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Truth In MortgagesTruth In MortgagesWhat you don’t know What you don’t know cancan hurt you!hurt you!
Mike MuellerMike Mueller
Sr. Loan Officer / ManagerSr. Loan Officer / Manager
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925 288-9977925 288-9977DRE # 01430291 - Dept. of Corp. # 6052769DRE # 01430291 - Dept. of Corp. # 6052769
Managing Your Mortgage: Managing Your Mortgage: “Truth in Mortgages”“Truth in Mortgages”
How “How “theythey” lie to you” lie to you
Why “Why “theythey” lie to you” lie to you
What you need to knowWhat you need to know
How to protect yourself in the futureHow to protect yourself in the future
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925 288-9977925 288-9977DRE # 01430291 - Dept. of Corp. # 6052769DRE # 01430291 - Dept. of Corp. # 6052769
How “How “theythey” lie to you” lie to you
The “Good Faith Estimate”The “Good Faith Estimate”
The “Truth in Lending”The “Truth in Lending”
Bait and Switch TacticsBait and Switch Tactics
Locks and LoansLocks and Loans
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925 288-9977925 288-9977DRE # 01430291 - Dept. of Corp. # 6052769DRE # 01430291 - Dept. of Corp. # 6052769
““The Good Faith Estimate”The Good Faith Estimate”
Required by the Feds under RESPARequired by the Feds under RESPA
Within 3 days of applicationWithin 3 days of application
Contains the fees of up to 17 different outside partiesContains the fees of up to 17 different outside parties
It doesn’t have to be correct !It doesn’t have to be correct !
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925 288-9977925 288-9977DRE # 01430291 - Dept. of Corp. # 6052769DRE # 01430291 - Dept. of Corp. # 6052769
““The Good Faith Estimate”The Good Faith Estimate”
PatagoniaFinance.comPatagoniaFinance.com
925 288-9977925 288-9977DRE # 01430291 - Dept. of Corp. # 6052769DRE # 01430291 - Dept. of Corp. # 6052769
PatagoniaFinance.comPatagoniaFinance.com
925 288-9977925 288-9977DRE # 01430291 - Dept. of Corp. # 6052769DRE # 01430291 - Dept. of Corp. # 6052769
PatagoniaFinance.comPatagoniaFinance.com
925 288-9977925 288-9977DRE # 01430291 - Dept. of Corp. # 6052769DRE # 01430291 - Dept. of Corp. # 6052769
PatagoniaFinance.comPatagoniaFinance.com
925 288-9977925 288-9977DRE # 01430291 - Dept. of Corp. # 6052769DRE # 01430291 - Dept. of Corp. # 6052769
PatagoniaFinance.comPatagoniaFinance.com
925 288-9977925 288-9977DRE # 01430291 - Dept. of Corp. # 6052769DRE # 01430291 - Dept. of Corp. # 6052769
““The Truth in Lending Statement”The Truth in Lending Statement”
Once again, required by the FedsOnce again, required by the Feds
Sometimes called the Reg. ZSometimes called the Reg. Z
Contains the A.P.R.Contains the A.P.R.
It doesn’t have to be correct either!It doesn’t have to be correct either!
