Is it legal for a loan co to quote one percentage rate and then put another on the final paperwork?
466623
1) Do not contact 'motgage guru' since on a purchase there is NO RIGHT of RECESSION; period. You only have a 3 day recession on a refinance of your primary residence. Adding a HELOC to a primary residence is a refinance transaction.\n\n2) It sounds like your getting the shaft... Either cancel if possible or start yelling! Once you sign those docs they are set in stone.\n\n3) On a HELOC the rate is based on the prime rate. When you received your GFE the prime rate may have been lower and then it increased since you got the GFE; currently prime is 7.75%.\n\nWhat it kinda sounds like to me is that your HELOC has an introductory teaser rate for a couple of months at 6.625 or there abouts but with the fully indexed rate at 12.3%. What the 18% is telling you is the maximum interest rate cap on the loan. If you take your 12.3% and subtract out the prime rate you have a margin of 4.55%. What this means is that when ever prime goes up or down, add 4.55 to the current rate and there you are.\n\nIf you want to speak to me in some detail about your deal I maybe able to assit you with a much better product.\n\nKevin\nkruorock@firstratelending.com 866-562-6838 x 106
1104608
What you are attempting to do is called "contract volation".  It's a tricky game.  As mentioned in the previous response, you must meet certain conditions for it to be legal.  And you may need to research your local state laws, or consult with an attorney.\n\nFrom my research (in Michigan) you may get away with it if the creditor accepts 3 payments in a row.  \n\nI wish you had asked this question before you sent out your first check.  You missed several important steps, like getting the collection agent to fix your credit once the balance was paid.
38572
The Federal Real Estate Settlement Procedures Act (RESPA) requires lenders to disclose APR, or annual percentage rate. There is only one acceptable method for Federal compliance. If your mortgage interest rate is at 5.75%, and your payment is a given amount, then the total amount of your mortgage, less any additional fees you are paying to the lender such as points, are deducted from your loan amount and the lower amount that results is used to back-calculate what the interest rate would be if your given payment were used to pay back the smaller amount. That rate is your APR. Theoretically this allows you to compare different combinations of rates and points, but in practice it isn't so useful. \n\nAn example: Your loan amount is $100,000 at 5.75%. That would make your payment for 30 years 583.57 per month. If you paid two points to the lender, then using $98,000 and a payment of 583.57 your APR would be 5.937%.
1165807
It depends if they are a Broker and have to share the broker fee with the company the are listed under.   I am a broker, and since I process all my own loans, and have a netbranch out of my home, able to keep fees lower - I have seen some ppl charge the max - allowed by their state - depends on Section 32 laws in a persons state - Section 32 does not allow over total fees to be 7 percent - and in some case 5 percent.  So some ppl charge 3 - 5 percent....I normally charge 2 -3 percent of the loan amout if the loan size is small.  I live in Indiana, but underwrite in othere states also.  The typical loan amount in Indiana is 65,000 - 85,000 - depends on the area.  Hope that answers your question.
333148
Don't forget the tax man. He will charge 25% interest plus penalties. You can't imagine how quickly your obligation can triple or double at those rates.\n\nLike me, a lot of people who lose their business or get busted or whatever, and can't pay at tax time are in a unique situation. They know you can't pay, so why try to ssqueeze blood out of a rock?\n\nOffer them a contract called "Offer in Compromise," and offer to pay 10% of your obligation. They will send you a bunch of financial forms, but it's easy to show your outgoing is more than your incoming. \n\nIf they think they can get their money inside of five years, they may not take your offer. Think of creative ways to prolong your "mess."
729576
No, but its not very sensible as you are continuing to mount up interest charges.  Contact them and see if you can come to some arrangement which will make it easier to pay.  \nDONT IGNORE IT ANY LONGER!!!!
256090
No.  The company that holds your mortgage should have supplied you with a statement of how much mortgage interest you paid over the previous year.  You can only claim that amount.
90176
compound interest would make it roughly $26153.57 / month.  Of course I'd like to point out that rate would be illegal and I think you can do far better than that irl.\n\nThe total cost of this loan is more than 3x the original amount.
269990
I haven't found anything illegal about it (unfortunately).  However, I would guarantee that the bank doing the transactions made the restaurant sign an agreement stating they wouldn't charge their employees when a customer uses a credit card--So it's in violation of their credit card agreement.  Also, since it costs you to accept credit cards, you should get a 1099 with the costs detailed so you can count it on your taxes--discuss this with your tax preparer/advisor.
870498
You could write "Payment in Full".  However, this is NOT binding on the creditor unless specifically called to its attention.  THe law recognizes that big companies do not have time to read every check, and the people who deposit them aren't trained to deal with special notes on them.  So if a company deposits such a check, the Uniform Commercial Code allows it to back off, and refund you the money, if you call its attention later to the "payment in full" note--they have a couple of month or so to take action one way or the other.  So "payment in full" is a possibility, but it's not guaranteed.
57948
It is true that a normal origination fee is about 1%.  For that price they need to be doing all of the work, however people a lazy, so...? Anyway, I have digressed.  You should know that a mortgage broker is not just getting that 1% from you.  Your broker is also getting discount points on the back end of the deal.  The bank that he is getting your loan from is paying him extra money for any higher interest rate he can charge you.  So it is in his best interest to charge you the highest possible rate he can get you to pay.\nSolution- Find a dicount or wholesale lender.  These lenders are people who make their money selling the mortgages directly to the secondary market. Eliminating the middle man they will usually give you the  best rate.
1085331
Its this a loan or investment agreement?
672549
It sounds fishy.  If you are consolidating and paying for 3 years, it sounds like the deal he offered is that you pay for those 3 years and you are back owing what you owe today, the amount of what you owe.  Why would anyone in their right mind do that?  Maybe because it makes for lower payments today and for the next 3 years, but you'd be much better off taking out a personal loan from a bank and paying off your cards and then paying back the bank and not running up your cards again.
612939
If the first loan is $100,000 at 10%, and the second loan is $20,000 at 15%, then the blended rate is:\n\n(100,000*10% + 20,000*15%)/(100,000 + 20,000).
32877
Well, it really depends on the lender.  They should have locked your rate as soon as they recieved your paperwork, but different offices operate under different methods.  It could be possible your loan officer is holding out for a better rate (and hopefully not holding out for your rate to come BACK).\n\nI would recommend calling your loan officer and getting an update.  When you're within 12 days of close of escrow, you've earned the right to ask questions.  =)\n\nI certainly wouldn't panic, but you should ask him/her for a timetable (different states use different methods for loan doc signing/closing).  It's always best not to toe the line when it comes to closing dates, because things only seem to go wrong when you're low on time.  =)
1060309
I think it depends on the business. Is it a financial institution? Mortgage company you are talking about? \n\nIn that case, I believe it is in the UCC which is a Federal Document.
968585
it depends on the creditor terms and conditions