Provident Funding whacky underwriting

If you are a loan officer and you are considering sending your loans to Provident Funding beware. It seems like they are not following fannie mae guidelines and making up all kinds of crazy conditions. It's too bad because their rates are great, they are just too hard to work with now. I think they are just running scared and don't want to write any bad loans.

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Bank of America, no cost mortgage

Just to set the record straight on Bank of America and their no cost mortgage, it isn't. I was recently in my branch and asked one of the personal bankers about it. He told me that they just raise the rate to cover the fees. What a breakthrough. Thanks BofA.

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Bank of America no Cost Mortgage?

I was in my Bank of America branch yesterday setting up a new checking account. I noticed a sign in the lobby touting a no cost mortgage. I inquired with the personal banker about the details of the mortgage. He told me that they just raise the rate to cover the closing costs. I said to him that it doesn't sound like a no cost mortgage because there is a penalty in rate for the no closing cost option. I also said that if it were a true no cost mortgage then it should be the same rate as the full fee mortgage. He did not have any comment on that. My guess would be that there is no such thing as a no cost mortgage. Thanks BofA for confusing me.

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Why did my home equity line get reduced?

Consumer Dave can help you answer that question. Millions of Americans are receiving letters from their second mortgage lenders alerting them that their home equity lines or helocs have been cut or reduced. Can the banks cut your home equity line? Absolutely, it is written into their notes. I know it sucks but they can do it. They just are hedging against future loses.

Additional Mortgage Articles

Countrywide advertising can be deceptive?

I just saw an advertising on the MSN homepage for Countrywide that the key interest rates have dropped and it is a good time to refinance your home. This is the biggest blatent lie by a bank that I have ever seen. First of all there is no such thing as a no cost mortgage and secondly what the Federal Reserve is doing with interest rates has nothing to do with mortgage rates. If this were the case, the 30 year rate would be below 3%. Interest rates have everything to do with how the stock market is doing and not what the feds are doing. Shame on Countrywide for being bozos.

Shame on you Countrywide for slick advertising. Consumer Dave to the rescue.

Additional Mortgage Articles

The Fed Rate Cuts wont help you

Yeah the Federal Reserve lowered their rate again. That's good news for the bank and not necessarily good news for you. The Fed lowered its rates by 75 basis points yet mortgage rates only dropped by .25%. The banks make out on this. They will make more money. Also be wary of slick marketing telling you that rates have really tanked, they haven't. It's just slick advertising.

Additional Articles

Mortgage Prepayment Programs, the lie

To all of you bozos selling mortgage prepayment programs for $3500, my message is simple, business time is over baby. You can do this yourself. DebtFreePartners sells and ebook for $17 on how to do it yourself. Save your money and go on vacation you don't need to buy this crap.

DebtFreePartners.com

GetPrequalified.com, Social Responsibility with your money

I will be acknowledging people out in the world making a difference. I did find a website that actually wants to help people with their finances. GetPrequalified.com is a financial education portal that wants to keep the average American out of financial trouble. Their articles paint the true picture of how money works and how to avoid the pitfalls of predatory lending.

If you have questions about money, go to GetPrequalified.com.