Bill Clinton Comes To Destin

[Miss Kitty]

People should have an attorney present when making what is likely the largest financial decision of their life.

...I always have an attorney with me. When we closed on the WC place, Mr. K said that he would never let a client sign all the provisions we had to sign. Just shows you how lucky I am to have a fool for a lawyer and he had a fool for his client...ME!!! He also redlined so many documents for St. Joe, that they should have paid him.

Wait a minute...I thought we were talking about Bill Cigar here?

 

[6thGen]

6th, you're answer is contradictory.

First of all, most pre-payment penalties were what were called "soft prepays" 6 months interest and that was only if you refinanced within no more than 1- 3-or 5 years. You also could make additional payments to principle if you like with a maximum amount.
States like NY have strict regulations about prepayment penalties, as does the OCC. (office of the comptroller who regulated federally charted Banks)
Also, most if not all, subprime lenders offered a base rate, then if you wanted to take the pre-pay penalty off, you could do so with a slight rate increase. (do you think anyone did this? :roll: )

A decision should have been made by the consumer and the Lender whether they thought that they would be able to refinance into a traditional mortgage before 3 years. Quite a few SP lenders even offered 1 year pre-pays.

There used to be a "few" banks that offered traditional mortgages with a 3 or 5 year penalty with a slight decrease in rate about .25%, but those people had no issues refinancing those. They had good credit and equity in their homes and they were offered in states with low closing costs.

When mortgages are sold on the secondary market, you don't mix apples with oranges, so traditional mortgages are not sold with subprime, or Alt-A.

So IMO, Hillary is look for the "woe is me vote group" the few folks who may have had subprime loans or exotic ARMs in the past 3 years who can't refinance because they have no equity.

The same group who didn't bother reading any disclosures, or didn't think to have their docs reviewed by an attorney for reasonable $500-1200 they charge. NYS is an attorney State, so you can't even get a contract completed without obtaining counsel. Refinances, most people came to closing without them, but the Bank attorneys were very good at explaining docs to the Borrowers, not to mention that there is a 3 day legal recission period on refinances of which docs could be reviewed and the loan rescinded at no costs to the Borrower.

How is it contradictory? If anything, your post proves my point that if you can't charge a prepayment penalty, rates will increase. I agree on Hillary as an opportunist.

 

[Mango]

How is it contradictory? If anything, your post proves my point that if you can't charge a prepayment penalty, rates will increase. I agree on Hillary as an opportunist.

Your post made it sound like rates across the board for all loan types would increase and that would affect everyone. I explained how that doesn't happen.

Then you said that most Banks don't have pre-payment penalties anyway.

That sounds contradictory to me.

 

[6thGen]

Your post made it sound like rates across the board for all loan types would increase and that would affect everyone. I explained how that doesn't happen.

Then you said that most Banks don't have pre-payment penalties anyway.

That sounds contradictory to me.

Fair enough. Should have read that banks that the rates will increase for the loans that would have a pre-payment penalty.

 

[Miss Kitty]

Your post made it sound like rates across the board for all loan types would increase and that would affect everyone. I explained how that doesn't happen.

Then you said that most Banks don't have pre-payment penalties anyway.

That sounds contradictory to me.

Mango...you are a good teacher and you know your stuff. I almost understand most of what you type. I bet you could explain all this to me!!!

 

[Mango]

Mango...you are a good teacher and you know your stuff. I almost understand most of what you type. I bet you could explain all this to me!!!

Thanks Kitty.
We'd never get any work done, but oh, the funn we we would have. :funn:

 

[Miss Kitty]

Thanks Kitty.
We'd never get any work done, but oh, the funn we we would have. :funn:

Especially if drinks with straws were involved. Let's try it in October!!!