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15 yr mortgage loan vs 20 vs 30

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TPC

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I don't feel the mortgage business is transparent and I 100 percent believe I need to educate myself on what I'm signing . In the future I will definitely shop a minimum of 3 loan offers .
In addition: Neighbor asked for a good faith estimate sheet of what the closing costs would be from several lenders. It varied wildly between banks and Credit unions. I never heard of anyone ever doing that but wow, what a difference in costs.
 

TPC

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That's kinda of what I was thinking..

Why not just double your payments each month and pay it off quick..

RD
I hate dipping into the savings when we buy a new vehicle so that's how I pay them off fast. Ya have to be conscientious and follow through. I have a folder full of Pink Slips.
 

Englewood

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I don't feel the mortgage business is transparent and I 100 percent believe I need to educate myself on what I'm signing . In the future I will definitely shop a minimum of 3 loan offers .

I would recommend doing that for anything you buy. Why limit it to Mortgage Brokers? Just like in any industry, there are good and bad mortgage brokers. Xring knows a guy who over-extended himself so now mortgage brokers are the reason. Typical "not my fault" behavior. I'd bet he is a Lib.
 

Xring01

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I would recommend doing that for anything you buy. Why limit it to Mortgage Brokers? Just like in any industry, there are good and bad mortgage brokers. Xring knows a guy who over-extended himself so now mortgage brokers are the reason. Typical "not my fault" behavior. I'd bet he is a Lib.

Lets see,
In 2006-09.... I would say 30% minimum of the houses in area code 92562 where short sales or foreclosers... yeah, I guess you can say I knew one guy.... Funny part is back then, 1-2 out of 10 people in my neighborhood where RE Brokers/Mort Brokers/Loan Processors/Title Company. Today... only 1 Re Broker.

As one of the few who rode it out, and have never had a BK, short sale, or Foreclosure... I chose to voice my opinion when I see people who do, but more importantly Banks/Mortgage Co/Mortgage Brokers taking advantage of situations all for bigger commission. Next trip to Hawaii, or Cruise to Alaska.

Why do I do that..
Well I bought my first home in 1997, Sold it 2006, Rolled 100% of the equity into the 2nd home. This house that I bought in 2006 is still not worth what I paid for it in 2006. Its almost there, but about $10K lower than what I paid for it.

I watched most of SoCal housing prices drop 50% or more.... houses that sold for $450K in 2005/06, where bought in 07/08 for $225K
I watched people buy $500k house's that they couldnt afford. But Brokers lied to them, "This is the best investment you will ever make, in one year you will have $75-100k in equity, your gonna thank me"... All with zero down, earned income loans, points here and there. Next door neighbor was one of those assholes. Loved it when he lost the brand new AMG 2 Door Dream Car got repossessed. A Month later, sheriff kicked them out of there house.

I watched Mortgage Brokers get rich off those idiot home buyers, and then go BK themselves.
I have always put 20% down, (even though I an Veteran and can get VA Loans for zero down),
I have always had 30 year fixed... I have never missed a payment...

Why am I an asshole about this...
The same assholes who short sold, went BK, went right back into the same market in 08/09, and paid 50% less, with 50% less property taxs.

But I did the right thing, I signed the dotted line. I paid my debts... Watched it all unfold. But I am the one still paying higher property taxs, and my house is still not worth what I paid for it.

I wish they would draft legislation to hold corrupt Mortgage Brokers/Bankers/Executives accountable for all there past misdeads, and the misdeads that are being made today. People on this thread have posted that Un Ethical practices are still happening.
 

rivermobster

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But I did the right thing, I signed the dotted line. I paid my debts... Watched it all unfold. But I am the one still paying higher property taxs, and my house is still not worth what I paid for it.

Before I bought my first house, I took the class real estate agents take to get their licence. I was 25 at the time...

My house is almost paid off and is worth 3 times the purchase price.

I HATED doing homework when I was a kid in school. But as an adult, if find it much more rewarding...

Good luck to ya!
 

mash on it

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Sounds like somebody got swindled in 2006. Somebody wanted bigger and better. Somebody made unsound financial decisions. Sounds like the Gestapo forced them to move. I hope I'm far enough away from that neighborhood.

I bought land in '02.
Bought a manufactured home in '05. With the market correction, I was upside down. But not by much.

That was a 20 year fixed mortgage.

Less than 5 years left.
I bought within my means.

