Forum Replies Created
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Gustan
AdministratorSeptember 10, 2024 at 1:24 am in reply to: Kamala Harris Biggest Incompetent JackassThe saga with the Incompetent fool Kamala Harris begins. New York Mayor Eric Adam’s contracts COVID-19. Does this mean this is a precursor for DUMB DUMB DUMB Kamala Harris is going to catch COVID-19 AND CANCEL THE DEBATE WITH FORMER PRESIDENT DONALD TRUMP? Lying Cheating Incompetent Kamala Harris can’t even lie right because she’s too much of an idiot.
https://www.youtube.com/live/pBu2BY4glMc?si=UjVDnicq-PfL9sLX
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Agree Dustin Dumestre. By the way, I emailed Marga and called her. Ravinder’s birthday is today, and Ravinder and Sapna are off today. Let’s set this up first thing in the morning.
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Good morning, Peter. It’s more than that. They don’t just hate him, they despise Trump like I never saw that kind of hate
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Here’s Chase. The breeder where I got Chase has three 12-month-old female long coats showing quality German Shepherd dogs available for adoption at a substantially discounted price. I am tempted to adopt all of them. Great temperament and the sweetest thing I have ever adopted. Great with kids, little dogs, and cats. Message me if you are interested to contact me here. Here’s Chase
Extremely gentle and always a pleasure. I wish I can adopt all his sisters.
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Gustan
AdministratorSeptember 7, 2024 at 5:57 pm in reply to: How Much Does Your Lender Make on Your LoanHow much money a lender makes from your mortgage loan depends on several things. Such as the kind of loan he deals with, his business model, and the terms of your loan.
Here is how lenders generally profit from mortgage loans, step by step:
Interest Income
Interest Rates: Interest traditionally forms a major part of lenders’ revenues, including for secured mortgages. When a mortgage loan is made, and an interest rate is charged, the rate is applied to the loan. The higher the interest, the more returns the lender makes over the lifespan of the loan repayment.
Interest Payments: Usually, the interest is backloaded. This means that when one has taken a mortgage in earlier years with the same repayment amount, a substantial portion is attributable to interest, while the principal is low.
Origination Fees
What It Is: These are typically fees that a lender will apply in the preparation or underwriting of the loan. Such can include loan submission, processing, and underwriting fees.
Typical Amount:
Origination Fees have been cited as being in the normal range of 0.5% to 1% of the loan amount, with deviations.
Points
Discount Points are earned when you pay some money before. The discount shows a discount on the loan, so you can get a lower interest rate on your mortgage. One point is usually 1 percent of the mortgage loan amount.
Lender Profit: In this instance, lenders generate income from these points, which are quick to earn and lessen the lender’s risk.
Mortgage Servicing Fees
Servicing Income: Mortgage servicing fees are fees charged by lenders or mortgage banks throughout the life of the loan. These fees are for activities associated with that loan, including receipt of installments, supervision of trust accounts, and handling client communication.
Monthly Fees: Such payments are usually a part of the monthly repayment plan. Their amount or range depends on a certain servicer and the loan terms.
Secondary Market Sales
Selling Loans: It is common for lending institutions to offload their mortgage loans to other parties termed as the secondary market investors. They are likely to sell that loan at a profit. This includes repaid charges on the loan and a charge due depending on the terms of the loan.
Servicing Rights: Lenders may also sell a mortgagor’s servicing rights, which earns them other income through servicing the owned loan.
Prepayment Penalties
What it is: A few types of loans may come with prepayment penalties if the borrower pays the loan before the agreed-upon time. This is a way of reimbursing the lender, who is deprived of revenue from the interest on the loan.
Impact on Profit: The lenders may collect these penalties (if applicable). As such, they will be better off profit-wise on the loan. Hence, they may be called late repayment penalties.
Yield Spread Premium (YSP)
What It Is: YSP is a payment that the lender makes to the mortgage broker or loan officer to provide loans higher than the set rate.
Impact on Borrower: This practice could sometimes introduce extra charges to the borrower’s interest rates because of higher loan rates.
Considerations for Borrowers
Comparison Shopping is imperative. This is because lenders have different terms when lending you money. Such information helps you understand mortgage basics and how different fees and rates translate into your loan balance.
Transparency: Ask for a Loan Estimate (LE) from any lender, mentioning their fees and costs for that loan, to avoid the tedious risks of spending money on services without knowing how they were done.
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Gustan
AdministratorSeptember 5, 2024 at 11:01 pm in reply to: How Do You Become a Preferred Lender For a Home BuilderThank you, George. I appreciate you, my friend. I know you are a preferred lender with several home builders, so I am asking you for advice. I am not out to take over another lender’s preferred lender relationship with the home builders. I would have an opportunity to be the scratch-and-dent second lender, and if the first lender cannot get the borrower approved, give my team and me a shot. It’s like jumbo shrimp 🍤. They can have the meaty, delicious part of the shrimp 🍤, and I will take the shrimp tail and be very happy. Not greedy. Just like the opportunity for some scrap. Scavenger hunting. Also, I think builders expect to get paid somehow legally. Like a co-marketing agreement or monthly desk charge. There’s got to be some gray area these home builders have under the cuff
Like to know what that is. It guarantees that home builders will not just give us an opportunity for our good looks and sense of humor. Thanks again for your input on this matter, my friend. I hope everything is going great with you and your family.
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Gustan
AdministratorSeptember 5, 2024 at 8:04 pm in reply to: Down Payment Assistance Programs for Buyer Agent CommissionsChad, my buddy Bill Burg aka Bill Burger-King @Bill Burg has a very nice beautiful home in Sarasota Florida with an indoor pool, great yard, in an upsale community. $645,000. It was listed for $800,000. Also, Terry Daye has a single family home with a mobile home that is bringing in $1,500 in rent in North Carolina. Both Bill Whopper and Terry Daye are members of GCA FORUMS. The Sarasota, Florida home is 2,575 square ft. and is on the classified ads section. Just for your information in the event if you want some house for the money versus hovering in Orange County, California.
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Gustan
AdministratorSeptember 5, 2024 at 7:59 pm in reply to: Down Payment Assistance Programs for Buyer Agent CommissionsChad, theres EPM DPA PROGRAM. Contact Chritian Sorenson of Equity Prime Mortgage. Forgiveable DPA and you can refinance out of it after six months.
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