 Do you have to be good at math in order to be a mortgage broker? |
| what kind of math? cause i am interested in this job but im not what you would call a math wiz at ... |
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 Can a home by owned by a minor? |
| My mother wants to buy a home but wants to have the property under my brothers name. He is currently 14 years old. Is this possible in Texas or any other state? Do you necessarily have to be an adult ... |
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 Is my apartment complex held liable? |
I live in an apartment complex and my air condition just recently went out July 4th. The AC was fixed by a electrician leased through the apartments on Saturday, July 7th.
The electrician ... |
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 Is it too risky to buy a flat in central London this year? |
Hello.
I really need to get a flat in Bloomsbury.
The estate agent I saw reckons central London prices are still rising in 2008? I am somewhat skeptical, but know nothing about ... |
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 What's the best way to say it to my landlord? |
Long story short:
Our lease will be up in 6 weeks. The place is nice, but way too small and the neighbors are too loud. Anyway, my sister's friend offered to rent us this amazing ... |
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 What can a Landlord do if the tenates did not move out in time? |
| I am waiting to move into a house that I plan to rent. However the tenants were suppose to be out by yesterday 8/21. When I arrived with the landlord if looked like that haven't even started ... |
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 How long after closing does it take to get payment for the profit on your sold house? |
| Hello to all! We are in the process of selling a house we own downstate and this is the first house we are selling for a profit. Does anyone know how long it takes before you get the payment from ... |
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 All these flipping shows? |
OK,
so there are all these flipping shows now.
Buy a property for 500,000
Put in 50,000
sell for 900,000 in 4 months.
and they say the person made a 350,000 profit.
but ... |
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| I'm buying a new home and everything is already approved but I feel so stressed, how do i destress? |
| I've already got the money, but I feel like something will happen that will stop the closing procedures.... |
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 Is there a down-side to paying off your mortgage early.? |
| In my state, there is no prepayment penalty. My accountant said to go ahead and pay it off. Now the other day my husband was telling me he was talking to a homeowner and she said she suffered all ... |
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 Can going to school full time and paying for your own apartment, car, food etc.. be done?!? |
Additional Details
Thank you everyone...I am starting to think that maybe i should realize that I am lucky enough to have great parents who will let me live here...and maybe it is a ... |
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 Can we move whenever we want to? |
| We have asked this apt to renew our lease about 5-10 times over the past year and a half. They haven't done so b/c of lack of organization and management changes. We didn't have time to ... |
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 Should I buy a townhouse now, or wait until I can afford a real house? |
| So pretty much, my wife and I want to move to Fowler but the only new houses available are either new track homes for $290,000+ by RJ Hill Homes or D.R. Horton's Townhomes that start in the $190,... |
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 Can you cancel a sale? |
| If someone puts an offer in on your house and you accept, can you cancel the sale if you have no place to move to?... |
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rogerk032785 | Why do mortgage lenders offer discount points if they lose potential money in the long run? |
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John S
 |
discount points are considered pre-paid interest. it generally takes 3 to 7 years for you to see the advantage of buying down the rate with points to see the lower monthly payment repay your initial expense. the average life of a mortgage is 7 years before you either refinance for one reason or another, move to a new area and sell/buy a home, buy a larger home when your kids grow up or your family gets bigger, buy a smaller home when your kids move out, etc.
mortgage lenders make most of their money when they service the loan (collect your monthly payment). the back end monies may change hands). but they may also sell your mortgage to another lender/servicing company so they can get the money back that they lent to you and then lend it out to another home buyer and collect more closing costs and possibly points. |
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bpl
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Because they are looking to gain business. They also realize that over time people will refinance and they will not hold that mortgage for 30 years. If they sell of the mortgage, they make money again. |
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minus
 |
They seldom loose money. The lender is not the one that actually Carries the paper. The lender sells a bunch of mortgages as a lot to an investor for a given amount. The lender now has his money and has nothing more to do with the mortgage. It is the investors that may loose money like they have been doing in the USA lately. Even large banks in Germany have bought a lot of that paper and now have to put up millions of dollars of their money to keep it all from falling completely apart.
If the lender was the actual lender it would be much more difficult to get a mortgage. |
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bostonianinmo
 |
Discount points are not a loss to the lender, they're added interest income! You are giving the discount to the lender, not the other way around! You pay the points to them and they cut the rate slightly. In the end, it's a wash though normally it costs YOU more money. It certainly costs you more money right now as your closing costs will increase by whatever the points are. |
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Brian A
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The majority of homeowners may think they are in it for the long run, but aren't. I think the average homeowner moves once every seven years or so nowadays. |
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matzael
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They don't lose money with discount points. It's simply a question of for the loss of interest income in the future, i'm willing to pay this much now.
Money now is always worth more than money in the future. Like was said before make sure you'll be on the mortgage long enough to save enough in interest to cover your discount points you pay. |
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matsonb
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Discount points are points the lender charges the borrower for a lower rate. No one is losing money. http://www.choicerealestate.net/ |
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Carolinahomerates.com
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They dont lose the money....a person starts recuperating the costs after 4-5yrs...and the average person refinances every 3-4 yrs..........so they're hoping that you refinance! |
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Shardote
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Because they usually don't lose potential money. By convincing someone that normally wouldn't take a mortgage that they should, they'll get them later down the track when that person has to default on their mortgage and insurance has to pay it, or they have larger fees or take longer than ordinary to pay off the mortgage. |
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