Dan'l
 

LargeOrangeFont

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Lets see,
In 2006-09.... I would say 30% minimum of the houses in area code 92562 where short sales or foreclosers... yeah, I guess you can say I knew one guy.... Funny part is back then, 1-2 out of 10 people in my neighborhood where RE Brokers/Mort Brokers/Loan Processors/Title Company. Today... only 1 Re Broker.

As one of the few who rode it out, and have never had a BK, short sale, or Foreclosure... I chose to voice my opinion when I see people who do, but more importantly Banks/Mortgage Co/Mortgage Brokers taking advantage of situations all for bigger commission. Next trip to Hawaii, or Cruise to Alaska.

Why do I do that..
Well I bought my first home in 1997, Sold it 2006, Rolled 100% of the equity into the 2nd home. This house that I bought in 2006 is still not worth what I paid for it in 2006. Its almost there, but about $10K lower than what I paid for it.

I watched most of SoCal housing prices drop 50% or more.... houses that sold for $450K in 2005/06, where bought in 07/08 for $225K
I watched people buy $500k house's that they couldnt afford. But Brokers lied to them, "This is the best investment you will ever make, in one year you will have $75-100k in equity, your gonna thank me"... All with zero down, earned income loans, points here and there. Next door neighbor was one of those assholes. Loved it when he lost the brand new AMG 2 Door Dream Car got repossessed. A Month later, sheriff kicked them out of there house.

I watched Mortgage Brokers get rich off those idiot home buyers, and then go BK themselves.
I have always put 20% down, (even though I an Veteran and can get VA Loans for zero down),
I have always had 30 year fixed... I have never missed a payment...

Why am I an asshole about this...
The same assholes who short sold, went BK, went right back into the same market in 08/09, and paid 50% less, with 50% less property taxs.

But I did the right thing, I signed the dotted line. I paid my debts... Watched it all unfold. But I am the one still paying higher property taxs, and my house is still not worth what I paid for it.

I wish they would draft legislation to hold corrupt Mortgage Brokers/Bankers/Executives accountable for all there past misdeads, and the misdeads that are being made today. People on this thread have posted that Un Ethical practices are still happening.


LoL do you whine like this when the stock market drops too?

Should the realtor be thrown in jail too? How about the home inspector?

“My stock broker told me stocks would only go up!!” He’s a criminal!
 

LargeOrangeFont

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Sounds like somebody got swindled in 2006. Somebody wanted bigger and better. Somebody made unsound financial decisions. Sounds like the Gestapo forced them to move. I hope I'm far enough away from that neighborhood.

I bought land in '02.
Bought a manufactured home in '05. With the market correction, I was upside down. But not by much.

That was a 20 year fixed mortgage.

Less than 5 years left.
I bought within my means.

Dan'l

Bingo Dan’l.
 

LargeOrangeFont

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Before I bought my first house, I took the class real estate agents take to get their licence. I was 25 at the time...

My house is almost paid off and is worth 3 times the purchase price.

I HATED doing homework when I was a kid in school. But as an adult, if find it much more rewarding...

Good luck to ya!

Why didn’t you just take the advice of the mortgage broker as gospel? Because they after all are financial advisors and not trying to sell you something.
 
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rivermobster

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Why didn’t you just take the advice of the mortgage broker as gospel, because they after all are financial advisors and not trying to sell you something

Silly me right?

The class spent a couple weeks on loans and how they worked...

When I want shopping for a loan, I started out by stating Exactly what I would be willing, and not willing to pay!

Most people just laughed at me. Finally found a guy that didn't laugh and was willing to work with me. Went to see him, got pre approved and went house shopping.

My first house was in Baldwin Park! I survived and didn't get shot...

:p
 

rivermobster

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Sounds like somebody got swindled in 2006. Somebody wanted bigger and better. Somebody made unsound financial decisions. Sounds like the Gestapo forced them to move. I hope I'm far enough away from that neighborhood.

I bought land in '02.
Bought a manufactured home in '05. With the market correction, I was upside down. But not by much.

That was a 20 year fixed mortgage.

Less than 5 years left.
I bought within my means.

Dan'l

He did not get swindled...

He just didn't do his due diligence.
 

LargeOrangeFont

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Couldn't possibly be that pesky due diligence thingy. Or that other thing, buyer beware I think?

Dan'l

It could not be that housing prices fluctuate and he bought at the peak of a housing boom.

It is the fault of a single nefarious industry that only deviants and crooks work in. Not realtors that sell you the house, not the corporations that enable you to borrow the money you don’t have to buy the house you can’t afford, but the devil himself... the broker of mortgages. The person who probably makes the least off the entire deal, will ruin your entire life.
 
