Home Loans
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MISTAKES -- Looking for a house without knowing how much you can afford to pay. Not following the SIMPLE steps below.

 

Follow these steps and it may save you thousand of dollars, make shopping for a loan less stressful, and make buying a home a more enjoyable experience.

 

Step 1. Pull your credit FREE CREDIT REPORT - You have a good chance of errors on your report and any error can cost you!

Step 2. Use information from your credit report to run Credit score calculator.

Step 3. Call me - and I will show you how to shop for a loan, fast, easy with little stress.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FREE credit report. It gives you a free credit report but NOT a credit score

Be creditworthy. Pull your credit report to determine if there are any black marks that could stall your application or get it rejected. You are entitled to one free credit report each year from each of the three major credit reporting agencies -- Experian, Equifax and TransUnion -- which means you can get three different credit reports each year at no cost. Obtain the reports from AnnualCreditReport.com , the only resource for the federally-sanctioned free report. The sooner you know your credit standing, the sooner you can challenge errors or otherwise address your findings.

Pull your credit report - then you can use information to run Credit score calculator.

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We don't make loans, but I can show you how to get the best deal. Remember- your lender has NO DUTY to look out after your best interest. So, you are own your own and must protect yourself.

The best information on the web for loans. There is a LOT of great information on loans on the links below. Selecting a mortgage   -   Shopping Hazards You Want to Avoid

Wholesale Prices and Markups
 
Wholesale Price + Loan Provider's Markup = Price to Borrower

     Like automobiles and TV sets, home mortgages have wholesale prices. These are the prices quoted by large lenders or "wholesalers" to the many thousands of smaller lenders and brokers who deal directly with borrowers. The wholesale market is extremely competitive, since there are many wholesalers and their prices are constantly being compared.

     Like automobile dealers, retail loan providers formulate their own price to the borrower by adding a markup to the wholesale price. Mortgage loan providers don't ordinarily disclose their wholesale prices because that reveals their markup, which is their gross profit on a transaction
 
     All the abuses to which borrowers are subjected have the objective of increasing the loan provider's markup. Here are five of the most common

     Price Low-Balling: Loan providers sometimes deliberately quote a very low price in order to "hook" borrowers who are shopping. Later on, the low price disappears because (allegedly) the market changed, or the lender discovered fees that were not mentioned before, or for a dozen other reasons

     Price Omissions: Fixed-rate mortgages ordinarily have 3 price components, the interest rate, points, and fixed-dollar fees, while adjustable rate mortgages have more. Loan providers quoting prices sometimes omit one or more price components until it is too late for the borrower to do anything about it.

    Markups on Third Party Charges: Some lenders add a markup to third party charges such as appraisal fees or credit report charges. The borrower is billed for these charges without knowing about the markups.
 
     Overcharging: Many loan providers charge what the market will bear, which means that borrowers who are na and trusting and don't shop alternatives will pay higher markups than knowledgeable and aggressive shoppers.
 
     Market Niche Misclassification: Borrowers are sometimes classified as belonging to a higher risk category than is in fact the case, which increases the markup. Borrowers who are erroneously classified as sub-prime get whacked twice, since the wholesale prices on sub-prime loans are higher, and markups are also higher.
 
 
 
 
 
 

David Wilson  - Real Estate Sales and Property Management

PO Box 14868 Baton Rouge, LA 70898

Licensed Real Estate Broker - State of Louisiana

Phone: 225-663-1406  Cell: 225-726-5941

 
Real Estate for sale in Baton Rouge, Livingston and Ascension Parish  
 
 
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