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Marty McCormick is a former savings and loan officer, long time Sonoma County mortgage broker, and a well respected member of the community.



 


  
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  Articles
   
"QUICK RATE QUOTES"
 
Many on-line mortgage lenders may offer consumers a "quick rate quote", promising a rate quote within minutes of filling up a form with minimal information gathered. But are the rate quotes any good? These rate quotes generally come with a mile-long disclaimers, often in fine print.
 
The bottom line is that a true rate quote can only be given by the lender whom has actually received a completed application and has verified your credit. Even then, the rate quote may still be changed by the lender until the loan rate is actually locked in.
 
To avoid confusion and potential disappointment, consult with a mortgage broker you can trust and ask questions. A mortgage broker will be able to assess your current credit situation and present you with a more realistic interest rate landscape.
 
 
 
BEWARE OF "UP FRONT LOAN FEES"
By Marty McCormick, McCormickloans.com
 
A legitimate mortgage broker will not and should not ask for any up-front loan fees to secure a home mortgage financing for a client. If a mortgage broker asks you for an up-front loan fee, report the mortgage broker to the California Department of Real Estate. All mortgage brokers and their agents are licensed by the DRE and are subject to investigation of possible illegal practice.

For more information go to:
http://www.ftc.gov/bcp/conline/pubs/tmarkg/loans.pdf
 


UPSIDE DOWN MORTGAGE (Don't be)
By Scott Sheldon, McCormickloans.com

An upside down mortgage is when you owe more on your mortgage than what your property is worth.  Upside down mortgages will be difficult to refinance unless the owner is willing to "buy down" the new mortgage at no more than 95% of the current appraised value of the house.

Here are several tips to avoid getting upside down on your mortgage:

  • Make sure you don't overpay for your home purchase. Be ready to walk away from buying a home that you feel is overpriced.
  • Make an appropriate downpayment so even if the price of homes drop your mortgage will still be covered.
  • When refinancing, make sure the cost of refinancing can be justified by savings in interest rate, otherwise, the cost is generally added to the mortgage which can cause the amount you owe on your mortgage to increase.
  • Always get advice from a trusted mortgage professional before taking any action on your mortgage.
 
 
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