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Flying_Lavey

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Lets see,
In 2006-09.... I would say 30% minimum of the houses in area code 92562 where short sales or foreclosers... yeah, I guess you can say I knew one guy.... Funny part is back then, 1-2 out of 10 people in my neighborhood where RE Brokers/Mort Brokers/Loan Processors/Title Company. Today... only 1 Re Broker.

As one of the few who rode it out, and have never had a BK, short sale, or Foreclosure... I chose to voice my opinion when I see people who do, but more importantly Banks/Mortgage Co/Mortgage Brokers taking advantage of situations all for bigger commission. Next trip to Hawaii, or Cruise to Alaska.

Why do I do that..
Well I bought my first home in 1997, Sold it 2006, Rolled 100% of the equity into the 2nd home. This house that I bought in 2006 is still not worth what I paid for it in 2006. Its almost there, but about $10K lower than what I paid for it.

I watched most of SoCal housing prices drop 50% or more.... houses that sold for $450K in 2005/06, where bought in 07/08 for $225K
I watched people buy $500k house's that they couldnt afford. But Brokers lied to them, "This is the best investment you will ever make, in one year you will have $75-100k in equity, your gonna thank me"... All with zero down, earned income loans, points here and there. Next door neighbor was one of those assholes. Loved it when he lost the brand new AMG 2 Door Dream Car got repossessed. A Month later, sheriff kicked them out of there house.

I watched Mortgage Brokers get rich off those idiot home buyers, and then go BK themselves.
I have always put 20% down, (even though I an Veteran and can get VA Loans for zero down),
I have always had 30 year fixed... I have never missed a payment...

Why am I an asshole about this...
The same assholes who short sold, went BK, went right back into the same market in 08/09, and paid 50% less, with 50% less property taxs.

But I did the right thing, I signed the dotted line. I paid my debts... Watched it all unfold. But I am the one still paying higher property taxs, and my house is still not worth what I paid for it.

I wish they would draft legislation to hold corrupt Mortgage Brokers/Bankers/Executives accountable for all there past misdeads, and the misdeads that are being made today. People on this thread have posted that Un Ethical practices are still happening.
Why didn't you have your house re-assesed when the value was so low? I know MANY countries were, and still are allowing re-assesments to correct property tax

Sent from my SM-G973U using Tapatalk
 

Xring01

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Why didn't you have your house re-assesed when the value was so low? I know MANY countries were, and still are allowing re-assesments to correct property tax

Sent from my SM-G973U using Tapatalk

In CA, it was reassessed, and property tax went down as the value went down... However it goes right back up, as the property values go up... so does the property tax.. All the way back up to the original purchase price, but not higher than the purchase price.

Those of you with better crystal balls than mine, please forecast the next 5 years of stock market/ real estate market... save all of us some head aches...

From my first house 1996 to my second house 2006, I rolled well into the 6 figures of equity into the second house. The price difference between the first and the second house was less than $40K... so I really didnt upgrade that much. It was basically a better location to schools that my kids where in..

But thats still doesnt explain what the Mortgage Industry has done to have accountability to the consumer. Right now, zero accountability as far as I am concerned. Until that changes, why would anyone trust them, which is why the digital age will change that industry.

Yet, I am the bad guy, when several RDP members has admitted on this thread, Brokers did Un Ethical stuff to get them loans... got them loans they shouldnt have gotten... No outrage hummm, but keep blaming me, for letting people in on way they work.

Lets keep this thread going, until its #1 thing that pops up on google when some searchs Mortgage.
 
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BHC Vic

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At the end of the day it’s shitty that people can’t be honest and be men of their words. The days of the hand shake are done. Me I don’t live my life like that. I have integrity I do what I say and don’t take advantage of anyone
 

Carlson-jet

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In CA, it was reassessed, and property tax went down as the value went down... However it goes right back up, as the property values go up... so does the property tax.. All the way back up to the original purchase price, but not higher than the purchase price.

We bought tax liens for years. My wife does property tax reduction.
I would hire a professional. One that knows the assessors. They want the about 1/2 of the first years savings for their services. Here in IL. it is a 4 year cycle. Going at it on your own will not get good results.
 

rivermobster

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In CA, it was reassessed, and property tax went down as the value went down... However it goes right back up, as the property values go up... so does the property tax.. All the way back up to the original purchase price, but not higher than the purchase price.

Those of you with better crystal balls than mine, please forecast the next 5 years of stock market/ real estate market... save all of us some head aches...