PatagoniaFinance.comPatagoniaFinance.com
925 288-9977925 288-9977DRE # 01430291 - Dept. of Corp. # 6052769DRE # 01430291 - Dept. of Corp. # 6052769
““The Truth in Lending Statement”The Truth in Lending Statement”
PatagoniaFinance.comPatagoniaFinance.com
925 288-9977925 288-9977DRE # 01430291 - Dept. of Corp. # 6052769DRE # 01430291 - Dept. of Corp. # 6052769
““The Truth in Lending Statement”The Truth in Lending Statement”
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925 288-9977925 288-9977DRE # 01430291 - Dept. of Corp. # 6052769DRE # 01430291 - Dept. of Corp. # 6052769
““The Truth in Lending Statement”The Truth in Lending Statement”
Computing APR is easyComputing APR is easy
1.1. The loan value The loan value (L/A, or FV)(L/A, or FV)
2.2. The term The term (n)(n)
3.3. The interest The interest (i)(i)
4.4. Solve for PMTSolve for PMT
5.5. Then subtract costs from L/AThen subtract costs from L/A
6.6. Solve for interestSolve for interest
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925 288-9977925 288-9977DRE # 01430291 - Dept. of Corp. # 6052769DRE # 01430291 - Dept. of Corp. # 6052769
““The Truth in Lending Statement”The Truth in Lending Statement”
LA = Loan Amount ($400,000)LA = Loan Amount ($400,000)n = Term (30 years)n = Term (30 years)i = Interest Rate (6.75%)i = Interest Rate (6.75%)Solve for Payment =$2,594Solve for Payment =$2,594Subtract the costs of 8,409 from the Subtract the costs of 8,409 from the
original $400,000 and enter that into original $400,000 and enter that into L/AL/A
Solve for InterestSolve for Interest = 6.96 %= 6.96 %
PatagoniaFinance.comPatagoniaFinance.com
925 288-9977925 288-9977DRE # 01430291 - Dept. of Corp. # 6052769DRE # 01430291 - Dept. of Corp. # 6052769
““The Truth in Lending Statement”The Truth in Lending Statement”
6.96% doesn’t equal 6.93%6.96% doesn’t equal 6.93%
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925 288-9977925 288-9977DRE # 01430291 - Dept. of Corp. # 6052769DRE # 01430291 - Dept. of Corp. # 6052769
Valuable ResourcesValuable Resources
Trusted Advisors and ProfessionalsTrusted Advisors and Professionals
PatagoniaFinance.comPatagoniaFinance.com “ “Mike’s Mortgage Minute”Mike’s Mortgage Minute”
PatagoniaFinance.comPatagoniaFinance.com
925 288-9977925 288-9977DRE # 01430291 - Dept. of Corp. # 6052769DRE # 01430291 - Dept. of Corp. # 6052769
Valuable ResourcesValuable ResourcesMike’s Mortgage MinuteMike’s Mortgage Minute
PatagoniaFinance.comPatagoniaFinance.com
925 288-9977925 288-9977DRE # 01430291 - Dept. of Corp. # 6052769DRE # 01430291 - Dept. of Corp. # 6052769
Valuable ResourcesValuable ResourcesMike’s Mortgage MinuteMike’s Mortgage Minute
PatagoniaFinance.comPatagoniaFinance.com
925 288-9977925 288-9977DRE # 01430291 - Dept. of Corp. # 6052769DRE # 01430291 - Dept. of Corp. # 6052769
Valuable ResourcesValuable ResourcesMike’s Mortgage MinuteMike’s Mortgage Minute
PatagoniaFinance.comPatagoniaFinance.com
925 288-9977925 288-9977DRE # 01430291 - Dept. of Corp. # 6052769DRE # 01430291 - Dept. of Corp. # 6052769
Valuable ResourcesValuable ResourcesMike’s Mortgage MinuteMike’s Mortgage Minute
PatagoniaFinance.comPatagoniaFinance.com
925 288-9977925 288-9977DRE # 01430291 - Dept. of Corp. # 6052769DRE # 01430291 - Dept. of Corp. # 6052769
Valuable ResourcesValuable ResourcesMike’s Mortgage MinuteMike’s Mortgage Minute
PatagoniaFinance.comPatagoniaFinance.com
925 288-9977925 288-9977DRE # 01430291 - Dept. of Corp. # 6052769DRE # 01430291 - Dept. of Corp. # 6052769
Mike MuellerMike Mueller
[email protected]@PatagoniaFinance.com
[email protected]@BayAreaLoanSource.com
Contact UsContact Us
925 288-9977
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