![]() |
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
20-year mortgage refinance rates edge down after upward bounce yesterday | June 7, 2022 Fox Business Credit Conditions in the Pandemic Mortgage Market Federal Reserve Bank of San Francisco Cash-Out Refinance vs. HELOC: Which Should You Choose? Business Insider Finished Basements Are Growing in Popularity. Here’s How Much One Will Cost, and the Best Ways to Pay for It NextAdvisor As Fixed Rates Rise, Should You Consider an Adjustable-Rate Mortgage? | Mortgages and Advice | US News U.S News & World Report Money Federal National Mortgage Association : Introducing the Fannie Mae Refinance Application-Level Index, a Leading Indicator for Refinance and Prepayment Activity Marketscreener.com Refinance Calculator Bankrate.com Today's refi rates decline – July 5, 2022 Bankrate.com Trends in Mortgage Refinancing Activity Freddie Mac Today’s mortgage refinance rates: Steady shorter terms offer best savings chances | March 17, 2022 Fox Business When to Refinance Your Mortgage Business Insider Can You Refinance a Reverse Mortgage? Investopedia Today's Mortgage, Refinance Rates: June 18, 2022 | Rates Remain High After Recent Spike Business Insider How to refinance your mortgage, a step-by-step guide The Washington Post Today's Mortgage, Refinance Rates: June 22, 2022 | Rates Probably Won't Decrease Soon Business Insider The Mortgage Refinance Rush Has Cooled, But HELOCs Can Unlock Housing Wealth Hawaii Business Magazine Is It Too Late to Refinance Now That Mortgage Rates Are Soaring? The Motley Fool Mortgage Refinance As An Inflation Hedge Surfky.com 3.8 million homeowners would still benefit from refinancing amid rise in mortgage rates, says Black Knight Fox Business How Long Does It Take To Refinance A House? Zing! Blog by Quicken Loans Jumbo Loan Refinance Guide | 2022 Rates and Guidelines The Mortgage Reports How Much Does Refinancing a Mortgage Cost? Investopedia 3 Reasons to Refinance Your Mortgage Despite Rising Rates The Motley Fool After Losing Her Home in a Fire, This Teacher Needed a Fresh Start. A Mortgage Refinance Helped Her Do It NextAdvisor 10 Mistakes To Avoid When You Refinance a Home Loan GOBankingRates Home Mortgage Refinancing Disparities During the COVID-19 Pandemic: Insights for Delaware, New Jersey, and Pennsylvania Philadelphia Fed Cash-out mortgage refinancing hits 14-year high The Real Deal Still time to lock in a lower rate: Today's 30-year mortgage refinance rates fall | Feb. 9, 2022 Fox Business Should You Refinance Your Mortgage in 2022? The Motley Fool Can You Refinance A VA Loan? Zing! Blog by Quicken Loans The cost to refinance a mortgage: What to expect | Mortgage | Chase Chase News & Stories 3 reasons it’s not too late to refinance your mortgage CNN Underscored Cash-In Refinance: What It Is And If It's Worth It Zing! Blog by Quicken Loans What Do Appraisers Look for in a Mortgage Refinance? Business Insider Texas' Best Mortgage Lenders & Current Mortgage Rates | US News Loans U.S News & World Report Money Mortgage demand falls to nearly half of what it was a year ago, as interest rates continue to rise CNBC Cash-out refinance vs. no-cash-out | What's the difference? The Mortgage Reports Best Mortgage Refinance Lenders In 2022 Bankrate.com
|