From my first house 1996 to my second house 2006, I rolled well into the 6 figures of equity into the second house. The price difference between the first and the second house was less than $40K... so I really didnt upgrade that much. It was basically a better location to schools that my kids where in..

But thats still doesnt explain what the Mortgage Industry has done to have accountability to the consumer. Right now, zero accountability as far as I am concerned. Until that changes, why would anyone trust them, which is why the digital age will change that industry.

Yet, I am the bad guy, when several RDP members has admitted on this thread, Brokers did Un Ethical stuff to get them loans... got them loans they shouldnt have gotten... No outrage hummm, but keep blaming me, for letting people in on way they work.

Lets keep this thread going, until its #1 thing that pops up on google when some searchs Mortgage.


You're not a bad guy...

You just don't seem to understand how a capitalism works. If you WANT the guberment to do everything for you, you could always move to China or someplace like that. I think the majority of us are ok right here.


The next 5 years will be what You make them to be.

That will be five dollars please. Thanks!



Capitalism

noun

  1. an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.

 

mash on it

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You're not a bad guy...

You just don't seem to understand how a capitalism works. If you WANT the guberment to do everything for you, you could always move to China or someplace like that. I think the majority of us are ok right here.


The next 5 years will be what You make them to be.

That will be five dollars please. Thanks!



Capitalism

noun

  1. an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.

And...
Mortgage companies operated within the bounds of the law.

What's the problem?

Dan'l
 

jet496

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Lets see,
In 2006-09.... I would say 30% minimum of the houses in area code 92562 where short sales or foreclosers... yeah, I guess you can say I knew one guy.... Funny part is back then, 1-2 out of 10 people in my neighborhood where RE Brokers/Mort Brokers/Loan Processors/Title Company. Today... only 1 Re Broker.

As one of the few who rode it out, and have never had a BK, short sale, or Foreclosure... I chose to voice my opinion when I see people who do, but more importantly Banks/Mortgage Co/Mortgage Brokers taking advantage of situations all for bigger commission. Next trip to Hawaii, or Cruise to Alaska.

Why do I do that..
Well I bought my first home in 1997, Sold it 2006, Rolled 100% of the equity into the 2nd home. This house that I bought in 2006 is still not worth what I paid for it in 2006. Its almost there, but about $10K lower than what I paid for it.

I watched most of SoCal housing prices drop 50% or more.... houses that sold for $450K in 2005/06, where bought in 07/08 for $225K
I watched people buy $500k house's that they couldnt afford. But Brokers lied to them, "This is the best investment you will ever make, in one year you will have $75-100k in equity, your gonna thank me"... All with zero down, earned income loans, points here and there. Next door neighbor was one of those assholes. Loved it when he lost the brand new AMG 2 Door Dream Car got repossessed. A Month later, sheriff kicked them out of there house.

I watched Mortgage Brokers get rich off those idiot home buyers, and then go BK themselves.
I have always put 20% down, (even though I an Veteran and can get VA Loans for zero down),
I have always had 30 year fixed... I have never missed a payment...

Why am I an asshole about this...
The same assholes who short sold, went BK, went right back into the same market in 08/09, and paid 50% less, with 50% less property taxs.

But I did the right thing, I signed the dotted line. I paid my debts... Watched it all unfold. But I am the one still paying higher property taxs, and my house is still not worth what I paid for it.

I wish they would draft legislation to hold corrupt Mortgage Brokers/Bankers/Executives accountable for all there past misdeads, and the misdeads that are being made today. People on this thread have posted that Un Ethical practices are still happening.
 

Flying_Lavey

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In CA, it was reassessed, and property tax went down as the value went down... However it goes right back up, as the property values go up... so does the property tax.. All the way back up to the original purchase price, but not higher than the purchase price.

Those of you with better crystal balls than mine, please forecast the next 5 years of stock market/ real estate market... save all of us some head aches...

From my first house 1996 to my second house 2006, I rolled well into the 6 figures of equity into the second house. The price difference between the first and the second house was less than $40K... so I really didnt upgrade that much. It was basically a better location to schools that my kids where in..

But thats still doesnt explain what the Mortgage Industry has done to have accountability to the consumer. Right now, zero accountability as far as I am concerned. Until that changes, why would anyone trust them, which is why the digital age will change that industry.

Yet, I am the bad guy, when several RDP members has admitted on this thread, Brokers did Un Ethical stuff to get them loans... got them loans they shouldnt have gotten... No outrage hummm, but keep blaming me, for letting people in on way they work.

