SHOULD YOU TRUST YOUR MORTGAGE LENDER TO PROCESS YOUR LOAN
ACCURATELY???
"NO"
If you have an Adjustable Rate Mortgage, there is a 47.5% probability you are due a
refund of $1,500; 21% of refunds will range from $3,500 to over $10,000; 13% of
refunds will be in excess of $10,000."
"There is a 75% probability you are due a refund if you have a Home Equity Loan"
Are there any warning signs that MY
MORTGAGE may contain errors?
"YES"
These signs include:
- Your mortgage loan has been transferred or sold
- Your mortgage loan has an escrow or impound account
- You have an Adjustable Rate Mortgage
- You have ever made principal pre-payments
- You are paying Private Mortgage Insurance (PMI)
WHO'S WATCHING YOUR MORTGAGE?
Your largest investment…is probably your home mortgage. The
largest investment most people make is their home mortgage, but after it is
made, it is usually put in a file and forgotten. When was the last time you
looked at your mortgage? You’re not alone…it’s pretty dull reading.
To allow you, the homeowner, the opportunity to review the consequences of
past circumstances that influences the high probability of potential overcharges
on your mortgage, go to News Articles.
MORTGAGES
Having property and owning one's own home have always been
key components of the "AMERICAN DREAM." However, considering the cost of
a home, relative to an individual's annual earnings, the purchase of a home is a
major decision and involves a long term commitment. Obviously, very few would be
willing to do so. As a consequence, some type of financing plan is required. As
a result, mortgages have also become a necessary component of the "American
Dream."
FIXED RATE MORTGAGES
As the name implies, Fixed Rate Mortgages have a
specified interest rate over the entire term of the loan. The borrower knows the
exact amount he has to pay each month and can plan accordingly. There may,
however, be periodic variations in payment amount to impound or escrow accounts
associated with the loan, and this can cause minor fluctuations in the total
monthly payment amount.
ADJUSTABLE RATE MORTGAGES (A.R.M.S)
The introduction of the Adjustable Rate Mortgage (A.R.M.)
was a consequence of a changeable and uncertain economic environment. Mortgage
lenders were seeking a financial instrument that would allow borrowers to share
some of the financial risks involved with long term lending.
Unlike a Fixed Rate Mortgage, the A.R.M.
interest rate can fluctuate, and consequently, the borrower's mortgage payments
can increase or decrease over the life of the loan. The interest rate charged on
an A.R.M. is keyed to a predetermined index. The selected index mirrors changes in
the general movement of interest increases, then the interest rate on the loan
increases. Consequently, the borrower's monthly mortgage payments increase. The
opposite effect is also possible. If the index decreases, the interest rate of
the loan decreases, and the monthly mortgage payments decrease.
A.R.M.s offer borrower's two major
benefits, First, if interest rates remain fixed or move lower, the adjustable
rate loan could prove more economical for the borrower in the long-run. Second,
lenders usually charge a discounted rate, which lowers the initial interest rate
on the adjustable loan. Since the amount of the loan is determined on current
income and first year payments, many borrowers can qualify for a larger loan.
There are also disadvantages to A.R.M.s.
Borrowers assume the risk of potential interest rate increases and higher
monthly mortgage payments. A.R.M.s, because of their nature, are occasionally
subject to Negative Amortization., a situation where the limits on the monthly
payment increases can prevent the mortgage payments from totally paying the
monthly interest costs of the loan. In that situation, unpaid interest is added
to the unpaid principal balance! With most mortgages, each payment will decrease
the principal balance, eventually paying off the loan. In a situation of
Negative Amortization, the unpaid principal balance actually increases, rather
than continuing to decrease.
"Due to the complexity of A.R.M.s, homeowners should be very concerned about the
possibility of overcharges. How do you know if the mortgage company is adjusting
you interest rate correctly?"
"If
your mortgage loan has been transferred or sold by your original mortgage
company, how do you know if the annual statements you receive from the new
mortgage company are correct?"
For further analysis of the working components of A.R.M.s,
Click Here.
HOW DO I PROTECT MYSELF???
What can you, as a Homeowner, do to achieve peace of mind
concerning possible errors and overcharges on your mortgage?
Mortgage Auditing Service offers you, the Homeowner,
the Homeowner Services Information Package to allow you to
WATCH YOUR
MORTGAGE......NO ONE ELSE IS WATCHING IT FOR YOU!!!
The Homeowner
Services Information Package is designed to allow you, the homeowner, to
acquire peace of mind by determining if your mortgage company has, and
continues, to overcharge you and how to protect yourself.
Remember, no one else is watching your
mortgage for you.
"CERTAINLY NOT YOUR MORTGAGE COMPANY"
Homeowner Services
Information Package provides you with everything you need to PROTECT
YOURSELF.
1.
Amortization Software (this is the heart of Homeowner Services).
Adjustable Rate
Mortgages.
-
This software will allow
you, the homeowner, to calculate what should have happened, then acquire the
necessary information from your mortgage company to determine what did
happen.
2.
Adjustable Rate Mortgages
- Index/Interest Rate Worksheet for calculating previous,
as well as new mortgage payments.
- Includes instructions in utilizing key elements of homeowner's
original loan documents.
- Sample letters to be used in acquiring necessary
information from your mortgage company.
- Web site location indicating required Index for each
past adjustment period as stipulated in homeowner's loan documents.
- Sample "Error In Overcharge" letter
requesting mortgage company review information submitted by homeowner
indicating overcharges and requesting a refund or credit applied to
outstanding principal.
3. Private Mortgage
Insurance
- Instructions in determining if your Loan To Value Ratio
is equal to 80% or less.
- Sample letters to request homeowner's Private Mortgage
Insurance be terminated.
4. Principal
Prepayments
- Amortization Software allows homeowner to adjust the loan amortization to indicate each principal prepayment and the effect
on homeowner's outstanding principal balance.
- Sample letters to request homeowner's outstanding
mortgage loan be corrected to actual.
5. Escrow Account
-
Instructions in acquiring your end of the
year property tax statement and homeowner's insurance premiums on renewal allowing you, the homeowner, to determine if your mortgage company is
maintaining excessive escrow balances.
The complete and valuable information
available in this Homeowner Services
Information Package will allow you, the homeowner, peace of mind to
determine if your mortgage company is overcharging you.
Homeowner Services
Information Package offers piece of mind for the
low price of only $139.00 $99.00.
IMPORTANT UPDATE
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P.S. If you don't claim a copy of Homeowner Services
Information Package, you will never know if your mortgage company is
overcharging you. You will continue on the same path and your potential
overcharges will continue to escalate.
Mortgage Auditing Service offers a 90 day satisfaction guarantee. 
Property Referrals Incorporated
609
South Rivershire Drive
Conroe,
Texas 77304-2736
support@auditmortgage.com
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