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archie14p · Joined: 16 Aug 2009 Posts: 66 0.29 Dollars($)

wht are the precausions one should take while buying mortgage?

kim090807 · Joined: 20 Sep 2009 Posts: 55 -0.01 Dollars($)

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eric1 · Posted: Wed Sep 23, 2009 12:39 pm Post subject:

Kim

"In other words buy with a view to get a new mortgage deal every 2 years or so."

Are you kidding? Do the math. That usually does not make sense.

gmakerley · Posted: Wed Sep 23, 2009 1:31 pm Post subject:

does anything make sense any more, eric? i'm so disturbed by these phantoms with their drivel...

Guest

First and foremost - have an attorney ready to review your mortgage within the 3 day right of rescission - even better if you can get your hands on the docs BEFORE closing. Regardless, read EVERY page put in front of you. Don't worry about anyone else's time schedule while you're at the table.

Try to stay away from pre-payment penalties if at all possible. Balance any penalty against the amount of time you plan to spend living in the property, how long before you may want to refinance or sell it.

Insist on copies of your property appraisal. You pay for it.

Opt for an OWNER'S title insurance policy especially if the property has had previous owners. A lender's title policy doesn't protect you.

Did I mention bring an attorney of your own to closing....

gmakerley · Posted: Wed Sep 23, 2009 2:52 pm Post subject:

good points, mike. now, of course a purchase transaction doesn't involve rescission rights.

as for bringing an attorney...when i am confronted with borrowers who lack their own legal counsel, i will give out at least 3 names for their consideration - people i have worked with and have respect for, both personally and professionally. i advise my borrowers not to take my word for it, but that they ought to do their investigations themselves...speak with a particular attorney, develop a comfort level and see what they'll do in their representation.

we are fortunate in that an attorney selected by a borrower is allowed to represent us at the same time. it's unfortunate sometimes, of course, when a borrower goes out and gets a good criminal lawyer to do the closing. those, and others who don't really know real estate law, can cause a ton of confusion for a borrower.

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