Lets keep this thread going, until its #1 thing that pops up on google when some searchs Mortgage.
So if it reassessed down to current values as the market dropped yet "those assholes" were paying 50% less property taxes? How is that?

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Xring01

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So if it reassessed down to current values as the market dropped yet "those assholes" were paying 50% less property taxes? How is that?

Sent from my SM-G973U using Tapatalk
At the end of the day you have to take responsibility for yourself...I don't feel bad for someone that didn't do their homework when getting a loan.
I dont have a problem with my loan...
Its my fault that dishonest Brokers help people get loans they couldnt afford....
Times 100,000s, bankrupting several countries that bought US based Re Estate securities and derivatives and put the US into a Great Recession... pretty much drug the world into a global recession

So you think its a good idea to do all that all over again?

or maybe have some Ethics in your industry.


Second part..
Lots of people with who lost there houses in 2006/07, bought houses in 09/10 in the same neighborhoods for 50% of the house that they short sold or foreclosed. Which puts there property tax at that level. In CA... the Property tax is based on the purchase price and doesnt go up as the property value goes up. Honestly its was great idea, a Ca Proposition was passed. Reason why it was put in place... as people would get close to retirement... There homes that they paid under $100k for,,, 30 years later, are now valued at $1M in some areas of SoCal, When the Tax assessor re assed the homes, the prop tax went up 10 fold. People had to sell there homes because they couldnt afford the property tax..

Bigger question comes up?
If someone has a recent BK, Short Sale or Foreclosure in the last 2-3 years.... how did they get approved for a new loan????

HUMMMM...... You guys probably think I am just making this up arent you.... But nope its true...

People with horrible credit history and all kinds of bad things in there financial past, where able to buy homes with a few years... Again with zero down... WTF????
 
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Flying_Lavey

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I dont have a problem with my loan...
Its my fault that dishonest Brokers help people get loans they couldnt afford....
Times 100,000s, bankrupting several countries that bought US based Re Estate securities and derivatives and put the US into a Great Recession... pretty much drug the world into a global recession

So you think its a good idea to do all that all over again?

or maybe have some Ethics in your industry.
And it is always the borrower or the loan officer that is a piece of shit when someone defaults, forecloses, or short sales their property right?

Sent from my SM-G973U using Tapatalk
 

LargeOrangeFont

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I dont have a problem with my loan...
Its my fault that dishonest Brokers help people get loans they couldnt afford....
Times 100,000s, bankrupting several countries that bought US based Re Estate securities and derivatives and put the US into a Great Recession... pretty much drug the world into a global recession

So you think its a good idea to do all that all over again?

or maybe have some Ethics in your industry.


Or a calculator...

It’s happening again with auto loans.. those nefarious rapscallions they call “finance managers” getting people cars they can’t afford!
 

LargeOrangeFont

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I dont have a problem with my loan...
Its my fault that dishonest Brokers help people get loans they couldnt afford....
Times 100,000s, bankrupting several countries that bought US based Re Estate securities and derivatives and put the US into a Great Recession... pretty much drug the world into a global recession

So you think its a good idea to do all that all over again?

or maybe have some Ethics in your industry.


Second part..
Lots of people with who lost there houses in 2006/07, bought houses in 09/10 in the same neighborhoods for 50% of the house that they short sold or foreclosed. Which puts there property tax at that level. In CA... the Property tax is based on the purchase price and doesnt go up as the property value goes up. Honestly its was great idea, a Ca Proposition was passed. Reason why it was put in place... as people would get close to retirement... There homes that they paid under $100k for,,, 30 years later, are now valued at $1M in some areas of SoCal, When the Tax assessor re assed the homes, the prop tax went up 10 fold. People had to sell there homes because they couldnt afford the property tax..

So the tax assessment is the mortgage brokers fault too huh?
 

Xring01

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And it is always the borrower or the loan officer that is a piece of shit when someone defaults, forecloses, or short sales their property right?

Sent from my SM-G973U using Tapatalk

How many people truly trust a drug dealer?
Or a Terrorist???

What can you say about people who choose to work in Proven Un Ethical industry???

Just cant trust them...

Mort Brokers Motto is simple... close the loan, who cares if the buyer pays or not...
If they dont, doesnt matter, there is no accountibility on the Mort Brokers portion. How many people have ever been fired as a Mort Broker for Ethical Violations?

You guys stated: Read everything, have your lawyer review, trust but verify... its the buyers responsibility...

You guys agree you cant trust them, using your own words against you...

Show me the accountability of the profession..
I answer pretty much all of your questions...

Where is the accountability?
Ethics Training?
QA Procesess to ensure higher standards are being met..

