b1a2 0 Report post Posted April 9, 2004 How To Shop Mortgage Lenders Anonymously Online. Pay Off Home Loans, Auto Loans & Other Debts Fast! Save $1,000's! Cut Interest Expense By 50% Or More. Improve & Protect Your Credit, plus Earn Extra Income!Have Freedom Share this post Link to post Share on other sites
-Tony- 0 Report post Posted April 10, 2004 If I have an intrest only Mtg does that mean I only have to pay half the Mtg payment. Share this post Link to post Share on other sites
Andrew Ikeda 0 Report post Posted April 11, 2004 Hmm...there was an earlier post that I made in regards to Internet Lenders. I'm not sure how you would 'shop' mortgage lenders privately. If you subscribe to one of these online lenders, they will most likely shop your application around to other lenders to get you the best rates. Sounds good right? But what they may not disclose to you is that all these lenders will be pulling your credit report, thus dragging your score down so low you may end up not being able to apply for any type of credit!! Regarding Mortgage Companies, there are over 300 of them and they control Billions and BILLIONS of dollars. How a small guy like you and me can get the best of them will be quite eye-opening for us all. I've also heard of 'mortgage elimination' in how you can eliminate your mortgage. I spoke with another investor who attended one of these types of seminars and he said that you have to sue the bank and take them to court and prove that they miscalculated the loan amounts and balances and if you loose you go to jail and not the banker/lender. Well folks, I just dont know of a way you are going to get the best of all the lenders out there. I did check out the website and from what I see, you can make some money by getting others to join or look at the website. As far as paying off debts fast, just increase your monthly payments and/or pay more towards the balance. Hope this helps. Andrew Share this post Link to post Share on other sites
-Tony- 0 Report post Posted April 11, 2004 This goes along with andrews last statement; you could also call your credit card Co. and ask for a lower interest rate. All you have to do is ask and you got a fifty-fifty chance for a yes. I have done this and they did lower it. they also have programs if you are getting behind and having problems they will lower it. I guess what I am trying to say is it isn't just cause you have good credit. they would rather see some money then none.... Tony Share this post Link to post Share on other sites
Dave T 0 Report post Posted May 3, 2004 If I have an intrest only Mtg does that mean I only have to pay half the Mtg payment. Tony, On a $100K, 30-year amortizing, fixed rate loan at 6%, your first monthly loan payment will be $599.99. Of this amount, the first $500 is interest and the rest is applied to your loan balance. If this loan is an interest only loan, then you would just pay $500 each month and nothing would be applied to your loan balance. At the end of your loan term, you will still owe $100K. Share this post Link to post Share on other sites