The Uncommonly Strong Case For Locking a Mortgage Rate Mortgage News Daily
FHFA's Official Report on Q2 Mortgage Relief Numbers Mortgage News Daily
What to consider when retiring and refinancing your home Washington Post
Coronavirus is driving a home renovation boom: Most popular projects, plus financing tips - Bankrate.com
Coronavirus is driving a home renovation boom: Most popular projects, plus financing tips Bankrate.com
Warren Buffett Has This Advice for Homebuyers The Motley Fool
Record number of banks offering cashback of up to $4000 for moving your mortgage, but is it worth it? - 9News
Record number of banks offering cashback of up to $4000 for moving your mortgage, but is it worth it? 9News
Dwight Capital Provides $36M HUD Loan on Seattle Suburb Rental Asset Commercial Observer
United Shore seeks to outpace Rocket in mortgage war The Detroit News
A great time to refinance your mortgage Yahoo News
Santander Adopts Digital Mortgage Solution From Roostify National Mortgage Professional Magazine
RED Mortgage Capital Provides $39 Million FHA Loan for Luxury Mixed-Income Multifamily Housing in Salt Lake City - PRNewswire
RED Mortgage Capital Provides $39 Million FHA Loan for Luxury Mixed-Income Multifamily Housing in Salt Lake City PRNewswire
Mortgage refinance: Everything you need to know Fox Business
Rates Heading Back to All-Time Lows, But it Won't Last Mortgage News Daily
When should you refinance your mortgage? Fox Business
How to get the best mortgage refinance rates Fox Business
10 things to know before refinancing your mortgage Fox Business
Compare Today's Mortgage Refinance Rates: Sep 24 Credible News
How to get a low-cost mortgage refinance Bankrate.com
Mortgage refinancing is about to get more expensive Pittsburgh Post-Gazette
How does mortgage refinancing work? Bankrate.com
Should you refinance your mortgage? Tennessean