Attack me all you want...
How about you guys address some of my questions for a change..

The reason is, YOU CANT
 
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rivermobster

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I dont have a problem with my loan...
Its my fault that dishonest Brokers help people get loans they couldnt afford....
Times 100,000s, bankrupting several countries that bought US based Re Estate securities and derivatives and put the US into a Great Recession... pretty much drug the world into a global recession

So you think its a good idea to do all that all over again?

or maybe have some Ethics in your industry.


Second part..
Lots of people with who lost there houses in 2006/07, bought houses in 09/10 in the same neighborhoods for 50% of the house that they short sold or foreclosed. Which puts there property tax at that level. In CA... the Property tax is based on the purchase price and doesnt go up as the property value goes up. Honestly its was great idea, a Ca Proposition was passed. Reason why it was put in place... as people would get close to retirement... There homes that they paid under $100k for,,, 30 years later, are now valued at $1M in some areas of SoCal, When the Tax assessor re assed the homes, the prop tax went up 10 fold. People had to sell there homes because they couldnt afford the property tax..

Bigger question comes up?
If someone has a recent BK, Short Sale or Foreclosure in the last 2-3 years.... how did they get approved for a new loan????

HUMMMM...... You guys probably think I am just making this up arent you.... But nope its true...

People with horrible credit history and all kinds of bad things in there financial past, where able to buy homes with a few years... Again with zero down... WTF????

If you expect people to take your Seriously, you might want to consider taking an English class at your local Jr. college.

Spelling. Punctuation. Grammer.

Or you could just stick with the Evelyn Woodhead sped red'n course. Me thinks you got an A in that class!

 

Flying_Lavey

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How many people truly trust a drug dealer?
Or a Terrorist???

people who choose towork in Proven Un Ethical industry???

Just cant trust them...

Motto is simple... close the loan, who cares if the buyer pays or not...

If they dont, doesnt matter, there accountibility on the Mort Brokers portion.

You guys stated read everything, have your lawyer review, trust but verify...

You guys agree you cant trust them.
Wow! Now lenders are drug dealers?
So.... what about someone like say..... my mother-in-law? Her husband died quickly and suddenly of cancer and was the 75% bread winner of the family. She had to do a short sale to avoid foreclosure. But hey.... it was those unethical lenders right?

Or how about people like myself? That signed on that dotted line fully meeting all requirements and fully able to make the payments then..... health insurance goes up 30%, electricity and all other utility bills go up about 10%.... and.... top it off..... have 2 kids that have to go to specialist that are 3+ hours away. But hey.... I'm just an asshole slime ball in your book cause I'm in escrow for a short sale of my house right now. Even though the purchase price is almost $30k over what I owe on it.

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Flying_Lavey

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How many people truly trust a drug dealer?
Or a Terrorist???

What can you say about people who choose to work in Proven Un Ethical industry???

Just cant trust them...

Mort Brokers Motto is simple... close the loan, who cares if the buyer pays or not...
If they dont, doesnt matter, there is no accountibility on the Mort Brokers portion. How many people have ever been fired as a Mort Broker for Ethical Violations?

You guys stated: Read everything, have your lawyer review, trust but verify... its the buyers responsibility...

You guys agree you cant trust them, using your own words against you...

Show me the accountability of the profession..
I answer pretty much all of your questions...

Where is the accountability?
Ethics Training?
QA Procesess to ensure higher standards are being met..

Attach me all you want...
How about you guys address some of my questions for a change..

The reason is, YOU CANT
But hey..... you just keeping making judgements of other members here, and people in general, based on the small fraction of what you know about them. Real piece of shit..... in your mirror there.

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DC-88

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Should the realtor be thrown in jail too? How about the home inspector?
I haven't read this whole thing, but also haven't seen thrown under the bus the real "Astro glide" that sealed the deals back in the day ....the Appraisors. We got a lot of ridiculously low overly conservative "backlash" (no offense to @Backlash) appraisals around 2011-2014 due to the tight leash put on those guys due to their interaction with the brokers in 06'- 08' ;)
 

LargeOrangeFont

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How many people truly trust a drug dealer?
Or a Terrorist???

What can you say about people who choose to work in Proven Un Ethical industry???

Just cant trust them...

Mort Brokers Motto is simple... close the loan, who cares if the buyer pays or not...
If they dont, doesnt matter, there is no accountibility on the Mort Brokers portion. How many people have ever been fired as a Mort Broker for Ethical Violations?

You guys stated: Read everything, have your lawyer review, trust but verify... its the buyers responsibility...

You guys agree you cant trust them, using your own words against you...

Show me the accountability of the profession..
I answer pretty much all of your questions...

Where is the accountability?
Ethics Training?
QA Procesess to ensure higher standards are being met..

Attach me all you want...
How about you guys address some of my questions for a change..

The reason is, YOU CANT

I like how you keep doubling down on your ridiculous false equivalencies.

You are trying to say because at one time some brokers did a bad job and now, 15 years later all brokers are bad.

That’s like saying all cops are bad and it is a crooked profession because some cops beat Rodney King almost 30 years ago...

There are reams and reams of laws regulating mortgages.

There is tons of “QA” in a mortgage. Have you gotten one in the last decade?

You have answered literally none of our questions.

We have asked you about personal responsibility. You said mortgage brokers are scum no one should be responsible for their own finances.

We asked shouldn’t someone read and understand what they sign?
No you expect to be spoon fed information on a 15-30 year term deal from someone that does not know you or has your best interests in mind because they are a salesman selling a product.

What about realtors? - Mortgage Brokers are bad.

Property taxes have nothing to do with the mortgage brokers.

People that went BK buying houses a couple years later have nothing to do with mortgage brokers.

And if you have such a problem with people that went BK or did short sales and then buying houses for half the price that they still couldn’t afford... why haven’t they been foreclosed on again? Why weren’t they preyed upon by this evil profession again?

It’s time to let 2006 go. If you didn’t do your due diligence on a deal, that time has long since passed. Mortgages are a product. No one forces you into one. You can shop around for different ones that may fit your needs. Nothing more, nothing less. It is not on a mortgage broker to tell you what you can afford, it is on you.

If it were an “unregulated industry” it would not take 6 weeks to complete and would not take a financial colonoscopy to apply for.
 
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LargeOrangeFont

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I haven't read this whole thing, but also haven't seen thrown under the bus the real "Astro glide" that sealed the deals back in the day ....the Appraisors. We got a lot of ridiculously low overly conservative "backlash" (no offense to @Backlash) appraisals around 2011-2014 due to the tight leash put on those guys due to their interaction with the brokers in 06'- 08' ;)

Yes, back in the early 2000s everyone was in cahoots trying to move houses, from the realtor, to the inspector to the brokers. Like anything else the process has evolved to better protect consumers.

Part of the oversight and regulation that doesn’t exist I guess.... :)
 

grumpy88

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I would recommend doing that for anything you buy. Why limit it to Mortgage Brokers? Just like in any industry, there are good and bad mortgage brokers. Xring knows a guy who over-extended himself so now mortgage brokers are the reason. Typical "not my fault" behavior. I'd bet he is a Lib.
Your right . Home loans have just become a little more predatory in my opinion . Call me stupid or ignorant and that would be accurate and a lot of people on here would say it was my own fault . When I was younger I ended up losing a lot of money in bad loans . Is it old people's fault they sign bad loan deals too or is that different ? All I'm saying is the loan industry is not very straight forward with all the fees or cost .
 

CoolCruzin

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Best thing to do is pay the house off .
Screw the tax write off crap.
If you do it by the age 50 you will be doing good.
 

LargeOrangeFont

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Your right . Home loans have just become a little more predatory in my opinion . Call me stupid or ignorant and that would be accurate and a lot of people on here would say it was my own fault . When I was younger I ended up losing a lot of money in bad loans . Is it old people's fault they sign bad loan deals too or is that different ? All I'm saying is the loan industry is not very straight forward with all the fees or cost .

It is complicated, you are right. There are a few tables they are required to give you by law that are the explanation of the fees, etc. itnis easier to break it down from there to understand the terms
 

78Southwind

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I haven't read this whole thing, but also haven't seen thrown under the bus the real "Astro glide" that sealed the deals back in the day ....the Appraisors. We got a lot of ridiculously low overly conservative "backlash" (no offense to @Backlash) appraisals around 2011-2014 due to the tight leash put on those guys due to their interaction with the brokers in 06'- 08' ;)

I refinanced in 2012 and saw that first hand. This shit bag appraiser used every foreclosure in my area for comps and the one's that he used that weren't foreclosed on were all near the freeway with no lot. We ended up getting another appraisal and it was $50,000 higher. We ended up finishing the loan on time. I ended up using the first appraisal from the shit bag and sent it the Tax Collector to appeal the tax assessment on my home. Guess what the Tax Collector didn't buy it either.
 

Backlash

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No offense taken DC-88! The house I bought in 2007 was just paid off and my credit score took a hit. Guess what?? It doesn't matter. It's just nice not having the monthly payment looming overhead. Carry on! 😁
 

HOOTER SLED-

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Damn......OSB doesn't pull over on the river to help people broken down in boats.....AND he screws peeps on loans? What a fucking total dick!! 😂😂
 

Xring01

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So we agree there are no Ethical standards in the industry?
So we agree there is no QA review process?
So we agree no one can name one Mort Broker that has been fired for Ethics Violations?
So we agree that there should be a Ethics Officer or committee in each and every Mortgage Lending institution?

Glad we have made progress.

If the industry doesn’t incorporate the above, the digital age will see there is no Value to the service the Mort Brokers provide.

As I have mentioned, if there is no add value, why would someone pay for a service that provides no value...

Change or become the dinosaur or Blockbuster...

Its truly that simple.
 

Xring01

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Your right . Home loans have just become a little more predatory in my opinion . Call me stupid or ignorant and that would be accurate and a lot of people on here would say it was my own fault . When I was younger I ended up losing a lot of money in bad loans . Is it old people's fault they sign bad loan deals too or is that different ? All I'm saying is the loan industry is not very straight forward with all the fees or cost .

Thank you for sharing your opinion on the industry.
 

Xring01

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I refinanced in 2012 and saw that first hand. This shit bag appraiser used every foreclosure in my area for comps and the one's that he used that weren't foreclosed on were all near the freeway with no lot. We ended up getting another appraisal and it was $50,000 higher. We ended up finishing the loan on time. I ended up using the first appraisal from the shit bag and sent it the Tax Collector to appeal the tax assessment on my home. Guess what the Tax Collector didn't buy it either.

Back in the day, the appraisal value was set by the Real Eastate Agent, who told the buyer which guy to hire for the appraisal... the Re Agent told by the Appraisal Agent what the value needs to be for the loan to be approved.... hummm do think there was a QA process in place to prevent over inflated appraisal? Yep you got that one right... No QA, and $300 k homes got appraised at $360K, the Re Agent made extra, and paid off the appraiser... who made extra...

Ethics 101 right there... bet everyone back in day, were so happy with that money just rolling in... few more appraisals, and I get a 3 day trip to Pebble Beach, with 2 days of golf... please ask me how I know..... yep... guy just outside my cul de sac did appraisals.. I had totally forgotten about him, until appraisal post came up

Love you guys... I am like machine gun with infinite ammo, supplied by you guys...
 
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Xring01

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Before you guys dig hole deeper..

please share the add value that modern day Mort Brokers provide?
and how the checks balances that are in place, prevent any mis deeds.


I am all ears...

Its real simple...
Who rembers when Ford Explorers had Firestone tires,, with huge % of blow outs resulting in Explores crashing, and rolling over, fatalities, lawsuits, etc etc etc...

I remember it, but why. Ethics violations, both at Ford and Firestone. Qa processes where checked off on the paper work, but not done in reality, due to cost saving initiatives in tire manufacturing resulting in high failure rates... to make matters worse. Firestone emailed Ford Execs all the details on fixing the problem, but tire costs go up... Ford Execs wanted lower cost... uggg that was a deep hole...

But both Ford and Firestone are still in business today? Why?
They publically recognized there failures ( forced to because of Senate Investigations), apologized profusely, paid boat loads of money in lawsuits. MADE CHANGES TO THERE BUSINESS MODEL TO REGAIN THE TRUST OF THE CUSTOMER..

The bold print..
What changes has the mortgage Industry made to regain the consumers trust...

Lets answer that question...
Because there is accountability now, just like Ford and Firestone right? NOPE... none not yet.

Lets fast foreward.
Boeing... 737... thats gonna be truly expensive... All kinds of Ethic violations at all levels of mangement..
Accountibiltty.. well the CEO got fired, thats a good start, what about the Pres of Engineering?... or the QA manager..
What about the $$$$$$ on legal fees and payouts on the lawsuits...
Should Boeing survive?

Business 101...
When faced with loss of trust in Ethics, An industry/business can change and have a chance of survival. Without change, well there may not be any hope...

If Mort Industry was my profession... I would be pushing for change, to prove my value add, and QA processs that limit any mis deeds, proving my value add.
 
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2FORCEFULL

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Looking Glass

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It is complicated, you are right. There are a few tables they are required to give you by law that are the explanation of the fees, etc. itnis easier to break it down from there to understand the terms

This must be a post record on any one subject,I have lost count. You have an addiction.😏
 
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